The developer of a proposed multimillion-dollar luxury apartment complex at Route 31 and Huntley Road in Carpentersville has walked away from the project despite being approved for village TIF funding and permit waivers. A groundbreaking event was held for the 130-unit Iron Flats apartments in June and construction on an underground parking lot had started, but when village officials questioned by why work had stopped, they learned WT Group/Olive Street Development had pulled the plug, Village Manager John O’Sullivan said. “(They) threw in the towel a few months ago,” O’Sullivan said.
“We asked them their intention, and they said they were not going to proceed.” The 130-unit complex was to be built on the former Huntley Square retail and office site, which was razed in 2021. As an incentive, the Carpentersville Village Board approved a $10.
9 million in Tax Increment Financing District funds for infrastracture work and waived building permit fees at an estimated cost to the village of $1 million. WT Group/Olive Street Development ran into an issue last year with the underground parking, which required more engineering work, village officials said. The initial construction work remains unfinished behind a chain link fence and a sign announcing that Iron Flats was “coming soon.
” O’Sullivan said he didn’t know if the company’s decision to abandon the project was due to economic conditions, finances or some other reason. Company officials didn’t respond to .
