More good news for the quasi-suburban rental market: JCF Real Estate is planning a 405-unit luxury apartment building just east of O'Hare at Bryn Mawr and Delphia. If you don't know the intersection, that's probably because, at the moment, it's characterized by a sucky cess of squat office park structures. This proposal, scheduled to land before City Council next week, would change all that. It's going to erase six one-story buildings, already owned by JCF, and replace 'em with a seven-story, 500,000-square-foot structure that would constitute the area's first new rental development in decades, according to Crain's.
JCF is also the muscle behind a similarly-sized apartment proposal for downtown St. Charles. The main difference is density. The St. Charles plan pitches 375 units spread across 18 acres, while the O'Hare plan calls for 405 on a much more compact site— basically just one square block. JCF President John Fitzmaurice estimates the units will rent for around $2.40/sf, double the suburban average and akin to what you're seeing in the downtown luxe market. "The tenants are there," says Fitzmaurice. "They just don't have the product to move into." He firmly believes that modern units and high-end amenities will win the day. Although it's near a major transport hub, the Blue Line, and forest preserve, we still can't fathom why you'd ever pay top dollar in this part of town.
·Luxury apartments planned near O'Hare [Crain's]
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