Designed to address a rapidly evolving housing need in the Bloomington-Normal community, Carden Springs will provide a wide range of upscale amenities and luxury housing options set among thirty-nine acres of expansive green space, trees, and trails
Normal, Illinois – Fairlawn Capital, a premier real estate investment and asset management firm based in Champaign and Chicago, Illinois, today announced the development of “Carden Springs”, an A+ luxury multi-family housing development that will include a wide range of upscale amenities and luxury housing options set among thirty-nine acres of expansive green space, trees, and trails in north Normal.
Fairlawn Capital pursued this upscale, infill development to address the rapidly evolving needs of Bloomington-Normal’s growing workforce, and to strengthen the community’s economic competitiveness and desirability for new businesses and residents. Carden Springs will offer 477 apartment units, primarily one- and two-bedroom styles, across twenty-nine garden-style and townhome buildings.
“Fairlawn Capital’s proposed residential development is exactly what we hoped our community would attract to address the 4,300 housing unit shortage illustrated in the 2022 Housing Study,” said Patrick Hoban, President and CEO of the Bloomington-Normal Economic Development Council. “We are excited to see this high-quality project become part of the solution to our community’s vast housing needs.”
The new development will also include walking and biking trails, including a publicly accessible trail along Towanda Avenue and Beech Street. Superior amenities include a clubhouse with on-site staff, lounge areas, and luxury wellness amenities, including a state-of-the-art fitness center, pickleball courts, bicycle storage and repair station, and work-from-home stations. Outdoor community spaces will include a resort-style swimming pool, playground, multiple grilling pavilions, dog park, and fishing areas. Electric vehicle charging stations will be available to residents.
Construction of the project will occur in multiple phases, commencing in the Spring of 2023 and completing over a four-to-five-year period. Although an independent traffic study concluded that the impact of the project is “negligible”, Fairlawn Capital is also proposing to construct, at its own expense, a left-turn lane on Towanda Avenue.
The project is designed by Chicago-based LCM Architects and will be constructed by O’Neal Builders, operating out of Bloomington-Normal, Illinois and Bettendorf, Iowa. Fairlawn Capital will develop and manage the project, which will also serve as a regional operations hub for its property management team.
Building on extensive outreach and planning already conducted with local elected officials and community members, Fairlawn filed proposals with the Town of Normal for Annexation and a Planned Unit Development for the site. Further committing to being transparent and proactive with engagement and communication, Fairlawn will continue public engagement with an Open House to share and gather feedback on Carden Springs. The public is welcome to attend the Open House at 6:00pm on Wednesday, December 14 at Prairieland Elementary School, 1300 E. Raab Road, Normal.
Led by Chris Hartman, Will Thompson and Jason Barickman, Fairlawn Capital is a premier real estate investment and asset management firm in the Midwest. Since its inception, Fairlawn has acquired and developed over 5,000 apartment units, totaling over $500M in gross asset value. Fairlawn Capital works closely with its property management affiliate, Fairlawn Real Estate, on all aspects of property leasing, marketing, maintenance, and other operational matters.
Available Upon Request:
1. Traffic Impact Study
2. Regional Housing Market Analysis
3. Application for Annexation with Agreement
4. Application for Preliminary Development Plan Planned Unit Development
5. Application for Zoning Map Amendment
6. School Impact Analysis
