Wingspan and Tucker Development Acquire 5400 Old Orchard in Skokie, Ill., Plan Mixed-Use Development with 294 Residential Units
A joint venture between Tucker Development and Wingspan Development Group today announced it has closed on the acquisition of 5400 Old Orchard Road in Skokie, Ill., with plans for a four-story mixed-use development that includes 245 luxury apartments, 49 rental townhomes and commercial space. This is the first joint venture between the two family-owned enterprises, each with a long history of successful development and construction experience.
Designed by HKM Architects + Planners, 5400 Old Orchard will leverage Tucker and Wingspan’s track record for creating Class A suburban communities and their well-established reputations for quality construction. Recent nearby Wingspan projects include 20West and Maple Street Lofts – both featuring apartments and commercial space – in Mount Prospect, Ill. Tucker is nearing completion of District 1860, a 300-unit mixed-use development that includes over 80,000 square feet of commercial space, at the intersection of Touhy and Lincoln avenues in Lincolnwood, Ill.
“We see strong and growing demand for well-located, highly amenitized Class A rental communities in Chicago’s suburbs across a wide variety of resident profiles – ranging from young professionals to empty nesters,” said Aaron Tucker, president and chief investment officer for Tucker. “5400 Old Orchard will build on our collective previous successes and expand our offerings to include rental townhomes as well as apartments, giving the Village of Skokie and surrounding North Shore neighbors a new option in carefree rental living in a development with a neighborhood-like appeal.”
Nick Papanicholas Jr., president of Wingspan Development, added, “Both Tucker and Wingspan are well-versed in creating exciting new communities in premium locations, so we really feel like this is a development dream team. We share a passion for making 5400 Old Orchard a legacy development, which we know is going to shine through in our attention to detail and emphasis on quality craftsmanship – and ultimately benefit residents and tenants. I hope this will be the first of many ventures between our firms.” Wingspan has a number of multifamily communities in various stages of development in the Chicagoland area, as well as in suburban Milwaukee and Tampa.
Located 12 miles north of Chicago’s downtown, 5400 Old Orchard is currently the site of an office building. Demolition of the two-story building is expected to commence late this fall, followed by the groundbreaking for the new development. Nicholas & Associates will be the general contractor.
Upon completion, 5400 Old Orchard will feature a mix of studio, one-, two- and three-bedroom units, along with three-story townhomes and planned amenities including a courtyard with swimming pool, lounge and grilling areas; fitness center; designated coworking stations; and ground-floor commercial and retail space.
The property is less than a half-mile to Interstate 94, which serves as the main expressway to downtown Chicago and its northern suburbs. It also is adjacent to the 350-acre Harms Woods Nature Preserve, across the street from a 108,000-square-foot Life Time gym, and a half-mile to the regionally dominant Westfield Old Orchard shopping mall.
While more than 11,000 new multifamily units have been built in Chicago’s suburbs since 2020, according to Integra Realty Resources, vacancy remains low, averaging less than 4%. Skokie’s population grew by 4.7% between 2010 and 2020, according to U.S. Census data, and has become wealthier. The area within a three-mile radius of 5400 Old Orchard is home to more than 150,000 people with an average household income of more than $158,000.