Development proposed for McDonald's Plaza site
Posted: January 8, 2019
Article by Pioneer Press's Chuck Fieldman, view here.
A proposed mixed-use development at the McDonald’s Plaza site along the north side of 22nd Street at Spring Road would bring retail stores, restaurants, office space, condominiums, luxury rental apartments and park space to Oak Brook.
Hines, a 63-year-old privately owned global real estate investment, development and management firm with a presence in more than 200 cities in 24 countries, gave the Village Board a preliminary review Tuesday of the project.
“We get the opportunity to take 16 acres of asphalt and make it into something very special,” said Greg Van Schaack, Hines’ senior managing director in Chicago.
Hines wants to build what it’s calling Oak Brook Commons on 16.5 acres on which a McDonald’s restaurant already has been demolished and the existing McDonald’s office building would be torn down.
Plans call for up to 280 apartments, which will have an average monthly rental price of $2,700, along with two condominium buildings that would have about 48 units each for sale.
Two office buildings would have a total of 300,000 square feet and a high-end hotel would have up to 250 rooms.
The apartment building, which would offer Oak Brook’s first apartment rentals, would be developed with the infrastructure, amenities, and unit finish quality to enable a potential conversion to for-sale condominiums should market forces support this strategy in the future.
The office buildings would be the first multi-tenant office property to be built in the village since Hines completed a building at 700 Commerce Drive in 2000. The first phase of the project includes grading, site prep, utility work, parking, sidewalks, landscaping and lighting, followed by development of the retail and apartment components of the project and completion of a public park.