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proposed mixed-use development is moving forward in downtown Des Plaines, with Advent Properties LLC seeking city approval for a seven-story building at 760 Lee Street. The project would bring 278 residential units and 8,500 square feet of retail space to the area, replacing a parking lot and undeveloped land. The developer, tied to Paul Dukach, plans one-, two-, and three-bedroom apartments, indoor and outdoor parking, and a public park.
The development is part of Des Plaines' ongoing downtown revitalization efforts, which include a 131-unit apartment complex by Compasspoint Development. The Chicago suburbs are experiencing a surge in the multifamily market, with rents increasing 4% to an average of $2.06 per square foot in suburban Chicago through the first half of the year.
Investment in the suburban multifamily market remains strong, with recent deals closing in Wheaton, Aurora, and St. Charles. The largest deal saw an affiliate of Inland Real Estate Group pay $101 million for a 306-unit apartment complex in Wheaton, valued at $330,000 per unit.
