Midwest Real Estate News February/March 2016 : Page 1

MINNESOTA | MISSOURI | NEBRASKA | OHIO | TENNESSEE | WISCONSIN FEB/MAR 2016 VOLUME 30 ISSUE 08 WWW .REJOURNALS.COM Directories begin on page 29: THE DAKOTAS | ILLINOIS | INDIANA | IOWA | KANSAS | KENTUCKY | MICHIGAN Developers, Multifamily Finance Multifamily development soaring in Detroit, Minneapolis and Chicago – but affordability remains a challenge By Dan Rafter, Editor FEATURE Making the transformation: M The delicate work of turning the Chicago Motor Club building into a boutique hotel ultifamily development remains hot across the Midwest. For proof of this, look to the key Midwest cities of Minneapolis, St. Paul, Chicago and Detroit. These four cities all saw significant new apartment projects in 2015, projects that added, in some cases, thousands of new apartment units to these metropolitan regions. And each of these cities will see even more multi-family development in 2016. RENTCafe, a national apartment search Web site and a part of research company Yardi Matrix, provided some interesting numbers to Midwest Real Estate News. According to RENTCafe, 18 new rental devel-opments each with 50 or more units opened in the Chicago market in 2015. These new multifamily buildings added 3,498 units to the Chicago area’s apartment supply. The North Water and AMLI Lofts were the two biggest apartment developments last year here, each offering 398 new multifamily units. Minneapolis saw the addition of 11 new rental devel-opments with more than 50 units each, according to RENTCafe. These additions brought 1,905 new apart-ment units to the Minneapolis market, with the WaHu student-housing development adding the greatest number, 329 units. In St. Paul, RentCAFE reported, two new apartment projects of more than 50 units each opened, bringing FEATURE (continued on page 14) T By Dan Rafter, Editor he 17-story Chicago Motor Club build-ing in downtown Chicago has long been considered one of the finest examples of Art Deco style. And the building has an impressive pedigree, having been designed by famed architecture firm Holabird & Root. But that didn’t mean that the building was safe from demolition. The skyscraper had served as the home for the AAA-Chicago Mo-tor Club from its opening in 1929 until 1986. That’s when the motor club moved to the Chi-cago suburb of Des Plaines. The 89,000-square-foot building re-mained active after the motor club’s move, serving as a general office building for a variety of tenants. But in the early 2000s, the building fell out of favor. Tenants sought larger floor plates than the old motor club building could offer. The result? This Art Deco star had been va-FEATURE (continued on page 15)

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