Flaherty & Collins’ vision to revitalize Mundelein is closer to becoming reality.
Mundelein officials have agreed to sell a vacant parcel near village hall to the Indianapolis-based firm and will provide nearly $16 million in tax increment financing for the mixed-use development, the Daily Herald reported.
Flaherty & Collins, whose CEO is David Flaherty, presented their plan for the Plaza Circle redevelopment in March. The $68 million project is part of the village’s plan to bring new investment into an area that’s been plagued with vacant lots and overall lifelessness.
At full build, the project could feature up to 230 market-rate apartments, 20 townhouses, a commercial building, resort-style pool, public gathering spaces and a three-story parking garage on land north and east of village hall, adjacent to a Metra station.
A final plan for the site’s 5-story apartment is due by the end of the year, and construction must begin within 15 months after the closing.
On the southern portion of the property, another developer, Synergy Construction, has started construction for Station 250, a 165-unit multifamily project. When both that project, which is slated to be ready for resident move-ins in 2024, and Flaherty’s Plaza Circle effort are completed, the entire Mundelein village hall subdivision will be built out and the local government’s vision realized.
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Mundelein has been working towards revamping the Plaza Circle since acquiring the land in 2012, with hopes of moving on from its industrial roots. The goal has been to cultivate a project that’s transit-oriented and walkable within the village’s downtown, while attracting more business to the area, community development director Amanda Orenchuk told the outlet.
As part of an agreement with the village, Flaherty & Collins will pay $1 million for the Plaza Circle property by July 2024 and will contribute $300,000 towards design and construction costs.
— Quinn Donoghue