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$110 million development project has been given conceptual approval by the Cary Village Board in suburban Chicago. The project, proposed by Fiduciary Real Estate Development, will span 37 acres near Route 31 and feature upscale apartments and commercial space. The development will include 396 apartments in townhouse-style buildings, as well as amenities like a dog park, pickleball courts, and a pool.

    The project is planned in two phases, with the first phase featuring 216 apartments in 12 two-story buildings and the second phase adding 180 units in 10 similar structures. Floor plans will range from one- to three-bedroom options, some with garages. The developer's market research found that the town's multifamily options are outdated, making this project an attractive alternative for would-be homebuyers.

    The development is expected to bring $40 million in consumer spending to the area over 10 years and drive demand for big-box retailers. Storefronts will line Route 31, creating a seamless blend between residential and commercial areas. The proposal was met favorably with city officials, who will now move forward with rezoning the area and conducting public hearings over the next four months.

    Multifamily investments in Chicago's suburbs are highly sought after due to high demand and rent growth of about 4 percent this year.