Oswego’s long vacant Traughber Junior High site is finally on the move. On Monday, village trustees signed off on a package of ordinances that officials say clears the path for a negotiated sale and redevelopment, potentially trading the shuttered school for a new mix of apartments and townhomes on the edge of downtown.
Under the deal framework, the village would purchase the 12.34 acre Traughber property from Oswego School District 308 for $2.1 million. The agreement gives the buyer a 270-day due diligence period before closing, a window meant to cover inspections, financial analysis, and other pre-closing legwork. Village staff was also instructed to hammer out a redevelopment agreement so the site can be transferred to a private developer under specific terms that both sides accept. According to the Chicago Tribune, trustees approved the ordinances to kick off that negotiation process.
What’s planned
The proposed project, branded "Traughber Estates," is a scaled-back version of earlier, denser concepts and is built around a mix of rental and for-sale homes. The current plan calls for five three story apartment buildings with about 125 rental units and six two story townhome buildings with 36 for sale units, for roughly 161 homes overall. The aging school building would be demolished to clear the site.
The property sits at the northeast corner of Route 71 and Washington Street and covers about 12.34 acres. Officials and local reporting note that the district has been shelling out around $250,000 a year just to maintain the empty structure. As reported by Shaw Local, the developer trimmed back earlier designs, and village board members were urged to move into formal negotiations.
Why officials back it
District and village leaders say getting Traughber off the books and into private hands would do several things at once. It would reactivate a dormant, highly visible parcel, bring new residents within easy reach of downtown, add storm water detention, and wipe out the school district’s ongoing maintenance costs.
Meeting minutes from Oswego School District 308 show administrators and legal counsel outlining a plan to convey the property to the village for high density housing, along with discussion of revenue sharing and zoning steps to make that possible. The same board packet referenced an estimate that the completed project could generate about $700,000 in property tax revenue in its first year. Full details are in the district’s minutes: Oswego School District 308 board minutes.
Next steps and timeline
Trustees approved ordinances that authorize negotiations on a redevelopment agreement involving the school district, the village, and the chosen developer, and that spell out how the village will temporarily acquire and then transfer the property. Officials said a financial consultant will review the developer’s pro forma and that the project will likely lean on a public private partnership structure and tax increment financing because of unusually high demolition and site preparation costs.
If those pieces fall into place on schedule and the numbers check out, the developer could be in position to break ground as early as this fall. As reported by Chicago Tribune, Monday’s vote was framed as the key step needed to let that work move ahead.
