By: IvyLee Rosario, Multi-Housing News
Whether you’re rebranding an older property or looking to lease up a new development, emphasizing your marketing and property management effort is a successful way to get the most out of your investment.
There are, however, differences between the two. Although you can’t have one without the other, there might be instances where you’d want to invest more in one vs. the other to bump up your chances of achieving the highest NOI. Here are a few points to consider along the way.
“It really comes down to what asset class you’re in to really break even in terms of how much you’re spending,” Joshua Young, vice president of market rate operations for Clinton Management, the property management affiliate of Douglaston Development, told Multi-Housing News. “If there is money spent on marketing and it creates a positive effect on income, there is a delicate balance on how it effects NOI.”
As an operator, you need to have a well-thought-out strategy for maintaining high renewal rates and attracting new residents. Sure, elaborate marketing tactics can bring in new people, but that can’t take precedence over retaining the ones you already have.
It is critical for companies to be revenue-focused and consistently look to identify unique strategies to increase asset value, said Gina Fortune-Harmon, vice president of Property Management for The Habitat Co. But the goal is also to manage costs without sacrificing anything around the resident experience.
In order to figure out where to invest your money the most in order to grow your NOI, it’s important to take a look at what asset class you have and what stage your property is in: Is it a new development, a value-add project or a rebranded property? These are examples of communities that will have different strategies and will require a larger focus on either marketing or operations.
If you already have a relatively successful property with a positive retention rate and leasing percentage, then property management is where you might want to invest more of your money and time—and investing in your team is key to ensuring a smooth operation. Hiring a diverse group of individuals with a variety of backgrounds will help cater to the ongoing needs of your current residents and potential ones.
“At the end of the day, your on-site team is closest to the prospect and the resident; they are the face and voice of your property,” Chris Coleman, vice president of development for Wingspan Development Group, told MHN. “A strong property manager can overcome weak marketing, but strong marketing will be wasted with a weak property management team.”
In addition to your staff, engaging residents in your operational efforts will make them feel included and also help boost morale across the community. Allocating some of your budget toward resident programming is a great way to cater to their wants and needs at the property.
“I believe that marketing to our current residents is where the most efficient marketing spend lies,” said Tim Kramer, vice president & director of operations and management services at Draper and Kramer. “It takes quite a bit of effort to get the attention of someone out looking at the entire marketplace,” he noted, “but it’s relatively easy to do right by the folks that are already living at your property.”
UPPING YOUR MARKETING TACTICS
If you are rebranding, taking on a community that needs a lot of work, or are building from the ground up, then shifting your focus to marketing the property will make the most sense.
“We have noticed from experience that our initial investment in creating a brand and a sense of community is money well spent, and we get the best return that way,” Young said.
Specializing in ground-up developments, Young noted that it’s important to build a brand but not to overdo it. “You can spend money creating this illusion but you can’t lose sight of what’s happening on the ground,” he added.
When rebranding or implementing a value-add strategy, marketing can help you identify your target demographic and how to reach those people. It also strengthens your position in the marketplace and helps create content that drives interest to increase occupancy and NOI.
“Marketing and customer service are in lockstep… marketing adds value by creating the connection between people and the product,” Fortune-Harmon noted.
In order to get the most out of your marketing strategy, look for multifaceted investment opportunities in partnerships or social media that will allow your property to stand out amongst the competition. You can also include current residents in your marketing efforts, by gathering feedback through surveys and allowing them to review the property and share the word.
“This is a much more efficient spend than broadcasting a ‘live here’ message out into the blind, hoping for a response,” Kramer said. “Plus, there’s an added benefit when your residents like living at your community—they become marketers and ambassadors.”
Reinforcing certain staples across both your marketing and operations strategies will promote NOI growth no matter what type of community you are working on.
“Effective marketing is the spotlight that shines on your property so the world takes notice and decides to pay rent,” added Coleman.
Marketing is critical for getting the word out about what your new community has to offer to prospective renters and the neighborhood as a whole. But property management is vital for keeping your asset running from the ground up, with a focus on retaining current residents. The key factor in the marketing vs. operations showdown comes down to spend efficiency.
It’s important that your staff understands the cost of marketing compared to resident turnover, how many new leads are generated, and the possibility of new leases signed. Both the marketing and operations teams need to apprehend and track all of these pieces in order to yield results on your NOI.
If you feel you aren’t getting your money’s worth, it’s okay to switch directions and experiment with new strategies. But keep in mind that spending more doesn’t necessarily mean you’ll achieve more—so start small and cater to one idea at a time to see what works best for your community and operational goals.
“You can’t overpromise and underdeliver. You need to balance and back up what you’re putting out there,” Young said. “The consumer is very educated, the market is transparent and people can’t be pushed into making decisions. It’s important to be smart about your messaging and how it’s delivered.”
By: Jackson Chen - Multi-Housing News
Wingspan Development Group and Batson-Cook Development Co. have started construction on its 300-unit community south of downtown Milwaukee.
The joint venture expects to deliver the first units of its community, Hub13, by the end of 2021 and to complete the project in fall 2022.
The garden-style community will have its units spread across nine two- and three-story buildings that offer studio, one-, two- and three-bedroom floorplans ranging in size from 582 to 1,380 square feet. Hub13’s amenities will include a fitness center, yoga studio, clubhouse, pool, dog park and coworking offices. Residents will also be able to access their units and the amenities through their mobile phones with the community’s technology and safety system.
Located on a 34-acre site at 7581 S. 13th St., Hub13 is a mile away from downtown Oak Creek and its retail and restaurants and approximately 9 miles away from downtown Milwaukee. The community also borders a 11.2-acre nature preserve with wetlands.
The community was designed by JLA Architects and is being built by Nicholas & Associates. Ayres Associates also serves as the project’s civil engineer while First Merchants Bank provided financing for the community. Wingspan previously worked with another joint venture partner to develop a 284-unit community in Plainfield, Ill.
Jason Macklin, director of development at Wingspan, said in prepared remarks that the southeast Wisconsin submarket that Hub13 is located in has experienced extraordinary job growth over the past few years.
According to a 2020 year end Colliers report, the greater Milwaukee multifamily market displayed strong resilience throughout the COVID-19 pandemic and is expected to see further expansion due to its strong market fundamentals.
The report showed that the Milwaukee market saw asking rents grow to $1,161 in the fourth quarter of 2020, a nearly 18.3 percent year-over-year increase. The market’s occupancy rate also saw a slight increase to 94.8 percent, while unit inventory is continuing to grow, hitting 85,739 units in the fourth quarter of 2020.
By: Kristin Hiller - Heartland Real Estate Business
OAK CREEK, WIS. — Wingspan Development Group and Batson-Cook Development Co. (BCDC) have begun development of Hub13, a 300-unit apartment project in Oak Creek, which is located just south of Milwaukee. The 34-acre garden-style community will be situated at 781 S. 13th St. Plans call for nine buildings with units ranging in size from studios to three bedrooms. Amenities will include a fitness center, yoga studio, clubhouse, pool, Zen garden, dog park, coworking space, wine room and package system. The property will border an 11-acre nature preserve. First Merchants Bank provided project financing. JLA Architects is the architect, Ayres Associates is the civil engineer and Nicholas & Associates is the general contractor. The first units are scheduled for completion by the end of the year.
By: John Quinnies - Patch Staff, Patch Oak Creek
OAK CREEK, WI — Construction on a 34-acre garden-style apartment complex called Hub13 broke ground on Tuesday, according to a press release.
The development will provide 300 new apartment units across nine buildings. The site was chosen for Oak Creek's rapid growth, according to the press release.
The $57 million development was approved in Jan. 2020 by the Oak Creek Plan Commission, the Milwaukee Journal Sentinel reported.
It will be located north of the Drexel Avenue interchange of Interstate 94 along South 13th Street, just 1 mile from downtown Oak Creek, according to the press release.
Each unit will feature luxury finishes, including hardwood floors, stainless steel appliances and quartz countertops. The entire complex will have access to a community center, fitness center, clubhouse, yoga studio, firepit and Zen garden, according to the press release.
The site will also include an 11.4-acre nature preserve with wetlands. The developer will deliver the first units by the end of 2021, according to the press release.
A separate commercial development known as Highgate is currently under construction directly south of Hub13. The proximity of the two will create a mixed-use walkable development, according to the press release.
The project is being undertaken as a joint operation between Wingspan Development Group and Batson-Cook Development Company. First Merchants Bank is providing financing, JLA Architects is the architect, Ayres Associates is the civil engineer, and Nicholas & Associates is serving as the general contractor, according to the press release.
By: Lauren Coffey - TBBJ & Inno Reporter, Tampa Bay Business Journal
An aerial view rendering of University of Tampa's Benson Alex Riseman Fitness and Recreation Center
The University of Tampa will rename and expand its fitness center after receiving a donation from one alumnus.
The Fitness and Recreation Center will be named the Benson Alex Riseman Fitness and Recreation Center, after Riseman gave a donation for an undisclosed amount to the school. Riseman is the CEO of BENSEA Enterprises, a consulting agency and think tank with a focus on business strategy, branding, marketing and revenue generation. He previously founded Green Dot Corp., a financial technology company that provides reloadable prepaid debit cards. It went public in 2020 (NYSE: GDOT).
Riseman is based in Las Vegas.
"While I have a passion for entrepreneurship, I like that the fitness and recreation center will be open for all students," Riseman said in a statement. "It doesn’t matter your major or interests — it’s all part of the university’s commitment to help students strengthen their mind, soul and bodies."
While the expansion was in the works, the "large" donation from Riseman boosted the project, which will break ground in spring 2021.
“We know that fitness helps students excel academically, and especially given the past six months, students need more than ever the kind of health and wellness that a facility like this will provide,” UT President Ron Vaughn said in a statement. “I am grateful to Benson for helping us get started on phase II of the project."
The expansion has been in a factor in UT's master plan for years, according to the university. Creating a world-class fitness and recreation center will help elevate the university, helping serve both current students and as a springboard for recruitment of future students and faculty.
The center will be for only UT students, staff and faculty. The first phase of the fitness center was opened in September 2016, spanning 40,000 square feet. Phase Two of the building will include:
Buildings that exist in the project's footprint are estimated to be roughly 100 years old and will be demolished. Kreher Architects Inc. is the architecture firm for the project, with an undecided general contractor.
The university is also working on the 4,000-square-foot Science Research Laboratories and the Ferman Center for the Arts.
The fitness center will be designed and constructed to qualify for the Leadership in Energy and Environmental Design certification by the U.S. Green Building Council. If it receives that designation, it will be the seventh LEED-certified building on campus.
Occupancy is at its lowest level since at least 1998, dragged down by the pandemic. But step into the suburbs and it's a different world entirely.
By: Alby Gallun
As downtown apartment landlords struggle through the worst market in decades, it's sunshine, lollipops and rainbows in the suburbs.
The downtown occupancy rate fell to 87.1 percent in the third quarter, down from 93.8 percent a year earlier, according to the Chicago office of lntegra Realty Resources, a consulting and appraisal firm. The rate has never been that low in the 22 years since the firm's executives began tracking the downtown market.
To attract tenants, downtown landlords have slashed rents, which fell 18 percent to 23 percent, depending on market segment, from third quarter 2019.
"Some (landlords) are saying they can't remember it ever being this bad," said Ron DeVries, lntegra senior managing director.
The coronavirus pandemic and civil unrest over the summer have reduced the appeal of high-rise living across the country, and with so many people working from home, fewer are renting apartments to be near a downtown workplace.
That has turned out to be a bad combination for landlords-but a good one if you're in the market for a new pad. Downtown rents are down about $500 across the board, DeVries said.
Step into the suburbs and it's a different world entirely. The suburban apartment occupancy rate rose to 95.3 percent in the third quarter, up from 95.1 percent in the second quarter and 95.0 percent a year earlier, according to lntegra. The median net suburban rent was $1.53 per square foot in the quarter, versus $1.54 in the second quarter and $1.48 a year earlier.
The forces that have depressed demand for apartments downtown - corporate work-from-home policies and the decline in people seeking out dense, urban living - have had little impact on the suburban market.
"It's like no market event has happened there," DeVries said.
A TALE OF TWO MARKETS
While the suburban Chicago multifamily occupancy rate has inched higher this year, the rate for Class A downtown apartments has dropped to its lowest level in more than two decades. Suburban rents have held steady, but downtown Class A rents have plunged to 2013 levels.
With coronavirus cases surging and the leasing entering a seasonally slow period, DeVries expects the downtown market to fall further. But recent news about promising COVID-19 vaccines offers hope that it could begin to recover next summer.
Though vaccinations will take time, they'll eventually allow companies with downtown offices to call employees back to the office. If people are working downtown, they're more likely to live there.
"When are employers going to start bringing people back?" DeVries asked. "Because that's really going to drive demand."
If the vaccines "turn out to be successful, I think things could turn around on a dime," he said.
Still, DeVries expects the downtown market won't come back fully until the spring of 2023, more than two years from now. It has fallen hard: Including concessions, the average rent at Class A buildings-the fanciest and most expensive of the bunch-fell to $2.53 per square foot in the third quarter, down 18.4 percent from a year earlier, according to lntegra. The last time the average Class A rent was that low was in late 2013.
The average Class Brent fell even more: 23.3 percent, to $2.07 per square foot where it was in 2011.
One key measure of demand, absorption-or the change in the number of occupied apartments-has slipped into negative territory after expanding for several years. Downtown absorption totaled -531 units in the quarter, and lntegra forecasts absorption for the year will drop to -1,300 units, the first year of negative absorption since 2005.
With numbers like that, some landlords could wind up defaulting on their debt. But Devries said he doesn't expect widespread distress downtown because most properties aren't carrying too much debt, and lenders, sensing a recovery on the horizon, will be flexible with borrowers.
"There's got to be motivation to wait it out," he said.
Apartment development has slowed to a crawl downtown, but some developers are moving ahead with projects, betting that the market will be much stronger when they finish them. Marquette, a Naperville-based developer, recently broke ground on two apartment buildings totaling more than 500 units on the west end of the Fulton Market District.
''There's lots of tire-kicking in the city," said Damian Eallonardo, senior vice president of operations at W.E. O'Neil Construction. "I don't think any developers have given up on it. They're just moving more cautiously."
But they're still pretty busy in the suburbs, he said. Chicago developer John Murphy recently restarted construction on a 153-unit apartment project in downtown Skokie that O'Neil is overseeing as general contractor.
"We're still seeing a fair amount of activity" in the suburbs, Eallonardo said.
Outside of downtown, many landlords that cater to lower- and moderate-income tenants have had a hard time collecting rent as the coronavirus has put many people out of work.
But the market for apartments in many Chicago neighborhoods is holding up for the same reason the suburbs are, DeVries said. Though lntegra doesn't publish data on neighborhoods, it performs consulting assignments in them.
"People aren't leaving the city of Chicago," Devries said. "They're leaving density."
By the Business Facilities Staff
The 18th largest economy in the world, Illinois has grown and attracted some of the most innovative and iconic companies on the planet—including Amazon, Caterpillar, Boeing and Wrigley Company—thanks to its many advantages for business and talent.
Among the state’s greatest assets are its talent pool of nearly 6.5 million people and one of the finest transportation and logistics networks in the country. Tax credits are offered by partners at the state and local level to select companies considering alternative locations.
Home to more than 200 higher education institutions, Illinois continues to fuel one of its greatest assets for business: its diverse, skilled and hardworking workforce.
About a third of the state’s talent pool hold a bachelor’s degree or higher, which exceeds the national average. That’s thanks to Illinois’ top-notch higher education institutions, which produce 10 percent of the nation’s computer scientists and graduate more engineers than MIT, Stanford and Caltech combined. It’s no surprise that the minds behind YouTube, Oracle, CDW, PayPal and Tesla Motors are graduates of Illinois schools.
More than just highly educated, in the spirit of the famous Midwestern work ethic, Illinois’ workforce is characterized as loyal, hardworking and honest. Illinois’ more than 200 higher education institutions include some of the top colleges, universities and graduate programs in the nation.
The private University of Chicago ranks third on U.S. News’ 2018 Best National Universities list, while Northwestern University and the University of Illinois host engineering programs among the country’s top 15. Many of these institutions partner with businesses and incubators to create custom skills-training programs, such as the UIUC Research Park, Argonne National Laboratory and the Illinois Science and Tech Park.
The state’s more than 80 nationally ranked public high schools ensure that the workforce pipeline is continually growing.
One of the top states for manufacturing in the nation, Illinois boasts a rich history of industrial excellence that has evolved into an advanced, technology-driven sector. Illinois manufacturing companies benefit from low energy rates and deregulation as well as a low-cost, high-quality water supply—not to mention the state’s central North American location and world-class air, passenger and freight transportation network
ARLINGTON HEIGHTS: GROWING AND THRIVING
Arlington Heights is a growing, thriving community just northwest of Chicago, home to nearly 76,000 residents with an average household income of over $110,000. One of the largest business communities in the Chicago region, Arlington Heights is home to nearly 3,000 for-profit companies and over 50,000 daytime workers.
Arlington Heights’ position in the Chicago market is second-to-none. Two Metra commuter rail stations connect the community to Downtown Chicago and a host of other northwest suburban municipalities. Arlington Heights also is directly served by three interstate highways: I-90, I-290 and I-355, and conveniently located only 15 minutes from both O’Hare International Airport (ORD) and Chicago Executive Airport. Connectivity to three interstate highways allows Arlington Heights incomparable positioning within the Chicago metropolitan area and access to logistics by air and ground transport.
Arlington Heights also is a great corporate destination. In 2016, HSBC relocated their Chicago area offices to the community, bringing 1,500 jobs and re-occupying over 160,000 square feet of formerly vacant space. Other major companies such as Amazon, GE Healthcare, Northrop Grumman, AT&T and Paddock Publications (which publishes The Daily Herald, one of America’s 75 largest newspapers by circulation) employ hundreds within the community.
Retail also thrives in Arlington Heights. In 2019, the municipality conducted over $1.27 billion in retail sales. Rapidly-growing grocery chain Mariano’s, which now boasts over 30 locations throughout the greater Chicago metropolitan area, opened its very first store here. Arlington Heights also is an attractive location for industry. The West O’Hare Commerce Center is a two-phased 330,000-square-foot spec industrial facility less than a mile from I-90 at Arlington Heights Road, that is host to multiple growing companies like Taiki USA and AVI Systems.
Other established businesses continue to call Arlington Heights home. Arlington International Racecourse is one of the world’s premiere horse racing venues. It has been the home of the Arlington Million, one of thoroughbred racing’s richest events, since 1981. The recently-renovated Mitsuwa Marketplace is the largest Japanese grocery store in the Midwest, serving as a destination for patrons throughout the Chicago area and servicing a large tourist population.
Arlington Heights remains a target of significant development. Arlington 425, a mixed use development in the Downtown that will offer 361 new apartments and 35,000 square feet of commercial space is approved and anticipated to begin construction in 2021. The Arlington Downs project is an exciting addition to the Chicago market.
When complete, the $250 million mixed-use development will boast nearly 1,000 residential units, a 115-room hotel, as well as retail, restaurant and entertainment space. Set on over 27 acres of land, the development has immediate access to three interstate highways, and will be a unique Chicagoland destination. The project is being developed in phases. The first phase, One Arlington Apartments, was recently completed and hosts 25N Coworking, a 15,000 square foot private and shared workspace venue. Phase 2, a 263-unit luxury apartment development currently is being completed.
As part of the community’s efforts to grow and support commerce and industry, Arlington Heights offers a Zero Interest Loan program available to both new and existing businesses. Interested business or property owners can apply for an interest-free loan of up to half their project cost, capping at $20,000. Eligible expenses range from the purchase of new equipment to technology upgrades to improvements of existing facilities. Retailers also are eligible for the Small Business Sales Tax Rebate program. New and growing retailers in Arlington Heights can receive a rebate of up to 50 percent of the local sales tax that they generate to reinvest in their business.
Arlington Heights offers an exceptional quality of life, starting with education. The community features five schools that have been awarded National Blue Ribbons in the past 10 years, while Robert Morris University offers a satellite campus in the community as well. The Arlington Heights Memorial Library is regularly ranked among the nation’s best public libraries for its size and has been given “five stars” by Library Journal, the publication’s highest rating. The community also is served by the Arlington Heights Park District and its 50+ public parks, as well as Northwest Community Healthcare which continues to expand its operations and services and was named by U.S. News and World Report as one of the 15 best hospitals in the state of Illinois.
Arlington Heights features a unique, vibrant and award-winning Downtown offering an enticing urban lifestyle with single-family and multi-family living, and more than two dozen shops and boutiques. It is home to nearly 40 one-of-a-kind ethnic and individually-owned restaurants. Downtown Arlington Heights also is a Chicago area destination for entertainment, hosting outdoor concerts and year-round events. Other local venues include Hey Nonny and Big Shot Piano Lounge, two great spots for live music and elegant dining in classy and cozy environs. Meanwhile, the Metropolis Performing Arts Centre offers top-notch concerts, comedy and live theater in an intimate setting.
With an exceptional quality of life, wealth of amenities and unparalleled access throughout the Chicago area, Arlington Heights is primed to continue to grow and thrive. For more information, visit www.discoverarlington.com.
WHEELING: PRIME LOCATION FOR GROWTH
Wheeling is a growing and prosperous community of 40,000, distinguished by its unique balance of industrial, commercial and residential developments. Encompassing a blend of national retailers, restaurants, corporations and independent family-run businesses, Wheeling is known regionally for its “Restaurant Row” district along Milwaukee Avenue, which features an eclectic array of dining and entertainment options for residents and visitors. Wheeling also is a member of the Chicago North Shore Convention & Visitors Bureau, which markets Wheeling’s dining and hospitality offerings. With all of these great facts presented, below is a highlight for some of the noteworthy projects that have taken advantage of Wheeling’s desirability.
The new $110 million Wheeling Town Center is located in the heart of Chicago’s prestigious northwest suburbs. This transit-oriented development serves as Wheeling’s downtown, adjacent to the 100-acre Heritage Park, Wheeling Metra Station and municipal campus. Over 1,000 luxury apartments are within walking distance of the Wheeling Metra Station.
The Wheeling Town Center features 301 luxury apartment units and 100,000 square feet of retail space anchored by a movie theater, signature restaurants, fast-casual restaurants and specialty stores. The project is a joint venture between WTC, LLC and the Lynmark Group. A few remaining parcels are available for lease.
Directly north of the Wheeling Metra Station, Uptown 500 is near completion. This transit-oriented, mixed-use development includes a 321-unit luxury apartment building and 12,000 square feet of ground floor retail. Residential leasing, which began in early 2020, is off to a strong start. The units have been attracting young professionals, while also catering to a growing interest for those downsizing and looking for maintenance-free residences close to the train station, restaurants and service amenities.
Northgate Crossing, which is immediately north of Uptown 500, was completed in 2017, and features nine three-story buildings with 32 units per building, as well as attached garages, a clubhouse, walking trails and other amenities. These projects complement the community’s Downtown Station Area Plan, which calls for a concentration of multi-family housing along with mixed-use commercial and residential development in proximity to the Wheeling Metra Station.
As Village President Pat Horcher says, “The mission of the Village of Wheeling is to provide all residents and businesses of the community with high quality public services. The Village Board has been very aggressive with business attraction programs and business incentives for new, large-scale development.”
Less than a mile west of the Wheeling Town Center, a new development will be taking shape. London Crossing will be developed by Wingspan Development Group and will include 55 row homes and approximately 33,000 square feet of commercial/retail space. According to Vice President of Development Christopher F. Coleman, “Residents will enjoy the proximity to employment, shopping and dining. When you combine a great location with great design and great Village support, you get a great outcome.”
With these major projects at various stages of development, the Wheeling community continues to experience growth. The Village of Wheeling is working proactively to secure more projects and businesses to serve its residents, visitors, surrounding communities and the existing business base. Wheeling’s Village Board recognizes the contributions made by its businesses and the partnership that is required between the Village and its business community.
A major element that differentiates Wheeling from its neighboring northern and northwest Chicagoland communities is that it co-owns the Chicago Executive Airport. The corporate aviation business at Chicago Executive Airport is experiencing an economic boost as new hangar facilities and other amenities are being constructed, including a U.S. Customs Office.
Immediately west of Chicago Executive Airport, the Panattoni Development team was drawn to the proximity of the Airport. The $13 million project broke ground in June 2019 and the 162,000-square-foot spec industrial is near completion. The developer is targeting distribution, warehousing, logistics and light manufacturing uses for the property. With a low industrial vacancy rate, the new development will attract tenants looking for modern buildings. Wheeling contains nearly 14 million square feet of industrial space and one of the top manufacturing employment concentrations in the state of Illinois.
Economic Development Director Patrick Ainsworth stated, “Watch Wheeling continue to capture new business and development projects as our geographic location, the skilled and educated workforce, our commitment to exceptional service and our passion to work with everyone all comes together to make this the best community to build, invest, open and thrive in. While we have a lot of great projects taking place, there are various opportunities for new investment that exists throughout the Village.”
Wheeling’s strategic location, the Village Board’s pro-business commitment and economic development incentives place Wheeling in a position to continue to thrive. For more information, visit www.wheelingil.gov/business.
A grocery store will soon operate in downtown Mount Prospect as part of the Maple Street Lofts mixed-use development under construction along Prospect Avenue.
Wingspan Development Group, a Mount Prospect-based real estate development company, announced today (Friday) that it has secured a long-term lease with Angelo Caputo’s Fresh Markets, a family-owned grocer.
Caputo’s will occupy the entire ground-level retail space in the newly constructed Maple Street Lofts luxury apartment building. The lease with Caputo’s brings a long-desired grocery store concept to downtown Mount Prospect.
“Angelo Caputo’s Fresh Market is an exciting addition to our Maple Street Lofts development and gives the Mount Prospect downtown district a highly sought-after amenity,” said Chris Coleman, Wingspan’s vice president.
Robertino Presta, CEO of Caputo’s, shares Coleman’s enthusiasm: “We know the residents of Mount Prospect have been asking for something like this in the downtown for a long time and my family is thrilled to be part of Maple Street Lofts.”
Maple Street Lofts, located at Prospect and Maple Street on the south side of the Union Pacific Northwest line railroad tracks, is a $125 million redevelopment that will include 257 luxury rental apartments, 15,000 sq. ft. of retail space, 56 rowhomes and a new municipal parking garage.
Original Article: https://www.journal-topics.com/articles/grocer-to-fill-ground-floor-of-new-mount-prospect-mixed-use-development/
Nearly 60 acres of vacant farmland on South Timberline Road are slated to become a 205-home subdivision.
A hearing officer for the city of Fort Collins recently approved the development proposed by Fort Collins developer JD Padilla.
The site would be developed into 205 single-family lots with 151 single-family detached and 54 single-family attached homes, according to plans filed with the city.
The 57-acre triangular parcel owned by the Harry O. Rennat Trust and Ingrid M. Rennat Family Trust has small frontage along Timberline Road across from Bacon Elementary and Zephyr Road in southeast Fort Collins. It is just south of the Hansen property slated for development and just north of the Crowne at Timberline apartments.
Access to the property would be served by a public street connection from the Hansen property and an extension of Zephyr Road and Rosen Drive to the south and east, according to plans.
No homes can be occupied before the road extensions are complete, according to the approval.
COST OF LIVING: Data shows Fort Collins residents saving under utilities' time of day rate structure
The site is adjacent to two other residential projects working their way through the city's planning and development review process.
Wingspan Development Group, an offshoot of Denver developer Kephart, has proposed 240 apartments on 10 acres of the Hansen Farm northwest of the intersection of Timberline and Zephyr roads. It is adjacent to 55 acres the Landhuis Co. plans to develop into 184 single-family detached and attached homes on 55 acres of the Hansen Farm.
A future development phase includes a proposed neighborhood park, split between the Rennat and Hansen properties.
The Rennat property is among a handful of sites Padilla is developing throughout Fort Collins, including The Wyatt, 366 apartments on the southwest corner of Harmony and Strauss Cabin roads. He owns the property just east of The Wyatt at Harmony and I-25 and is planning more apartments. He is also planning Morning Star, a senior-living complex in Old Town Fort Collins at North College Avenue and Cherry Street.
Pat Ferrier is a senior reporter covering business, health care and growth issues in Northern Colorado. Contact her at firstname.lastname@example.org. Please support her work and that of other Coloradoan journalists by purchasing a subscription today.
Oak Creek apartment plan and a neighboring commercial project make up another big development near Ikea
A large Oak Creek apartment development, and a neighboring commercial project, are proceeding — collectively making up another major project near the new Ikea store.
The 300-unit Hub13 apartment community will be developed on 33.6 acres at 7581 S. 13th St. That site is just east of I-94, and about two blocks north of West Drexel Avenue.
Mt. Prospect, Illinois-based Wingspan Development Group LLC plans to begin construction this spring on Hub13. The $57 million development's site plan was approved Tuesday night by the Oak Creek Plan Commission.
Wingspan plans to build six three-story buildings, each with 40 units, as well as three two-story buildings, each with 20 units. The monthly rents will range from $1,050 to $2,500, with the units ranging from studios to three-bedroom apartments.
The development also will feature a clubhouse with a leasing office and in-ground swimming pool near the entrance on South 13th Street.
Hub13 will take about 20 months to complete, said Jason Macklin, Wingspan's director of development.
Wingspan chose the site in part because it's in a community with a good quality of life and decent job growth, Macklin said.
Hub13 will be close to Drexel Town Square, a newer mixed-use development that includes several new stores and restaurants at Drexel and Howell avenues, and Ikea, which opened in 2018 just west of I-94 and north of Drexel Avenue.
Also, two hotels are to be developed just south of Ikea: a 121-room Homewood Suites by Hilton and a Tru by Hilton, with 90 to 100 rooms. Construction on the Homewood Suites is to begin this spring, with completion by summer 2021.
"All of these projects are amenities for our future residents," Macklin said.
Meanwhile, Hub13 will be just north of Highgate, a commercial development that is to have seven buildings totaling around 146,600 square feet.
Highgate will be anchored by a neighborhood hospital operated by Froedtert & Medical College of Wisconsin.
Other planned uses include stores, a restaurant and a Summit Credit Union branch. The $35 million development will be on 27 acres at 7781 S. 13th St.
Brookfield-based development firm Somerstone LLC has started grading that site, with parcels to be ready for construction by summer, said Andrew Vickers, Oak Creek city administrator.
Macklin said Wingspan has been communicating with Somerstone about coordinating pedestrian and car access between the two projects.
"We believe Highgate will be an amenity for our residents and vice versa," Macklin said.
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Chris Coleman, VP of Development at Wingspan, periodically shares his thoughts and observations on property development news.