Consultant: Mundelein’s strong residential growth could unlock retail investment; market study, land assembly recommended

John Lynch, an economic-development consultant, told the Mundelein Village Board on Jan. 26 that the village’s high residential-construction pipeline gives it a rare opportunity to attract new retail and commercial investment.

Lynch summarized a memo prepared with village staff, saying residential growth — on the order of roughly 1,000 new units — typically ‘‘moves the needle’’ on retail recruitment and can change how developers view a market. He recommended that the village continue to promote residential development while acting as a facilitator for commercial prospects (expediting permits, publicizing incentives) rather than attempting to cold-call potential tenants.

On specific sites, Lynch said the Bank Triangle has ‘‘significant interest’’ from developers and advised commissioning a market study this spring to clarify feasibility so the village can move toward a concrete development plan before summer. For the shopping-center site, which he said has multiple owners, Lynch recommended the village consider taking a leadership role to assemble parcels rather than relying on the private market, noting the compound probability challenge of securing every parcel.

Lynch also encouraged village leaders to ensure Mundelein branding is prominent in the Ivanhoe Village project so the community receives recognition and potential economic benefits. He praised staff and said the village’s reputation in the market is a competitive asset.

Trustees responded with appreciation and questions; Lynch said he would provide his memo to the board. The presentation closed with trustees thanking Lynch for the report.

Next steps: board members said a market study for the Bank Triangle is expected in early spring; staff will follow up on Lynch’s memo and recommendations.