Apartments, townhouses and more proposed for Plaza Circle in Mundelein
Years after it first was envisioned by village officials as a bustling town center, the final piece of the real estate puzzle that is Plaza Circle could be falling into place.
A developer has proposed a $68 million project on Plaza Circle consisting of a five-story apartment building, an adjoining parking garage, two townhouse buildings and a retail structure. If the plan moves forward, the buildings would occupy the last of the vacant lots the block, which is south of Hawley Street and east of Seymour Avenue in the downtown district.
The buildings would go up north of village hall and to the northeast and east on the other side of the grassy oval in Plaza Circle's center.
The village now owns the land but would sell it for $1 million, documents indicate.
Indianapolis-based developer Flaherty & Collins is behind the concept. Representatives publicly unveiled their plan during Monday's village board meeting.
The apartment building could have 221 units, while a pair of three-story townhouse buildings could have 17 total rental units, Flaherty & Collins' Julie Collier told the board.
The parking garage could have 277 spaces on three levels. The retail building could have about 5,000 square feet of space.
In all, the development would occupy about 5 acres, documents indicate.
Mayor Steve Lentz said officials couldn't be more pleased with the plan.
"This project is really the right fit at the right time for us," he said.
As the property is within a special taxing district that raises money for public improvements, the village would reimburse Flaherty & Collins for some of the company's costs.
Village hall has been the only structure on Plaza Circle since it opened in 2014. The lack of development on the other lots has been a source of frustration for residents, including former mayoral candidate Thomas Ouimet, who in 2021 called the long-stalled plan "a bust."
Last October, however, trustees approved a redevelopment agreement with a real estate group that wants to construct a four-story apartment building on the southwest side of Plaza Circle, south of village hall. Work is set to begin this year.
After the presentation by Collier and company CEO David Flaherty, a few trustees commented on the plan and asked about possible additions, such as first-floor retail space in the apartment building and solar power generators.
Later in the meeting, the village board approved a term sheet with Flaherty & Collins that sets the expectations for the project. The document calls for the village to sell the land by May 1, 2024. Construction must begin within 15 months of closing.
Collier said she expects construction to begin a year from now.