APARTMENTS: SMALL, MEDIUM, OR LARGE?
|Fifield's Randy Fifield told us today her company's smaller apartment projects (like one just announced in California's Santa Monica with 56 units and two restaurants, the 247-unit one in LA's Staples Center area, and a 130-unit project in LA's Koreatown) are easier to finance, say, with one or two banks. But that doesn't mean the Chicago-based developer's local projects—the behemoth Alta at K Station, whose 848 units opened in 2010, and the 496-unit K2 that broke ground at Halsted and Kinzie in November—aren't working. That's Randy at the groundbreaking, by the way.|
Randy says the tower crane at K2 is up, caissons are in, and the first floor is being poured, aiming for an April 2013 delivery. Despite the fact that K2 is a $175M project that needed a five-bank syndicated loan of $77M to get started, it's Fifield's most cost-efficient project because the firm has owned the land for eight years. Alta, she says, is 88% leased, with 1,000 people already occupying 725 of the units. Worth note: although there's this trend toward efficient living (one-bedrooms), the 16 three-bedroom units there are all gone.