ROCKFORD, Ill. (WIFR) -- The announcement of new projects coming to downtown Rockford has area businesses excited about what's next.

"All the shops are full and doing well. There's people living down here and enjoying it. It's really coming back to life; it's really exciting," said Vintage @ 501 owner Matthew Idzikowski.

Idzikowski says he has seen more customers visit his restaurant. He believes it's due to the growth happening in downtown Rockford.

"As a younger person, I never remembed downtown being cool. So my generation and everyone younger is kind of experiencing downtown for the first time which is also a fun thing," said Idzikowski.

"Looking forward 2 years, I think downtown's gonna be even more transformed than it is today," said Urban Equity Properties President Justin Fern.

Urban Equity Properties announced Monday that they will be moving forward with three large scale projects in downtown Rockford that will all be underway within the next few years.

"Downtown's already working, but I think especially after this three building deal you're gonna see even definitely bigger change by 2020 with this Embassy Suits hotel, that's gonna be an even bigger impact," said Fern.

Former Rockford Mayor Larry Morrissey made it one of his goals to push for this progress. He's excited to see the results.

"These things don't happen by accident or magic. We have to continue to make things happen. Continue partnerships between the city and the county. Partnerships between the city and county. Ultimately it's a combination of live, work play opportunities that make our downtown attractive and make our city attractive," said Morrissey.

Idzikowski just hopes this momentum will continue.

"You hope that people come and enjoy it and then they tell their friends and they enjoy it as well," said Idzikowski.

Those three Urban Equity projects are turning the Talcott building into a 42-unit mixed-use building of office space and retail, turning a building on W Jefferson into an apartment and retail space, and building a 4-story building in the old Hanley Furniture building on S Main.

Two of the Urban Equity projects are making new use of historic buildings.

Urban Equity properties receives tax credits for those, which means they receive discounts on construction costs.