DRE, Stone Beam, Cardinal bring luxury apartments to Waukegan

Developers DRE, Stone Beam and Cardinal Capital plan to build 364 luxury apartments in Waukegan, aiming to cater to white-collar commuters who work at multinational companies that are expanding in the area.

Waukegan’s City Council unanimously approved the plans, clearing the way for the developers to secure building permits, the Lake County News-Sun reported. The four-story development, dubbed Delany Point, will rise at the corner of Delany Road and Sunset Avenue.

Plans call for 166 one-bedroom units, 91 of them large enough to include a den for use as a home office, as well as 163 two-bedrooms and 35 three-bedrooms. Rents are expected to range from $1,750 a month for the smallest one-bedroom units to $3,700 a month for the largest three-bedrooms.

“A lot of people commute to Waukegan to work,” DRE’s Tim Welsh told the publication. “All these companies have middle management and upper management. We can offer them a place to live that’s less than a 10-minute drive from work.”

The developers plan to begin construction this fall and start renting units in early 2024.

Waukegan Mayor Ann Taylor said the city hasn’t had similar developments recently and that it will encourage more local growth.

“It’s nice to have a new, large complex,” she told the outlet. “When you put in luxury apartments with all the amenities, people everywhere are going to take notice.”

The building will also include a climate-controlled parking garage, a walking trail and a dog park.

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