High-end rentals, dog park included, going up near Oakbrook Terrace

A Northfield-based company has broken ground on a project that will bring 315 high-end apartments to a stalled mixed-use development near Oakbrook Terrace.

Interforum Holdings will start construction of its Lakeside Village of Oak Brook luxury apartments as soon as the weather permits. The 500,000-square-foot, four-story building will be on roughly 6 acres along Royce Boulevard.

"We went into the area to develop a project because we see a serious lack of luxury, Class A rental communities in the area," said Alex Zdanov, CEO of Interforum Holdings. "A current trend right now is for people to rent."

Zdanov said Lakeside Village will provide a rental option for executives and other professionals working in Oak Brook, Oakbrook Terrace and other nearby communities.

The apartment building will be in the Oak Brook Lakes development, which has 82 undeveloped acres off Butterfield Road, just east of where it splits from 22nd Street.

Officials with Royce Realty and Management Corp., which is developing Oak Brook Lakes, said Lakeside Village is the first in a series of projects planned for the land.

"It's been a long time coming," said Kristopher Plencner, Royce Realty's director of asset management. "I think it's going to be an asset to the whole community."

In 2009, the DuPage County Board gave Royce Realty permission to build on the land, which was in Oakbrook Terrace until it was voluntarily deannexed in 2007 by owner Robert Krilich. The property ended up in the county's jurisdiction after Oakbrook Terrace and Krilich feuded for years over it use.

Plencner said current plans call for Oak Brook Lakes to have condominiums, luxury townhouses, senior housing, a hotel, restaurants and shops.

"It's going to have a lot of components that are really needed here," he said. "We're very excited."

In the meantime, work is expected to begin in the spring on a new intersection with a traffic light at Butterfield Road and Royce Boulevard. Right now, Royce ends north of Butterfield.

York Township Supervisor John Valle said he's pleased to see construction starting at Oak Brook Lakes.

"It took time to work things out," Valle said. "Now it's moving forward. Maybe we can get some stores and some other retail out there along Butterfield Road."

Valle said he believes Lakeside Village will be a success with its planned amenities.

Amenities proposed for the 315-unit apartment building include a business and conference center, a fitness center, a swimming pool and clubhouse.

Zdanov said other features include a playground, a golf putting area and picnic area. For tenants with dogs, there will be a dog park and dog washing station. The building also will have concierge service, a doorman and on-site management.

Meanwhile, the one- to three-bedroom apartments will each have kitchens with quartz countertops, modern cabinetry and stainless steel appliances. In addition, every home will have private balconies or patios.

"What we're saying to our potential tenants is that there is no point in spending tens of thousands of dollars for a down payment on a condominium," Zdanov said. "You can get condominium living for a fraction of the price that you have to pay for a mortgage, assessment and real estate taxes."

Rent for the apartments would range from $1,700 a month for a one-bedroom and $2,400 a month for a three-bedroom, officials said.

Construction is expected to be completed by the end of 2018. Because the structure is being built in phases, the first tenants could move in around early 2018.