Mixed-Use Plans Seek Approval in Chicago Suburb Des Plaines

A developer is moving ahead with a proposed mixed-use development on one of the last development tracts in downtown Des Plaines.

Advent Properties LLC is seeking city approval for a seven-story building, at 760 Lee Street, with 278 residential units and 8,500 square feet of retail space, the Daily Herald reported. The LLC is tied to Paul Dukach, public records show.

The development, in the works for years on a 3-acre tract, would replace a parking lot and undeveloped space. One-, two-, and three-bedroom apartments are planned, along with indoor and outdoor parking and a park that will be accessible to the public. The city council was planning to review the proposal tonight, and it could be approved at a future meeting.

The project would be part of Des Plaines’ ongoing downtown revitalization, which also includes a 131-unit apartment complex by Compasspoint Development.

That multifamily development, at 622 Graceland Avenue, is part of a broader effort to enhance the area, following the completion of the 212-unit Welkin project at 1425 Ellinwood Avenue in 2022.

The Chicago suburbs are a hotspot for the national apartment market. Halfway through the year, rents had jumped 4 percent to an average of $2.06 per square foot in suburban Chicago, compared to the first half of last year, according to Integra Realty Resources. The average Class A rent of $3.61 per square foot in central Chicago was still higher but was growing at a slower rate of 2.3 percent.

Investment in the suburban multifamily market has been robust all the way through to this month, with separate multifamily deals closing in Wheaton, Aurora and St. Charles recently. In the biggest of those, an affiliate of Oak Brook-based property giant Inland Real Estate Group paid $101 million for the 306-unit Wheaton 121 apartment complex. The price was $330,000 per unit.

— Andrew Terrell