Chicago’s 5 Biggest Multifamily Developments
The Chicago area multifamily pipeline's steady flow shows no signs of slowing in 2015. We tracked down the five biggest projects planned, proposed or under construction with the help of our friends at Reis.
1. Atrium Village
Last summer, Vancouver-based Onni Group paid $50M (including $35M in financing from Citibank) for the 309-unit apartment complex on the southwest corner of Division and Wells in Old Town. The seller was a group including Seattle firm Security Properties, Crane Construction and four Chicago churches. Zoning’s already prepped for demolition and a new property including as many as 1,500 units (apartment or condo) and 34k SF of retail. Keeping with the site’s mixed-income history, 20% of the units must be affordable (zoning code calls for just 10%). Ground could break this year though completion would be years away.
2. Montrose & Clarendon
A venture including JDL Development, Saxony Capital and Harlem Irving Cos picked up the Uptown Maryville site in 2012 after the neighborhood struck down Sedgwick Properties’ $350M redevelopment plan. Initial plans for the $220M project called for about 776 units across two buildings, including 72k SF of retail and parking for 557 cars. Since then the design has been in flux due to community concerns around traffic, TIF money (the developer requested $32M and the city offered just $14M) and the demolition of Cuneo Memorial Hospital. Right now things are on hold, but that doesn’t mean JDL isn’t keeping busy.
3. Elburn Station Phase 1
This year Shodeen is expected to start 710-unit Phase 1 of Elburn Station, adjacent to the Kane County village’s Metra station (pictured). Approved by the village board in 2013, the 484-acre Elburn Station will be a 20-year project and its mix of 2,215 homes, townhouses, apartments and senior housing (including up to 200k SF of commercial space) could double Elburn’s population. The project’s first key hurdle is the Anderson Road extension, including a bridge over the train tracks. It’s expected to be finished later this year, then Shodeen can close on the sale. Phase 1 completion is slated for 2018.
4. Block 37
CIM Group broke ground in October on a 34-story, 690-unit residential tower on top of five-story Block 37 in the Loop (the area’s biggest multifamily project in recent memory). Slated for a 2016 completion, the tower will include a fifth-floor amenity deck featuring an outdoor pool, rooftop spa and fitness center. In addition to building up, CIM Group has made some huge moves building out retail tenancy within the 275k SF mall. Big tenant coups include celeb chef Richard Sandoval’s Latinicity food hall, a Lawless family ground-floor restaurant, an 11-screen AMC theater and a new Dave & Buster’s.
5. 545 N McClurg Ct
Golub and Boston-based GID broke ground in October on a 45-story, 490-unit high-rise in Streeterville, near Golub’s Streeter Place Apartments and its eight-foot statue of George Wellington “Cap” Streeter. The project also includes a 290-car parking garage, 5,200 SF of retail, and amenity decks on the ninth floor (fitness center, spa, lounge) and rooftop (sun deck with pool, party room). The project’s construction financing comes from The PrivateBank, The Union Labor Life Insurance Co and Prudential Mortgage Capital Co. Golub’s 2,400-unit residential pipeline, consisting of nine new projects, also includes the acquisition and reno of 280-unit Chestnut Place with USAA.