Hines wins approval for $500M redevelopment of former McDonald’s HQ

The Houston developer plans to convert a portion of the campus into residences, offices, a hotel and park

Chicago /
Apr.April 24, 2019 04:00 PM

Hines’ Greg Van Schaack and a rendering of the Oak Brook Commons project (Credit: Hines)

Hines Interests has been cleared to build the first-ever apartments in Oak Brook as part of its massive, $500 million redevelopment of the former McDonald’s headquarters.

The Oak Brook Village Board this week approved the Houston-based firm’s plans to redevelop a 17.5-acre slice of the vacated corporate campus, according to The Doings.

Hines’ plans for the property at 22nd Street and Spring Road include 250 apartments, 104 condos, a 252-key hotel, office space, commercial space and a park.

The development includes a series of firsts for the upscale western suburb. It marks the first time apartments will be developed in Oak Brook, and it’s the first multi-tenant office project since Hines built office space in the suburb in 2000, according to The Doings.

The apartment portion of the project proved controversial, with opponents worried the units could sit vacant or be turned into Section 8 housing. After unveiling its plans for the site in January, Hines addressed neighbors’ concerns by paring down its rental units from the originally proposed 500 to the approved number of 250.

McDonald’s completed its move from Oak Brook to Fulton Market in summer 2018. Weeks later, Hines had a deal to acquire a 328,000-square-foot office building at the former campus, and announced plans for a new mixed-use “village center” on the site.

The Hines site represents just a small part of the former McDonald’s headquarters. Another 74 acres of the campus is being marketed by JLL. [The Doings]Joe Ward

 

Related Articles

arrow_forward_ios
Compass poaches eight-agent @properties team
Compass poaches eight-agent @properties team
Compass poaches eight-agent @properties team
4559 S Prairie Ave (Zillow)
Why Bronzeville’s gentrification may become a model for other Chicago neighborhoods
Why Bronzeville’s gentrification may become a model for other Chicago neighborhoods
ESG Kullen's Eric Granowsky (principal an
d co-founder) and Tom DelPonti (founding principal) (ESG Kullen, The Oliver on LaSalle)
New York investor wants to cash out on condo-to-apartment converted building
New York investor wants to cash out on condo-to-apartment converted building
Chicago suburbs will be another sellers’ market this year: Coldwell Banker’s Dawn McKenna
Chicago suburbs will be another sellers’ market this year: Coldwell Banker’s Dawn McKenna
Chicago suburbs will be another sellers’ market this year: Coldwell Banker’s Dawn McKenna
Former NBA player Alec Peters selling condo at Chicago’s Three Sixty West (Compass, iStock,  Illustration by Kevin Cifuentes for The Real Deal)
Former NBA player Alec Peters selling condo at Chicago’s Three Sixty West
Former NBA player Alec Peters selling condo at Chicago’s Three Sixty West
Glen Ellyn to consider affordable housing
Glen Ellyn to consider affordable housing
Glen Ellyn to consider affordable housing
New home sale in Chicago’s Woodlawn tops local record
New home sale in Chicago’s Woodlawn tops local record
New home sale in Chicago’s Woodlawn tops local record
Richard Driehaus and Glanworth Gardens (Geneva Lakefront Realty, Getty)
Richard Driehaus’ Lake Geneva mansion sold for record $36M
Richard Driehaus’ Lake Geneva mansion sold for record $36M
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...