One Arlington – Daily Herald

Residents start moving into One Arlington on Arlington Downs site

Daily Herald | Melissa Silverberg | October 9, 2014


After years of planning and construction, residents have started moving into One Arlington, the luxury apartment tower formerly the Sheraton Hotel next to Arlington International Racecourse.

The tower, which was granted partial occupancy on Oct. 2, is the first phase of the larger $250 million redevelopment known as Arlington Downs. When completed in a few years it will transform the former Sheraton site into a 27-acre “urban campus” with retail, residential and commercial.

So far, about 40 of the 214 units at One Arlington have been leased, said Josh Wohlreich, vice president of development at Stoneleigh Comapnies, which is managing the residential portion of Arlington Downs.

Residents have started moving into units on the first and second floors, as construction is ongoing on the upper levels. One Arlington is expected to be complete by the end of 2014, Wohlreich said.

“We’re thrilled,” Wohlreich said. “It took us a little bit longer to get to this point, but we’re very happy.”

When finished, the tower will have an “amenity floor” without residences, with 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, said David Trandel, CEO of Stonestreet Partners, developer on the Arlington Downs project.

“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 most leases will be for 12 months 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.

Residents who have moved in are “thrilled with their units,” Wohlreich said.

The original Arlington Downs plan called for several residential towers. Wohlreich said officials will start some predevelopment and architectural work on the next tower in 2015.

The next phase of the project includes a new Four Points by Sheraton Hotel with 161 rooms and an expanded water park. Developers have a deal with Wilderness Resorts, which owns resorts and water parks at Wisconsin Dells, to renovate the original water park into one with an additional 10,000 square feet, two more rides and a redesign to gear the park more toward a teenage crowd, Trandel said.

Meanwhile, developers said residents and the community will likely be amazed by the transformation of the old Sheraton Hotel, which closed in 2009, into the new One Arlington.

“There’s nothing in this building that is the same as it was when it operated as a hotel,” Wohlreich said. “The building was taken down to bare concrete and everything is 100 percent new as if it was a new structure. There’s almost nothing you will touch in this that hasn’t been redone.”

One Arlington is planning a community open house for later this month to reintroduce the building to the community, he said.

“This is a very iconic building in this area. You are hard-pressed to meet a resident of Arlington Heights that doesn’t have a fond memory of this building,” Wohlreich said. “That’s why our tagline, ‘An Icon, Awakened,’ is very appropriate.”

One Uptown – Dallas Business Journal

A new look: Uptown Dallas tower’s curvy designs

Dallas Business Journal | Candace Carlisle | October 2, 2014

The developer behind One Uptown has unveiled new renderings of the rebranded 20-story, luxury residential and retail tower under construction of the northwest corner of McKinney and Routh streets.

The new renderings show a curvy building, which the Illinois-based development firm Stoneleigh Cos. expects to be one of the most striking buildings in Uptown upon completion in mid-2016.

Considering the tower’s location in Uptown, Stoneleigh Cos. wanted to rebrand the tower after the neighborhood, said CEO Rick Cavenaugh, who has been working on this project for more than a year.

One Uptown will include 198 luxury apartments, 18,500 square feet of retail and restaurant space and a 475-car underground parking garage.

The project plans also include two pools — Dallas’ highest private rooftop infinity pool and a second floor relaxation pool open to retail patrons, with a full-service bar overlooking the corner.

The developer has already signed restaurant leases with Brazilian steakhouse Fogo de Chao Churrascaria and Style & Grace.

Stoneleigh is working with Dallas-based architect Humphreys & Partners and general contractor Hunt Construction Group on the project.

Other members of the project team include USA Infrastructure Investments LP and equity partner SunGate Capital Funding 2.

20140917-OneDallas-04-1300-866

One Uptown – Developer Starts Construction At High Profile Location Highly Anticipated Luxury Tower on McKinney

BARRINGTON, IL – October 1, 2014 – Stoneleigh Companies announces re-branding of their 20-story mixed use luxury high rise currently under construction at the northwest corner of McKinney Avenue and Routh Street. When completed in mid-2016, One Uptown will be one of the most striking buildings in the Uptown neighborhood including 198 luxury apartments, 18,500 square feet of retail and restaurant space, and a 475-car underground parking garage. The project received its full building permit in September and began construction with excavation for the parking garage. Additional tower amenities will include two pools—Dallas’ highest private rooftop infinity pool and a second floor relaxation pool open to retail patrons featuring an outdoor club deck and full-service bar overlooking the bustling corner.

“Considering the premier location of our project, we feel it’s appropriate to brand the iconic tower in accordance with our address in the heart of Uptown. We have seen what a remarkable and inclusive community Uptown is and we are proud to be a new neighbor. We want our identity to reflect that sentiment and commitment to the City of Dallas” says Rick Cavenaugh, CEO of Stoneleigh Companies.

Stoneleigh also announced that Fogo de Chấo Churrascaria, the internationally renowned Brazilian steakhouse, has leased space in the One Uptown development, joining another premium restaurant, Style & Grace. “Our two premiere restaurants have recognized that this location is irreplaceable and their international designs will create a high level of energy and world class service in the heart of Uptown” reflected Cavenaugh.

Stoneleigh Companies, based in Barrington IL is teaming with USA Infrastructure Investments LP to develop One Uptown. The project team includes Humphreys & Partners as the architect and Hunt Construction Group as the general contractor. Bank of America is the construction lender for One Uptown and SunGate Capital Funding 2 is the institutional equity partner.

About Stoneleigh Companies

Stoneleigh Companies is a multi-family investor and developer and operates 4,300 units and is under construction on five new multi-family communities in Denver, Keller, Houston, Chicago and Dallas. One Uptown will be the flagship of the One brand of urban, transportation based developments being built by Stoneleigh to complement its Waterford Residential brand of garden apartments. For more information, visit www.waterfordresidential.com.

Download the Stoneleigh Release on One Uptown PDF

One Uptown – Dallas Business Journal

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.

Uptown4
Uptown3
Uptown2
Uptown1

One Uptown – Dallas Business Journal

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.

One Uptown – The Dallas Morning News

Uptown tower planned for former Hard Rock site

The Dallas Morning News | Steve Brown | July 23, 2014

One Uptown

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.

One Uptown – Dallas Business Journal

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.

One Uptown

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.

One Uptown – The Dallas Morning News

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.

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.

One Arlington – P’ZAZZ!

Experience luxurious, modern living at One Arlington

P’ZAZZ! | May 21-26, 2014

Living Room and Kitchen

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 – Patch

“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.

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.

One Arlington – Daily Herald

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.”

www.dailyherald.com

One Uptown – Dallas Business Journal

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.

www.bizjournals.com

One Uptown – The Dallas Morning News

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.

www.Dallasnews.com

One Uptown – CultureMap

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.

Stoneleigh Companies Announces the Acquisition of Land for One Dallas – Dallas, Texas

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.

Download Press Release PDF

Read More at Biz Journal

Read More at BizBeat

Stoneleigh Companies Announces the Closing of the Acquisition of a 1,032 Unit Multifamily Portfolio – Keller, TX and Orlando, FL

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.

Download Press Release PDF