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
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