JV to Construct First LEED-Certified Community in Park Ridge, Ill.
Chicago—Trammell Crow Company residential subsidiary High Street Residential and its joint venture partner The Carlyle Group have announced they will construct Park 205, a Class A apartment community in Park Ridge, Ill., an inner-ring northwest suburb of Chicago.
The partners recently acquired a 3.63-acre parcel with the intention of building the three-story, 115-unit apartment community, which is to be the first LEED-Certified multifamily project ever constructed in Park Ridge.
Park 205 will feature one-, two- and three-bedroom apartment homes, as well as one-bedroom-plus-den and two-bedroom-plus-den residences.
“This project should appeal to a variety of rental segments, such as the Park Ridge empty nester [and] O’Hare office market professional, as well as professionals employed by the many businesses within the city of Park Ridge,” Grady Hamilton, principal and head of Trammell Crow Company’s Chicago Business Unit, tells MHN.
Park Ridge has traditionally been known for a housing stock heavily if not overwhelming comprised of single-family homes. “Park 205 will be the first luxury apartment project developed in Park Ridge and our team is thrilled to be a part of such an exciting project,” says John Carlson, senior vice president with Trammell Crow Company’s Chicago Business Unit. “We believe the project’s amenities, including sharing a property line with Whole Foods and proximity to various transportation options, will make this an attractive place to live.”
Construction will begin in the third quarter, with the objective of delivering the first units in the fourth quarter of 2015. The project architect will be ESG Architects, while the general contractor will be McShane Construction. David Paino will supervise the project’s construction on behalf of Trammell Crow Company.
Location is one of the prime attributes of the acquired parcel. Situated within steps of the Park Ridge Metra commuter rail station, the site guarantees residents will be able to whisk to downtown Chicago in as little as 30 minutes.
Park 205 will stand just five miles northeast of O’Hare International Airport, and close to three different interstate highways. Adjacent will be a newly constructed Whole Foods Market, and residents will be able to quickly reach Uptown Park Ridge, a dynamic area boasting an assortment of entertainment options.
“This project creates the only LEED Certified luxury apartment community in the city of Park Ridge and also completes the redevelopment of Executive Plaza,” Hamilton observes. “Executive Plaza now becomes an extension of the Uptown Park Ridge district and offers a mix of uses as well as a mix of housing options.”
Notes Carlyle principal Tom Levy: “We are eager to partner with Trammell Crow Company, a world-class developer, to provide residents with a Class A apartment rental. We are thankful…to be doing a transportation-oriented development near a historic downtown location with easy access to retail and businesses.”Tags: Green, LEED, Mergers and Joint Ventures, New Development, The Carlyle Group, Trammell Crow Company