Elmhurst has been looking forward to the changes coming to Hahn Street since redevelopment was first discussed way back in 2006. At the city’s recent 2014 budget meeting, we moved one step closer to a final design with consideration of the preliminary financial reviews from the two primary developers competing for the rights to develop the site located between North Avenue, York Road, Addison Street and Third Street.
Lincoln Properties of Dallas and Oak Brook, and Morningside Hahn based in Chicago, have both submitted proposals to the Elmhurst City Council. The financial implications of the plans were discussed at the meeting with the city’s financial consultant, Kane McKenna & Associates, Inc.
Both plans involve street-level retail space built around a plaza fronting York Street with rental apartments above as requested by the city. The differences are most apparent in the apartments structures. Morningside proposes one of two possible apartment scenarios – a four-story building with 139 units, or a six-story structure with 207 units. The Morningside plan also includes 12,000 square feet of leasable retail space. The Lincoln Properties plan is based upon a five-story, 216 apartment structure with 14,000 square feet of leasable retail space.
Robert Rychlicki, a representative of Kane McKenna & Associates, said that his firm believes the Lincoln proposal offers the highest net benefit for the city. He estimates the city’s gain with the Morningside’s four-story proposal at just $16,000 with a more respectable $5.6 million for the six-story plan. By contrast, Lincoln’s plan is projected to have a net benefit to the city of nearly $11 million. These estimates were determined by a fairly complicated procedure that estimated net income to the city from potential tax collections, and so forth minus the potential outlays the city would incur both during construction and beyond.
Forward-thinking projects like these help Elmhurst move ahead and grow wisely, making sure that this will be an even better place to call home. When you're ready to make the move to Elmhurst, all of us here at The Gracik Makinney Group are ready to lend a hand. Drop by the office at 190 North York Road here in Elmhurst, or give us a call at 630-441-5570.