Uptown tower changes its name; work underway at former Hard Rock site
Dallas Business Journal | Candace Carlisle | September 16, 2014
One of Dallas’ most highly anticipated luxury residential and retail towers will get a new name.
With construction well underway on the 20-story high-end tower on the former Hard Rock site at the northeast corner of McKinney Avenue and Routh Street, Stoneleigh Properties President Rick Cavenaugh has decided to rename the tower ‘One Uptown’ instead of ‘One Dallas.’
The move better reflects the luxury tower’s presence in the neighborhood, officials said. At completion, the tower will be one of the tallest and most high profile developments in Uptown.
Workers have begun digging out the underground parking garage for the 1-acre property, which is expected to be complete by mid-2016.
Cavenaugh says the hole will be twice as deep as the one Gables dug to build the parking garage beneath the Whole Foods-anchored developed kitty-corner to the site for One Uptown.
Hunt Construction is the general contractor on the project. Humphreys & Partners is the project architect.
At completion, Stoneleigh expects to deliver about 200 luxury apartment homes — fulfilling a need for Uptown residents wanting a home in the neighborhood.
The tower will also include 30,000 square feet of retail in two restaurant spaces. The leases have yet to be finalized.
An inside look at one Uptown tower’s latest designs
Dallas Business Journal | Candace Carlisle | July 31, 2014
One of Dallas’ most highly-anticipated luxury residential and retail towers has unveiled its latest designs.
The designs showcase the inside and outside of the 20-story residential and retail tower, known as One Dallas, on the former Hard Rock site at the northeast corner of McKinney Avenue and Routh Street.
At completion, the luxury tower will be one of the tallest and most-high profile developments in the neighborhood.
“Everything is really looking up,” Stoneleigh President Rick Cavenaugh said.
The tower will include 30,000 square feet of retail in two restaurant spaces. Style & Grace is the first named restaurant of the project. Cavenaugh declined to disclose the name of the second restaurant, saying a lease has yet to be finalized.
Hunt Construction is the general contractor on the project. Humphreys & Partners is the project architect.
By mid-August, Cavenaugh says he expects to start work on digging out the underground parking garage for the property. The tower is expected to be complete by mid-2016.
Uptown tower planned for former Hard Rock site
The Dallas Morning News | Steve Brown | July 23, 2014
Developers broke ground this morning on a 20-story Uptown apartment tower.
The One Dallas building is being constructed at the corner of McKinney Avenue and Routh Street. It’s on the former site of the Hard Rock Café.
Dallas investor and developer Paul Cheng and Stoneleigh Cos. of Illinois are building the project, which will have 198 luxury apartments and 18,000 square feet of retail.
There’s also going to be a rooftop pool and restaurants on the groundfloor.
“Uptown has limited vacant developable land, so when we bought the land in 2013, we conceived One Dallas, a contemporary multi-family residential and retail tower with a unique design, premium retail and public space in the heart of Uptown Dallas,” Rick Cavenaugh, President of Stoneleigh, said in a statement.
Phil Shepard and Humphreys & Partners designed the building. And Hunt Construction Group is the general contractor.
Bank of America provided construction financing and iStar Financial Group Inc. is the institutional equity partner.
Uptown tower to get started at former Hard Rock site
Dallas Business Journal | Candace Carlisle | July 15, 2014
It took a bit longer than anticipated, but Illinois-based Stoneleigh Companies LLC, along with Dallas-based Cheng Investments, are getting ready to shovel dirt at the longtime vacant former Hard Rock site.
The 20-story luxury residential and retail tower will be one of the tallest, and most high-profile developments, in the Uptown neighborhood.
“This is a big project,” said Stoneleigh President Rick Cavenaugh, in a previous interview. “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.”
The out-of-state development group recently hired Dallas-based Hunt Construction Group to build the project at the northeast corner of McKinney Avenue and Routh Street.
The group plans to start by digging a hole twice as deep as the hole Gables Residential 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.
Cavenaugh plans to hold a groundbreaking ceremony at 9 a.m. on Wednesday, July 23.
Last time I spoke with Cavenaugh, he was in the process of 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. Humphreys & Associates is also working on the project.
The project is expected to be complete by spring 2016.
Groundbreaking set for McKinney Avenue high-rise
The Dallas Morning News | Steve Brown | July 15, 2014
Construction is set to begin next week on an Uptown Dallas apartment tower.
Dallas’ Cheng Investments and Stoneleigh Cos. are building the 20-story residential high-rise on the former site of the Hard Rock Cafe on McKinney Avenue at Routh Street.
Called One Dallas, the building will contain about 200 apartments plus extensive retail on the first two floors.
Development partner Paul Cheng said the groundbreaking will be on July 23.
“It will feature six levels of underground parking, charging stations for electric vehicles, rooftop pool and interior lobby designed by designer Francois Frossard,” Cheng said.
Dallas architect Phillip Shepherd designed the building along with Humphreys & Partners Architects.
“One of the restaurants will be called Style and Grace, featuring a superstar chef from New York City,” Cheng said. “The other restaurant we are finalizing the lease so we are not able to announce just yet.”
Real estate brokers say the developers have talked to several high-end local eateries about moving into the project, including The Palm, which is now in downtown’s West End.
Cheng Investments is building the tower in partnership with Illinois-based Stoneleigh, which is headed by Rick Cavenaugh.
The two firms bought the McKinney Avenue tract almost a year ago.
The popular Hard Rock Cafe building — a historic church — was knocked down in 2008, right before the recession hit. Since then the land has been idle.
Hard Rock Cafe now operates in the Victory Park development on the north edge of downtown Dallas.
The One Dallas tower will be constructed across the street from where Gables Residential is building a Whole Foods Market with apartments above the grocery store.
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.
Experience luxurious, modern living at One Arlington
P’ZAZZ! | May 21-26, 2014
Exciting new luxury apartments with a trendy, urban feel are breathing new life into the formerly shuttered Sheraton Hotel on Arlington Heights’ west end.
One Arlington—part of the Arlington Downs development—has begun leasing apartments in the iconic structure that towers over all others, at Route 53 and Euclid Avenue.
Apartment floor plans throughout the 12-story residence include studios, one and two bedrooms and indulgent penthouse options. Move-ins will begin this summer.
“The concept of converting a former hotel into an elegant residence is not easily visualized,” said Rick Cavenaugh, president and CEO of Stoneleigh Companies, the real estate developer behind the project. “What is most exciting is that the result of this vision is even better than we initially thought it would be.”
Amenities abound for the discerning, suburban dweller who appreciates high-end touches that compliment an upscale, pampered lifestyle.
Among the comforts offered at One Arlington are a 5,000-sq. ft. rooftop deck with breathtaking, panoramic views of Chicago’s skyline and bustling suburbs, complete with a fire pit, barbeque grills, Sunbrella canopies and relaxation zones. Here, residents are provided an escape from the everyday, simply by taking a ride up to the top floor on one of three highspeed elevators.
The state-of-the-art fitness center and yoga/Pilates studio overlooks Arlington International Racecourse, viewed through 12-foot high glass windows. Floor-to-ceiling windows are located in every unit.
Concierge services, secure key fob entrance and underground parking with direct unit access all give residents a comfortable sense of security, and attention to detail.
Other perks include oversized balconies and spacious layouts with hardwood floors and stain-resistant carpeting in all bedrooms and closets. Modern, gourmet kitchens have wood cabinets, granite/quartz countertops, breakfast bars and stainless steel appliances.
This pet-friendly residential property not only provides pampering for its residents, but for their pets as well, with a dog wash and grooming center on-site.
For more information, visit www.onearlington.com or call 847-305-1102.
“One Arlington” at Arlington Downs Begins Leasing Luxury Apartments
Arlington Heights Patch | Melanie Santostefano | May 4, 2014
The 27-acre project will include luxury residential apartment buildings, a Sheraton Four Points Hotel, retail stores, restaurants and a water park at Euclid and Rohlwing Road in Arlington Heights.
The much-anticipated One Arlington luxury apartment building located within the Arlington Downs project at 3400 W. Euclid Avenue in Arlington Heights, has begun leasing units on the first three floors of the 12-story building.
The apartment building, which faces the intersection of Euclid Avenue and Rohlwing Road, has been under construction since the fall of 2013. The structure was formerly a Sheraton Hotel, which has stood vacant since 2009.
Units will include studios, one and two bedrooms, as well as penthouse options for all three, with rents ranging from $1,300 to $5,000 per month. Move-ins are expected to begin by August of this year.
According to the One Arlington website, amenities will include floor to ceiling glass windows in all units, providing “stunning Chicago skyline views,” in addition to a 360-degree sky deck, yoga studio, a pet salon and retail stores located “right outside your door.”
Other perks cited by Rick Cavenaugh, president and CEO of Barrington-based Stoneleigh Companies – the real estate developer behind the project – are that the residence is within walking distance of Arlington International Racecourse, as well as nearby Arlington Park Metra station and shopping in bustling downtown Arlington Heights and the surrounding suburbs.
The entire 27-acre Arlington Downs project also will include a Sheraton Four Points express hotel to the north and west, an expanded water park at the rear of the apartment building, a variety of suburban retail stores on the first floor and free-standing restaurants bordering the property.
Two additional luxury apartment buildings also are planned on the sprawling property, but groundbreaking dates have not yet been planned, Cavenaugh said.
“What’s exciting is seeing the reality of a vision that was not easy to have – to convert a shuttered hotel into an elegant residence and icon center-point for the development – come this far,” Cavenaugh said. “We now see the result of this vision is even better than we first thought it would be.”
For more information, visit the One Arlington website or call 847-305-1102.
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).
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.
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.
Arlington Downs project grows, moves forward in 2014
Daily Herald | Melissa Silverberg | January 21, 2014
Expect the already-major Arlington Downs development project to grow a bit larger in 2014, and residents will start to see big changes at the site of the former Sheraton Chicago Northwest Hotel in Arlington Heights.
The former 400-room Sheraton, just west of Arlington International Racecourse, closed in 2009 and now is the site of a $250 million multiuse redevelopment that will include residential, retail, restaurants, a hotel and a water park.
Work began on the project in 2013, but developers will be back in front of the village board early this year to get approval for slight changes because of a purchase that expands the project, said Bill Enright, deputy director of planning and community development.
The purchase, an additional two acres added on to the 25-acre project, will allow developers to reconfigure the location of a new hotel to be built on the site and allow more room for restaurant retail space to be built on-site.
The additional two acres sits at the corner of Rohlwing and Salt Creek Lane and was a former one-story office building that was at least 35 years old and had several vacancies, Enright said.
“It had been hard to lease up for years and we don’t see any issues with that parcel coming into the project. Overall, it will be a bigger benefit for the area to bring that into Arlington Downs,” he said. “This gives them more room for restaurants and brings more land into the total project.”
Enright said he knows developers have been in talks with several restaurants, but no names of specific eateries coming to the site have been released yet.
Aside from the new land, 2014 will be a busy year for what is likely to be one of the largest redevelopment projects in the Northwest suburbs.
Work is ongoing on the former Sheraton hotel, transforming the building into luxury apartments, which Enright said developers hope to begin leasing by this summer.
“They are on a very aggressive schedule right now and things are moving forward quite well,” he said.
In September, Starwood Hotels & Resorts Worldwide announced that a new Four Points by Sheraton with 161 guest rooms would be built on the site and is scheduled to open late this year as well.
Later phases of the project will also include an expanded water park, restaurants, retail shops and a second luxury apartment tower.
“With such a large project there are going to be some changes here or there over time,” Enright said. “But, this recent idea to reposition the hotel and bring in more property is a good one.”
Uptown tower planned for former Hard Rock site
Dallas Business Journal | Candace Carlisle | August 6, 2013
A high-profile Uptown property will be home to a new high-rise.
Illinois-based Stoneleigh Companies LLC, along with Dallas-based Cheng Investments, plans to develop a 18-story to 20-story residential and retail tower at the northeast corner of McKinney Avenue and Routh Street in Uptown.
Early plans for the high-rise tower include 30,000 square feet of retail and restaurant space, along with 200 luxury apartment homes on the nearly 1-acre tract of land once occupied by the Hard Rock Cafe.
The acquisition of the property gives Stoneleigh the ability to bring a luxury multifamily project to Uptown, where there’s not a lot of undeveloped land, said President Rick Cavenaugh, who purchased the tract for an undisclosed sum.
“Land prices have gotten crazy, but we were fortunate to get a pretty good value for our use for the property,” Cavenaugh told the Dallas Business Journal.
Cavenaugh says he expects to break ground on the project in early 2014, with a scheduled completion in late 2015 to early 2016.
The development, dubbed One Dallas, will sit kitty-corner to the Gables Residential development and Whole Foods grocery store currently under development off McKinney Avenue. The Whole Foods is expected to open in 2015.
“The market for existing properties in Uptown is very strong and we feel there’s a trend moving toward an urban lifestyle and that’s something that’s going to continue for the foreseeable future,” Cavenaugh told me.
Phil Shepherd is the project architect. Stoneleigh is interviewing general contractors, who “can still get in” on the project, Cavenaugh said.
The project has letters of intent out to two separate undisclosed restaurants.
Once complete, the residential tower will be managed by Stoneleigh’s management company, Waterford Residential. The apartments will be leased for $2.25 to $2.50 per square foot.
Highrise development planned for old Hard Rock Cafe site on McKinney Avenue in Dallas
The Dallas Morning News | Steve Brown | August 5, 2013
An Illinois developer has teamed up with local investors with plans to build on a prime Uptown Dallas tract on McKinney Avenue.
It’s the vacant corner where the old Hard Rock Café once sat at McKinney Avenue and Routh Street.
The long-time location of the popular music venue and eatery was knocked down in 2008, right before the recession hit. Since then the land has been idle.
Now Stoneleigh Cos – an Illinois-based property firm that buys and builds apartments – and Dallas’ Cheng Investments have purchased the site, Dallas County deed records show.
The new owners say they will build a 20-story apartment and retail tower with 200 luxury rental units and 30,000 square feet of retail space.
Newt Walker with Newt Walker Co. and Jack Gosnell with UCR Urban brokered the land sale.
Construction is set to begin in early 2014.
Cheng Investments recently sold the block on McKinney Avenue where the new Whole Foods Market grocery store and Gables Residential apartment tower is being built.
The McKinney project is the latest in several apartment towers in the works in Dallas’ Uptown district.
Developer StreetLights Residential is now finishing work on a 17-story apartment tower at Bowen and Carlisle streets near Turtle Creek.
And JLB Partners is about to begin construction on an 18-story, 299-unit apartment building at Cedar Springs Road and the Katy Trail.
Another developer, Novare Group of Atlanta, is buying land on Woodall Rodgers Freeway in Victory Park for a 20-story apartment project.
Hard Rock Cafe space in Uptown Dallas to become mixed-use high-rise tower
CultureMap | Teresa Gubbins | July 31, 2013
Years after the old, much-revered Hard Rock Cafe on McKinney Avenue in Uptown Dallas was razed, plans are finally underway for a new high-rise to be built on that site.
Stoneleigh Companies has acquired the land for the development of One Dallas, a mixed-use, high-rise tower at the northeast corner of McKinney and Routh. One Dallas will include up to 30,000 square feet of premium restaurant and retail space and 200 apartment units in a 20-story tower.
“The acquisition of the site for One Dallas is an opportunity to develop the premier multi-family property in the rapidly expanding Uptown market,” said Rick Cavenaugh, president of Stoneleigh.
“The former Hard Rock Cafe site has been sought after as the best development location in Texas, and we are fortunate to … work with architect Phil Shepherd to design an iconic tower that will include two or three world-class restaurants and 200 units of super luxury apartments. We expect to break ground on the tower in 1Q14.”
No relation to the Stoneleigh Hotel in Dallas, Stoneleigh Companies is a private real estate investment and development company. It has acquired more than 3,600 units in the past three years and is building more than 1,000 units, including M2 Apartments in Denver, One Arlington in Chicago and Waterford Springs in Houston.
Stoneleigh’s partner on the project is Dallas developer/investor Cheng Investments. The two have co-invested on two other projects in Texas in the past three years, including the 80-unit Silver Spring Senior Housing property in Forney and Waterford Springs, a 308-unit new construction project near the Woodlands.
BARRINGTON, IL – July 26, 2013 – Stoneleigh Companies, LLC, development partner of SC One Dallas LLC, announces the acquisition of a site in Uptown Dallas for the future development of One Dallas, a to-be-built high rise mixed use tower at the NE corner of McKinney and Routh Streets in Dallas, TX. One Dallas will include up to 30,000 square feet of premium restaurant/retail space and 200 units of Class A+ apartments in a 20 story tower.
Rick Cavenaugh, President of Stoneleigh, stated “The acquisition of the site for One Dallas is an opportunity to develop the premiere multi-family property in the rapidly expanding Uptown market. The former Hard Rock Café site has been sought after as the best development location in Texas and we are fortunate to have the privilege to work with Architect Phil Shepherd to design an iconic tower that will include two or three world class restaurants and 200 units of super luxury apartments. We expect to break ground on the tower in 1Q14.”
Stoneleigh is partnering on the project with Cheng Investments, a Dallas developer/investor. Stoneleigh/Cheng have co-invested on two other projects in Texas in the past three years including the 80-unit Silver Spring Senior Housing property in Forney along with Waterford Springs, a 308-unit new construction project near the Woodlands.
Stoneleigh Companies is a private real estate investment and development company with a team track record of over 38,000 units since 1984. Stoneleigh has acquired over 3,600 units in the past three years and is building over 1,000 units including M2 Apartments in Denver, One Arlington in Chicago and Waterford Springs in Houston. Waterford Residential is Stoneleigh’s private label management company for all of its communities.
BARRINGTON, IL – February 14, 2013 – Stoneleigh Companies, LLC announces the acquisition of a portfolio of 1,032 units in four apartment properties including Dominion Town Center and Lakes of Stone Glen in Keller, Texas, and Stonecastle and Middlebrook Farms in Orlando, FL. A vacant land parcel in Keller, Texas was also acquired and is planned for the construction of 180 units in fall 2013.
Rick Cavenaugh, President of Stoneleigh, stated “It is not often in your career to be able to build something great then own it twelve years later. This portfolio of four class A apartment complexes continues our growth of institutional multifamily properties into the new year. Having originally built these four communities gives us a unique perspective on their capabilities and will be managed by Waterford Residential, our affiliated property management division. Acquisition financing was provided by Keystone Commercial Capital and Walker and Dunlop thru their Freddie Mac CME program.”
James O’Kane, Chief Investment Officer, said “Two of the top markets are Dallas and Orlando and acquiring assets there is indicative of our strategy to build value through long term debt and excellent capital sources. Stoneleigh is proud to have co-invested with RGA Real Estate Investments in this portfolio. With 3,600+ units under management, we have reached a new milestone which allows the company to build our team with known assets and great employees.”
Stoneleigh Companies is a private real estate investment and development company with a track record of over 37,000 units since 1984. In addition to its recent acquisitions, Stoneleigh is building M2 in Denver, Arlington Downs in Chicago and Waterford Springs in Houston.
Stoneleigh invests in venture turning Arlington Heights Sheraton into apartments
Crain’s Chicago Business | Alby Gallun | January, 03 2013
The developer that wants to convert a shuttered Sheraton hotel in Arlington Heights into 214 apartments is preparing to begin construction next month after bringing in a joint venture partner, Barrington-based Stoneleigh Cos.
The joint venture between Stoneleigh and a group led by former Prime Group Inc. executive David Trandel is in the final stages of securing a $30 million construction loan for the $46 million project, said Stoneleigh President Rick Cavenaugh. It is the first Chicago-area development for Stoneleigh, a firm Mr. Cavenaugh founded after leaving Fifield Cos. in 2008.
The Sheraton Chicago Northwest and adjoining Coco Key water park closed in 2009, in the depths of the hotel downturn, and Mr. Trandel’s group bought the property in June 2011, with plans to convert the hotel to apartments. Though a slew of suburban apartment developments are under way amid a strong rental market, the Arlington Heights project offers unique design and construction challenges.
“The key is going to be completely changing the whole look and feel of the place so it doesn’t look like a converted hotel,” said Ron DeVries, vice-president and Appraisal Research Counselors, a Chicago-based consulting firm.
But the development, called Arlington Downs, will have an edge over the competition because it will be the first new apartment building in Arlington Heights in a long time, offering the amenities that high-end renters want, he said. The 14-story building at 3400 W. Euclid Ave. will include a 10,000- to 13,000-square-foot health club, a 5,000- to 6,000-square-foot restaurant and a rooftop deck, Mr. Cavenaugh said.
“We’re larger, taller, newer and much higher-quality” than competing buildings, he said.
The property is zoned for 670 residential units, so the joint venture someday could build another 456 apartments on a site just to the east of the existing building, he said. Mr. Trandel’s group also plans to build a 160-room Four Points by Sheraton hotel next door and reopen the water park, he said.
Mr. Cavenaugh expects to close on the project’s construction loan on Feb. 1 and begin interior demolition immediately after that. He expects move-ins to begin in fourth-quarter 2013.
Chicago-based architecture firm Pappageorge Haymes Partners designed the apartment building, while New York-based Tishman Construction has been hired as the project’s general contractor.
Mr. Cavenaugh is a veteran of the apartment industry, working in the 1990s for Ambassador Apartments Inc. and Whiteco Residential LLC before joining Fifield in 2003 as chief operating officer. He picked up the president title a couple years later but left the Chicago-based firm in 2008.
Since founding Stoneleigh that year, Mr. Cavenaugh has amassed a portfolio of more than 3,000 apartments in places like Florida, Tennessee,Texas and Arizona. The firm doesn’t own any apartments yet in the Chicago area but has signed contracts to buy properties in Hoffman Estates and Naperville where it plans to develop new rental buildings, Mr. Cavenaugh said.racts to buy properties in Hoffman Estates and Naperville where it plans to develop new rental buildings, Mr. Cavenaugh said.
BARRINGTON, IL – December 21, 2012 – Stoneleigh Companies, LLC announces the acquisition of two existing apartment properties in Midland, Texas: the 278 unit apartment project called Waterford Lakes Apartments; and the 200 unit apartment project called Waterford at North Park. The properties are the 11th and 12th multi-family projects acquired/developed by Stoneleigh in the past three years and follows the Waterford Ranch acquisition in 2011 in Midland.
Rick Cavenaugh, President of Stoneleigh, stated “Waterford Lakes and Waterford at North Park Apartments (formerly The Lakes and Windscape) affirm our commitment to Midland, Texas. The properties were rebranded at closing and will be managed by Waterford Residential, our affiliated property management division. Acquisition financing was provided by Key Bank National Association thru two bridge loans. We intend to close on a Key Bank – Freddie Mac CME loan in January 2013 and will bring our FMAC financed portfolio to nine projects.”
James O’Kane, Chief Investment Officer, said “We acquired the Waterford Ranch property last November and have seen excellent growth in the multi-family market in Midland over the past twelve months. There is a tremendous need for upgraded rental units and quality management there as the job growth has exceeded our expectations. These two great locations will benefit from our long term approach to maintaining our assets and improving the quality of the product that we offer our residents. We are very excited about the market and the opportunity to upgrade the housing stock.”
Stoneleigh Companies is a private real estate investment and development company with an extensive team track record of over 36,000 units since 1984. In addition to its recent acquisitions Stoneleigh has a project under construction in Denver and two more to break ground in 2013 in Houston and Chicago. With an additional 1,000 units of acquisitions under contract in its current markets, Stoneleigh’s portfolio will grow to over 4,000 units in January.
BARRINGTON, IL – December 17, 2012 – Stoneleigh Companies, LLC announces the acquisition of the 128 unit apartment project called Waterford on Tatum Apartments in Phoenix, Arizona. The property is the tenth multi-family project acquired/developed by Stoneleigh in the past three years and adds a new major market to its investment portfolio.
Rick Cavenaugh, President of Stoneleigh, stated “Waterford on Tatum Apartments is our tenth apartment project we’ve acquired since 2010 and our portfolio owned or under construction at 3,054 units. The property was rebranded at closing and will be managed by Waterford Residential, our affiliated property management division. Acquisition financing was provided by Keystone Commercial Capital and Walker and Dunlop thru their Freddie Mac CME program and is our seventh project financed by Freddie Mac.”
James O’Kane, Chief Investment Officer, said “We were fortunate to acquire this in-fill location with tremendous retail and lifestyle amenities near the property. The two story property, formerly known as Tatum Gardens, has an excellent unit mix and some of the residents have lived there since before we previously bought it in 1993 at Ambassador Apartments. It is a great indicator of the quality of the property and the neighborhood to purchase a project that we owned almost twenty years ago.”
Stoneleigh Companies is a private real estate investment and development company with an extensive team track record of over 36,000 units since 1984. In addition to its recent acquisitions Stoneleigh has a project under construction in Denver and two more to break ground in 2013 in Houston and Chicago. An additional 1,500 units of acquisitions are under contract in its current markets.