Suburbs Getting More TOD Development
Multifamily developers have focused a lot on the CBD, but the suburbs have seen strong rent growth.
CHICAGO—Multifamily properties in the Chicago suburbs overall have generated significant rent growth during the past year, and a below-average vacancy rate has created opportunities for new construction. The Opus Group, in a joint venture with Berkshire Group, has just started construction on a 113-unit luxury multifamily mixed-use development in Des Plaines adjacent to the O’Hare office and industrial submarkets. Located at 1555 Ellinwood, the transit-oriented development will feature 1,400 square feet of ground floor retail space and will give tenants a live-work-play lifestyle, partly through the town’s accessible amenities.
“We are excited to provide luxury residential living to a strategic transit-oriented location that provides access to numerous walkable amenities,” says Bryan Farquhar, director, real estate development, Opus Development Co., LLC. “We look forward to continuing to work the city of Des Plaines to provide a state-of-the-art rental living option that will benefit the entire community.”
He adds that the new development will itself be a true community, rather than just a building. Amenity spaces will include a fitness center, yoga studio, club room with demonstration kitchen, dog spa, resident and bike storage, outdoor amenity deck, work from home suite and conference room. Residents will also enjoy top of the line finishes, such as stainless-steel appliances and quartz countertops among a selection of units including alcove to two-bedrooms with dens. Covered and non-covered parking will also be available
Opus Development Co., LLC is the developer and Opus Design Build, LLC is the design-builder for the project. Opus AE Group, LLC is the structural engineer of record and ESG Architects is the architect of record.