X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

AURORA, IL-The Aurora City Council has approved TIFs with a potential value of $110 million for the massive RiverCity convention and sports development project, putting together the needed financial building blocks that developers require to push the $450-million development forward.

“The developers will award a construction contract for the first phase of the development, which will be worth between $70 million and $100 million, sometime in the winter,” says Barbara Kattermann, RiverCity pointperson for the city and former economic development officer for Aurora. “Because of environmental assessments, we are pushing back ground-breaking plans to next summer sometime.”

It has taken Kattermann and Aurora Mayor David Stover nearly two years to get to this point. When they first broached plans for the development, it was for just eight acres, according to Kattermann. Now the project has mushroomed to 200 acres and city officials must now begin negotiations to acquire 344 parcels of land in a mostly downtrodden industrial area within the city.

The plans call for a 6,000-seat sports arena to be developed by noted area sports venue owner and developer Charles Bidwill, a huge convention hall, a 250-room hotel and over 1,000 residential units along with retail.

Originally, Joseph Beale, chairman of Hawthorne Realty Group, was to serve as master developer of the project, supported by Newcastle Limited. The sports arena was to be developed by Bidwell’s Aurora Sports Venture. This arrangement has been changed, according to Kettermann, with the developers forming a full partnership through a new vehicle called Aurora Riverside Venture LLC.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

GlobeSt. APARTMENTS SPRING 2021Event

Join 1000+ of the industry's top owners, investors, developers, brokers & financiers at THE MULTIFAMILY EVENT OF THE YEAR!

Get More Information
 

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2021 ALM Media Properties, LLC. All Rights Reserved.