CHICAGO—The recession caused many developers to take plans for new projects and put them on the shelf. But the recovery now taking shape now has many reconfiguring those old plans, updating them to reflect current conditions and putting shovels in the ground. Chicago-based REVA Development Partners, for example, has just broken ground on two luxury rental communities in suburban Chicago – a 231-unit luxury rental community in south suburban Orland Park called the Residences of Orland Park Crossing and a 288-unit luxury rental community in northwest suburban Wheeling called Northgate Crossing. Phase one of Orland Park Crossing included a 75,000-square-foot lifestyle center completed back in 2006.
“The original plan called for a much larger retail lifestyle center,” Matt Nix, principal of REVA, tells GlobeSt.com. “The current plan reflects the strength of multifamily as well as a more balanced mix of uses including retail, residential and office located around a major transit hub.”
As reported in GlobeSt.com, REVA has also launched the development of a luxury rental community in suburban Vernon Hills. The company currently has a total of 823 units under development in the three communities
The Residences of Orland Park Crossing, a joint venture with Elgin, IL-based Wanxiang America Real Estate Group, sits just adjacent to the Orland Park Crossing retail center and across the street from Orland Park's Main Street Triangle development, a large scale public-private partnership with residential, retail, a new Metra station and plans for a medical office and restaurants.
“The Orland Park Crossing retail center has been a consistent performer and the Main Street Triangle has been gaining strong momentum,” Nix adds. “The Residences of Orland Park Crossing will be developed along with a new Mariano's Fresh Market, which will be an ideal complement to the town center area.”
Orland Park Crossing currently includes national retailers including Ann Taylor, Soma and White House Black Market, as well as restaurants such as P.F. Chang's, Granite City Brewery, Panera Bread and Starbucks.
REVA officials say that the 12.5-acre site in Orland Park is only the second luxury rental community to be built in the suburb in several decades. It will feature four midrise elevator buildings each with 42 one- and two-bedroom apartments, 38 two-story rowhomes and 25 three-story townhomes. Residents of the apartments will have access to attached garage parking, while two-car garages will come with each townhome and rowhome.
Amenities will include an approximately 7,000-square-foot clubhouse with a fitness center, club room, kitchen, internet cafe and management offices. Residents will also enjoy an outdoor swimming pool, fire pit, outdoor kitchen and other amenities. A recently completed pedestrian bridge provides access to the Metra.
Mariano's, perhaps the most active grocer in Chicagoland, recently broke ground and will open in spring immediately adjacent to the property.
The second community, Northgate Crossing, is located at 250 Northgate Parkway in Wheeling. It is part of the village's Town Center district which is anchored by the municipal campus, fitness and aquatic centers, the Heritage Park redevelopment and an existing Metra station.
“With such a wide variety of retail, office development, park space, and, of course, residences within walking distance of the Wheeling Metra station, the town center is sure to become a destination for people in the north suburbs to live, work and play,” says Warren James, another REVA principal.
The 20-acre Northgate Crossing development will feature nine three-story apartment buildings and amenities similar to those at the Orland Park site. The apartment homes will include one-bed/one-bath and two-bed/two-bath plans measuring approximately 700- to 1,200-square-feet.
Kinzie Builders, a division of Kinzie Real Estate Group, is serving as the general contractor and construction project manager for both properties. Kinzie Real Estate Group will also oversee the leasing and property management.
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