By 25 News
NORMAL – It is grassland for now, but there are big plans for a 39-acre lot in North Normal.
Developer Fairlawn Capital is planning to build ‘Carden Springs,’ a sprawling luxury housing development of nearly 500 units, ranging from single bedroom apartments to three-bedroom townhomes. Rent will start at $1,500 per month and could go as high as $2,300.
The site is located just south of Interstate 55, bounded by Beech St. and Towanda Ave and will be named after a family who once owned the land. It will include luxury amenities, like a swimming pool, workout complex.
Developers say their target demographic is young professionals, working at companies like Rivian and Ferrero Rocher, not necessarily college students or affordable housing. Fairlawn partner and outgoing State Senator Jason Barickman says its a type of housing desperately needed in the community.
“This is something actually really needed in the community,” Barickman said. “There’s a whole group of people out there who are choosing to rent, not buy.”
Housing shortages in Bloomington-Normal are well documented, with high demand pushing up costs. Local Economic Development Council President Patrick Hoban says adding any supply to this tight market is welcomed, and could drive everyone’s cost down.
“If there are products available like this you can… also free up the market so the prices could end up dropping,” Hoban said.
Developers did not give an exact cost for the project, which will be funded with equity and bank financing. But Barickman did estimate the cost at ‘tens of millions of dollars.’ Construction is scheduled to start in Spring 2023, and will last for four or five years.
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