Two planned developments could be a balm for a Chicago suburb’s low housing inventory.
A project from North Mark Homes to bring 130 townhouses to Elgin got a nod from the city’s Planning and Zoning Commission earlier this month, and a public hearing on a separate proposal for a 280-unit apartment complex across the street is on the commission’s October agenda.
The first project, dubbed Avalon Trails, comes from Elgin-based homebuilder North Mark Homes. Its founder Jeff Pelock said the business has built up and down the western Chicagoland area over the last 35 years.
The commission recommended the plan to the Elgin City Council unanimously, with one commissioner citing historically low housing inventory levels.
“Let’s get building,” Commissioner Nancy Abuali said.
The townhouses will be arranged across 23 buildings, with each two- or three-story building containing three to seven units. It’s set to be located at the intersection of Randall and Hopps roads.
To the south, Milwaukee’s Fiduciary Real Estate Development has applied for zoning approval to develop a mostly-vacant 32-acre property at the southwest corner of South Randall and Hopps roads into 280 residential rental units across 14 two-story buildings.
That development, dubbed Seasons at Elgin, would include 28 studio units, 112 one-bedroom units, 112 two-bedroom units and 28 three-bedroom units.
Demand for homes in the Windy City’s suburbs has been on the rise. Approximately 13,600 residential units were absorbed in 2021, even though just 4,250 rentals were completed, according to Marcus & Millichap’s latest Chicago Multifamily Market Report.
The two best-performing suburban areas — those that saw the biggest drops in vacancy rates and rises in rent — were Schaumburg and Arlington Heights-Palatine, according to the report. Some brokers said the pandemic has made suburbs more attractive places to live as remote work models crimp the need for downtown offices and workers seek more room in suburban settings. The suburbs also have more land available for construction.
Another Chicago suburb is also getting an influx of residential units, as the Skokie Village Board approved a 500-unit apartment project this week.
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