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Architects Buy Suburban TOD Site

MUNDELEIN, IL-Teng & Associates pays $4.5 million for a 13-acre site at 421 E. Hawley St., now a vacant 235,000-sf office/industrial campus but slated for a 300-unit residential redevelopment around the village's Metra station.

By Mark Ruda | Updated on September 11, 2005

MUNDELEIN, IL-Teng & Associates has paid $4.5 million for a six-building, 235,000-sf office/industrial complex, but the engineering and architectural firm is not buying into more north suburban office vacancy. The 13-acre site at 421 E. Hawley St., formerly owned by Libertyville-based Green Hill Corp., is slated to be redeveloped into a 300-unit residential project.

Teng & Associates also is designing the Waterview Tower, an 82-story, 236-unit condominium building at 111 W. Wacker Dr. In this central Lake County suburb, Teng & Associates has been involved in creating a tax increment financing district around the village’s Metra commuter rail station, which could include its residential development. The office complex, which represented about 60% of the available flex space in the village, is within a quarter mile of the Metra station.

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