Page 4 - Chicago Fall Cooperator 2020

4 THE CHICAGOLAND COOPERATOR —FALL 2020 CHICAGOCOOPERATOR.COM Industry Pulse Events The Chicagoland Cooperator Introduces FREE Webinars—a New Resource for Boards and Managers at chicagocooperator.com/ events The Chicagoland Cooperator , a Yale Rob- bins publication, has been a resource for the boards, managers, and residents of co-ops, condos, and HOAs for nearly two decades, both in print and online—and we are pleased to announce a new addition to our tool- kit. Yale Robbins Productions has launched Cooperator Events, a new series of FREE edu- cational ‘town-hall’ style webinars, sponsored by leaders in the multifamily industry and fo- cusing on issues and challenges facing today’s boards. We have assembled expert panels on everything from legal questions around the COVID-19 pandemic to optimizing your insurance coverage to disinfecting your com- munity’s pool. Registration and attendance are FREE to all—just visit chicagocooperator. com/events, choose the webinar you’d like to attend, and sign up. It’s that simple. You’ll get an email link and reminders for the event, and will have the opportunity to submit ques- tions for the panelists before AND during the webinar itself. Past events are archived and available on-demand on chicagocooperator. com/events. Serving on your board is a big job, and a big responsibility, but sound, timely advice from industry veterans can help lighten the load and make your building or association run more smoothly. We’re committed to helping you achieve that, and look forward to ‘seeing’ you at an upcoming webinar! Property Management Habitat Awarded Management of Eliot House A press release from ConnectCRE an- nounces that The Habitat Company will manage Eliot House, a 324-unit high-rise condominium building on downtown Chi- cago’s Gold Coast. Habitat was awarded two other significant Chicago condo manage- ment contracts this year: the 724-unit Park Tower and the 234-unit Metropolitan Tower. David Barnhart, VP of condominium management at Habitat, describes Eliot House as “... an integral part of the historic Carl Sandburg Village of condominium as- sociations, ... a well-regarded presence in the heart of Chicago’s renowned Gold Coast neighborhood.” According to the release, Eliot House was originally constructed as rentals in 1963 as part of Carl Sandburg Village, a residential community that was converted to condos in 1979. All of the place names within the Vil- lage derive from famous authors, per the re- lease; Eliot House was named for American- British poet and essayist T.S. Eliot. Development West Loop Condo Raises Funds for Community Dog Park RE Journals reports that 1400 Monroe, a 42-unit, seven-story luxury condominium in development in Chicago’s West Loop neigh- borhood, was a prominent ‘Silver Paw’ spon- sor of a recent fundraiser for a pet-friendly park adjacent to the building. The condo is being built by JK Equities with expected completion in summer 2021. Booth Hansen designed 1400 Monroe with Mojo Stumer-designed residences ranging in size from 1,242 to 1,958 square feet, accord- ing to the report. The park, in a Chicago Park District dog friendly area (DFA) across from Skinner Park on Monroe Street between Throop and Loo- mis, opened in late summer of 2014. The fun- draiser took place on its 6-year anniversary. The fenced-in park features specialized turf, pea gravel, shade trees, water features, and shaded sitting areas for pets’ human companions, says the outlet. It was estimated that 600 people attended the event, in stag- gered entry of groups of 100 masked people at a time, and raised almost $6,000 for the op- eration and maintenance of the park. 35-Story Condo Proposed for Near North Side Nahla Capital, a New York City-based investment firm, has proposed building a 35-story luxury condominium at 40 W. Oak Street, according to a Chicago Sun-Times re- port. The proposed zoning amendment—the first step in the approval process—will re- quire a Chicago Plan Commission hearing and final approval by the City Council, says the Sun-Times . The development would in- clude 75 condo units and 160 parking spaces. Chicago architect Lucien Lagrange, known for his contribution to the city’s high- end high-rise boom of the early 2000s, is listed as the building’s designer. The building would replace a parking structure at the northwest corner of Oak and Dearborn streets, imme- diately north of the Newberry Library. Neighboring Warren Barr Gold Coast Re- habilitation Center currently uses the existing parking garage. The facility will have access to some of the parking in the proposed new building, notes the Sun-Times. Alderman Brian Hopkins, whose 2nd Ward includes the site, said the developer reduced the height and number of units in the condo after criticism at neighborhood fo- rums. “All of the changes that I have request- ed have been made,” he said. “They are on the path to approval.” Nahla’s zoning proposal includes an agree- ment to provide almost $1.9 million to build eight units for lower-income residents at an- other location to be determined, reported the Sun-Times, in accordance with affordable- housing rules. Hopkins added that the proj- ect will generate money for the city’s Neigh- borhood Opportunity Fund, which supports commercial revitalization on the South and West sides. Finance Parkview Provides $22.75M Construction Loan for Townhouse Project Yield PRO Magazine reports that Parkview Financial has provided a $22.75 million con- struction loan to a joint venture of Noah Properties and MPM Holdings for the de- velopment of a 67-unit townhouse project in Avondale. Construction recently com- menced on the 2.2-acre site at 4155 W. Mel- rose Street, 3202 N. Kildare Street, and 4200 W. Belmont Avenue. The project will offer a mix of three-, four-, and five-bedroom for-sale townhomes, each with a two- or three-car garage, accord- ing to the report. Every unit will include a private rooftop, private yard, fireplace, high- end kitchen appliance package, and custom cabinetry. A clubhouse in the complex will have a gym, kitchen, and party room; other amenities will include a playground; grilling stations; and a dog run and dog washing area. Completion of the eight three-story buildings is expected in spring 2021. Of the joint venture, who are previous recipients of Parkview construction financ- ing, Parkview CEO Paul Rahimian says, “We were pleased with their performance on the first project and are confident they will de- liver a quality project to the up-and-coming Avondale neighborhood of Chicago.” Yield PRO notes that Avondale was re- cently recognized as one of the nation’s “10 hottest, need-to-visit ‘hoods’” by travel web- site Lonely Planet. New construction there is in high demand, as the vast majority of the homes in the area were built before 1939. Trends Hybrid Buildings Offer Advantages for Owners & Developers Forbes indicates that both developers and unit owners of multifamily buildings with a mix of high-end rentals and luxury condos can benefit from the combination. Several new developments in Chicago exemplify the hybrid advantage. At Parkline Chicago near Millennium Park in the Loop, One Bennett Park in Street- erville, and the Cirrus (condo) and Cascade (rental) in the city’s Lakeshore East enclave, condo owners can enjoy the higher caliber and array of amenities that they share with the rental apartments, while developers have a diverse revenue stream from which to re- coup their investment. With 24-hour door staff and on-site maintenance, Parkline Chicago (slated for completion next spring) offers owners of its 24 condos services that are not typical of bou- tique condo buildings. The 6,400 square feet of ground-floor retail add convenience and desirability, and the 190 rental apartments between them afford the condos extra height and the views that come with it. Thomas Roszak, FAIA, partner of Mo- ceri + Roszak and founder and principal of Thomas Roszak Architecture, the develop- ment team behind the building, says, “The hybrid apartment/condominium model at Parkline means condo owners will have ac- cess to a full suite of amenities like a pool with sundeck and expansive fitness facilities that are more in line with those offered at ultra- luxury rental towers. In smaller stand-alone condo developments, this level of amenities simply isn’t feasible from a cost perspective. But by placing for-sale residences atop the apartments, it maximizes views for own- ers and allows them to enjoy a more robust amenity suite whose cost is subsidized by the rental units.” At One Bennett Park, developed by Re- lated Midwest and designed by Robert A.M. Stern Architects, condo owners have a pri- vate porte-cochere and lobby through which to access their residences on floors 41 to 66 of the 70-story limestone-sheathed tower. The 279 rental apartments of the building have a separate entry and lobby, but share a 10,000-square-foot recreational sundeck with an outdoor pool, outdoor kitchens and cabanas, and fire pit lounges; 7,000 square feet of fitness and wellness facilities high- lighted by a 60-foot-long indoor pool; a chil- dren’s play suite; an interactive tween room; an entertainment suite; and a dog spa and dog grooming service. The 350-unit condominium tower Cir- rus is connected by a podium to an adjacent 503-unit apartment building called Cascade. Within the podium are shared amenities that include an indoor lap pool, heated therapy pool, and splash pad; a children’s playroom; a fitness center with adjacent yoga/spin studio, HIIT training area, and locker rooms; mas- sage and steam rooms; a game room with golf simulator and billiards; a screening room; shop space; a music room; a multi-purpose community room; and a dog-washing station and indoor dog run. Project partners Lend- lease and Magellan Development Group are also creating a new public green space designed by Claude Cornier + Associates, featuring an acre of landscaping, pathways, outdoor living rooms, and public dog run, reports Forbes. n PULSE Please submit Pulse items to Darcey Gerstein at darcey@cooperator.com