High demand will lead to more home construction in Mundelein, expert predicts

Thanks to high demand, more than 1,100 single- and multifamily housing units will be built in Mundelein over the next decade, an industry expert has projected.

Zach Lowe, founder of St. Charles-based Development Planning Partners, made that forecast to the village board Monday night during a presentation of a commissioned housing study that looked at the current market and possible future needs.

Lowe’s firm and the Chicago-based Goodman Williams Group had been hired to examine the issue. Their mission was, in part, to identify any current gaps in the housing market and identify future opportunities.

Mundelein is at the geographic center of one of Lake County’s strongest housing markets, Lowe said. The other towns in the market are Grayslake, Libertyville, Vernon Hills, Hawthorn Woods and Lake Zurich.

Housing in Mundelein is “more attainable” than in any of the surrounding communities, Lowe said.

Over the last decade, about 800 rental units and 400 units designed for homeownership were build in Mundelein, Lowe said. That’s a growth rate of about 9% — more than the corresponding rates in the surrounding communities or across Lake County “by quite a wide margin,” he said.

And it’s going to continue. Lowe predicted between 1,100 and 1,460 new housing units will be built in Mundelein by 2035.

Of those new homes, about 58% likely will be rental units and 42% likely will be for sale, he said.

Townhouses will emerge as a great opportunity in the market, Lowe said — “a sort of sweet spot” because they can be sought after by renters and buyers.

While the majority of homes in Mundelein are single-family houses, Lowe and his team believe diversification is needed. More homes in the downtown area would meet demand, as would more rental apartments and townhouses that could be rented or owned by their occupants.

But the focus shouldn’t just be on the downtown area, Lowe said. The Townline Road corridor on the village’s south side is important, too, he said. Additionally, the massive Ivanhoe Village development that’s been proposed to be built in phases on Mundelein’s northwest side over 25 years “represents a significant, long-term opportunity,” he said.

“They’re all needed,” Lowe said.

The housing study was expected to cost the village about $34,000. It’s available for public review at mundelein.org.