‘Luxury’ rental community with pool, shops, pickleball, dog park proposed off Route 31 in Cary

A conceptual review for a “luxury” mixed-use development has received an enthusiastic green light from the Cary Village Board.

The plan on about 37 acres consists of commercial space mixed with luxury rental housing that includes amenities such as a dog park, a pool house and pickleball courts. The location is east of Route 31, south of the Walmart Supercenter in Crystal Lake and north of Hoffman Park. The builder is Milwaukee-based Fiduciary Real Estate Development.

In the first of two phases, 216 apartments would be built across 12 two-story buildings, 18 per building. The second phase would see 180 apartments built in 10 two-story buildings. It would be a mix of one, two and three-bedroom floor plans strategically placed within.

According to village documents provided by Fiduciary Real Estate, the plan is to appeal to young professionals, empty nesters and Baby Boomers who are seeking alternatives to single-family housing.

“Fiduciary’s market research indicates pent-up demand for new commercial development along with a unique type of new, luxury apartment homes in the village of Cary,” the developer wrote in materials submitted to the village. “... Many of the multifamily housing options in the local submarket are older communities with dated finishes and amenities, which cannot fulfill the current market demand.”

The more than $110 million development is estimated to have an economic impact of almost $40 million in consumer spending, generated by new residents over 10 years. Impact fee revenue is estimated at about $2.7 million, according to the proposed documents.

Along with Mayor Mark Kownick, several trustees commended Anthony DeRosa, who presented the proposal to the Village Board at a Dec. 17 meeting, for the comprehensive presentation and lauded it as impressive.

“This is an exciting opportunity for us,” Kownick said. “We are lacking this type of housing in the village of Cary, and to bring something like this to our western border is an unbelievable opportunity.”

Adding that the development would be reflective of Cary’s quaint, charming look, Kownick said the proposal is “something that we can get behind.”

A market analysis conducted by Schaumburg-based Tracy Cross & Associates, the third party hired by the developer, shows the proposed community would be “extremely appealing” due to its architectural design, its cohesive color palette on the exteriors and the overall functionality of the units.

The townhouse-style structures would feature a mix of attached and detached garages, along with surface parking. Renderings showed storefronts along Route 31 and townhouse-style residences surrounding a pool and pickleball courts. Several trustees said they liked the look of the exterior, which showed a finish that’s a combination of brick and fiber cement with balconies and patios spread throughout.

DeRosa said the luxury multifamily development would incorporate “top end of the market” features such as walk-in closets, 9-foot ceilings, stainless steel appliances, full-size washers and dryers and high-end interior finishes.

Outside of the units, amenities would include a fully equipped 24-hour fitness center, a media lounge, a dog park, car-care and dog-wash stations and a resort-style pool and sun deck. Courtyards and vegetation would be placed along the eastern edge of the development to act as a buffer to the Cambria subdivision to the east.

Currently, the space is zoned as a shopping center business district. The developer is asking for a portion to be rezoned as planned unit development.

Of the current zoning, DeRosa said there’s “a lack of demand for big-box retail development in today’s market. It’s the addition to the new housing component that will help drive demand for the commercial outlots, as retailers are continuing to look for rooftop growth.”

The commercial component of the proposed development would consist of almost 6 acres and could potentially include 38,000 square feet of new retail space or more.

Cary Community Development Director Brian Simmons said next steps include a zoning application process, public hearings and a recommendation to the board, which could take up to four months.