New apartment development could break ground next month in West Dundee
Developers could break ground as early as next month on a 380-unit apartment community aimed at filling a housing gap in West Dundee.
Nineteen two-story buildings, each with 20 luxury rental apartments, are slated to be built at Randall Road and Recreation Drive after the village board gave the project the green light this week. Construction likely will take about a year and a half, with the first apartment building expected to open next spring, said Tony DeRosa, vice president for Wisconsin-based Fiduciary Real Estate Development Inc.
The community is designed to resemble a townhouse subdivision, with each unit having its own private entrance. The goal is to address a shortage of "alternative housing" in the Fox Valley that caters to young professionals, empty nesters or other demographics looking for a more flexible lifestyle, DeRosa said.
"A lot of people are not interested in homeownership like they used to be," he said. "There's a pent-up demand for rental-type housing (of) that suburban style that just has not been built in the last 20 years. So we look at it as a great opportunity."
Trustees on Monday approved annexing about 34.5 acres of unincorporated farmland into the village and rezoning the property to accommodate multifamily housing. The project also calls for creating a commercial building along the frontage of Randall Road, though no immediate plans for that outlot have been determined, DeRosa said.
The Kane County Division of Transportation is requiring Fiduciary to add a lane to Randall Road and expand Recreation Drive, which was initially created as an access road to the Randall Oaks Recreation Center. It now will become a public right of way under the village's jurisdiction.
According to a development agreement also adopted Monday, West Dundee is offering a $100,000 economic incentive for the project. Half that amount will reimburse Dundee Township Park District for its previous investment into Recreation Drive, Village Manager Joe Cavallaro said.
The other half will go toward Community Unit District 300's proposed efforts to pave an existing gravel road to the adjacent Dundee Middle School, he said. The school district hopes to remedy traffic congestion on Route 72 by offering better bus access.
Village officials say the apartments will "weave together" the area's mix of land uses, which also include a corporate park and a neighboring subdivision of single-family residences. With the commercial component, Cavallaro said he hopes the project will spur additional growth along the high-traffic Randall Road corridor.
"We're excited about the development," he said. "The additional rooftops are hopefully a positive for both the (retailers) and the restaurants in the area."
Fiduciary plans to create a mix of studio, one-bedroom, two-bedroom and three-bedroom apartments, which will have an in-unit washer and dryer, balconies or patios, open-concept floor plans and high-end appliances, according to village documents. Community amenities include a dog park, a pool and a clubhouse with a club room, fitness facility and leasing office.
Monthly rent will start at about $1,200 for a studio apartment, DeRosa said.