500,000 square feet, JCF says.
CHICAGO-Schaumburg, IL-based JCF Real Estate is taking a plan for a new $65 million apartment complex to the Chicago City Council next week. The company wants to build the seven-story, 405-unit on the site of an office park near O’Hare International Airport.
John Fitzmaurice, president of JCF, tells GlobeSt.com that the new apartment building would go up where the firm currently has about 80,000 square feet of office in six buildings at the Interpark Corporate Center. The office park, which is currently mostly leased, is at the southwest corner of Bryn Mawr and Delphia avenues. “In this poor suburban office market, the tenants should easily be able to find other nearby space,” he says.
Demand is much higher than supply for the O’Hare area apartment market, Fitzmaurice says. In fact, he says this building would be the first new apartment complex to be built near the airport in many years. “The Pavilion apartments on East River Road nearby were built decades ago, and they’re consistently full,” he says. “I think with the condo craze that came about 10 years ago, a lot of the apartments here were taken off the market. There is very little supply.”
He proposes to build a luxury-style property, with an indoor pool with walls that would open in the summer, a high-end restaurant, an indoor parking garage and a fire pit and lounge area. Units would range from 554 square feet to 1,161 square feet, and would rent for about $2.40 per square foot.
The firm is trying to amend the existing planned development ordinance on the site. “We hope to achieve a zoning change by Labor Day,” Fitzmaurice says. “We could probably start construction next spring, and be open by the second quarter of 2014.”