search

The Real Deal Logo

Trending

Lawmakers reach sweeping housing deal with “good cause eviction,” new 421aLawmakers reach sweeping housing deal with “good cause eviction,” new 421aSL Green, Vornado kick in $100M to extend 280 Park loanSL Green, Vornado kick in $100M to extend 280 Park loan“Investing before the ‘all clear’ sign”: Jon Gray on Blackstone’s $10B apartment deal“Investing before the ‘all clear’ sign”: Jon Gray on Blackstone’s $10B apartment dealHGTV’s “Mr. Flip It” gets four years in jail for $10M fraudHGTV’s “Mr. Flip It” gets four years in jail for $10M fraud
Development
Chicago

Flaherty scores $16M Mundelein TIF deal

Incentive package will aid firm’s $68M mixed-use redevelopment of Plaza Circle

Flaherty & Collins Properties' David Flaherty and the development area on Plaza Circle near Mundelein Village Hall, south of East Hawley Street in Mundelein (Getty, GLMV Chamber of Commerce, Flaherty & Collins Properties)

Flaherty & Collins Properties’ David Flaherty and the development area on Plaza Circle near Mundelein Village Hall, south of East Hawley Street in Mundelein (Getty, GLMV Chamber of Commerce, Flaherty & Collins Properties)

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.

Sign Up for the undefined Newsletter

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.

Read more

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