1st apartments nearly ready at Crystal Lake’s largest development, Water’s Edge, a year into construction

Almost a year after breaking ground on the redevelopment of the long-struggling Crystal Court shopping center in Crystal Lake, tenants could start moving into apartment units as soon as November.

The mixed-use redevelopment, called Water’s Edge, started construction last year on what eventually will be more than 40,000 square feet of retail and restaurant spaces, open public areas and 260 units of housing, the city of Crystal Lake said in a news release last year. The project, developed by Heartland Real Estate Partners, will be the largest in the city, according to the release.

Located on Route 14 adjacent to Three Oaks Recreation Area, the development totals 30 acres. It is expected to cost about $75 million, Heartland managing principal Tim Grogan said. Heartland can receive up to $14 million in reimbursements from an economic incentive package approved by the City Council.

The first residents of the apartment units can start moving in as early as November, Grogan said. By the end of this year, 40 units will be ready, and builders will continue to add 20 units every three weeks, he said.

“We’re racing to beat winter,” he said.

One-bedroom units start at $1,900 a month for 835 square feet, and three-bedroom townhome units start at $3,842 for 2,187 square feet, according to the Water’s Edge website. Residents will have access to a pool, pickleball courts, sand volleyball courts and a clubhouse. An outdoor public area will have an overlook facing North Lake and a public art installation.

Retail tenants have not yet been announced, but many businesses, including restaurants, are in the works to occupy the development. Developers will start on construction for the retail buildings in the spring, Grogan said.

“It’s going to be pretty exciting because we’ve got a pretty good lineup,” he said.

The remaining businesses within the footprint of the new development are moving out to new locations. Salon Cora recently celebrated its relocation to 12 Crystal Lake Plaza.

“While it was bittersweet, we are incredibly excited about our new home at Crystal Lake Plaza,” owner Denise Knochel said in a Cary-Grove Area Chamber of Commerce news release. “This move has given us the chance to reimagine our space and continue to grow our offerings in a location that truly reflects our commitment to excellence. Our team is thrilled to welcome clients, both new and returning, to experience the same high-quality services in an updated and convenient setting.”

Jimmy John’s will remain open at 5657 Route 14 until the end of next year, manager Brian Libby said. It will be relocating within Crystal Lake, but an exact location is not yet determined, he said.

Once Jimmy John’s moves out, that building will be demolished to make room for the new retail businesses, Grogan said. In the meantime, Water’s Edge has a temporary leasing office next door that shows interior features that the apartments will have.

The homes and retail buildings are the first phase of the development, which is expected to be completed by May 2026. The second phase could possibly have more retail space and townhomes or a hotel on the east side of the property, Grogan said. Decisions will be made depending on how much demand there is after the first phase, he said.

Heartland is a real estate development firm based in Chicago. The company has created mixed-use developments across the country similar to the Water’s Edge proposal, including the Algonquin Square complex in Algonquin.