For Crystal Lake, Illinois, Business Growth Is The Top Priority
Crystal Lake, Illinois, has spent the last several years establishing itself as a leader in the McHenry County business market and as a thriving, vibrant community. The city, which is home to 40,000 people, is northwest of Chicago, 35 miles away from O’Hare Airport, and offers access to two Metra train stations, a recreation area for outdoor activities, and retail, healthcare and education options.
Crystal Lake Mayor Haig Haleblian said the area has been catching the eye of more businesses, residents and CRE developers in recent years, and it has been an attractive location for real estate investment. The city has been especially laser-focused on reinvesting in its retail spaces and bringing in more housing, shopping, dining and healthcare options.
“Crystal Lake has set itself up for business growth, which has contributed to bringing in new residents and expanding its workforce,” Haleblian said. “Crystal Lake’s ability to excel in business is what makes it the clear leader.”
He said one of Crystal Lake’s top priorities is to build more housing options that are suited to families as well as the city’s younger workforce and are accessible to restaurants and retail by foot. One of its projects is the Enclave, a development at 95 East Crystal Lake Ave. in the city’s downtown, adjacent to several retailers and a Metra station. The development will have 99 townhomes and apartments that residents can rent starting in late 2023.
Hamilton Partners and Harlem Irving are the developers of the Enclave. Tim Beechick, a partner at Hamilton Partners, said Crystal Lake has been very responsive with project stakeholders in an effort to ensure the development can move forward.
“The city of Crystal Lake has a cooperative spirit,” Beechick told Crain’s Chicago Business.” It makes this a win-win for all parties.”
Crystal Lake has also been continuing construction on a Redwood Apartment Neighborhood along the Route 31 corridor. The development will offer 304 ranch-style townhomes for rent.
Haleblian said that within the last couple of years, the city’s housing market has been thriving, with more than 1,000 units approved for construction. These projects include a range of single-family houses, townhouses and apartments.
The city will also welcome 240 apartments and 20 rental townhouses as part of the Water’s Edge, a mixed-use development beside Northwest Highway that was once an old shopping center. The redevelopment, which is owned by Heartland Real Estate, will include 52K SF of dining and entertainment, a premier shopping experience, green space and proximity to Three Oaks Recreation Area, where residents can access more outdoor activities.
Crystal Lake has also demonstrated a commitment to healthcare, including the recent opening of a $105M hospital and multispecialty campus as part of Mercyhealth. Advocate Health Care and Northwestern Medicine have also opened facilities in Crystal Lake, with the latter partnering with local McHenry County College to provide a medical training program.
Along with seeking partnerships with universities to help students obtain four-year degrees, the college has commenced construction on a $22M Center for Advanced Technology and Innovation, which will provide support for the technology manufacturing sector and assist prospective job seekers.
Part of the city’s motivation for expanding its housing market is the numbers it is seeing in its business market, which is made up of a variety of local and nationwide chains and small, locally run businesses. New eateries in the area include Guzman y Gomez, Crumbl Cookies, Summer Moon Coffee, Rookies All American Pub and Grill, and KD Market grocers. In the past year, Crystal Lake residents and visitors have spent $147M in the city’s dining establishments.
Crystal Lake’s retail revenue totaled $1.4B last year, according to the Illinois Department of Revenue. As a result, Crystal Lake was named one of the top 20 Chicagoland cities for retail sales. Its new stores include Boot Barn, Banfield Pet Hospital, Hallmark and Ollie’s Bargain Outlet.
“Crystal Lake’s retail and restaurants have become extremely popular,” Haleblian said. “We’re always searching for ways to bring more business to the area.”
He said businesses that are interested in learning more about the opportunities that Crystal Lake provides or that need assistance with obtaining the right location can contact the city at 815-356-3737 or go to ClearlyCrystalLake.com.
This article was produced in collaboration between Studio B and the city of Crystal Lake. Bisnow news staff was not involved in the production of this content.
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