development should be complete early next year.

He said the building will complement the surrounding area with classic Chicago architecture using exterior granite, masonry and cast stone detailing. Residences will be on the upper five floors while the second floor and a portion of the first floor will consist of secured parking for 58 vehicles. The first floor will have 1,314 square feet of retail space.

The property will offer 15 one-, 25 two- and five three-bedroom apartments, each with an open floor plan and private balcony. A community room and fitness center is part of the plan.

At least 15 percent, or a minimum of seven apartments, will be set aside for residents who qualify under affordable housing guidelines.

The village defines “affordable” as housing for a person or household earning 60 percent of the median income for the area.

While the village’s housing commission has guidelines that developers include affordable units in all new projects, many pay a penalty to avoid doing so. Village officials say there is a strong need for affordable housing, which is different from low-income.

“McShane Construction is pleased to have been selected by UP Development for the delivery of this new mixed-use project in Arlington Heights. Our expertise and long-standing working relationship with this respected developer will support our client in filling the void of quality mixed-income housing in the area,” Raday said.

Arlington Heights-based Tinaglia Architects Inc. is providing the architectural services for project.