A recent groundbreaking ceremony marked the start of construction for a master planned development in Arlington Heights called Arlington Downs, with proximity to Arlington Race Track as well as Metra rail stations. Michael Firsel of Ruben Firsel & Ross, LLC represents a principal of the development team, Stoneleigh Companies, which is developing the two phase luxury apartment community with over 600 residential units.
Arlington Downs is the culmination of several years of work to redevelop the site of a former Sheraton Hotel, located at 3400 Euclid Avenue. Vacant since 2009, parts of the former hotel property have been demolished and cleared in the last few months to make way for the 214 unit One Arlington residential tower along with additional new construction, including retail spaces, a renovated water park, a limited service hotel, several restaurants and a second phase of multi-family units. The development is the largest mixed use project under way outside the City of Chicago.
Firsel, a veteran real estate attorney with experience in the redevelopment of suburban mixed-use districts, described the process of negotiating the Arlington Downs deal as intricate and complex. “There were a wide variety of interests to consider in this situation, and a great deal at stake for both the investors and the community,” he notes. “The parties are maintaining the highest quality of architectural design, for a residential lifestyle experience that will rival any luxury setting in Chicago. When finished, this development will be an outstanding gateway for Arlington Heights as well as a stand-alone destination that also supports and benefits from the race track.”
Major renovations inside One Arlington are already underway. The first phase of the residential property is on track to open in the summer of 2014. Completion of the entire 25-acre mixed-use development may take up to five years.
About Ruben Firsel & Ross LLC:
Founded in 2011, RFR offers clients the counsel of highly experienced attorneys in an efficient, responsive boutique setting. With extensive knowledge of corporate, securities, real estate, and estate planning law, the attorneys of RFR serve individuals and businesses of all types from its offices in Bannockburn and Chicago. For detailed information about RFR’s practice, visit www.rfrlegal.com or contact info@rfrlegal.com.
