The construction of a luxury apartment complex in downtown Wheaton will begin any day now, after city officials and developers broke ground at the site Monday afternoon.
Designed by Fitzgerald Associates Architects, Wheaton 121 will consist of five levels of apartment homes and a two-level indoor parking garage with over 400 spaces. Floor plans will include five studios, 212 one-bed/one-bath homes, 66 two-bed/one-bath homes, 19 two-bed/two-bath homes, and four three-bed/two-bath homes, according to a press release from Morningside.
All apartment homes will feature 9-foot ceilings, granite countertops in kitchens and baths, stainless steel appliances, wood floors, ceramic tile in the baths, high-end plumbing and light fixtures, balconies, individually controlled gas forced-air furnaces and central air-conditioning, and in-unit washers and dryers, according to the release.
Morningside initially proposed Wheaton 121 to City Council in November and asked for about $2.3 million in Tax Increment Financing (TIF) funds for public improvements on the site.
City officials approved the redevelopment agreement with Morningside July 2. Morningside will use about $1.3 million in TIF District 2 funds for public improvements, including public plazas, street lighting, curb improvements and public benches.
Wheaton 121 will be a “first class facility—like nothing this area has ever seen,” said Morningside President David Strosberg. “It will attract a lot of attention from Wheaton, and from affluent residents in the entire community.”
The council approved the details of a letter of credit and subordination agreement with the developer. The letter of credit is for $500,000, with interest payments from the city as part of the TIF reimbursement. City Manager Don Rose said the payments are expected to be about $10,000 a year for about two years.
The most expensive public improvement will be the burial of overhead utility lines along the west and north sides of the property for an estimated $500,000, Rose previously told Council.
Strosberg said the company focuses on reconstruction—employing all architects and engineers. “It’s very exciting to be able to put all our skills to work,” he said.
“We’re looking to build premier rental community in DuPage County,” Strosberg said.
Wheaton Mayor Mike Gresk said the Wheaton 121 is a “marquee project” for the city. “I think it’s a response to changing demographics (targeting empty-nesters and affluent families),” he said.
City Council approved Morningside’s request to close Scott Street between Front and Wesley streets during construction of Wheaton 121 at its meeting Monday night.
Strosberg said the entire project will take about one year. He said he expects residents will start moving in late summer of 2013.
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