Trammell Crow Co. is delivering the most luxurious multifamily project in the Chicago suburbs.
HIGH STREET RESIDENTIAL, the residential subsidiary of Trammell Crow Co., is reinvigorating suburban Chicago with Park 205, an unprecedented community that satisfies demand for a better living standard among a high-end demographic.
Park 205, a 3-story, Class A apartment community on a 3.36-acre site, will be the first apartment project of its caliber in Park Ridge, Illinois, according to John Carlson, senior vice president of Trammell Crow Co.’s Midwest Business Unit.
“The word ‘luxury’ is used freely in the multifamily industry when marketing apartment communities,” he says. “We pride ourselves on delivering high-quality finishes and amenity packages, tailored towards the ‘lifestyle renter.’”
Amenities will include a heated pool with retractable cover, a sun deck with outdoor fire pits and cabanas, a club room and a Wi-Fi coffee lounge, perfect for catching up on reading or enjoying breakfast. The developer is even offering “grab and go” breakfasts for tenants, who also will have access to an on-site fitness center, business center, dog spa, guest suite, upscale secured bicycle storage and covered/heated parking.
“Our goal for Park 205 is to deliver a boutique-like hotel atmosphere to tenants,” Carlson says. “That’s the primary idea. What we call luxury is: live, work, play. We make sure that it’s in a community that has high barriers to entry. There is currently no luxury rental housing in the Park Ridge market that includes high-level finishes and amenities.”
Beyond sparkling finishes – though Park 205 has those, too – is an overall lifestyle of ease and convenience mixed with the right on- and off-site amenities.
“Two years ago, you would say you have granite countertops, stainless steel appliances and backsplash,” Carlson says. “That would be the new standard of apartments. Now, it’s the service. It’s the quality of what your lobby feels like. It is secured access to heated bike storage. It’s paying attention to all the details that come into play when you’re competing for renters. There’s a large amount of product coming online. We’re trying to differentiate ourselves by bringing what’s in the city to the suburbs.”
Adjacent to a newly constructed Whole Foods Market and minutes from uptown Park Ridge, a dynamic town with a variety of entertainment options for residents, Park 205 is located five miles northeast from O’Hare International Airport and minutes from major expressways that can transport residents to Chicago’s central business district within 30 minutes.
Along with amenities, the location helps Trammell Crow Co. focus on key demographics:
• Empty-nesters, who may have purchased a winter home in another market but return in the summer to visit children or grandchildren;
• Executives in the Park Ridge, Rosemont, North Shore suburbs who want to be outside of Chicago but close enough to take a train in on weekends; and
• The stepping-stone crowd, who live in the city, and may rent or own and want to test the market, but are not ready to afford a large home with a large yard.
“Trammell Crow Co. is developing across the United States,” he says. “Our team, led by Grady Hamilton, (principal and head of Trammell Crow’s Chicago-headquartered Midwest Business Unit), is really concentrated on a few markets. What we really dove into is: What does the demographic want in these high-end areas?”
The 115-unit apartment community will offer one-bedroom, one-bedroom-plusden, two-bedroom, two-bedroom-plus-den and three-bedroom units. Construction launched in 2014 and is slated for delivery by the end of this year.
“We are very excited and bullish on our unit mix,” Carlson says. “We believe Park 205 has captured all the demographics.”
The company has a similar project in another coveted suburb, Glenview. That project, Midtown Square, has 138 units in four stories. Delivered in winter 2014, leasing for Midtown Square has been swift and steady.
A Challenging Process
The developer acquired the site, a former medical office building, after a lengthy entitlement process.
The team had to reach out to city officials and neighbors and work thoughtfully through what became a nearly yearlong process to entitlement.
“Trammell Crow Co. worked in collaboration with the neighborhood, the staff and various councils at the city,” Carlson says. “Those are the projects we really pride ourselves in.”
Despite a difficult winter, construction for the project is on track and ready for staggered leasing in October, with final delivery slated for December. ESG served as the project architect and McShane Construction, general contractor on the Glenview project, also was chosen for the same role on Park 205. David Paino oversaw the construction of the project on behalf of Trammell Crow Co.