Winfield about to approve 163-unit apartment complex near hospital
Construction is scheduled to begin early next year on a $35 million luxury apartment complex that would bring hundreds of residents to downtown Winfield.
Village trustees on Thursday reviewed Synergy Construction Group's final plan to build the Winfield Station apartments on the former Winfield Fuel & Material Co. site immediately south of the train tracks along Winfield Road. A formal vote to approve the plan is expected to happen soon.
Village President Erik Spande said he's "thrilled" to see the 163-unit apartment complex become a reality and believes it would bolster Winfield's Town Center by adding foot traffic.
"The village has been looking to redevelop this property for at least 20 years," he said.
The roughly 5.4-acre property has been vacant since 2013, when the family-run Winfield Fuel & Material closed after more than a century in business. Village officials have been pushing for a residential project to support Northwestern Medicine Central DuPage Hospital's efforts to create a medical and commercial district.
Chicago-based Synergy wants to construct a five-story, L-shaped building that will contain 163 units. The plan calls for the building to have 15 efficiency units, 90 one-bedroom units and 58 two-bedroom units. Amenities would include a clubhouse/fitness center on the ground floor and an outdoor swimming pool.
On Friday, Synergy's Phil Domenico said construction is expected to begin by February and take about 14 months.
"We're excited for this because there's a huge employer just down the street," Domenico said, referring to the hospital. "We think it will be a great match."
The project is considered a "transit-oriented development" because of its proximity to the train station.
It's anticipated many of the building's tenants would be commuters. But with CDH nearby, it's also likely employees of the hospital would want to live there and walk to work.
In addition to professionals, Domenico said the apartment building is expected to attract empty nesters who want to remain in Winfield.
"The last thing you want to do when you're older is leave the community you spent your whole life in," Domenico said. "So this can be an option for those who don't want to worry about cutting the grass and taking care of a home."
Rent is expected to range from roughly $1,000 a month to $2,300 a month.
Winfield has approved economic incentives for the project.
The property is in a tax increment financing district, where property taxes above a certain point are funneled into development rather than to local governments.
As part of a redevelopment agreement, the village would waive $430,000 in permit fees and give the developer $100,000 from the TIF fund when a final occupancy certificate is issued. In addition, the developer would get roughly 90% of the TIF money the project generates.
Village officials have said that's acceptable because the complex isn't expected to be on the tax rolls until 2021 and the TIF ends in 2028. The incentives would pay for themselves through revenue generated by the complex, they say.