Norwood Builders is proposing a large residential complex in downtown Arlington Heights, the latest project looking to cash in on a strong suburban rental market.
The three-building campus would include a total of 358 units and fill an entire empty block once home to the parent company of the Daily Herald, according to the newspaper.
Called Arlington 425 , it would feature a 73-unit building of up to six stories facing Chestnut Avenue, a 172-unit apartment building with ground-floor retail on Campbell Street and a 113-unit, 12-story apartment building on Highland Avenue. That building would include a five-story parking garage.
Village officials discussed the project at a meeting this week, with Mayor Tom Hayes saying he’d like to see a rooftop restaurant for the 12-story building to bring people downtown.
Officials expressed mixed feelings to the project, but said they were encouraged by the Chicago-based developer’s early commitment to provide as many as 54 units at below-market rates.
The project now faces reviews before coming before the village board for a vote.
The board recently approved Springbank Real Estate Group’s plans to launch the next phase of the $320 million Arlington Downs development, which would include a 116-key hotel, a 263-unit apartment building and a First Ascent Climbing Gym. Future plans include four retail complexes totaling 40,000 square feet and two more residential buildings.
Apartment rents in Chicago’s suburbs hit record highs this year but could plateau. The second-quarter median net rent for Chicago-area suburbs ticked up by 1.2 percent year over year, ending at $1.47 per square foot, according to Integra Realty Resources. That’s compared to a 2.8 percent median rent bump between 2016 and 2017, and a 5.2 percent hike the year prior. [Daily Herald] — John O’Brien