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Arlington 425 Project Goes to Village Board Tonight May 13, 2019 for Final Review

Mon May 13 2019 4:04 pm  https://www.arlingtoncardinal.com/?p=576717
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Arlington 425 Approval with 361 Residential Units Would Bring at Total of 441 New Residential Units to Block 425

A special meeting regarding discussion of final approval for the proposed Arlington 425 project is scheduled for the Village Board on Monday, May 13, 2019 at 7 p.m. in the Board Room. The Arlington 425 development is a three building, mixed-use development planned for the majority northern portion of Block 425 in the Downtown. The long vacant lot, often referred to as a makeshift dog park, is bordered by Highland Ave., Campbell St., Chestnut Ave. and Sigwalt Street.

Across the property’s east border of Highland Avenue is an existing retail/multi-family residential building, and an existing village parking garage.

Across the property’s south border is a planned 80-Unit apartment building on Sigwalt Street by another developer, CA Ventures.

Across the property’s west border of Chestnut Avenue are single-family homes.

Across the property’s north border of Campbell Street is an 8-story retail/multi-family residential building (200 West Campbell Condominiums) and a 5-story residential building (North Chestnut Condominiums).

The project’s final review will include several zoning approvals and variations recommended by the Plan Commission as well as consideration of the Housing Commission’s May 6, 2019 recommendation regarding an affordable housing plan for the development.

The Housing Commission’s recommendation concurs with a recommendation made by Village staff that proposes having 18 affordable units, or 5% of the 361 total units, for those making at or below 60% of the area median income. Preference for the affordable units are to be given to current Arlington Heights residents, veterans, and employees of Arlington Heights businesses or organizations.

The Housing Commission’s recommendation also includes a preference that nine additional units, or 2.5% of the total, be provided at 80% of the median income instead of the developer providing a fee to the Village Housing Trust Fund. Staff’s recommendation to the developer was to make a payment in lieu of nine additional affordable units, or 2.5% of the total units, at $25,000 per unit (total of $225,000) to the Village’s Housing Trust Fund.

The plan by CCH LLC for Arlington 425 includes 361 units and just over 44,000 square feet of commercial space. If approved, three buildings would be developed in the Downtown including a four-story, 54-unit residential building facing Chestnut; a nine-story, 182-unit apartment building with commercial space on the bottom two floors on Campbell; and a 13-story, 125-unit apartment building on Highland that would include a six-story parking garage. The developer has also included 565 parking spaces on site, which is above the 455 spaces required by code.

In addition to the inclusions of affordable residential units, the proposed development includes substantial economic benefits to the community. The current property taxes on the vacant property are just over $40,000 annually. Upon completion of the estimated $150 million development, property taxes are projected between $1.5 and $2 million per year, according to the Village of Arlington Heights. Other economic stimulus includes an estimated annual spending within a 3 miles radius of over $5.2 million annually, according to the Village of Arlington Heights.

The Village Board will review all aspects of the proposed Arlington 425 along with the recommendations from the Plan Commission, Design Commission, Housing Commission and Village staff.

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