SYCAMORE – Sycamore officials received a tour of the new high-end apartment and commercial complex that was made possible in part through the city’s tax increment financing district investment.
John Pappas, developer of the new State Street Towers Building on 437 W. State St., gave City Council members and officials a tour of the eight-unit apartment complex that also includes 11,500 square feet of commercial space.
Pappas said five of the eight spacious apartments already have been rented, with prices ranging from $950 to $1,150 a month for the one- and two-bedroom units. The complex also features a workout room and personal laundry machines.
He said he has also received calls about the commercial space, but nothing has been leased. Pappas said anywhere from one to five businesses could inhabit the space.
Sycamore City Manager Brian Gregory said council members showed great vision to use TIF funds to demolish the old Fargo Motors building to make way for a developer to create a needed and appealing addition to downtown.
“You can see what we have here is great,” Gregory said. “In downtown, these mixed-uses are the way to go.”
The city’s TIF investment was about $61,000, Gregory said.
The building is the second major use of TIF funds by the city, with the first investment going toward renovations of the historical train depot, which was restored by the DeKalb County Community Foundation to be used as its headquarters.
The city still has $230,000 in TIF money to use, and Gregory said multiple infrastructure projects such as parking lot improvements and storm water management improvements could be on tap.
Sycamore Mayor Ken Mundy called the new complex a great fit for the downtown that respects the surrounding buildings in shape, size and form. He was also glad to see the return of mixed-use buildings, which were popular 50 years ago, he said.
“It fits right in with our community,” he said. “Although it’s a small TIF, there isn’t a better example of how TIF money should be used.”