Arlington 425 Project Approved for Downtown

Arlington 425 Project Approved for Downtown
Posted on 05/14/2019
Arlington 425

Arlington 425, a three-building, mixed-use development was unanimously approved by the Village Board at its May 13th Board meeting. The project will be the largest new development for Downtown in 20 years.
 
The three-building development will include 361 units and over 44,000 square feet of commercial space on the northern portion of the long vacant Block 425,  bordered by Highland Avenue, Campbell Street, Chestnut Avenue and Sigwalt Street. 

Arlington 425 includes 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. The development plans for Arlington 425 are in character with the Village’s downtown master plan.

The Village Board also agreed to an affordable housing plan that was previously discussed between Village Staff and the developer, CCH LLC and was recommended by the Housing Commission. The housing plan includes 18 affordable units, or 5% of the 361 total units, for those making at or below 60% of the area median income. The affordable units, which will include studio and one-bedroom units, will be in the Campbell and Highland buildings. Preference for the affordable units would be given to current Arlington Heights residents, veterans, and employees of Arlington Heights businesses or organizations.

In addition to the affordable residential units, the new 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. Other economic stimulus include an estimated annual spending within a 3 miles radius of over $5.2 million annually.

Renderings of the Arlington 425 Project:

Overall View
Campbell Building
Highland Building
Chestnut Building