Luxury High-Rise Opens in Chicago Suburb
The transit-oriented Albion Oak Park is a partnership between Albion Residential and Wilton Investment Management.
A partnership of Albion Residential and Wilton Investment Management has completed Albion Oak Park, a 19-story, 265-unit luxury high-rise multifamily building in the Chicago suburb of Oak Park, Ill. It is the first of three Albion-branded developments planned for the Chicago suburbs with two scheduled for Evanston, Ill., and Highland Park, Ill.
Located at 1000 Lake St., adjacent to Austin Gardens park, Albion Oak Park is a transit-oriented development located near the Metra Union Pacific/West line and the Chicago Transit Authority’s Green line stations. The building, which has studio, one-, two- and three-bedroom floorplans, is anchored by 7,000 square feet of ground-floor retail. It also has a 7,000-square-foot hotel-style lobby that is open to the public.
Amenities include 20,000 square feet of outdoor space like a rooftop lounge and terrace, outdoor chef’s kitchen and resort-style pool with private cabanas. Other amenities include a wellness center, podcast studio, pet spa and indoor dog run. A Club Room will feature a kitchen, shuffleboard, video games, six televisions and a lounge.
Albion Oak Park was funded by CIBC and Associated Bank. Clark Construction served as the general contractor for the project. Village Green is the property manager.
Albion Highland Park, which will have 161 units, is slated to be completed in early 2021. The 268-unit Albion Evanston is scheduled for completion early next year.
Other multifamily developers are active in the Chicago suburbs. Last week, LMC broke ground on The Fynn, a 212-unit apartment community in the Elmhurst City Centre in Elmhurst, Ill. The eight-story mid-rise is scheduled for completion in early 2021.