Wood Dale considers $66 million luxury apartment complex
A real estate firm wants to build a $66 million luxury apartment complex at the site of a former bank in Wood Dale.
The Lynmark Group was given support by the city's standing committee of the whole last week for a 4-story, 230-unit apartment complex on the former SBT Bank property at 372 North Wood Dale Road.
The New York-based developer bought the property for $1.2 million and will seek final approval from the village board on Thursday.
The site is located 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 is approved, the TIF will provide about $6.5 million for the property's infrastructure, site preparation, and demolition of the former bank building, according to the city. Lynmark now plans to develop a construction timeline and get approval for TIF funding.
The proposed apartment complex would offer a mix of studios, one-bedroom and two-bedroom units, with costs ranging from $1,650 a month for one-bedroom apartments to $2,100 a month for two bedrooms.
Brad Friedman, Lynmark's director of Midwestern operations, said the Wood Dale proposal would be similar in cost and amenities to the Wheeling Town Center project the company developed in 2019. He said the accessibility of restaurants, the Metra train station, the town center and grocery stores create an ideal location for the unnamed Wood Dale apartment project.
"There's still a lot of work to be done and we want to make sure we come into this with the right answers," Friedman said. "It is a large project and we want to make sure we get it done right."
Friedman said the Wood Dale proposal would have an outdoor 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.
Both Friedman and Wood Dale's Community Development Director Ed Cage said the plan is in the preliminary stages. Lynmark is currently working on concept drawings for the property and working to get financing for its construction. Ground breaking is expected next year.