One Arlington – Crain’s Chicago Business

Multifamily metamorphosis: Turning a Sheraton into apartments

Crain’s Chicago Business | Alby Gallun | June 26, 2014

A “For Rent” sign has replaced the “Vacancy” sign at a shuttered Sheraton in Arlington Heights.

Developer Rick Cavenaugh is turning the 429-room Sheraton Chicago Northwest into a 214-room luxury apartment building called One Arlington. The project at 3400 W. Euclid Ave. is in its final stages and its leasing office is open, with the first residents expected to move in this September.

About 30 leases have been signed or are in the works, said Mr. Cavenaugh, president of Barrington-based Stoneleigh Cos.

It’s not every day a developer tries to convert a hotel into apartments, but the building’s plumbing and layout were a surprisingly good fit with the new use.

“The things that (the hotel) had worked really well for apartments,” Mr. Cavenaugh said. “In fact, they were overcapacity or oversized for apartments.”

In a video tour of the building, Mr. Cavenaugh discusses the project and how it fits in with the market.