Luxury Apartments Break Ground in Suburbs

- The project, named "The Union Villa Park," has a total cost of $89.8 million and is financed with a $55 million construction loan jointly arranged by Associated Bank and Wintrust Financial, with MetLife as an equity partner. - This seven-story development will feature studio, one-, two-, and three-bedroom apartments, and includes 7,500 square feet of ground-floor commercial space. Leasing and first deliveries are anticipated to start in the fall of 2027. - Amenities are designed to be high-end, including a resort-style pool, cabanas, grilling stations, a fitness center, a clubroom, co-working spaces, a conference room, a pet spa, and bike storage with direct access to the Great Western Trail. - The development is a public-private partnership, with the Village of Villa Park providing $13 million in Tax Increment Financing (TIF) bonds and the project including a 94-space indoor public parking deck to serve the adjacent recreation center and business district. - The developer, Naperville-based Marquette Companies, is also behind other notable suburban luxury projects like the Water Street District in Naperville and the Marq on Main in Lisle. Korb Architecture is the designer and Weis Builders is the general contractor. - The project taps into a strong suburban Chicago multifamily market, which has seen a 65% year-over-year increase in mid-market apartment sales and is experiencing nation-leading rent growth due to a slowdown in new supply. - Chicago's suburban multifamily market fundamentals are exceptionally tight, with a vacancy rate of 4.7% as of Q3 2025, significantly below the U.S. average. Limited new construction is expected to maintain this trend.