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.
Tom Daykin can be emailed at email@example.com and followed on Instagram, Twitter and Facebook.
Jade at North Hyde Park includes a five-story, 192-unit apartment building and on-site garage as well as a restaurant or retail store.
By: D'Ann Lawrence White
TAMPA, FL — Commercial real estate company Marcus & Millichap announced the sale of the 1.85-acre North Hyde Park Development Site for $3 million.
The North Hyde Park Development Site is located at 608 N. Willow Ave. The property was purchased by Wingspan Development Group, which plans on creating Jade at North Hyde Park, a five-story, 192-unit apartment building with an accompanying on-site garage with 297 parking spaces. Jade is also slated to include a 3,100-square-foot storefront for a restaurant or retailer and an 895-square-foot outdoor patio.
Jade will also feature resort-quality amenities and high-end finishes including a 24-hour fitness center, swimming pool with poolside club and outdoor kitchens, gathering lounge, cyber cafe, conference room, bike storage and repair, resident storage lockers, electric car-charging stations, in-unit washer/dryer, quartz countertops, energy-efficient stainless steel appliances, tiled back splash, programmable thermostats and private patios or balconies.
Construction is anticipated to begin the first quarter of 2020.
"The Tampa urban core continues to be a development hotbed as demand outpaces supply by a wide margin leading to formidable rents," said Casey Babb, an investment specialist in Marcus & Millichap's Tampa office. "Recent sales activity in downtown Tampa of more than $300,000 per unit for mid-rise and upwards of $440,000 per unit for high-rise further bolsters the appetite for developers in spite of all-time high construction costs."
Multifamily developers can’t keep up with the burgeoning demand for rental units in the Chicago metro area. For the second year in a row, the number of units absorbed by local renters will outpace new completions, according to Marcus & Millichap’s new Q4 market report.
Much of the demand is coming from prospective tenants who want either downtown apartments or units along the train lines that radiate out from the central business district, demand fueled by the continuing expansion of the city’s downtown office market, Marcus & Millichap added. The successful leasing seen so far at 601W Cos.’ Old Main Post Office, where Uber Freight and Walgreens recently agreed to occupy significant amounts of space, is just one illustration of how the CBD seems primed for even more growth.
"Sustained employment growth in the core continues to benefit apartment owners, supporting strong [net operating income] growth as the average effective rent has climbed more than 10% over the past two years,” Marcus & Millichap said.
Developers are on track to finish about 9,100 new apartments in the metro area this year, matching the cyclical high of 2018, and a boost over what had been forecast earlier this year, but roughly 12,000 units will have been absorbed, the firm found. That is sending the vacancy rate toward a historic low, and significantly pushing up rents every quarter.
The overall vacancy rate fell 60 basis points in 2018, and by the end of 2019, will have fallen another 40 basis points to 4.9%. The average effective rent should hit $1,582, a 6.6% increase, which follows a 5.9% gain in 2018.
A roaring multifamily market is no longer just an urban phenomenon. Developers completed about 12,000 suburban units in the past three years, according to Marcus & Millichap, but the area’s vacancy rate remains stubbornly low as renters priced out of the urban core fill up apartments as fast as developers can build them.
“Exceptional absorption will keep developers in Chicago focusing on areas near major employment hubs, particularly in the urban core and some northwestern suburbs,” the firm said.
In the suburbs, vacancy by the end of the third quarter decreased 50 basis points on an annual basis to just 3.9%, tying a cyclical low, and in Lake County/Kenosha dropped 60 points to 3%.
“The average effective rent in Chicago’s suburbs increased 4.3% since September of last year, driven by a 10% boost in Aurora,” the firm added.
The only real cloud on the horizon is the growing disconnect in the expectations of sellers and investors, many of whom expressed fears about reforms introduced by Cook County Assessor Fritz Kaegi, and the possible impact on property taxes. That pushed transaction volume down 19% over the past year.
By John Jordan
CHICAGO—Bolstered by strong leasing activity, the industrial vacancy rate for the Chicago region in the third quarter dropped to 4.9%, besting the 19-year record low of 5% recorded set in the second quarter of this year.
According to a report released by Cushman & Wakefield, third-quarter leasing activity totaled 25.9 million square feet, nearly half of which was concentrated in the Interstate 55 and Interstate 80 corridors, as well as southeast Wisconsin.
The average asking net rent in the Chicago region remained essentially unchanged from the second quarter, at $5.42-per-square-foot, above the year-earlier figure of $5.34-per-square-foot. The region scored the 35th consecutive quarter of positive absorption at 6.8 million square feet.
“As we head into the final months of 2019, signs point to yet another year of growth for Chicago-area industrial activity,” says Jason West, vice chair, on Cushman & Wakefield’s Chicago industrial team. “Firms like Crate & Barrel, which recently reported that nearly half of its sales are now online, continue to drive demand for large-scale distribution centers with easy access to consumers.”
He adds, “We’ve already seen more of these big-box deals in 2019 than during the same period last year, and with several others expected to close by year’s end, we’re confident in the market’s ability to absorb the new supply.”
In the report, Cushman & Wakefield states that eight new big-box leases of more than 500,000 square feet were executed in the first three quarters of 2019, compared with four for the same period in 2018. Additional transactions expected to close in the fourth quarter will likely keep big-box leasing volume ahead of last year’s levels, according to the report.
“Many of these big-box users are increasingly exploring how automation can improve their bottom line, which helps explain the need for larger buildings with increased power loads, higher ceilings, expanded loading and trailer parking and other features that are not only in demand, but expected,” West says.
Construction activity remained strong across the market in the third quarter, with year-over-year completions totaling 14.8 million square feet, a 56.5% increase from third-quarter 2018. An additional 17.8 million square feet is under construction, nearly 60% of which is being built on a speculative basis, Cushman & Wakefield reports.
By: Steve Zalusky
Mount Prospect will put an additional $200,000 into the 20 West development for public improvements.
Mount Prospect has already committed $2 million in incentives to the $23.5 million mixed-use project, which includes 73 luxury apartment and a two-story restaurant, at 20 W. Northwest Hwy. The funding comes from the Prospect and Main tax increment financing district.
The village board amended its redevelopment agreement with the developer, 20 West LLC, to authorize the expenditure Tuesday after Public Works Director Sean Dorsey told trustees plans have changed since the village approved the deal in March 2018.
"Some of the quantities and, in fact, some of the specifications and some of the materials are different at this point in time. As a consequence, there is a greater expense," Dorsey said. That includes $152,000 for more brick pavers, which will be clay-fired as opposed to the concrete the village is accustomed to using.
"One thing that we have noticed of late is early failure of the concrete pavers. That is, the salts and chlorides have eaten away at the concrete pavers, causing them to fail," Dorsey said while holding a deteriorated brick.
Given the amount of plowing and salt usage expected, the clay-fired brick solution is more effective, he said.
The brick pavers, Dorsey said, will help with stormwater control by holding back the first inch of rainfall before it percolates into the ground.
The village also will spend an extra $32,000 to change the location of a water main connection and increase the size of pipes for better flow, as a benefit for fire protection, he said.
Trustees were more agreeable to the changes because they came at the request of the village rather than the developer.
"If it was the builder that decided to do this on his own, I wouldn't think I would give it to him," Trustee William Grossi said. "But if it's the village saying we want this, we want more pavers, we want a different kind of pavers, it's justifiable in my eyes."
Chris Coleman of the Wingspan Development Group, speaking on behalf of 20 West LLC, said the development is expected to open in November.
MOUNT PROSPECT, IL - Wingspan Development Group and Nicholas & Associates, Inc. announced that Marquette Management will handle the lease-up and management of their new 20West apartment community. The new 71-unit luxury apartment property located in northwest suburban Mount Prospect will open in the fall of 2019. This will be the second Wingspan development to utilize Marquette as the property manager, preceded by the highly successful Buckingham Place property in Des Plaines, IL.
“Marquette has been a true partner at Buckingham Place,” said Chris Coleman, VP of Development at Wingspan. “They understand this market and our vision for these properties, demonstrating the same commitment to create the highest quality living environments. Their expertise in leasing and management, coupled with their extraordinary customer service, will make 20West the premier living community in the northwest suburbs.”
“Marquette is excited to partner with Wingspan Development on another incredible apartment community,” says Marquette Chief Operating Officer James Cunningham. “Buckingham Place Apartments in Des Plaines is an incredible success. We look forward to delivering the same exceptional living experience to our residents at 20West, which will be exemplified by high-quality apartment interiors and a level of service that only Marquette can provide.”
20West is located in the heart of Downton Mount Prospect, just steps from the Mount Prospect Metra station, which offers express service into Chicago’s Ogilvie Station in approximately 30 minutes. The property also features multiple resident amenity spaces including a fourth floor outdoor terrace complete with grilling stations, lounge chairs, and fire pits. Inside, residents will experience a fitness center, yoga studio, demonstration kitchen and a gaming lounge with a fireplace. The development also boasts a nearly 4,000 sq ft two level restaurant space that includes an open patio on the second floor for a totally unique al fresco dining experience.
Wingspan Development Group delivers the highest quality projects across multiple real estate segments; residential, commercial and land development. The firm’s core team has over 80 years of real estate and construction experience combined with an unparalleled commitment to detail and execution. By blending broad capabilities and a nimble organization, Wingspan capitalizes on diverse market opportunities to create value for clients and stakeholders. Wingspan has offices in Mount Prospect, IL and Milwaukee, WI.
For more information, contact Christopher Coleman at 847.394.6200 or firstname.lastname@example.org
by: Robert Brunswick, Co-Founder and CEO, Buchanan Street Partners
Apartments have been the darling of real estate capital markets for the past seven-eight years. This deep into an outstanding run, some investors have begun to worry if the clock is approaching midnight for Cinderella. However, an examination of underlying demand dynamics suggests that the U.S. will require an extraordinary number of rental units over the next five to 10 years, even beyond. If supply remains in check, the following long-term lifestyle and demographic trends should allow apartments to remain the belle of the ball for some time to come:
“Renter nation” trend
Over the past decade, the U.S. has added nearly 10 million renters, the largest 10-year gain on record, as home ownership fell to a near-record low of 64 percent in 2018. The number of occupied apartment units rose by 20 percent over that same period. Over the next decade, the U.S. is projected to add another 10 million households, many of which will be rental households for the reasons explored below.
Population growth in key rental cohort
This year is projected to be the year in which the millennial generation (persons aged 23 to 37 years in 2019) surpasses the baby boomers as the largest living generation. This generation roughly coincides with the age cohort (20-34) which accounts for the largest share of home rentals. Nearly 30 percent of people in this age group were renters in 2018. This population of prime renters is expected to grow from 68 million today to nearly 70 million when its growth peaks in 2024.
The U.S. Census Bureau projects that the nation’s population will reach 404 million in 2060, reflecting an increase of 79 million from 2017. Of this number, a whopping 75 million are projected to result from net immigration. Without these immigrants, the Census Bureau projects the U.S. population to grow by less than 4 million. The racial and ethnic groups that make up the largest share of immigrant populations have significantly lower home ownership rates than non-Hispanic whites.
Delays in household formations; other lifestyle changes
Millennials and their recent predecessors have been getting married later and delaying children in favor of careers and improved financial security. Single people are much more likely to rent apartments than married persons, and the same goes for the childless vs. parents. Over the past decade, the single population has risen by 15 million, with 2014 marking the first year in our nation’s history when unmarried adults began outnumbering the wedded. At the same time, despite a decline in the overall divorce rate, “gray divorces” are on the rise. Among U.S. adults ages 50 and older, the divorce rate has roughly doubled since the 1990s. Unlike younger persons who divorce, older divorcees are less likely to house children and, thus, are more likely to rent apartments. In fact, many of these divorces are precipitated by children leaving the nest.
Housing affordability complicated by student loan debt
The struggle to make ends meet for many millennials—part of the first generation which is forecast to see its real wages fail to exceed those of their parents—has a profound impact on housing choice. Many are unable to amass the down payment necessary to purchase a home, particularly when saddled with large student loans. Nationwide, student loan debt outstanding has tripled over just the past 12 years from about $500 billion in 2006 to $1.5 trillion in the third quarter of 2018. Today, the prototypical millennial has a negative net worth and, partly as a result, first-time buyers now represent only 30 percent of all home purchases, down from the long-term average of 39 percent. Naturally, this is good news for multifamily landlords, at least once the millennials leave their parents’ house.
Demographic trends such as these move like ships. They are inexorable in the medium term and turn slowly. Thus, while an increasing unit supply may impact pricing in the short run, the long-term demand picture should keep wind in the sails of apartment investments for some time to come.
Robert Brunswick is co-founder and CEO of Buchanan Street Partners, a real estate investment management firm based in Newport Beach, Calif. - read the original article here.
JUNE 14, 2019
TAMPA, FL - Wingspan Development Group and ABC Capital Corp. are excited to announce the recently approved Jade at North Hyde Park, a dynamic new mixed-use development located in the heart of Tampa, FL. Throughout the development process, Wingspan and ABC Capital have worked closely to create something unique in the North Hyde Park neighborhood.
Jade at North Hyde Park is a five-story wrap style mixed-use project with 192 luxury apartment units and 3,100 square feet of retail space with 850 square feet of outdoor covered seating area fronting Willow Ave and Cass Street. The property is conveniently located within minutes to the Riverwalk and Downtown Tampa and is just blocks to the University of Tampa. Jason Macklin, Wingspan Development Group’s Director of Development, saw the potential of the location immediately. “We really like the Tampa market and are excited to be a part of the City’s continued growth. Jade at North Hyde Park will be a great addition to Tampa for a number of reasons; not only will the residential aspect of the project be top notch, but the retail component of the property will be a nice addition to the North Hyde Park community and a great amenity for the residents.” Other property amenities will include a 24-hour fitness center, a resort-style swimming pool, a gathering lounge, and a cyber cafe with a conference room.
Wingspan Development Group delivers quality projects across multiple real estate segments; residential, commercial and land development. In addition to Jade at North Hyde Park, Wingspan has several other active projects in the central Florida market. The firm’s core team has over 80 years of real estate and construction experience combined with an unparalleled commitment to detail and execution. By blending broad capabilities and a nimble organization, Wingspan capitalizes on diverse market opportunities to create value for clients and stakeholders. Wingspan has offices in Mount Prospect, IL and Milwaukee, WI.
For more information, contact Christopher Coleman at 847.394.6200 or info@WingspanDev.com
Chris Coleman, VP of Development at Wingspan, periodically shares his thoughts and observations on property development news.