VILLAGE GREEN CONVERTS ANOTHER
|The Detroit-based apartment developer is working on its third restoration of a historic downtown building into an apartment. The 313-unit building at 188 W Randolph will spend the summer undergoing a $146.6M transformation into Randolph Tower Apartments. Village Green CEO Jonathan Holtzman says Chicago residents are tired of cookie-cutter new construction apartments. They are drawn to the unique architecture, much of which will be maintained, at Randolph Tower as well as Village Green's operating apartments at the Fisher Building City Apartments and MDA City Apartments. Randolph Towers will be unique in that 20% of the units will be set aside for those making 50% of the average income for the area or less.|
Jonathan says the apartments will be green, but not LEED. Village Green also makes sure its apartments are within walking distance of common workplaces and L stops, increasing their green quotient and drawing in customers. Jonathan has seen rents surge in his Chicago buildings over the last few years, even without giving concessions. As a developer, he says there is more risk involved in restoring a historic building, but if you have the guts to take the risk and know what you're doing, you'll end up with a successful product that everyone loves (we're sure the Main-on-Main locations and unique architecture also help).