What's Trammell Crow Doing in the North Suburbs?
With the flood of development happening in Chicago these days, it's curious that Trammell Crow Co, a pioneer in development, is making its mark in the north suburbs. We spoke with the head of TCC’s Midwest office and got a look at the company’s new residential developments.
Principal Grady Hamilton (left, with SVP John Carlson) says Trammell Crow is focusing on smaller scale residential projects in Chicago, Minneapolis and across the Midwest, hoping to serve a growing pedestrian core with transit-oriented developments. Grady says there has been a lack of Class-A suburban residential in these submarkets, and the company's experience gives it an edge tying projects into the surrounding retail. Plus, some of these smaller suburban areas are encouraging TCC to build residential near existing businesses and public transit.
Grady says Midtown Square, a 215k SF, 138-unit project at 998 Church St in Glenview, was built with the encouragement of village officials who wanted to rejuvenate the area. Grady says Glenview was split into two separate commercial areas with the opening of The Glen shopping center five years ago. Midtown Square is walking distance to nearby businesses and the Metra rail for folks who want to travel to the city. John says there was no Class-A residential delivered in Glenview in the past five years before Midtown opened last year, and tells us the building’s design was a large part of the approval process. It was designed to complement the surrounding buildings and project a timeless feel walking past.
Inside, Midtown Square is a mix of one- and two-bedrooms, with common shared amenities such as WiFi, a coffee lounge, a wine room, a rentable guest room (which Grady says is becoming more common in the burbs), bike storage and a dog grooming station. John says the project, which cost TCC $45M, is 93% occupied, exceeding the company’s expectations.
Trammell Crow’s other new suburban project, Park 205 in Park Ridge, just opened a few weeks ago. The 115-unit building at 205 W Touhy is Park Ridge’s first multifamily development and a five-minute walk from both the village’s historic downtown, nearby shops and the Park Ridge Metra station, and is a five-minute drive from O’Hare Airport. The project, a JV between TCC and The Carlyle Group, is a mix of one-, two- and three-bedroom units, and has a swimming pool and cabana deck among its shared amenities. As for future projects, Grady and John say they'll continue to look for can't-miss opportunities in suburban submarkets.