After sitting vacant for decades, the historic Terminal Building in downtown Aurora is being brought back to life.
Rockford-based Urban Equity Properties, on Friday, held a groundbreaking ceremony to mark construction of Lofts on Broadway, the multi-unit redevelopment of the Terminal Building, 2 N. Broadway, located at the corner of Galena Blvd. and Broadway Ave. in downtown Aurora.
“We are extremely honored to break ground on this project,” said Justin Fern, Urban Equities Properties Founding Principal. “This is a tremendous opportunity to work with the City of Aurora and historic professionals to preserve this flagship property and help to make downtown Aurora a coveted place to live.”
Built in 1905, the building first operated as Hotel Arthur and accommodated travelers on the Fox River.
In 1915, the Aurora, Elgin and Chicago Railroad relocated its headquarters to the six-story building. Renamed the Traction Terminal Building, its first floor served as a waiting and dining area while the upper floors were occupied by professional tenants. The building stood prominently in downtown Aurora through the 1950s until the new highway systems decreased the demand for passenger rail service.
The upper floors of the building have been empty for nearly 60 years and the first floor space has been vacant for nearly two decades.
“Because of the public-private partnership between the City of Aurora and Urban Equity Properties, this historic building will be brought back to life,” said Mayor Richard Irvin. “This is one of those key dominoes that will cause other downtown redevelopment initiatives and spur the continued revitalization and resurgence of downtown Aurora.”
As Lofts on Broadway, the building will feature a restaurant on the ground level and 20 residential loft apartments on the second through sixth floors. Fifteen of the units will be one bedroom and five will have two bedrooms. Each of the contemporary apartments will have hardwood floors, granite counter tops, gas ranges, stainless steel appliances and in-unit washer and dryers. Construction is scheduled to be completed next year.
Rockford-based Urban Equity Properties is also redeveloping the historic Keystone Building on Stolp Avenue in downtown Aurora. The company has ten other redevelopment residential properties in Rockford, which include more than 150 residential units.