A $150 million, three-building mixed-use development is set to rise on a vacant parcel of land in Arlington Heights, a Chicago suburb about 30 miles northwest of the city. The Village Board recently approved the project, which will be the Villageās largest new development for Downtown in two decades.
Dubbed Arlington 425, the project includes a four-story, 54-unit residential building; a nine-story, 182-unit apartment building with the bottom two floors set aside for commercial space; and a 13-story, 125-unit apartment building that will include a six-story parking garage. The development will have a total of 361 units and over 44,000 sf of commercial space.
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An affordable housing plan was also agreed to that includes 18 affordable units (5% of the 361) for those at or below 60% of the area median income. The affordable units would be spread across two of the three buildings and include studio and one-bedroom floor plans.
The project will increase the parcelās property taxes from about $40,000 a year to $1.5 to $2 million per year. Construction is not expected to begin until next spring at the earliest.
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See Also:Ā Shanghaiās T20 stacks office and community space atop a plant-filled parking garage
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Tinaglia Architects designed the project. CCH LLC is the developer.
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