JCF Plans 500 KSF Luxury Apartment Complex Near Chicago’s O’Hare
With an eye on the rising demand for luxury apartment accommodations in Chicago, JCF Real Estate is working expeditiously to respond to the growing need. The commercial real estate firm recently submitted plans for a premier, 405-unit apartment building to the 41st Ward Zoning Advisory Board.
JCF anticipates erecting the mixed-use residential tower at the intersection of Bryn Mawr and Delphia avenues, a location in the middle of a burgeoning sector of the city. However, a few structures have to come down before a new one goes up. Six one-story commercial structures within the Interpark Corporate Center, which JCF acquired in 2001, will need to be removed and the site will have to be rezoned to accommodate the project.
Given the state of the Chicago apartment market, the timing appears to be just right for the 500,000-square-foot development, which will also feature ground-level retail space and parking. As JCF notes, the project will mark the first new apartment development in the neighborhood in more than four decades. In addition to timing, the all-important factors of location, location and location are on JCF’s side. “It’s a prime location for urban professionals, and with the entertainment developments in neighboring Rosemont and Des Plaines, it is fast becoming a hot spot for vibrant apartment dwellers,” John Fitzmaurice, president of JCF Real Estate, said. “Given that the only other apartment options in the area are antiquated and lacking luxury amenities, we’re confident that this development would be a success.”
The demand is strong but the supply is weak. The formation of new households coupled with limited construction activity has pushed vacancies down and continue to do so. The vacancy rate dropped 30 basis points in the first quarter to 4.6 percent, according to a report by Marcus & Millichap Real Estate Investment services, and the rate is on track to do drop an additional 60 basis points this year to 4.3 percent.