329 Thomas Ln, Fox Lake, IL

This 5.71-acre property in Fox Lake, Illinois, features significant improvements already in place. An approved assisted living project is planned for the site, consisting of a 99,000 square foot building with an additional 13,000 square feet planned for phase two. The development is designed to accommodate approximately 111 beds, including independent living, assisted living, and memory care units. Alternatively, the existing infrastructure and foundation could be utilized to construct 108 or more multi-family rental units. Approximately $12 million in improvements have already been made, including the foundation, elevator shafts, a detention area, mass grading, and underground plumbing and electric. Some of the flooring has also been poured. Sewer and water services are available on-site. The storm water detention area and street improvements are complete. The property is located immediately adjacent to a 100-unit 55+ apartment community that currently has a waiting list. Engineering and site plans are approved for assisted living, and multi-family zoning is approved by the village. The village and mayor of Fox Lake support the project. Construction completion is estimated to take 16-18 months. Engineering for multi-family use is nearing completion and will use the existing footprint.