(Read more on the multifamily market.)
OSWEGO, IL-The first phase of the Pine Ridge Club condominium project is expected to be complete by June. The nearly $40-million project will have a total of 256 condominium units on 23 acres near the intersection of Orchard and Mill roads.
The project is being constructed by Avalon Construction Services Inc., based in Rolling Meadows. There will be a total of 16 two-story buildings that will be constructed in four phases. The entire development is expected to be complete in a few years but there is not a definite timeline. "It depends on how the sales go. We would anticipate that the project would be sold out and construction completed, if sales go well, within the next two years," says Tom O'Brien, senior vice president of Avalon Construction.
Each of the buildings will have 16 units and will be evenly split between one- and two-bedroom units. Both the one-bedroom and the two-bedroom units will have a variety of sizes and the units will range from 810 sf to 1,220 sf. The price for the units is from $159,900 to $199,900, O'Brien says. About 37 units have been sold for the first phase, he says. Two buildings are already completed and about a dozen units are occupied. Two additional buildings are expected to be complete by July, O'Brien says.
A 12,000-sf clubhouse was recently completed. The clubhouse features a 50 feet by 22 feet indoor pool, fitness center, locker rooms, business meeting rooms, a hospitality suite and a landscaped garden terrace. The project will also have four freestanding garage structures, he says.
The development is within walking distance to the new Park-and-Ride station, O'Brien says. People can then take a Pace shuttle bus from the Park-and-Ride station to the Metra train station in Aurora. Pine Ridge Club is the first multifamily development within walking distance of the two-year-old station.
The developer has been involved in projects in the area for some time, O'Brien says. "The developer got established out there probably about 10 years ago, developed Gates Creek East and West [in Oswego] and is involved in sizeable land holdings on commercial property along Orchard [Road] north of Ogden [Avenue]," he says. "It is an expanding, growing area." Along Ogden Avenue is "really becoming a major north-sough commercial and residential corridor." The buildings are designed by Cordogan, Clark & Associates, based in Aurora.
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