CHICAGO-Schaumburg, IL-based JCF Real Estate istaking a plan for a new $65 million apartment complex to theChicago City Council next week. The company wantsto build the seven-story, 405-unit on the site of an office parknear O’Hare International Airport.

John Fitzmaurice, president of JCF, tells GlobeSt.com that thenew apartment building would go up where the firm currently hasabout 80,000 square feet of office in six buildings at theInterpark Corporate Center. The office park, whichis currently mostly leased, is at the southwest corner of Bryn Mawrand Delphia avenues. “In this poor suburban office market, thetenants should easily be able to find other nearby space,” hesays.

Demand is much higher than supply for the O’Hare area apartmentmarket, Fitzmaurice says. In fact, he says this building would bethe first new apartment complex to be built near the airport inmany years. “The Pavilion apartments on East RiverRoad nearby were built decades ago, and they’re consistently full,”he says. “I think with the condo craze that came about 10 yearsago, a lot of the apartments here were taken off the market. Thereis very little supply.”