Rentals and multi-family demand drive multi-year housing boom in Crystal Lake, planners say – Shaw Local

Just behind the Crystal Lake Walmart, a 280-unit apartment complex, the Springs at Three Oaks is nearing completion, planners said. Once done, the resort has its amenities which will include a clubhouse, fitness center and dog park.

Just north of this project, another rental development, 305 Redwood of Crystal Lake townhouses, will begin construction later this year. The Redwood Subdivision received its final boost from City Council at its last meeting earlier this month.

Together, the two projects speak to the growing demand for more affordable multi-family housing in the area, planners said.

“The market is driven by multi-family housing,” said Katie Cowlin, community development manager for Crystal Lake. “In all the suburbs there is this demand and these are filling up very quickly, so it makes sense to bring in additional development.”

The housing market in Crystal Lake began to recover in earnest in 2017 after several years of low construction numbers due to the recession a decade prior, Cowlin said.

Prior to that time, Crystal Lake lacked available apartment stock, and it’s only in recent years that apartment projects have returned to the city, Cowlin said.

The influx of residents to the city and McHenry County as a whole included young professionals returning to the area after college, as well as retirees or empty nesters, Cowlin said.

“We have a healthy mix right now,” Cowlin said of the new influx of residents.

Mayor Haig Haleblian also echoed that sentiment in a recent Northwest Herald op-ed on the state of the city, saying “housing is booming with a new range of modern living options.”

Rentals are not the only types of housing being built.

In addition to Spring in Three Oaks, the Woodlore Estates subdivision is a mixed-use neighborhood of homes off Highway 31, northeast of downtown Crystal Lake.

More than 290 permits were issued in February, and when completed, the subdivision will have 60 townhouse units and 424 single-family homes, 105 of which are designated for seniors, according to city documents.

“They’re pulling permits like crazy,” Cowlin said of Woodlore. “It’s been a great addition to Crystal Lake.”

The other rental project is scheduled to begin construction in 2022 in Crystal Lake of a mixed-use building at 95 E. Crystal Lake Ave. which will add 99 units close to downtown.

Although downtown overall has a low vacancy rate and is quite developed, some “large pockets” of areas near downtown along Congress Parkway remain where apartments could be built, Heather Maieritsch said. , economic development manager for Crystal Lake.

The location is attractive to residents who want to be within walking distance of amenities, either as part of a housing development or in a commercial area like downtown, she said. Adding residents to this area remains a city goal.

“It’s great to see that downtown is still a high demand destination and area,” Maieritsch said. “Developers always ask us to be downtown.”

The Springs at Three Oaks already had hundreds of tenants in March and was built “front-to-back” so construction was not visible to early tenants and rentals could be sold as soon as construction was complete. every building, Jake said. Meier, spokesperson for Continental Properties, the apartment management company.

“Our research shows that people want to work in the city but live in the suburbs,” Meier said. “Crystal Lake, including other cities in Chicagoland, are strong markets for suburban housing options. It allows residents to feel like they’re in a quiet neighborhood while still having convenient access to Chicago for work or weekend entertainment.