City of Lake Forest and Focus Development Finalize Land Sale For Luxury Residential Development
Oct 5th, 2016
Northfield-based developer forges ahead with plans to bring new single-family homes, condominiums and apartments to downtown Lake Forest
Northfield-based Focus Development announced that it has finalized the acquisition of land from the city of Lake Forest for Kelmscott Park, a new maintenance-free community of condominiums, luxury single-family homes and apartments. Focus purchased the 10.7-acre site at Laurel and Western avenues in east Lake Forest in a joint venture with a fund managed by Castlelake, L.P., and financing from Wintrust Bank and Associated Bank.
Kelmscott Park is the first large-scale, residential master-planned development to be built in Lake Forest in nearly a decade. Sales for the single-family homes and condominiums began this summer, and construction of buildings is slated to begin later this month.
“The City is excited to see this project get underway. The transformation of this long-time industrial site into a high quality residential neighborhood -- within walking distance to restaurants, retail stores, parks, the high school, library and the train station -- presents new housing opportunities for current and future residents of Lake Forest,” said Lake Forest Mayor Don Schoenheider. “After a long and careful public review process, it is rewarding to see redevelopment of the site getting underway.”
“This is a big milestone for Focus and for the Lake Forest community,” said Tim Anderson, president of Focus Development. “We are thrilled about the progress of Kelmscott Park and look forward to making this long-awaited community a reality.”
Kelmscott Park offers 39 condominiums, 12 single-family homes and 111 luxury rental apartments. Condominium floor plans have two to four bedrooms and are priced from the $690,000s. The single-family homes offer two customizable floor plans with first-floor master suites and attached two-car garages, starting at $1.459 million.
“Along with many others in the community, I am excited to see this development take shape. Over the long term, I am confident that this development will serve the community well by adding to the vitality of the central business district and the surrounding neighborhoods,” said Bob Kiely, City Manager of Lake Forest.
“There’s great energy behind Kelmscott Park. The team is eager to bring the project to life, and buyers are excited to finally have new maintenance-free housing in a great North Shore location,” said Michael Golden, co-founder of @properties, which is conducting sales for the single-family homes and condominiums.
Kelmscott Park will feature lush garden-inspired landscaping and more than five acres of open space. For-sale residences offer upscale features and finishes including 9-foot ceilings, 5-inch wide hardwood oak flooring in living areas and kitchens; custom-built floor-to-ceiling kitchen cabinetry; Sub-Zero, Wolf and Asko stainless steel appliances; stone countertops; Kohler kitchen and bath fixtures; and natural stone tile in master baths.
In addition to Focus and @properties, the Kelmscott Park project team includes Chicago-based Booth Hansen Architects; Lake Bluff-based Mariani Landscape; and North Shore homebuilder Orren Pickell, which will work with single-family homebuyers to customize and build their homes.
The Kelmscott Park sales center is located at 1080 N. Western Ave. in Lake Forest, and is open Thursday, Friday, Saturday and Sunday from 12:00 PM to 4:00 PM or by appointment. For more information about the community, visit www.kelmscottpark.com or call 847-234-1800.
About Focus Development Since 1993, Northfield-based Focus Development has been one of the Chicago area’s premier developers of multi-family communities and mixed-use projects in both suburban and urban settings. Focus has successfully completed a number of developments on the North Shore, including The Laurels in Lake Forest, 812 Oak in Winnetka, 2000 Green Bay Road in Highland Park and Sherman Plaza in Evanston. Focus’ extensive portfolio also includes condominium, apartment and mixed-use developments in downtown Chicago, Glenview, Oak Park and a number of other communities. For more information, visit www.focusrealestate.com.
Established in 2000, @properties is the No. 1 independent residential brokerage firm in Illinois and one of the top 11 residential brokers in the U.S. by sales volume. @properties has more than 2,000 licensed brokers in 23 offices throughout downtown Chicago, surrounding suburbs, southwest Michigan and Lake Geneva, Wisc. For more information, visit www.atproperties.com.
About Castlelake, L.P.
Castlelake, L.P. is a global private investment firm focused on investments in alternative assets, sub-performing loans, dislocated industries and corporate special situations, and is an experienced leader in aircraft ownership and servicing. Castlelake’s team comprises 95 professionals with deep expertise, located in Minneapolis and London. Castlelake manages approximately $7.7 billion in assets on behalf of more than 110 endowments, foundations, public and private pension plans, private funds, family offices, insurance companies and sovereign wealth funds. For more information, visit www.castlelake.com.
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