Amenities Key To Multifamily Success
JDL Development president Jim Letchinger (speaking at Bisnow's Chicago Multifamily Summit this morning--more coverage next week) says we still have room for more product. A trend he sees: money flowing into amenities as unit sizes are being squeezed down. His "must list": really comfortable and inviting lounge space (for working from home and small conferences), entertainment areas, and outdoor space, even in mostly frigid Chicago (think hot tubs, cabanas, and unique gathering areas). Jim's renter profile is skewing younger and this new social group wants to see and be seen.
Generally interested in smaller projects, Jim's to-do list runs the gamut from ginormous to 71-unit cozy (pictured). His project with Saxony Capital and Harlem Irving Cos on Montrose and Clarendon will have a whopping 860 units along with an acre and a half of outdoor park space (more greenery a plus to being farther north). Though the project is outside the typical multifamily hot zone, its lakefront location is extremely attractive, he says, even providing the ability to create a submarket (he's taking suggestions for the name). He plans on rents from $2.40 to $2.50/SF, which is 20-25% lower than River North and downtown.