In an exciting development for the commercial construction industry, a joint venture has been announced between Tucker Development and Wingspan Development Group. The partnership has successfully completed the acquisition of the 5400 Old Orchard Road site in Skokie, Illinois, with ambitious plans for a four-story mixed-use development that promises to be a boon for the industry and the community alike.
This joint venture marks a significant milestone for both family-owned enterprises, who bring to the table a robust history of successful development and construction experience. The design for the 5400 Old Orchard project has been crafted by the adept hands of HKM Architects + Planners, bringing a combination of expertise and innovation to the table. The development will leverage Tucker and Wingspan’s stellar track record for creating Class A suburban communities, capitalizing on their well-established reputations for quality construction.
According to Crain's Chicago Business, the 5400 Old Orchard project is set to be a major addition to the Chicagoland area. Currently an office building site, demolition is expected to commence later this year, paving the way for the groundbreaking of the new development. Nicholas & Associates will serve as the general contractor for the project.
Once completed, the mixed-use development will feature the following:
- A blend of studio, one-, two- and three-bedroom units
- Also three-story townhomes
- Courtyard with swimming pool
- Lounge and grilling areas
- Fitness center
- Designated co-working stations
- Ground-floor commercial and retail space
Tucker and Wingspan have already made their mark on the industry with their recent projects. Wingspan's 20West and Maple Street Lofts in Mount Prospect, Illinois, showcased the perfect blend of residential and commercial space. Tucker Development is also nearing the completion of District 1860, a 300-unit mixed-use development, offering over 80,000 square feet of commercial space at the intersection of Touhy and Lincoln avenues in Lincolnwood, Illinois.
The property's strategic location only adds to its appeal. It lies less than half a mile from Interstate 94, the main expressway to Downtown Chicago and its northern suburbs. It also boasts proximity to the 350-acre Harms Woods Nature Preserve, a 108,000-square-foot Life Time gym, and the regionally dominant Westfield Old Orchard shopping mall.
This development comes at a time of increasing interest in the area. Other developers have plans for multifamily housing projects near the Westfield Old Orchard shopping mall. This flurry of activity signals the potential emergence of Skokie as an apartment hotspot in the coming years.
Despite challenges in the real estate financing market, Tucker and Wingspan are pushing forward. The duo is in negotiations with several lenders, demonstrating their commitment to realizing this project. This development underscores the positive trends in the suburban apartment market, with the median net suburban rent rising 5.9% in the first quarter from a year earlier, according to Integra Realty Resources.
The development represents a new chapter in commercial construction, with its ambitious mixed-use plans and strong backing from two industry powerhouses. It's an exciting time for the commercial construction industry, and we look forward to watching this project come to life.
