Lincoln Property JV Completes Chicagoland Project
The community is part of the CityGate Centre mixed-use development.
A joint venture between Calamos Real Estate and Lincoln Property Co. has completed Domain CityGate, a 285-unit luxury multifamily community in Naperville, Ill., a suburb of Chicago. The property is subject to a $47.9 million construction loan from CIBC Bank USA, according to Yardi Matrix data. McShane Construction Co. served as general contractor and Callison RTKL provided architecture services.
The four-story community comprises studio, one- and two-bedroom floorplans ranging from 515 to 1,223 square feet. Residences feature walk-in closets, in-unit washers and dryers as well as private balconies or patios for select layouts. Common-area amenities include a fitness center, swimming pool, pet spa, yoga room and a tennis court, along with 430 parking spaces.
Located at 2132 City Gate Lane, the property is close to Highway 59 and Interstate 88, roughly 5 miles from downtown Naperville. It is also some 33 miles east of Chicago. The community is situated within the mixed-use CityGate Centre featuring numerous retail, dining and entertainment options, as well as near large employers such as the Ecolab corporate office, which is less than 2 miles away.
While development in Chicago slowed down significantly in 2022, seeing a 15.3 percent year-over-year drop through November, deals kept closing and transactions totaled north of $3 billion last year, a recent report shows. Lincoln Property Co. has another property under development, a 300-unit high-rise in the metro’s urban core, for which it has recently received final approvals. Within Chicago’s city limits, the company also owns the 171-unit Bernardin and the 263-unit Eleven33, according to Yardi Matrix data.