Midwest Real Estate News February/March 2016 : Page 4
4 | Midwest Real Estate News | FEBRUARY/MARCH 2016 | www.rejournals.com FEATURES Multifamily boom in key Midwest cities: Multifamily 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. COLUMNS Pillar’s Klingher and Markech: Suburbs enjoying plenty of multifamily activity, too By now it’s become a familiar tale: The centers of big cities are enjoying a boom in multifamily construction, sales and leases. But where does that leave the suburbs? Are the multifamily developments located in suburban communities languishing as renters flock to big cities? CenterPoint’s McKiernan: Chicago suburbs still big draw for industrial users: Business boomed last year at the CenterPoint Intermodal Center in the Chicago suburbs. Brian McKiernan, senior vice president with CenterPoint, said that the intermodal center, located in the Joliet market just 40 miles southwest of Chicago, was the home to nine big industrial transactions last year, transactions that involved more than 3 million square feet. 1 10 Industrial market continues to soar in Southeast Wisconsin Low vacancies, plenty of new construction and rising demand. These are the big trends in the Southeast Wisconsin industrial market today. Midwest Real Estate News spoke with three key brokers working this market today about what is fueling the strong industrial market just across the Illinois/Wisconsin border. 18 23 Market Position: Tom Silva, Silva Brand DEPTS/INTERVIEWS 6 25 27 27 29 Editor’s Letter The delicate work of turning the Chicago Motor Club building into a boutique hotel: The 17-story Chicago Motor Club building 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. 1 13 Looking for a commercial loan? It all comes down to location, history and demand: It’s no secret that a multifamily building boom is taking place across the country. But what do developers, owners and investors need to show commercial lenders to earn the financing they need to build new apartment towers, renovate older ones and acquire new properties for their portfolios? 8 Companies, not just residents, flocking to the urban heart of the Twin Cities The trend is a strong one: Residents are moving in increasing numbers to the urban center of the Minneapolis/St. Paul area. Developers are rushing to add multifamily units to meet this demand. But the push toward downtown living is also bringing new companies to the center of Minneapolis and St. Paul, something that is changing the office market here. 20 Inland’s McGuinness: Brick-and-mortar retailers continue to evolve Paine/Wetzel celebrates 40 years Profile: Doug Altemuehle, Newmark Grubb Knight Frank Colliers’ Eldredge: Multifamily developers like what they see in Milwaukee Worried that the Milwaukee multifamily market is set for a slowdown soon? Don’t be. Just ask Joe Eldredge, vice president in the Milwaukee office of Colliers International. He’ll tell you that the Milwaukee multifamily market is still hot, and that new construction isn’t about to slow anytime soon. 16 Directory Listings Cohen Financial’s Bronkema: Grand 22 Rapids’ downtown on the rise Like many cities across the Midwest, Grand Rapids, Michigan, is enjoying a downtown boom. Cathy Bronkema, a partner with Cohen Financial and the managing director of the company’s Grand Rapids office, spoke to Midwest Real Estate News about the factors behind Grand Rapids’ economic rise.