A luxury condominium building planned for downtown Wilmette is attracting attention for its price points, with the largest units set to sell for $4.59 million, according to an announcement from the developer. Several area residents and business owners are welcoming it, saying it provides options in a tight real estate market.
Optima Inc., a family-owned real estate firm, has dubbed the to-be-built condo building Optima Lumina, with 133 for-sale units, approximately 5,900 square feet of retail space and a publicly accessible plaza, per a press release from the developer.
The units range from one to four bedrooms, and the first residents are expected to move in during summer 2028. The developer opened a sales office in July next door at its Optima Verdana luxury rental building, which opened in 2023.
The village approved plans for the six-story condominium development on the site two years ago, per previous reporting.
Regarding the prices, only two single-family homes have been sold for a price higher than that $4.59 million mark this year in Wilmette, according to Village Manage Michael Braiman.
While real estate in Wilmette and other North Shore locales has always come with a substantial price tag, it has risen in recent years. The median home sale price in Wilmette in 2025 was more than $1.11 million, up from $658,500 in 2020, according to U.S. Census figures cited by the village’s housing commission.
At Optima Lumina, $4.59 million will buy a four-bedroom unit in a building with amenities, including a pool, many units with generously-sized terraces and a location across from the Wilmette Metra station and within walking distance to the suburban downtown’s restaurants and shops.
“I do think it would be a record (for suburban Chicago condominium prices),” said Carol Hunt, a real estate professional with 42 years of experience on the North Shore.
Three-bedroom units at Lumina are set to start at $1.99 million, with two-bedroom condos going for around $895,000 and one-bedroom offerings starting at $595,000.
But those who focus on the cost for the largest units in the new development are missing the point, said Rafay Qamar, president of the North Shore-Barrington Association of Realtors, a group representing almost 4,000 real estate professionals.
“The story isn’t about one record price,” Qamar said. “The larger story is about housing choices.”
Hunt, with Baird & Warner Winnetka, agreed.
“We have a tremendous shortage of supply, so there’s no place for empty-nesters to go,” she said.
If new developments offer the space and amenities home-seekers want and the parking they need, they are more likely to stay because of family and community ties.
“They have children and grandchildren here,” Hunt said. “They… are invested in the community with volunteering and serving on boards.”
The vacancy rate for the Wilmette homeowner market was only 0.3% in 2024, according the the village’s housing commission.
The village adopted a comprehensive plan in 2024 and is developing a housing plan that takes housing availability and affordability into account.
Allowing more housing in business districts
More Top Picks Honeywell Digital Ceramic Hce322v
and creating new downsizing options for the growing number of seniors and empty-nesters are two proposed strategies, according to housing commission documents, which also note that more housing on Green Bay Road aligns with the village comprehensive plan and that such residential developments could be a boost to the local economy.A housing commission presentation notes that “Wilmette’s growing senior population needs more downsizing options in order to remain in the community.” It cited census statistics stating that 20% of Wilmette residents in 2020 were 65 years or older, which is 1,000 more senior residents than the village had in 2000.
If and when Wilmette empty-nesters decide to sell their homes, Qamar thinks they will have no trouble finding buyers who are attracted to the village’s location on Lake Michigan, easy access to Chicago via Metra, and highly-regarded school system.
“I hear the inventory is very low and that things will sell quickly,” said long-time resident Matt Bevenour, 63, who was on his way to a downtown Wilmette dental appointment.
He thinks the price area empty-nesters will receive for their homes will help cover the cost of high-end condos like those being offered at Lumina Optima.
“Many of us long-time residents are becoming empty-nesters,” said Bevenour, who has lived in Wilmette for almost 40 years. “It’s a nice alternative for those who don’t want to mow their lawn or shovel their walk and still have great amenities.”
Long-time business owner Larry Versino said that he’s heard of more empty-nesters moving to Chicago because “there’s more things to do.” But he has also seen his son’s friends from high school moving back to Wilmette to raise a family.
Versino’s father opened Wilmette Bicycle and Sport Shop in 1932 and he’s worked there since 1976.
“Retail is getting harder and harder,” he said, so a development that brings more foot traffic to downtown could be helpful.
The cost of the new condos didn’t bother Versino, and he said it will be up to the market as to whether they are overpriced or not.
Beth Foort, manager of the William Harris Lee & Co. orchestral stringed instrument store in downtown Wilmette, agreed.
“If you have customers willing to pay, you go for it,” Foort said. “I hope they fill up and do well, and I hope the people who move in frequent the shops here as much as they can.”
Another local store manager, Tracy Liepert, agreed.
“Anything that brings in more people is better than a place sitting empty,” said Liepert, who manages a women’s apparel shop on Central Avenue but didn’t want to specify which one. “It’s good to keep updating the town.”
Foort said a downtown grocery store will be needed to accomodate additional residents. But she and others expressed concerns about traffic increasing.
Versino said Green Bay Road up to Ridge Road is always “packed” and new housing developments could make it worse.
On the other hand, “maybe the people in the condos won’t need cars,” he said. “Maybe they’ll ride a bike.”