WAUKEGAN, IL-The first step in a $1.2-billion redevelopment of this city’s Downtown and lakefront could be 12-story multifamily buildings on Sheridan Road, followed by a minor-league baseball park at Belvidere Road and Genesee Street. City council members Monday night endorsed a master plan drawn by Chicago-based architects Skidmore, Owings & Merrill, which attempts to map out city efforts to revitalize its slumbering Downtown and reclaim a lakefront given away to now-idled industrial users who once employed 30,000.

The plan includes a substantial price tag of at least $50 million in city money, which could be generated by a sales tax, tax increment financing and the sale of city-owned land, to pay for infrastructure needed to “set the table” for at least a dozen developers who may be interested in making the master plan a reality.

Skidmore, Owings & Merrill estimates it will take $245 million in city, state, county and federal money to build new roads, eliminate contamination and buy more than 250 acres of land. Most of that investment will have to be made in the early years of the master plan, with the biggest chunk–$92 million—expected to be spent turning former industrial properties along the lakefront into sites able to handle multifamily development.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?


NOT FOR REPRINT

© 2025 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2025 ALM Global, LLC. All Rights Reserved.