The Arlington 425 project in downtown Arlington Heights has recently received a six-month construction-related extension from the Village Board. The extension, approved on April 15, extends the deadline for the proposed mixed-use development from May 3 to November 3. The development will eventually contain a combined total of 319 residential units and approximately 7,500 square feet of commercial space alongside 479 parking spots.
This additional time will enable the project team to finalize the necessary documentation for Phase 1, which encompasses a 10-story apartment building with commercial space on the first floor as reported by the Chicago Tribune.
Exterior rendering of five-story residential complex at 33 S Chestnut from arlington425.com
Next to the 10-story tower, there will be a five-story residential building housing 85 units. This structure will feature an open rooftop offering westward views. The development is near the Metropolis Theatre and several specialty restaurants.
Exterior rendering of parking structure included in development at 44 S Highland from arlington425.com
Despite challenges with securing financing, progress continues on the $150 million Arlington 425 project. Norwood Builders, the developer behind Arlington 425, is actively working with potential financing organizations and remains optimistic about securing the necessary funding once the project receives the required permits.
Exterior rendering of Arlington 425 from arlington425.com
The Arlington 425 project, first approved by the Village Board in May 2019, aims to revitalize downtown Arlington Heights with a mixed-use development that includes residential and commercial spaces. While some board members expressed concerns about the project’s prolonged timeline and modifications, Norwood Builders remains committed to the downtown development.
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2024 has been a snoozefest for development outside of 400 LSD finally starting (and even then it got its height shortened). I don’t see anything changing until we get rid of all the progressives at city hall who are primed on destroying this city
it’s not about city hall progressives it’s about interest rates. the cost to even buy a home is astronomical right now, let alone a business construction loan. people are waiting for rates to come down. materials from china are also still extremely expensive from post-COVID blues and the two global wars going on tampers down international investment in construction projects, making funding harder to secure.
This development is in Arlington Heights, a suburb to the northwest. Completely independent politics.