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Consultants tell Waukegan officials Lot B can support market-rate apartments as demand far outstrips supply
Summary
A housing-market study delivered to the City Council finds Northern Lake County and Waukegan face tight rental vacancies and pent-up demand; consultants recommended a mid-rise, 100-unit market-rate building on Lot B and said the market could absorb significantly more new units over the next five years.
Tracy Cross & Associates told Waukegan City Council on July 21 that a market-rate, mid-rise apartment development on Lot B (east of the downtown library) is commercially viable and that Northern Lake County as a whole has a rental-supply shortfall.
Consultants summarized a regional market audit showing vacancy rates well below balanced levels: they reported a 0.7% vacancy for Northern Lake County and just 0.3% for Waukegan among newer, class A/B market-rate product, far below the 5%-6% vacancy typically considered balanced.
The study recommended a project script for Lot B: a five- to…
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