High Street Residential, the residential subsidiary of Trammell Crow Company, and joint venture partner of The Carlyle Group announce that it has acquired a 3.63 acre site in Park Ridge, IL, to construct Park 205, a 3-story Class "A" 115-unit apartment community. The project will offer one bedroom, one bedroom plus den, two bedroom, two bedroom plus den and three bedroom units. Construction is expected to begin in 3Q 2014 for delivery in 4Q 2015.
Park 205 will be the first luxury apartment project developed in Park Ridge and our team is thrilled to be a part of such an exciting project. We enjoyed working closely with the City and community to ensure we create a best-in-class residential community that will benefit the residents and visitors of Park Ridge for years to come,” said John Carlson, Senior Vice President with Trammell Crow Company’s Chicago Business Unit. “We believe the project’s amenities, including sharing a property line with Whole Foods, and proximity to various transportation options, will make this an attractive place to live.”
Amenities will include a pool and sun deck including outdoor fire pits and cabanas, club room, WI-FI coffee lounge, fitness center, business center, dog spa, guest suite, bicycle storage and covered/heated parking.
Park 205 will be the first LEED Certified multi-family project ever built in Park Ridge.
The community is adjacent to the newly-constructed Whole Foods Market and minutes from the Uptown Park Ridge, a dynamic town offering a variety of entertainment options.
Park 205 is located five miles northeast from O’Hare International Airport, within minutes from major federal expressways - Interstate 294, Interstate 94 and Interstate 90 and walking distance to the Park Ridge Metra Station, connecting the residential community to Chicago’s CBD within 30 minutes.
“We are very excited to begin construction on Park 205 and are grateful to be working with our partner, The Carlyle Group, on another well-located, luxury apartment project. We are also thankful for the time and efforts of residents, elected officials, and staff in the City of Park Ridge to allow us to bring a first-class project to this neighborhood,” said Grady Hamilton, Principal with Trammell Crow Company’s Chicago Business Unit.
Tom Levy, Carlyle Principal said, “We are eager to partner with Trammell Crow Company, a world-class developer, to provide residents with a Class A apartment rental. We are thankful for the city and residents and to be doing a transportation-oriented development near a historic downtown location with easy access to retail and businesses.”
ESG Architects will serve as the project Architect and McShane Construction will serve as the General Contractor. David Paino will oversee the construction of the project on behalf of Trammell Crow Company.
Along with commencing construction of Park 205, Trammell Crow Company’s Midwest Business Unit is underway with over $200 million in of development projects throughout Minneapolis and Chicago, including Junction Flats (182 luxury apartments, Minneapolis, MN), Arcata (165 luxury apartments, Golden Valley, MN), the award-winning Midtown Square (138 luxury apartments and approximately 9,000 square feet of retail, Glenview, IL), the award-nominated Midtown Business Center (fully-leased 185,407 square foot industrial building in Roseville, MN) and The Island at Carlson Center (174 luxury apartments in Minnetonka, MN).
About The Carlyle Group
The Carlyle Group (NASDAQ: CG) is a global alternative asset manager with $203 billion of assets under management across 126 funds and 139 fund of funds vehicles as of June 30, 2014. Carlyle’s purpose is to invest wisely and create value on behalf of its investors, many of whom are public pensions. Carlyle invests across four segments – Corporate Private Equity, Real Assets, Global Market Strategies and Solutions – in Africa, Asia, Australia, Europe, the Middle East, North America and South America. Carlyle has expertise in various industries, including: aerospace, defense & government services, consumer & retail, energy, financial services, healthcare, industrial, real estate, technology & business services, telecommunications & media and transportation. The Carlyle Group employs more than 1,600 people in 40 offices across six continents. Web: www.carlyle.com. Videos: http://www.carlyle.com/news-room/corporate-videos_new. Tweets: www.twitter.com/onecarlyle. Podcasts: Podcasts: www.carlyle.com/about-carlyle/market-commentary.
About High Street Residential
Trammell Crow Company’s residential development through its wholly owned subsidiary, High Street Residential™, is focused on resurrecting old and creating new urban neighborhoods to provide more environmentally sound, user-friendly areas within the community. High Street Residential specializes in blending office, retail, housing, and civic venues within organized public gathering spaces through its leading-edge master plan/master developer services and residential development expertise.
About Trammell Crow Company
Trammell Crow Company, founded in 1948, is one of the nation’s leading developers and investors in commercial real estate. The Company has developed or acquired nearly 2,600 buildings valued at nearly $60 billion and over 540 million square feet. As of June 30, 2014, Trammell Crow Company had $4.8 billion of projects in process and $1.9 billion in its pipeline. Trammell Crow Company’s teams are dedicated to building value for its clients with professionals in 16 major cities throughout the United States. The company serves users of and investors in office, industrial, retail, healthcare, multi-family residential and mixed use projects. For those who occupy real estate, TCC can execute the development or acquisition of facilities tailored to meet its clients’ needs. For investor clients, the company specializes in joint venture speculative development, acquisition/re-development ventures, build-to-suit development, or providing incentive-based fee development services. Trammell Crow Company is an independently operated subsidiary of CBRE Group, Inc. (NYSE:CBG), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services and investment firm (in terms of 2013 revenue). For more information visit www.TrammellCrow.com.