$2 Million Approved For AltonWorks Lucas Row Redevelopment Project

ALTON - The Alton City Council on Wednesday approved $2 million in TIF funds for the Lucas Row Redevelopment Project proposed by AltonWorks. The project, described as the first of its kind in almost two decades, will see the building at 601-611 E. Broadway in downtown Alton transformed into a mixed-use residential and retail space.

AltonWorks Representative Chad Brigham said at Wednesday’s City Council meeting that the project will restore the building to its “historic roots” while adding modern amenities and more.

“Lucas Row is right across the street from the Wedge Innovation Center, and we are going to restore that to its historic roots,” Brigham said. “We are going to have 12 residential apartments, they are going to be equipped with all the modern amenities, and they’re going to have beautiful views of the river - and, of course, the Clark Bridge.

“We’re going to have six retail spaces at street level - those are also going to be renovated and for retail stores, restaurants, things like that. And then finally, we’re going to restore that mural on the back of it back to its original shape.”

Brigham also highlighted various benefits to the project, including restoring the area’s economic viability, attracting other developers, creating jobs for local residents, and giving back to the city and its schools in the process.

“Particularly given the fact that Lucas Row is in an area that’s seen a little bit of disinvestment, a little bit of job loss, a little bit of economic hardship … what Lucas Row’s going to do over the next 30 years, our estimates are that it’s going to add about $17 million in real estate taxes and fees to the region," he said. "Nearly $8 million of that is going to be directly to the city, about 3.5 [percent] is going to go to the Alton Public Schools.

“We’re going to bring much needed residential units to downtown Alton. I believe that it's the first residential apartment [building] to be developed in Alton in nearly 20 years. During the construction, there’s going to be 64 full-time construction jobs here, all of them with about a $58,000 average pay scale, and 100% of the workforce is going to be sourced from the region.”

After the project has been completed, he said it will continue providing six full-time and 10 part-time jobs, adding that “for job creation, it's another great project.”

Brigham added AltonWorks has sought and secured state and federal historic tax credits which will help offset the development’s cost of more than $11 million. He said AltonWorks is requesting an additional $2 million in TIF funds from the city in an effort to keep rent prices down amidst rising interest rates, inflation, and other economic factors.

The city’s $2 million investment will be made over the course of four pay periods as the project continues. AltonWorks estimates the city’s investment will be paid back through increased tax revenues in approximately four years. Brigham said their request was the result of “negotiations and a great process with the city,” thanking city officials for their support of the project.

Brigham also explained that one of the project investors, part of a large national bank, aims to expedite the project and required the redevelopment agreement as proof of the city’s interest in the project before closing on the building.

To make their interest known to the investor and move the project forward, City Council members voted under a suspension of the rules to approve the TIF redevelopment agreement for the Lucas Row Redevelopment Project. Alderwoman Stephanie Elliott abstained from voting.

For more information about the Lucas Row project, see this related release on Riverbender.com.

A recording of the May 8, 2024 Alton City Council meeting is available at the top of this story, on the Riverbender.com Facebook page, or on Riverbender.com/video. All Alton City Council meetings can also be watched live or on demand with your smart TV on the Riverbender.com ROKU channel and on the Riverbender.com YouTube channel.

More like this:

Print Version