Following the full lease-up of the 100-unit Optima Verdana apartments in Wilmette, Illinois, in 2023, Optima Inc. is planning a second mixed-use project next door, this time with 128 for-sale condos, according to a news release shared with Multifamily Dive.

The Glencoe, Illinois-based real estate firm received final village board approval for Optima Lumina in late November. As part of its zoning agreement, the developer will provide $3.8 million in funding for affordable housing in Wilmette, according to the release.

The six-story tower, which will replace a long-vacant car dealership, is set to break ground in mid to late 2025, the developer told Multifamily Dive. It will be located across the street from Wilmette’s Metra rail commuter station leading into Chicago. A 75-foot public landscaped plaza with outdoor seating, public art and a fountain will separate it from Optima Verdana.

Optima, which designed Lumina in-house, sought to give it a distinct architectural language and identity from its sister property, according to the release. Its terracotta facade will be a first for the company, and the exterior will incorporate greenery along its roofline and terraces through a proprietary vertical landscaping system.

The plant species will stay green year-round and offer solar shading, noise reduction, stormwater management and privacy for residents. The property’s sustainability plan also includes 100% electric vehicle charging capacity in its parking area, variable refrigerant flow heating and cooling and induction cooktops.

Units will range from one- to three-bedrooms, up to nearly 3,000 square feet in size. While Optima’s current plan calls for condos rather than rental apartments, their status could shift based on market conditions, according to the developer. Purchase prices have not been disclosed.

“The success of Optima Verdana has demonstrated the high demand for luxury new-construction multifamily housing on the North Shore,” said David Hovey Jr., president of Optima. “Optima Lumina builds on that demand by offering the option for current residents looking to downsize from single-family homes as well as would-be North Shore buyers struggling to find a home due to the area’s low inventory of available housing.”

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Activity in Chicago’s suburban multifamily market is showing no signs of slowing down with the closing of a nearly $100 million recorded sale last week.

Chicago-based Ansonia Properties bought the 352-unit Villages at Canterfield in West Dundee for $91 million, Kane County records show. The purchase comes out to about $258,500 per unit.

Ansonia took out a $64 million mortgage from Berkadia to finance the transaction, according to public records.

The sellers, a joint venture of Chicago-based companies VennPoint and Matador Capital Management, initially bought the complex at 1900 Canterfield Parkway in 2021 for $87 million. The venture took out a $68 million mortgage from Argentic to fund the transaction.

The property includes one-bedroom to three-bedroom layouts averaging 1,220 square feet, according to Ansonia’s website.

Chicago’s suburban multifamily market got off to a strong start in 2026 and the hot streak doesn’t appear to be cooling down.

In January just over 1,400 units traded in one week, including Osso Capital’s $110 million sale of the 730-unit Woodland of Crest Hill Apartments in Crest Hill to Bayshore Capital Partners.

Demand for multifamily is so far outpacing supply both in the city and the suburbs, rent growth trends show. And breaking ground on new projects comes with both political and logistical obstacles.

Still, developers are finding opportunities to build where they can. Last month, Optima Real Estate scored a $60 million refinancing on a multifamily project in Chicago’s supply-constrained North Shore suburbs.

The Glencoe, Illinois-based firm scored the loan to replace a $58 million construction mortgage issued in 2021 by Arlington Heights-based Village Bank & Trust, which was used to develop Optima Verdana, a 100-unit mixed-use apartment development with 5,900 square feet of retail space at 1210 Central Avenue in Wilmette.

Optima Verdana was completed in 2023 and is the first stage of a multi-phase development. The developers received approval from Wilmette in 2024 to begin phase two of the project, which will consist of a 133-unit condo building known as Optima Lumina, adjacent to Optima Verdana.

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The launch of sales at a Wilmette condo building this week will set a new high for condos in suburban downtowns, with an asking price of slightly under $4.6 million — lifting the existing top by more than half a million dollars.

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One condo building in Wilmette could serve as a bellwether for what potential buyers are willing to pay for luxury in the area.

Condos in Optima Lumina, a six-story 133-unit building at 721–739 Green Bay Road are hitting the market at $4.6 million this week, according to Crain’s, a price point that’s half-a-million above the previous record.

If the village’s richest residents show signs of willingness to shell out for the condos, like their neighbors in Highland Park and Lake Bluff, owner Optima Real Estate can combine multiple lower-priced condos to meet demand. They were designed to be modular, David Hovey Jr, Optima president told the outlet, and could end up spanning as wide as 5,000 square feet if the demand is there.

Hovey told the publication that he’s confident that at least a few of the upper floor units with terraces will go at the expanded size. It’ll take a few months to figure out how hungry Wilmette is, exactly, but Optima will be prepared no matter what locals want. The lowest priced units in the building are one-bedroom condos, starting at $595,000. Three-bedroom condos start just  under $2 million.

Sometime in the fall, the record suburban condo price could be smashed before ground is broken on the building. Optima expects to begin construction later this year and welcome their first residents in summer 2028, according to the outlet. They’ve added a number of amenities to the plan, including rooftop cold plunges and cooking stations, an indoor pool and courtyard spaces.

Optima recently refinanced the first phase of its Wilmette developments, a 100-unit mixed-use apartment development called Optima Veranda, in late April. A $60 million loan from Freddie Mac replaced a $58 million 2021 construction mortgage issued by Village Bank & Trust.

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Optima Communities is embarking on a 150-unit residential development in downtown Wilmette that’s nearly identical to the one next door.

Contingent upon Wilmette officials approving the development, the Glencoe-based firm will acquire the property at 721-739 Green Bay Road, formerly known as the Imperial Motors site, the North Shore Record reported.

The project, called Optima Verdana Phase 2, would feature 150 apartments, with a mix of one-, two- and three-bedroom units. It would also include commercial space on the ground floor. A Starbucks that currently operates at the site will likely remain as a tenant. Rental rates will range from nearly $3,000 to $12,000 per month.

Rising six stories and apexing at 62 feet, the design of the building shows a striking resemblance to Optima Verdana Phase 1, which was completed earlier this year. The main difference between the two buildings is that the top floors for the new building will be set back from the sidewalk “to create a tapering effect that aesthetically concludes the combined forms with a rhythmic, logical ending,” the project overview said, according to the outlet.

There was an open house at the Wilmette Public Library last night, allowing residents to engage in discussions regarding the development. Optima hasn’t officially submitted its proposal, said Wilmette village manager Mike Braiman. The developer could present its formal plans to officials by November at the earliest.

“This type of redevelopment of that site is consistent with the goals of our village center master plan, and it would be the most reasonable proposal we’ve seen to date (for that site),” Braiman told the outlet. “That said, there are going to be a lot of questions from the plan commission and village board, feedback from neighbors and the community at large.”

Rental rates for the first Optima Veranda are in the same range as the targets for the second. There are amenities such as a pickleball court, basketball court, golf simulator, yoga studio, fitness center, business center and dog park.

As part of an agreement with Wilmette, Optima paid $1.6 million to the village to support affordable housing initiatives when undertaking the first project.

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Hovey expects roughly 10% of buyers to combine units into larger custom residences, potentially driving sales prices above $4.5 million. With construction still pending, purchasers can also tailor layouts and finishes to their preferences, he said.

Hovey confirmed that pricing would be among the highest condo sales in Wilmette. In the past year, four units closed for more than $1 million, with the most expensive being a full-floor, 1963-built unit at 1630 Sheridan Road that sold for $2.4 million.

The median single-family sale price in the suburb is about $1.15 million, according to Homes.com data.

Optima Lumina units will have floor-to-ceiling windows, walk-in closets with built-in shelving, hardwood floors and porcelain tile, and Thermador or Gaggenau appliances. Some units will have private terraces or courtyards.

The project plans to include nearly 6,000 square feet of retail space, with Starbucks confirmed for 1,900 square feet. Potential contenders for future retail space include what Hovey described as “destination high-end retail.” Several restaurants are in conversation for leases, he said.

Amenities include about 9,000 square feet of combined open space. Optima is planning a 7,000-square-foot plaza with public art, and resident amenities include a library lounge, game room, fitness center, and yoga and Pilates studios. Residents will also have access to a pet spa, massage room, and indoor pickleball and basketball courts.

A sports lounge touts a golf simulator, and the 10,000-square-foot rooftop deck will have a spa, cold plunge, sauna, steam room, red-light therapy, pool and a dog park.

Located at 721-739 Green Bay Road, the development is across the street from Wilmette’s Metra commuter train station.

“These projects, whether it’s condos or apartments, they really help keep downtown suburbs like the village of Wilmette vibrant. … This is necessary for suburbs right now to have this type of higher density housing available,” said Hovey.

Wilmette approved the project in 2024. The project will arise on a 1.56-acre lot, replacing a former car dealership, Imperial Motors, that’s scheduled for demolition this winter. Move-ins are planned for 2028.

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Preliminary renderings have emerged for a second phase of Optima’s Optima Verdana project in Wilmette. Planned for the former Imperial Motors site, the second phase would rise just to the north of the first phase at 721 Green Bay Road.

Designed by the team at Optima, this second phase would match the height of the first phase, reaching a height of 62 feet with six floors. The glassy exterior and vertical landscaping will be incorporated into the design and the building massing will feature more setbacks than the first phase.

The building would accommodate 150 rental units with a mix of one-beds, two-beds, and three-beds. The ground floor would hold commercial space and an outdoor plaza for public use that measures approximately 4,000 square feet.

According to The Record North Shore, to gain approval for the project, Optima would have to submit a pre-application, undergo a Village staff review, file a preliminary application, and eventually go in front of the Appearance Review Commission, Plan Commission and Village Board.

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Condominium sales have begun for Optima Lumina, a condominium development planned for downtown Wilmette on Chicago’s North Shore. Planned by Optima, Inc, the 133-unit for-sale condominium community is designed, developed, built and managed by the integrated real estate firm. The development will replace the former Imperial Motors car dealership and is located immediately north of Optima Verdana, a 100-unit rental community that Optima opened in 2023.

Located at the corner of Green Bay Road and Washington Avenue, directly across from Wilmette’s Metra commuter rail station, Optima Lumina features 133 for-sale residences, approximately 5,900 square feet of retail space, a publicly accessible plaza and resident amenities. The existing Starbucks at 739 Green Bay Road has announced plans to move into a brand-new retail space at Optima Lumina when the community opens in 2028.

Designed in house, Optima Lumina represents the company’s first exterior use of architectural terracotta, a richly textured material that has been reimagined in a modern expression. The building’s exterior design also features large, recessed balconies and terraces incorporating the developer’s proprietary Vertical Landscaping System along the roofline and terraces, draping greenery across the facade.

Residents will have access to an extensive collection of amenities centered around a private courtyard and rooftop Sky Deck. Amenities include a fitness center, locker rooms, yoga and Pilates studios, sports lounge with golf simulator, indoor pickleball and basketball court, massage room, business center, library lounge, dog park and pet spa, children’s playroom and landscaped courtyard. The Sky Deck will feature a heated pool with a retractable glass wall for year-round use, spa and cold plunge, sauna and steam rooms, red-light therapy room, locker rooms, outdoor garden lounge, outdoor kitchens, dining areas, fire pits, residents’ club, chef’s kitchen and sweeping tree-top views of Wilmette and the surrounding North Shore.

Pricing for one-bedroom residences is anticipated to begin in the $595,000s, with two-bedroom residences starting in the $895,000s, three-bedroom residences beginning in the $1.99 million range and four-bedroom residences priced from $4.59 million. Buyers seeking larger custom homes may combine multiple residences to create floor plans uniquely their own.

Among the community’s most distinctive offerings are five “duplex-down” residences that combine at-grade and below-grade living spaces connected by interior staircases and illuminated by light wells that bring natural light into the lower level. Designed to offer the privacy and comfort often associated with a single-family home, the residences provide direct access to their designated indoor parking spaces at Lumina. Select ground-floor residences will also feature expansive private courtyards that extend the living space outdoors.

The Optima Lumina sales gallery features a design center that allows prospective buyers to explore floor plans, finishes and personalized design opportunities by working directly with Optima’s in-house architects and design professionals. Buyers will also have the unique opportunity to combine multiple residences before construction to create expansive custom homes.

Condominium sales at Optima Lumina are represented by Optima Real Estate, Inc. and Jameson Sotheby’s International Realty. The Optima Lumina sales gallery, located at 711 Green Bay Road on the ground floor of Optima Verdana, is now accepting appointments.

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