News

Mundelein is set to experience a transformative shift with the introduction of Ivanhoe Village, a sprawling 740-acre mixed-use mega-development. This project, spearheaded by The Wirtz Corporation, will introduce a new paradigm for suburban living, incorporating urban-style walkability with residential, commercial, and industrial spaces. The ripple effects of such a development will be profound, influencing Mundelein’s labor pool and commercial real estate landscape across industrial, office, and retail sectors.

Impact on Mundelein’s Labor Pool

Ivanhoe Village’s design will attract a diverse population of residents, including young professionals, families, and retirees. With 3,595 planned residences—ranging from apartments to single-family homes and assisted living facilities—the area will see an influx of new talent across various industries.

1. Workforce Growth: The anticipated population increase will provide local businesses with a larger, more diverse workforce. This could draw employers to the area, particularly those in retail, healthcare, and professional services.
2. Skilled Labor Attraction: The development’s inclusion of 1.33 million square feet of industrial space suggests that logistics, manufacturing, and tech-driven industries will take root in Mundelein. This will likely attract skilled tradespeople, engineers, and warehouse personnel to the area.
3. Service Industry Expansion: With more residents moving into Ivanhoe Village, service industries—such as hospitality, dining, and personal services—will see heightened demand, creating job opportunities at multiple skill levels.
4. Remote Work Influence: The availability of modern housing and walkable amenities could make Mundelein an attractive option for remote workers who seek a suburban lifestyle while remaining connected to Chicago’s job market.

Industrial Market Implications

The 1.33 million square feet of industrial space in Ivanhoe Village presents a major opportunity for Mundelein’s industrial sector. Several key trends are likely to emerge:

1. E-Commerce and Distribution Growth: The rise of e-commerce continues to drive demand for distribution and fulfillment centers. Mundelein’s proximity to major highways makes it a viable location for last-mile delivery operations.
2. Advanced Manufacturing Hub: With new industrial space available, manufacturers may choose to relocate or expand their operations in the area. The increased workforce in Ivanhoe Village further supports this growth.
3. Green Infrastructure: The project’s focus on sustainability could attract environmentally conscious industrial tenants, particularly in clean manufacturing and renewable energy sectors.

Office Market Changes

Ivanhoe Village will introduce 300,000 square feet of medical and office space, a significant addition to Mundelein’s commercial real estate portfolio. This development may reshape the local office market in several ways:

1. Medical Office Demand: Given the inclusion of assisted living facilities and a growing population, there will likely be increased demand for healthcare-related office space, including clinics, dental offices, and wellness centers.
2. Professional Services Expansion: Law firms, financial advisors, and other service providers may establish offices in Ivanhoe Village to cater to new residents and businesses.
3. Hybrid Work Adaptability: The shift toward hybrid work environments could make smaller, flexible office spaces more appealing. Companies may seek satellite offices in Mundelein to offer employees a suburban alternative to downtown Chicago.

Retail Market Evolution

With 221,500 square feet of retail space planned, Ivanhoe Village will introduce a new retail ecosystem to Mundelein, impacting existing and prospective businesses:

1. Grocery and Essential Retail: The development’s scale justifies the inclusion of a grocery store and other essential retail outlets, reducing the need for residents to leave the community for basic shopping needs.
2. Experiential Retail and Dining: Walkability will encourage experience-driven retail concepts, such as boutique shops, cafes, and destination dining spots. These businesses will benefit from both local foot traffic and visitors from nearby suburbs.
3. Local Business Opportunities: The influx of residents and visitors will create opportunities for entrepreneurs to establish niche businesses tailored to the community’s needs.

Final Thoughts and Call to Action

Ivanhoe Village represents a groundbreaking shift for Mundelein’s labor force and commercial real estate landscape. As new businesses and residents move in, the demand for industrial, office, and retail space will evolve, creating exciting opportunities for investors, developers, and business owners alike.

If you want to understand how this development will impact the value of existing real estate or uncover unique opportunities in the Mundelein market, our team of expert commercial real estate agents is here to help. Contact us today to explore your options and stay ahead of the curve in this rapidly evolving market.