Urban Equity Properties to complete Residences at Talcott, hint at new development plans
UEP founder Justin Fern says new developments could bring almost 800 units to downtown Rockford area
ROCKFORD, Ill. (WIFR) - Urban Equity Properties is putting the finishing touches on the long awaited Talcott building. UEP Founding Principal Justin Fern tells 23 News the luxury apartment building is 97 percent complete, and the small, final touches should be done within the next 30 days.
Construction work to renovate the historic building into a 63-unit apartment complex started two years ago. Fern says there’s nothing quite like it in the stateline.
“It’s one of only a few high rises in the city [and] it’s now probably the most luxury residential building in the surrounding five counties,” he says. “There’s a market in Rockford and it’s vastly large. There’s substantial demand and just not enough supply. And that’s what we’re doing, is building more because of that supply and demand need.”
He says the luxury apartment, which comes with hard wood floors, calacatta gold marble counter tops, a game room, rooftop deck and home theater, caters to a professional group in Rockford that enjoys the grandeur.
50 percent of the 63 units are already occupied. While one projects wraps up, several more are in the pipeline for UEP. It includes development projects that would bring close to 800 units to downtown, and south downtown Rockford.
“That’s over multiple years but we’ve laid out an eight year plan to build,” says Fern. “We have to step up our game, and in a sense do better projects but also bigger projects. We want more impact, and to get more impact you have to do larger projects.”
Several new tenants at the Residences at Talcott are from out of town, which executives believe is a good sign of growth, and a reason to continue to develop.
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