Chicago Cheat Sheet: Brand-new suburban apartments hit market… & more

Also, RPAI plans apartment project in downtown Naperville

Jun.June 25, 2019 05:00 PM
From left: Focus CEO Tim Anderson and Atlantic Realty Partners CEO Richard Aaronson with Atworth at Mellody Farm

From left: Focus CEO Tim Anderson and Atlantic Realty Partners CEO Richard Aaronson with Atworth at Mellody Farm

Vernon Hills apartment complex hits the market

The developers of a Vernon Hills apartment complex are looking to shed the property just 11 months after it opened. Chicago-based Focus and Atlanta’s Atlantic Realty Partners hired brokerage Moran to sell the 260-unit Atworth at Mellody Farm at Milwaukee Avenue and Townline Road. The complex is part of the larger mixed-use development. Focus and Atlantic previously teamed up in 2017 to sell a new 239-unit complex in Glenview for $81 million. [Crain’s]

RPAI’s Naperville apartment plan faces challenges

Retail Properties of America is planning a five-story apartment building for the Main Street Promenade development in downtown Naperville. But the REIT is running into opposition from tenants in the first two phases of the project, which were built by different developers. The original plan envisioned a smaller third phase set back farther from their buildings. RPAI’s plans, however, call for 72 apartments and a 120-space parking garage over ground-floor retail at Main Street and Benton Avenue. [Daily Herald]

More Uptown apartments coming online

CRG is set to open the first units in its new Uptown apartment building next month. The division of Chicago-based Clayco developed the 12-story, 149-unit Upshore Chapter building at 4555 North Sheridan Road. The building also has 5,000 square feet of ground-floor retail and 29 parking spots. Luxury Living Chicago Realty is handling leasing. [REJournals]

Surge of new project planned in DuPage Business Center

Oak Brook-based Midwest Industrial Funds is constructing a 300,000-square-foot industrial building in the DuPage Business Center south of Roosevelt Road in West Chicago. The building is one of seven projects planned for the 800-acre business park, owned by the DuPage Airport Authority. Since July, nearly 147 acres of the business park’s 450 buildable acres have been sold, and another 124 acres are under contract or option. Commercial brokerage NAI Hiffman is handling marketing of the property. [Daily Herald]

Wealthy Kenilworth looking to fight “blight”

One of the wealthiest towns in America is considering a controversial tax incentive program designed to fight “blight.” Kenilworth village officials want to create a $24 million tax increment financing district along the Green Bay Road commercial district, saying the area’s retail buildings are dated and in danger of blightiing the area. But opponents say the village, which Forbes in 2011 deemed the second-wealthiest town in the country, hardly qualifies as blighted. [Crain’s]

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