Coming soon to a (former) theater near you? Housing in Vernon Hills

  • Greystar, a South Carolina-based real estate company, is proposing age-restricted luxury apartments on nearly 11 acres that includes the vacant AMC movie theater at 555 Lakeview Parkway in the Continental Executive Parke.

    Greystar, a South Carolina-based real estate company, is proposing age-restricted luxury apartments on nearly 11 acres that includes the vacant AMC movie theater at 555 Lakeview Parkway in the Continental Executive Parke. Courtesy Village of Vernon Hills

  • Property including the vacant AMC Classic Vernon Hills 8 theater is proposed as the site of an age-restricted luxury apartment community.

      Property including the vacant AMC Classic Vernon Hills 8 theater is proposed as the site of an age-restricted luxury apartment community. Paul Valade | Staff Photographer

 
 
Posted10/21/2020 5:30 AM

A public hearing is set for today on a proposal to replace the vacant AMC Classic Vernon Hills 8 in Vernon Hills with an age-restricted luxury apartment complex.

The village's advisory planning and zoning commission will consider a request from Greystar Development Central LLC of Chicago for Everleigh Vernon Hills on 10.8 acres at 555 Lakeview Parkway in the Continental Executive Parke.

                                                                                                                                                                                                                       
 

The meeting is at 7:30 p.m. at village hall, 290 Evergreen Drive.

Greystar, a national real estate company based in South Carolina, pitched the idea in July and received village board approval to proceed with a detailed staff review and public hearing.

The proposal is for 188 residences comprised of 174 apartments in a four-story building and 14 single-story duplex cottages. The site includes the former AMC theater property and an adjoining vacant parcel to the southwest.

Senior living residential apartments are not listed as a permitted use in the development agreement for Continental Executive Park. Greystar is seeking to change the agreement and create a zoning classification to allow the project to proceed.

Everleigh of Vernon Hills is proposed as an "active adult" development restricted to residents 55 and older and is said to be the first of its kind in the village.

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Greystar has described its active adult product type as providing a "vibrant, sophisticated, highly-curated lifestyle" that attracts educated and affluent renters by choice.

One- and two-bedroom apartments would be available in the main building, and each cottage would have two bedrooms.

An outdoor enclosed courtyard with a pool, gazebo, grill/kitchen facilities, outdoor dining and fire pit gathering area is part of the plan.

Village staff recommends approval of the plan with some conditions, including removing invasive species and other measures to improve a large detention pond on the east side of the property.

One potential issue is parking. The development calls for 245 parking spaces, which is well below the zoning requirement of 400 parking spaces for apartments.

                                                                                                                                                                                                                       
 

A study requested by the village shows the lower ratio of parking spots per unit compares favorably with developments in Glenview, Naperville and Lombard.

According to information submitted to the village, Greystar is the largest owner, investor, manager and developer of age-restricted rental residences across the U.S.

In the initial pitch to the village board, Greystar's managing partner said the firm had been pursuing the property for nearly two years but lost to another bidder.

At the time, a plan to convert the theater building to a 24-hour spa was presented but eventually fizzled.

According to Greystar, replacing the antiquated property with a new housing option would be a better land use and higher tax base.

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