Hines JV Breaks Ground on Chicago-Area Community
- Nov 18, 2020
Hines and its joint venture partners have broken ground on the first-ever luxury rental apartment development in Oak Brook, Ill. The firm alongside Levy Family Partners, Duchossois Capital Management and Las Americas also secured an undisclosed amount of construction financing from New York Life Real Estate Investors for One Oak Brook Commons.
The Class A luxury community will offer 250 units in one-, two- and three-bedroom floorplans that average 1,055 square feet. At 17 stories tall, One Oak Brook Commons will also house a fitness center, club room, library, package facilities and bike storage. The community’s outdoor amenities include a heated pool, dog run, public lawn, cabanas, outdoor kitchens, and 420 parking spaces within a private deck.
One Oak Brook Commons is located at 2150 McDonald Drive within Hines’ mixed-use master planned development, Oak Brook Commons, which includes residential, retail, restaurants, office, hotel and park uses. The 16.5-acre project will also see the creation of The Pitch, a public park directly across from the luxury community. Hines will also be developing Two Oak Brook Commons, a 210,000-square-foot office development built using heavy timber construction, as part of the overall project.
Before Hines acquired the Oak Brook Commons site, it was the location of the former McDonald’s Plaza that was home to the fast food chain’s U.S. offices. McDonald’s had moved its offices to Chicago and sold the site to Hines in June 2019 for $24 million, according to the Chicago Tribune. McDonald’s also sold its other nearby campus near Jorie Boulevard and 31st Street to John Paul DeJoria around the same time.
After the site acquisition, Hines tapped Antunovich Associates as the architect of record and W.E. O’Neil as contractor to help develop the mixed-use project. Hines is expected to have occupancy of One Oak Brook Commons begin in early 2022.