Apartment complex planned for site near O’Hare
BY DAVID ROEDER AND FRAN SPIELMAN Staff Reporters June 7, 2012 6:32PM
Updated: July 9, 2012 6:18AM
A developer wants to build a large apartment complex near O’Hare Airport, a sign that investors’ infatuation with rental housing extends beyond downtown.
JCF Real Estate of Schaumburg is proposing a seven-story, 405-unit complex on property it controls at 8601 W. Bryn Mawr. Details were contained in a zoning application filed with city officials.
The 500,000-square-foot building would replace six one-story office structures on the property.
It would be the largest apartment complex built in the O’Hare area in years. Apartments have been the most active residential market, as troubles in the condominium sector have caused more people to rent.
Accordingly, vacancy rates are falling and average rents rising. The real estate firm Marcus & Millichap has projected average rental rate increases of about 4 percent across the Chicago area for 2012, following two years of increases that amounted to less than 2 percent annually.
JCF’s O’Hare site is near several suburbs. Analysts have said suburban rental markets are tight because many towns discourage construction of rental homes.
Top executives of JCF could not be reached Thursday. The plans indicate they wish to charge higher than average rents for a building with features common to downtown high-rises, such as an on-site restaurant, a rooftop deck, a fitness center and an indoor pool.
Parking will be provided for more than 400 cars, with most of the spaces being enclosed within the building.
The zoning application starts a hearing process with city agencies that can last several months.
JCF also has proposed but has yet to start a 375-apartment complex in St. Charles.