Adirondack Community Development was given the green light to continue working with its lenders on The Lofts on Madison project. The whole Springfield City Council voted to approve a $28,3 million residential development project.
The Lofts on Madison project was proposed by a New York corporation for Fifth and Madison Streets. It would bring 136 “market rate apartments” to the Mid-Illinois Medical District and downtown Springfield.
301 N. Fifth St., on the north side of Madison Street between Fourth and Fifth Streets, where the complex would be located, has been an empty lot for at least the past 50 years. The landing spot for the complex, 301 N. Fifth Street has been a vacant lot for at least the last 50 years.
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Features and amenities
On the top five floors, there are 87 one-bedroom, 30 two-bedroom, and 19 three-bedroom apartments. The monthly rent would range from $1,100 to $1,450m. The 1.1-acre property will have its own TIF district, making the project distinctive.
The city council will need to review the TIF’s specifics before approving them. Adirondack would contribute around $3 million in private equity and about $21 million in independent finance.
The Lofts on Madison would add 10 full-time staff members working on the property side as leasing agents, maintenance supervisors, and community managers, in addition to 40 full-time employees in retail and business.
Remarks on The Lofts on Madison project
Adirondack’s CEO, Victor Salerno, claimed he had already had “a number of meetings” with the Central Illinois Building & Construction Trades Council and “we’ve given verbal pledges that we will join into a PLA” despite the PLA amendment being added.
Alderman Joe McMenamin of Ward 7 said, “This is a self-financed project in that you’re only going to collect money from that TIF if the assessed value of that vacant parking lot somehow becomes so much more valuable with (a 136-unit development).”
