Hines will be demolishing McDonald’s former Oak Brook headquarters to make way for a $500 million development proposal, DataBid.com reports, citing The Real Deal, Chicago Tribune and the Daily Herald.
The Heneghan Wrecking Company will be doing the demolition work and has already put up the fencing, removed the asbestos and brought in the heavy machinery. The demolition will be completed in less than two months and the development is scheduled to be finished in 2020.
Hines’ $24 million purchase of the 328,000 sq. ft. property closed in June, after the city granted rezoning approval in May. McDonald’s moved its headquarters to the Fulton Market last year.
Hines plans a multi-use development for the 16.5 acre site called Oak Brook Commons, which will include retail, restaurants, two office buildings, 104 condominium units, 250 rental apartments, a 252 key hotel and a park.
The Daily Herald reports the new buildings will be constructed in phases. Tony Budzikowski, Oak Brook village’s development services director, said that the 250 unit apartment building and a restaurant are expected to be built first.