Advent Properties Withdraws Suburban Chicago Multifamily Plans

Advent Properties’ development plans in downtown Des Plaines are off the table for now.

The Chicago-based firm withdrew its plans for a seven-story apartment building with retail, a setback for one of the city’s key redevelopment sites, the Daily Herald reported.

The proposal called for 278 apartments and 8,500 square feet of ground-floor retail at 760 Lee Street, replacing undeveloped land and a parking lot. The plan also included indoor and outdoor parking and a public park.

Des Plaines city officials had postponed a scheduled February review to give Advent time to revise the project following feedback from the council in December. But Advent withdrew its application earlier this month without explanation, according to city planning memos.

Advent, an entity tied to Paul Dukach, is reportedly still evaluating future development options for the nearly 3-acre site.

The withdrawal halts momentum for a proposal that could have contributed to Des Plaines’ broader downtown revitalization efforts. The suburb has been actively courting multifamily and mixed-use developments to reshape its urban core. Nearby projects include Compasspoint Development’s 131-unit apartment complex and the 212-unit Welkin project that opened in 2022.

The downtown Des Plaines apartment market has been a draw for developers in recent years, with suburban multifamily investment outperforming Chicago’s core in terms of rental growth.

Suburban rents rose 4 percent year over year in the fourth quarter, compared to 2.3 percent for central Chicago, according to Integra Realty Resources.

Advent’s withdrawal leaves a gap in the city’s downtown growth plans, though local officials indicated that development conversations could continue in the future.

— Judah Duke