Jupiter Realty Bucking Local Multifamily Development Trends With Planned Condo Tower, Oak Brook's Tallest Building
Jupiter Realty, which is putting the finishing touches to 465 North Park Drive in Streeterville, is going against prevailing trends for its next multifamily project. Jupiter unveiled plans for a 27-story luxury condominium tower in Oak Brook, the Chicago Tribune reports. If approved, the building planned for 1900 Spring Road would easily be the tallest in the western suburb.
Franklin Partners paid $18M for 1900 Spring Road in September 2016, but the land surrounding the existing office structure was essential to the deal, as it could be redeveloped into retail and restaurants, while Oak Brook officials have longed for a condo tower on a parking lot north of the building.
Jupiter wants to build up to 85 units ranging between $1M and $3M, and hopes to attract affluent west suburban empty nesters seeking to downsize from single-family homes to the project. The architect is Lucien Lagrange, who designed the Waldorf Astoria Chicago and the Ritz-Carlton Residences.