Multifamily Taking Off At O’Hare
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|With multifamily in high demand, JCF is spreading its wings. After focusing primarily on industrial, office, and retail, the firm is planning to build an $85M, 405-unit apartment project on the Northwest side; it's near an O’Hare neighborhood that has had few new rental apartments built in 40 years, we learned from development director Paul Robertson. The site is near an 1,100-unit, ‘70s-era complex that's usually around 95% occupied. JCF prez John Fitzmaurice says that JCF has long sought better use of the InterPark Office complex near O'Hare, which it has owned since '01. The time to build is now: The recession led many former home owners into apartments, creating a shortage. Nearby in Rosemont and DesPlaines, entertainment venues, a casino, retail, and a hotel, has also attracted urban professionals.|
|John expects to get zoning changes and start 21 months of construction on the O’Hare apartments by Q2 ’13. The eight-acre office park has 12, one-story office buildings, six of which will be demolished. The apartments will feature luxury amenities including indoor and outdoor dining, pools, sundeck, fitness center, and balconies. But first, JCF will launch the 20-month construction of a $50M, 331-unit St. Charles apartment building in August.|