329 Thomas Ln, Fox Lake, IL 60020-9430

This exceptional 5.71-acre commercial land parcel, located at 329 Thomas Ln, Fox Lake, IL (APN: 05-22-204-002), presents a unique investment opportunity. Situated in Lake County, this property boasts significant pre-development advantages. $7 million in improvements, including site development and detention, are already in place, significantly reducing upfront costs and timelines. The site's strategic location adjacent to a 100-unit 55+ apartment building with a waiting list underscores strong local demand for housing. Approved engineering and site plans exist for a 140-unit multifamily rental development, leveraging the existing improvements. Alternatively, the plans also support an assisted living facility. The multifamily zoning is approved by the city, and the existing footprint can be utilized. Engineering is nearing completion, streamlining the development process. The seller offers completion assistance, and construction is estimated to take 16-18 months. Importantly, the City of Fox Lake and its Mayor actively support this project, ensuring a smoother permitting and development experience. This property offers a compelling combination of pre-existing infrastructure, approved plans, and strong community backing, making it an ideal investment for developers seeking a fast-track to a high-demand project. The 60020 zip code further enhances its appeal.