Development opportunities rise as housing supply shrinks

Another large residential development opportunity has hit the market, this one on four acres of industrial and commercial land in Des Plaines.

Manufacturer Contour Saws is selling its property at 1217 East Thacker Street and a smaller parcel across the street, according to Crain’s. A developer could build up to 221 apartments and 19 townhomes on the space, according to the report, citing JLL marketing material.

Designs by BKV Group are included, though any residential construction would require zoning approval. The asking price on the 188,000 square feet of land was not known.

The listing comes as housing supply in the Chicago area continues to dwindle amid a surge in home sales.

As of year-end, the homes listed in the Chicago area would sustain just 1.8 months worth of sales, the lowest inventory since January 2008 — the midst of the financial crisis. Generally, a four- to six-month supply of available homes indicates a functioning market. Chicago-area sales took off in August and have been strong ever since.

Property owners have sought to capitalize on that demand. Last month, Churchill Downs put its 326-acre Arlington Park thoroughbred race track in Arlington Heights on the market. The complex has massive residential and commercial redevelopment opportunities.

[Crain’s] — Alexi Friedman