The Oswego Planning and Zoning Commission recently gave a favorable recommendation for a proposed three-story 40-unit age-restricted apartment building for seniors in the village.
The Oswego Village Board still needs to vote on the proposal.
California-based Lincoln Avenue Capital is proposing to develop Skylark Senior Apartments, a senior living complex with 30 one-bedroom units and 10 two-bedroom units on about six acres east of Ogden Falls Boulevard and south of Route 34.
Lincoln Avenue Capital Vice President and Regional Project Partner Hume An said the company has a portfolio of more than 26,000 residential units in 27 states, mainly obtained through acquisitions.
The company’s growth in recent years, though, has involved new construction, he said.
“We have about 5,000 new construction units in our pipeline” including some in Illinois, he told commissioners.
Lincoln Avenue Capital hires local property management companies to manage the sites once they are developed, he said.
The developer has requested the original lot of eight acres be subdivided into two parcels. The southern six acres would be rezoned from commercial to a multiple unit dwelling district for the senior apartment building.
The northern two acres of the site would remain a business district for future commercial development, village officials said.
“We are looking at a three-story building with a height of 42 feet. That’s the absolute highest point of the building,” An said of the plan.
The developer would purchase only the southern parcel, while the northern quadrant would remain with the existing owner of the property, he said.
“We believe this serves as a good transition to some of the commercial uses to the west and from townhomes and single-family homes to the east,” An said.
The developer said there is a “significant unmet demand” for senior housing in the area.
“We believe this will help meet the demand for high-quality senior housing,” An said.
A conceptual rendering for the exterior of the building shows “a combination of fiber cement board, paneling and masonry on the bottom,” An said.
Some commissioners were critical of the planned exterior of the building. An said the developer can work with village staff members on the facade and the landscaping around the structure.
The developer has plans to apply next spring for public funding through the Illinois Housing Development Authority for the project. The company is looking to close on financing in the early summer of 2026.
If approved, construction of the building would take approximately 12 to 14 months, An said.
“We hope to have the building leased out by February 2028 and fully operational by March 2028,” he said.
Linda Girardi is a freelance reporter for The Beacon-News.
