Wheaton officials are prodding Bob Flannery’s development firm to get going on a much-anticipated multifamily project.
After nearly two years since receiving approval to build a 334-unit apartment complex in the western Chicago suburb, developer Banner Real Estate still hasn’t started construction, the Daily Herald reported.
The project along the south side of the village’s train tracks is finally showing signs of progress after it was expected to reshape the downtown area.
Officials extended the building permit’s sunset date with conditions that must be met to keep city approval for the project valid. They include Banner starting demolition at the site no later than June 24, with completion expected by early August.
Buildings like the Egg Harbor Cafe on Hale Street may remain intact, contingent on tenant operations, despite surrounding structures being boarded up in preparation for demolition.
The project has garnered mixed reactions from the community and local leaders. Former council member Scott Brown praised the investment potential but acknowledged they’ve faced market challenges as construction loans have become more difficult to secure for developers since interest rates took off in 2022.
Banner Real Estate has already submitted demolition applications ahead of the April 24 deadline. Additionally, a substantial payment of $250,000 to acquire a public alley crucial for the project’s footprint has been scheduled upon demolition permit issuance.
The suburban Chicago multifamily market is experiencing strong rental demand, with rents rising 4.4 percent year-over-year, outpacing the city core. Despite challenges from elevated interest rates, the suburbs have become attractive for investors due to tax stability and limited new supply, leading to a competitive market.
— Sam Lounsberry
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