Six-story, 165-unit luxury apartment building coming to downtown Elmhurst
A six-story complex with 165 luxury apartment units, stores and parking soon could be the newest addition to Elmhurst's growing downtown.
Aldermen this week voted 9-4 to give their preliminary approval for plans to build the L-shaped building on the site that now houses the vacant U.S. Bank building at 100 N. Addison Ave.
The developer, The Opus Group, plans to spend roughly $53.5 million on the project, including about $43.4 million in construction costs and around $4 million to buy the land.
The top five floors will feature luxury apartments in a range of sizes. The first floor will feature space for shops and 199 indoor private parking spaces.
The building's tenants will live just steps from the Metra station, a feature that City Manager James Grabowski said is essential to the project's success.
Grabowski said the city has seen a surge in downtown housing development because more people are seeking easy train access to Chicago.
He said Opus first approached the city about its intentions in 2014, just as the parking garage at 135 N. Addison was being constructed.
"Once we built the new deck, a lot of developers took notice of that," Grabowski said. "Opus came in and talked about high-end apartments there. We said 'perfect, that's right in line with our strategic plan for downtown.'"
Still, some aldermen have reservations.
Bob Dunn, for example, said he doesn't believe the building follows the design and architectural guidelines stressed in the city's downtown plan and isn't providing enough space for stores.
"I think that's an opportunity to enhance the property and the value to the city," Dunn said. "I think the applicant did a lot of things they wanted to do, but I feel they fell short in some of these areas."
The plan calls for Opus to build at least 7,600 square feet of retail space on the first floor. Grabowski said the design is flexible so they won't overbuild commercial and end up with vacant storefronts if the demand isn't there right away.
Alderman Michael Bram said he doesn't think the development is contributing enough to Elmhurst residents in exchange for the $1.2 million in TIF dollars it will receive. According to the plan, the developer is providing a small "pocket park" that will be maintained by the city, which Bram said isn't enough.
"I think the return for the Elmhurst residents is there, but not up to what I would deem acceptable for this amount of money," he said.
Bram and Dunn were among four aldermen who voted against the plan. Nine others voted for it, including Mark Mulliner, who said a lot of work has gone into making the project right for the city.
"We're going to take this property value from practically nothing ... to a building that's going to be worth $53 million," Mulliner said. "So the amount of return to the citizens is phenomenal."
Grabowski said the city anticipates Opus will close on the property by May 1. Then the company will have 90 days to submit its building permits and another 90 days to start demolishing the old bank building.