A new development team is taking on a Deerfield apartment project four years after the initial plan was approved.
Deutsche Bank affiliate DWS Group has joined forces with Wisconsin-based Continental Properties to spearhead a 254-unit multifamily complex behind the Deerbrook Shopping Center, a northern suburban asset which DWS owns, Crain’s reported.
DWS also owns the 10.7-acre development site next to the retail at Lake Cook and Waukegan roads and received approval in 2019 to build a 246-unit complex. Now, after a few tweaks to the original plan and with Continental Properties helping lead the way, the project dubbed Springs at Deerfield is set to include eight three-story townhome-style buildings on a vacant lot between the Edens Spur tollway and the shopping center. The developers still need approval from Deerfield officials as an amendment to the previous proposal.
The project is part of a growing trend in which shopping center owners are turning to residential development to revitalize their assets in response to the rise of online shopping, which was accelerated by the pandemic. For instance, the Northbrook Court mall and Old Orchard mall in Skokie are poised for major transformations to feature additional uses beyond retail.
The project is set to include a mix of floor plans, ranging from studios to three-bedroom units with rents ranging from $1,375 to $2,525 per month. To comply with the village’s affordable housing ordinance, 25 affordable units will be included.
Continental has been at the helm of other apartment projects under the “Springs” brand throughout the Chicago suburbs, including in Crystal Lake, St. Charles, Aurora and Bolingbrook.
The DWS-Continental venture is embarking on the project at a time when the suburban apartment market is thriving. Rental rates increased by 5.4 percent year-over-year in the second quarter, and they’re up 23.3 percent compared to the second quarter of 2021, the outlet reported, citing data from Integra Realty Resources.
—Quinn Donoghue
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