Urban Equity Properties to break ground on two Rockford loft spaces

The Water Power Lofts will be at $18.4 million project, and some of those funds will come from the City of Rockford.
Published: Mar. 29, 2021 at 5:21 PM CDT
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ROCKFORD, Ill. (WIFR) - Urban Equity Properties plans to break ground on two buildings it says will further revitalize downtown. The development firm and city leaders discuss the plans, and how they will put it in motion.

“I’m very excited about this project,” said Urban Equity Properties leader, Justin Fern.

This project - two, new living spaces in downtown Rockford - is Urban Equity’s latest contribution to a city it loves. The first site sits at 301 South Main Street. Construction is expected to begin in May. The second site is a few blocks south. Construction on that - also known as the Water Power Lofts - will start in July.

The room is bare right now, but by 2023, it’s going to be filled with luxury, loft apartments.

“We’re hoping that the Water Power District, which we’re calling this entire district, is going to be this very cool, hip, entertainment district,” said Fern.

Fern said the loft will have 60 apartments, and it will feature styles inspired by the west coast.

“We’re also going to have some great amenities that include tenant lounge, fitness center, outdoor basketball court,” Fern said.

Fern said the Water Power Lofts will be an $18.4 million project, and some of the funds will come from the City of Rockford.

“We need to have a lot more downtown residency,” said City of Rockford Community and Economic Development Director, Karl Franzen.

Franzen said the hope is to attract more people to the area.

“It is important to remember where we were right before COVID,” Franzen said. “Rockford was in its best position that it has ever been in in 12-13 years.”

And get back to building economic and social momentum for the Forest City.

“We love living in Rockford, right? This is our town,” said Franzen.

Water Power Lofts will be built at the site of the former Rockford Brass Works - a plumbing and heating supply factory that operates in the 1920s.

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