Wood Dale, developer have preliminary agreement for $66 million apartment complex

Wood Dale city officials and a developer have a preliminary agreement on a proposal to turn a former bank building site into a $66 million apartment complex.

The city council met Aug. 19 to approve a redevelopment agreement for a 4-story, 230-unit complex on the former SBT Bank property at 372 North Wood Dale Road. It would be built by The Lynmark Group.

The New York-based developer now heads to the city's community development commission for public hearings regarding the project. Mayor Nunzio Pulice hopes to have the hearings in October.

The site is within the Wood Dale Road tax increment financing district. A TIF district works by freezing the amount of property taxes the property contributes to local governments and schools. As taxes gradually rise with development, the increases go to a municipally held fund to pay for public improvements within the district.

If the project gains final approval from the city council, the TIF will provide up to $6.5 million for the property's infrastructure, site preparation and demolition of the former bank building, according to city officials. Lynmark plans to develop a construction timeline and get approval for TIF funding.

Pulice said he hopes the area attracts more development, as Wood Dale also purchased a US Bank building at 333 E. Irving Park Road for $420,000 in February for future projects.

The concept for the proposed apartment complex would be similar to the Wheeling Town Center project Lynmark developed in 2019. It is proposed to feature an outdoor common area, fire pit, pool, fitness room, yoga studio, conference room, private party room and dog washing station. The site would have public parking and a parking garage for residents.

The proposed complex would offer a mix of studios, one-bedroom and two-bedroom units, with costs ranging from $1,350 a month for studio apartments, $1,650 a month for one-bedroom and $2,100 a month for two-bedroom units.