Plans revealed for $68M development at Mundelein’s Plaza Circle

Project is expected to begin next year

Developers Flaherty & Collins have proposed a $68 million project that would add some sizzle to Mundelein’s Plaza Circle.

The Indianapolis-based firm presented their plan, consisting of a five-story apartment building, attached parking garage, two townhouse structures and a retail building, at a recent board-of-trustees meeting, the Daily Herald reported.

The village currently owns the property but said it would sell it for $1 million. An agreement was reached during the meeting, stating that the village must sell the property no later than 2024 and that construction must begin within 15 months after the sale. A representative of Flaherty & Collins expects construction to begin next year, the outlet said.

Officials offered some tweaks to the development, such as the addition of more retail space and solar panel generators.

Mayor Steve Lentz and other officials expressed overwhelming support of the project, noting that the Mundelein has been striving to invigorate Plaza Circle for years. The Chicago suburb has been plagued with vacant lots and overall lifelessness to the point where former mayoral candidate Thomas Ouimet referred to Plaza Circle development efforts as a “bust” in 2021.

Two years later, it appears the last vacant lot in the area is being scooped up by David Flaherty’s firm. The new project, bounded by Hawley Street and Seymour Avenue, will produce an estimated 221 units in the apartment complex and an additional 17 units in the two three-story townhouses. The three-story parking garage is set to have 277 spaces, and the retail structure could have about 5,000 square feet of space, according to the outlet.

The site is located in a special taxing district with added fees going towards public improvements, but the village said it would reimburse the firm’s extra tax costs.

Source: therealdeal.com