loader image

Compasspoint, Bayview will build 212-unit apartment complex in Des Plaines

Dennis Thompson and a rendering at at Ellinwood and Graceland Avenues in Downtown Des Plaines (Credit: Bayview Holdings and Des Plaines)

Compasspoint Development and Bayview USA Holdings will build a $64 million apartment complex in suburban Des Plaines, with a substantial ground floor retail component for restaurants.

The city this week approved the project on a two-acre site off Ellinwood Avenue, according to the Daily Herald.

The developers want to build 212 apartments over 10,000-square feet of ground floor retail space that’s intended for restaurants.

As part of the plan, the city agreed to sell the 79-space parking lot between Graceland Avenue and Lee Street to Chicago-based Compasspoint and Houston-based Bayview for $880,000. In return, the developers will lease back to the city for a fee 79 of the project’s 409 planned parking spaces.

Demand for apartments remained strong in the suburbs, where rents grew 6.9 percent last year. A report by Marcus & Millichap predicted they will rise again significantly this year. [Daily Herald] — John O’Brien

 

Recommend0 recommendationsPublished in Real Estate

Share this story with your network.

Share on facebook
Share on twitter
Share on linkedin
Share on email
Share on print

Responses

Recent Stories

Del Marie: locked down, but not out

The rapper-dancer-performance poet rolls with the pandemic punches. 2020 started off so well. January and February were great months for 27-year-old rapper, dancer, and performance

Read More »

Speak with a local expert now.

Learn more about this recent happening by speaking with an agent.

X