The luxury condo market has been welcomed in Chicago with open arms, and it seems that trend could be moving to the city’s suburbs. Jupiter Realty, a Chicago developer, has revealed plans for a 27-story condo building in Oak Brook, according to the Chicago Tribune.

Rendering courtesy of Lucien Lagrange Studio

If approved, the building would house 75 to 85 two- to three-bedroom, luxury condo units sized at 1,655 to 4,750 square feet, according to the report. The condos would have price tags at $1 million to $3 million mark.

The condo building is being proposed for 1900 Spring Rd., which would give residents easy access to the shops and restaurants at Oakbrook Center. The building would also have numerous amenities including an outdoor pool and terrace, a spa, a golf simulator, and semi-private elevators. 

The condo building is being designed for people with high income looking to downsize their homes.

"This is for people who have lived a long time in the western suburbs, are reasonably affluent and don't need the headache of a five-bedroom house anymore,” Jerry Ong, a principal at Jupiter Realty, told the Tribune. “We believe it's a good project for Oak Brook because it gives the village the ability to retain residents that have been a part of Oak Brook for decades.”

The developer is expected to pitch its full plan to Oak Brook this spring. If approved, the project will break ground in 2019, and the building would be ready for residents by 2020. Architecture firm Lucien Lagrange will be designing the building.

Rendering courtesy of Lucien Lagrange Studio

Jupiter Realty’s project is set to make a big splash. If approved, the building would be Oak Brook’s tallest. At 27 stories, the luxury condo development would surpass the Oak Brook Regency Towers I and Oak Brook Regency Towers II, which are both 13 stories tall.

It is no surprise developers are trying to carve out a space for luxury condos in the suburbs. Some of the year’s biggest projects in Chicago are in this same market. One Square Chicago, a 1,011-foot-tall luxury condo building planned for River North, received approval. River North is also getting Renelle on the River, an 18-story, luxury condo building with 50 units. And a smaller scale, 10-story boutique condo building, 900 West, is going up in the West Loop.

The luxury condo market has been on the rise since the housing crash. The average condo size is now 2,500 square feet, and luxury condos are going for an average of $700 per square foot. An even higher echelon of condos is demanding $1,000 per square foot. 

Yet, it seems that buyers are prepared to pay those prices. For example, the under-construction No. 9 Walton Place luxury condo building in the Gold Coast secured buyers for two multi-million dollar units.