Six-story apartment project progresses in downtown Elmhurst – Shaw Local

A developer of a six-story apartment building in downtown Elmhurst plans to innovate this summer as a residential growth spurt in the town center shows no signs of abating.

Ryan Companies aims to transform a downtown block with a commuter-friendly development that will add 200 apartments within walking distance of restaurants and shops.

The Minneapolis developer will tear down older buildings and transform the untapped potential of a city-owned parking lot in the next phase of upcoming construction in booming downtown Elmhurst.

“It’s just a really strong suburban market,” said Toby Veit, Ryan’s vice president of real estate development.

The Fynn, an eight-story, 212-unit apartment complex, began renting last summer next to the Elmhurst Brewing Company and across from Fitz’s Pub. It is now one of the tallest buildings in the city, according to the Emporis database. All 20 luxury condo units in the One95 building, another new development along Addison Avenue, have sold out. The construction frenzy will expand eastward with the Ryan Companies project at Haven Road and 1st Street.

This week, Elmhurst aldermen unanimously agreed to sell the city’s surface parking lot to the property company for $535,000, removing the last key hurdle for redevelopment of the site.

“I think it’s a good project for Elmhurst. This continues to build the vitality and hope of our community, especially for downtown and downtown,” said Alderman Noel Talluto. This has significant benefits, not only in terms of the price we get for the sale of city-owned real estate, but also in terms of improving the future property tax base for the city.

The 320,354 square foot apartment complex is designed to appeal to a wide range of tenants, Veit said. He called it “one of the best-appointed buildings” in the Elmhurst area and western suburbs.

The yet-to-be-named complex will contain two levels of structured parking, a rental office next to a two-storey lobby, large bike storage, a pool deck with outdoor games at the center of the development and a sky lounge at the last floor.

“It will definitely improve the block in terms of product appeal and quality,” Veit said.

Floor plans include a mix of 42 studios, 101 one-bedroom units, 48 ​​two-bedroom units, and nine three-bedroom suites.

The first residents are expected to move into the building in 2024.

Rental prices have yet to be announced but will be set at market rates, Veit said.

https://www.dailyherald.com/news/20220520/six-story-apartment-project-moving-forward-in-downtown-elmhurst?cid=search