Developers for planned $150M development near downtown Arlington Heights ask for another extension, say financing not yet secured: ‘We are hoping pricing gets better’

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Developers for planned $150M development near downtown Arlington Heights ask for another extension, say financing not yet secured: ‘We are hoping pricing gets better’
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The Arlington Heights Village Board granted developers of the planned Arlington 425 project in downtown Arlington Heights another construction-related extension – making this at least the second on…

At the April 15, 2024 Arlington Heights Village Board meeting, village planner Charles Witherington-Perkins favored giving developers of the unconstructed Arlington 425 redevelopment more time to begin building.The Arlington Heights Village Board granted developers of the planned Arlington 425 project in downtown Arlington Heights another construction-related extension – making this at least the second one – even as financing for the work has still not been secured.

“We are seeking approval for the final plat of subdivision for Phase 1,” Messutta said, “which we believe, still today, will be a great project and cap off the downtown.” On May 3, 2021, the board granted an amendment to the Arlington 425 Planned Unit Development which was valid for 24 months, according to village staff memos. On April 17, 2023, Norwood Builders requested a one-year extension of both the PUD and preliminary plat of subdivision, as well as a one-year extension to the deadline for submission of the building permit for what would be the Chestnut Building.

“We didn’t feel that could get done before May 3,” Perkins said, adding the process is complex and a six-month extension would be appropriate. He said his team refined structural changes, resubmitted the plans to the Plan Commission then reconfigured everything to the commission’s liking.

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