It used to be if you wanted to rent in a downtown-quality luxury apartment building you had to live, well, downtown. That could soon change with the arrival of a new 17-story rental tower slated for the former McDonald's corporate campus in suburban Oak Brook.
Dubbed One Oak Brook Commons, the Hines-developed property has all the bells and whistles of downtown high-rise... and prices that aren't too far from its urban counterparts. "It's really about bringing the city vibe out to the suburbs," said Aaron Galvin, CEO and founder of Luxury Living Chicago Realty, which is handling the marketing and leasing for the property. "That's true of the apartments themselves, the amenities, and the service offerings."
All 250 apartments sport high-end contemporary finishes, including quartz countertops, under-cabinet lighting, wide-plank wood flooring, and walk-in closets. A resort-style amenities deck features a heated pool, cabanas, outdoor kitchens, and a lawn. Residents will also have access to a fitness center, club room, library, dog run, and an indoor sports lounge with a golf simulator. At 17-stories, the Antunovich Associates-designed high-rise will provide views back to the city that other rental properties simply cannot match. The building will, however, include a not-so-urban 420 parking spaces in its podium garage.
Rents at One Oak Brook Commons will be at the "very high-end of the suburban market," Galvin said. One-bedrooms will rent for $2,395 per month, while two-bedroom units start at $3,395, and three-bedrooms for $4,750. Oak Brook is an affluent enough area to absorb those prices, Galvin insists. Although preleasing doesn't begin until later this year, the project's website has seen "significant demand" with hundreds of people signing up for an early-access VIP list, according to Galvin.
"There was this narrative of a migration out of the city to the suburbs during COVID, and that benefitted the suburban properties," Galvin explained. "Obviously we've seen the city recover in a major way: occupancy is in the 95 percent-plus range and pricing is back to pre-COVID levels. But the suburbs just never took that dip. There's demand that wasn't able to be met during the pandemic. The timing couldn't be better for a project like this."
Initial occupancy of One Oak Brook Commons is expected in early 2022. The tower sits at the center of the larger 16.5-acre Oak Brook Common master development which includes additional offices, condos, hotels, restaurants, and medical uses. There's also a new public park space dubbed "The Pitch."