One Arlington – Journal & Topics

Arlington Downs Prepares For Leasing

Journal & Topics | Tim O’Connor | April 24, 2014

The $250 million Arlington Downs project will begin leasing apartments next week with the goal of moving the first tenants in by early August—or even sooner.

Siobhan Glenn, marketing coordinator at Stoneleigh Companies, said they would open a marketing center at 2924 Euclid Ave., Arlington Hts., on May 2 to begin leasing the 214-unit building. Leases will also be available at the development’s website, www.onearlington.com, and at booths set up at Arlington Park on May 2 and other dates during the summer.

The project is an overhaul of the former Sheraton property at Rohlwing Road and Euclid Avenue. The hotel closed at the end of 2009 and was purchased by the Argent Group in June 2011. The former hotel tower is being converted into upscale apartments while the CoCo Key water park will reopen under new management.

Glenn said the water park plans a 10,000 sq. ft. expansion that will add rides aimed at an older crowd.

Work on the tower began last year and should finish this summer. Windows are already installed on some of the lower floors but Glenn said the roof must be completed before the upper, penthouse floors can be finished. Interior work will then commence.

The first tenants are expected to move in at the beginning of September but Glenn said crews are pushing to move that up to August.

“As soon as we can we’ll put people in their space,” she said.

The tower will contain 51 studio apartments, 113 one-bedroom spaces, and 50 two-bedroom units.

There will be retail on the first floor of the tower as well as a retail complex in front of the main building. Glenn said they are still working to secure retailers for the site.

Arlington Downs representatives David Trandel, CEO of Stonestreet Partners, and Rick Cavenaugh, president of Stoneleigh Companies, talked about the benefit of the project during an Arlington Economic Alliance Breakfast yesterday (Wednesday) morning at the Metropolis Ballroom in downtown Arlington Hts.

Union members protested during the breakfast on the corner of Vail and Campbell streets outside Metropolis. Glenn said she was unsure of the specific complaints by the union but that Stoneleigh was committed to working those problems out.

She confirmed there was a brief work stoppage last week but that work resumed after about half a day.

Future phases of the development call for two additional residential towers to be built on the site. That component and the water park expansion plans were expected to be discussed during the village plan commission meeting last night (Wednesday).

One Arlington – Daily Herald

Arlington Downs luxury apartments to start leasing next week

Daily Herald | Melissa Silverberg | April 23, 2014

Future residents can begin leasing apartments at Arlington Downs as early as next week, officials announced on Wednesday morning along with giving more details about the massive redevelopment project.

Arlington Heights business leaders and politicians heard new details about the multimillion dollar project on the former Sheraton hotel site, at a breakfast meeting hosted by the Arlington Economic Alliance at Metropolis Ballroom.

The 27-acre project will have more than 100,000 square feet of retail space, mostly occupied by restaurants, plus 650 residential units, 160 hotel rooms and an expanded water park, said David Trandel, CEO of Stonestreet Partners, developer on the Arlington Downs project.

The first part of the project to be completed will be the transformation of the former Sheraton hotel into a tower of 214 luxury apartments, which Trandel said will begin leasing May 2, the same day Arlington Park opens its 2014 season.

The tower will have an “amenity floor,” a floor without residences, that will have a demo kitchen, a viewing room, a yoga/Pilates room, an 1,800-square-foot fitness center and a 5,000-square-foot outdoor deck overlooking the track with grills, fire pits and telescopes.

“It will be a real oasis for our residents,” said Rick Cavenaugh, president of Stoneleigh Companies, the private real estate firm developing the apartments. “We are creating something of an urban campus in Arlington Heights.”

The building will have storage units for every apartment, a dog grooming facility, music recording studio, a bike storage and maintenance facility and commercial laundry facilities.

Almost every unit will have a balcony, while some of the penthouse-level apartments will have multiple balconies or a larger sized terrace overlooking the area.

Each unit will have a washer-dryer and every resident will be guaranteed parking in a garage or on the property.

Developers said the goal is to have the building open by July and completely finished by October.

Exact rents and fees are still being worked out, but developers said most leases will be for 12-month periods and pricing will be around $1,300-$1,500 a month for studios, $2,000 a month for one-bedroom apartments and $3,000 a month for two bedroom apartments.

Trandel said he hopes to get construction started on the next phase of the project — a new Four Points by Sheraton Hotel with 161 rooms and an expanded water park — in June.

Developers have a deal with Wilderness Resorts, which owns resorts and water parks at Wisconsin Dells, to renovate the water park, which will include an additional 10,000 square feet of space, two more rides and a redesign to gear the park more toward a teenage crowd, Trandel said.

Construction on the water park could take five to seven months and construction on the hotel is about a 10-month project, Trandel said.

Later phases of the project will include more retail, restaurants and a second luxury apartment tower.

“We saw this as an opportunity to have a real entertainment destination,” Trandel said.

Developers said they are also working with officials from the Salt Creek Park District, which owns 13 acres behind the property, to use that space for water retention.

The $250 million redevelopment project is one of the largest projects in the Chicago area, officials said.

“This is going to become a very exciting, dynamic new cornerstone for the village,” Cavenaugh said.

One Uptown – Dallas Business Journal

Work to begin in weeks on new Uptown tower at Hard Rock site

Dallas Business Journal | Candace Carlisle | April 21, 2014

After hiring Dallas-based Hunt Construction Group, an out-of-state development group is readying to start developing a 20-story luxury high-rise on the former Hard Rock Cafe site in Uptown.

The tower will be one of the tallest, and most high-profile developments in the neighborhood.

Illinois-based Stoneleigh Companies LLC, along with Dallas-based Cheng Investments, recently submitted its building permits to get started on the 20-story residential and retail tower at the northeast corner of McKinney Avenue and Routh Street.

“We are going to start site utility work in the next two or three weeks and start digging a hole in June,”Stoneleigh President Rick Cavenaugh said.

The hole will be twice as deep as the hole Gables Residential recently dug to build an underground parking garage below the soon-to-be Whole Foods-anchored development on the kitty-corner site to the Hard Rock tract.

Hunt Construction will excavate about 65 feet deep, or about six-and-a-half levels of parking garage totaling about 480 parking spaces, Cavenaugh told me.

“In comparison, Trammell Crow Center is about 70 feet down, but that was a much larger site,” he said, adding the development group selected Hunt Construction for the 1-acre site after interviewing six contractors in a competitive bidding process.

“This is a big project,” Cavenaugh told me. “This is a high-profile project that will be one of the tallest buildings in the area with high-end finishes and high-end tenants.”

Cavenaugh is finalizing the retail tenants for the tower, which includes about 30,000 square feet of retail and restaurant space. The project also includes 200 luxury apartments homes.

Waterford Residential was hired to be the management company for the tower, with apartments being leased for $2.25 to $2.50 per square foot. Phil Shepherd is the project architect.

If construction begins in June, he says he expects to complete the project in March 2016.