Lockport Sells State Street Property To Developer

LOCKPORT, IL — At its Wednesday meeting, the Lockport City Council approved a real estate purchase agreement to transfer a roprety on State Street to a Wisconsin-based developer.

The property, at 711 S. State., which was the former Dellwood Tire location, was sold to Fore Real Estate Holdings, LLC, for $10, according to Council documents.

The City had acquired the property in 2025. Fore Real Estate Holdings has previously developed 923 S. State, "The Port" building.

"The purpose of the real estate purchase agreement is to give the developer assurances that the City will not pursue or entertain other investors in the property during the period in which the agreement is in force," Council documents state.

The City is providing a $275,000 annual cash incentive for 10 years for this property.

"In addition, selling the land to them for $10 and providing fee waivers as non-cash incentives in order to close the financial gap on the $9.6 million project," Council documents state.

Currently, plans call for the developer to demolish the site and construct a 38,000-square-foot building with 31 apartments and 4,000 square feet of commercial space. The project should be finished by the start of 2028, according to Council documents. All plans will still need to be approved in front of the Council and various commissions.

"The project is conceptual at this point and seeking to lock in the land and incentives at this time," Council documents state. Right now, the property currently generates zero dollars in the TIF fund, and no taxes and revenues to any taxing bodies, Council documents note.