Downtown Waukegan Poised for Transformative $315M Redevelopment
The City of Waukegan is gearing up for a massive transformation of its downtown area, at least if a local developer gets their way.
The Waukegan Community Development Partnership unveiled an ambitious $315 million redevelopment plan to revitalize downtown Waukegan while creating a vibrant, pedestrian-centric environment. The project would include approximately 70,000 square feet of commercial space and 700 new residential units. The plan is to renovate two iconic buildings – the former YMCA on Clayton Street and a one-time restaurant on Genesee Street. These historic structures will be repurposed into multi-use buildings, combining residential and commercial spaces.
The former YMCA building, a cherished landmark, would be renovated to become a hub for living and shopping. The plans include transforming the upper floors into apartments, while the ground level will house a restaurant, breathing new life into the historic structure. Lowell Jaffe, the lead developer of the Jaffe Family Community Development Fund, expressed his vision for the project. At a recent meeting at Waukegan City Hall, Jaffe said the group wants to create a pedestrian-centric downtown where essential amenities are within walking distance for residents. This plan aligns with Waukegan's long-term goal of revitalizing its downtown and lakefront areas.
In addition to renovating historic buildings, the redevelopment plan includes constructing new residential and commercial spaces. One of the most significant components is a 200-unit apartment project featuring two 10-story towers. This ambitious undertaking aims to attract new residents to the area, contributing to the revitalization efforts. Sam Yingling, a former State Representative representing New Century Real Estate and a development team member, emphasized the potential for adding new businesses and redeveloping existing ones. He acknowledged the challenge of attracting foot traffic to the downtown area but expressed confidence in the project's ability to overcome this hurdle.
The developers are looking for support from the City Council to set up a Tax Increment Finance district, also known as a TIF, to offset the large price tag of the development. Illinois law permits local units of government to designate specific areas within their jurisdiction as TIF districts. These districts use sales tax and extra property tax revenues from the TIF for improvements to boost economic development and create jobs. The funds can cover costs for developing or redeveloping properties in the TIF, helping run-down and underperforming areas become viable again and compete with vacant land on the edges of cities.
While it is yet to be seen if this project gets any legs under it with support from officials at City Hall, it seems to be precisely the type of development Waukeganites have longed for since historic retail moved out of downtown and further west into the area in and surrounding the former Lakehurst Mall which was closed in 2001 and now has been redeveloped as Fountain Square, which has lots of commercial activity and the American Place Casino.
