Crystal Lake’s biggest development: What to know about Water’s Edge, and what apartments are going for

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.

The first phase at the west end is underway and expected to be completed by 2026. From there, developers will assess what will best suit the east end of the property, Grogan said. Possibilities include more retail space, owner-occupied townhomes and a hotel.

What exactly will be built?

• 12 apartment buildings totaling 240 units
• 20 units of townhomes
• 20,300 square feet of retail space for sit-down and fast-casual restaurants, entertainment and general retail
• A road that connects to a gatehouse entrance to the northern end of the Three Oaks Recreation Area
• Public open space that will be owned by the city once construction is completed. The park will include a pavilion, public art murals and sculptures, game areas and multiple seating areas.
• Private open space for renters including a pool, pickleball courts, sand volleyball courts, dog parks and a clubhouse
• An overlook at North Lake

How much will units cost to rent?

• 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.

What is the timeline?

• Leasing of rental townhouse units already has begun.
• Public infrastructure, including functioning water mains, are due to be finished by the end of this year.
• Residential building construction is scheduled to be completed by the end of September, with the first tenants expected to move in later this fall.
• Work to build a public park and overlook area is due to begin in December, with expected completion by August 2025.
• By spring 2025, three commercial lots are scheduled to be completed.
• The start of a buildout of restaurant space should begin in the spring, with hopes of finalizing a contract with a restaurant tenant by fall 2025.