Projects Pick Up in Chicago as the Summer Comes to a Close
Development teams are getting back into the office as the summer comes to a close and getting busy with some exciting projects in the Chicago area. The recent interest rate cuts mean there’s hope a shift in the market is on the horizon, and many firms are staying busy and penciling deals in the interim. Chicago development teams are moving forward with major project planning until the market begins to look up in earnest, looking to close out the year with big plans.
Here’s a closer look at the multifamily and industrial projects slated in the Chicago area now that development is picking up:
Optima's Wilmette Apartment Complex Gets the Greenlight to Move Forward
Optima, a real estate development team based in Glencoe, Illinois is one step closer to beginning their 128-unit apartment complex project. The project has undergone seven revisions before getting approved. Optime has tried making changes to the plan to appease the public. This is an exciting project to see come to life as Chicago leads the country in residential rent growth.
Northern Builders to Build 802k Square Foot Industrial Property in Joliet
Northern Builders, a real estate firm offering general contracting and development services, based in Schiller Park, Illinois will be developing an 802,440 square-foot industrial facility in Jiolet. The development will include 600 car parking stalls, 175 dock positions, and 178 trailer stalls. This project will be Northern Builders' fourth project to begin construction in 2024 in the Cherry Hill Business Park area.
Firms across the country are anxiously waiting for the price of construction to come down so they can take on more projects. However, as the summer comes to an end, development teams in the Chicago area are continuing to stay busy with some exciting projects on the horizon.