Real Estate in Chicago Suburbs Growing

July 24, 2012

Downtown Chicago is not the only area that is getting a real estate renovation. Construction crews broke ground earlier this week on Wheaton 121, a $60 million apartment property.

The six-story complex, which received approval at the beginning of July from the local City Council, is going to be located at 121 N. Cross St., and is set to have 306 luxury apartment units when it is completed in late summer 2013.

Residents will have access to a fully equipped amenities package including a swimming pool, outdoor kitchens and fire pits, a dog run and wash station, a car wash, a theater, a large health club and a business center with conference room. There will also be an indoor parking garage that will have more than 400 spaces.

This project has received more than $1 million in incentives by the city, and is just one example of the trend for new multifamily living throughout downtown Chicago and the suburbs. The suburbs have been making a comeback, and apartment vacancy might have even hit a new all time low this year at 3.9 percent.

These future residences will provide perfect Chicago new homes for those interested in city life without having to deal with the hassle of actually living there. With a few new projects underway, the total apartment units in the suburbs should increase to about 5,000 units, which is a substantial increase from the 4,200 units reported late last year.

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