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Groundbreaking for the 130-unit Iron Flat luxury apartment complex, being built with a $10.9 million tax break from the village of Carpentersville, is set for the end of this month.

“We’re excited about that,” Village Manager John O’Sullivan said. “There are a lot of housing units going in there.”

Iron Flats is to be built at 201 W. Main St. near the southwest corner of Route 31 and Huntley Road by WT Group/Olive Street Development, based in Hoffman Estates. WT Group purchased the former Huntley Square from Otto Engineering and the buildings on the site were razed in 2021.

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The luxury apartments, approved by the Carpentersville Village Board in early 2022, will feature studio, one-bedroom and two-bedroom units. Amenities will include an outdoor dog park, a fitness center, electric car charging stations, a business center, an outdoor fire pit and a rooftop deck.

Among the amenties at the Iron Flats apartment complex at the southwest corner of Route 31 and Huntley Road in Carpentersville will be a rooftop deck, as seen in this artist's rendering.
Among the amenties at the Iron Flats apartment complex at the southwest corner of Route 31 and Huntley Road in Carpentersville will be a rooftop deck, as seen in this artist’s rendering.

WT Group/Olive Street is receiving a tax incentive from the Tax Increment Financing District the village set up to promote development in the area. The developers’ property taxes will be frozen until 2038 or until a cap of $10.9 million is reached, according to an intergovernmental agreement between the company and the village.

Carpentersville is also waiving building permit fees, estimated at $1 million, officials said.

The developers have been doing due diligence since last year but ran into an issue with the underground parking, which required more engineering work, O’Sullivan said.

Iron Flats is using materials found in the historic mills around the Fox River in Old Town to tie in the architecture to both sides of the river, according to Carpentersville’s recently updated strategic plan. The project also fits with the village’s plan to generate more reinvestment and redevelopment, specifically mixed-use projects.

Carpentersville is also committed to creating affordable housing around the village, O’Sullivan said. “We are a very unusual community in both the breadth of demographics and the types of housing stock. It is one of our greatest strengths,” he said.

A groundbreaking is scheduled for May 30, O’Sullivan said.

Gloria Casas is a freelance reporter for The Courier-News.