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Council approves Redwood of McHenry final plan; developers project $2,800 average two-bedroom rent
Summary
The council voted to approve the final plan and plat for the Redwood of McHenry planned unit development. Developer representatives said average two-bedroom rents are projected at about $2,800 a month; several aldermen raised affordability concerns and questioned tax-revenue impacts before the vote.
The City Council approved an ordinance granting final plan and plat of subdivision approval for the Redwood of McHenry planned unit development after a public Q&A about rents and market comparables.
Kelly McIver, vice president of acquisitions for Redwood, told the council the developer's projected average rent for a two-bedroom unit is about $2,800 a month. “Right now, the rents are projected at an average of $2,800 a month,” McIver said.
Aldermen questioned how that…
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