Suburban Chicago’s Hot Market Draws $110 Million Plans

A Milwaukee-based developer has secured conceptual approval for a $110 million project in suburban Chicago that includes upscale apartments and commercial space.

The development, proposed by Fiduciary Real Estate Development, spans 37 acres near Route 31 in Cary and integrates rental housing with 38,000 square feet of retail space, Shaw Local reported. Planned in two phases, the project will feature 396 apartments in townhouse-style buildings, alongside amenities like a dog park, pickleball courts and a pool.

The first phase of the project includes 216 apartments in 12 two-story buildings, with the second phase adding 180 units in 10 similar structures. Floor plans will range from one- to three-bedroom options, some with garages.

The developer’s market research found that the town’s multifamily options are outdated, and the project could be an appealing alternative to would-be homebuyers. It is estimated that it could bring $40 million in consumer spending to the market in 10 years.

The development could drive demand for big-box retailers, said Anthony DeRosa, who presented the proposal to the Cary Village Board last week. Its Storefronts will line Route 31, creating a seamless blend between residential and commercial areas.

The proposal met favorably with city officials.

Next steps include rezoning the area from a shopping center business district to a planned unit development. Public hearings and further reviews will take place over the next four months, Community Development Director Brian Simmons said.

Multifamily investments in the Chicago suburbs are a hot commodity in the national real estate scene, as high demand has driven rent growth to about 4 percent this year.