What Fifield's Pipeline Says About Multifamily Construction
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Hot off the $215M sale of K2, Fifield Cos’ has five more local projects under development. Just call its pipeline a microcosm of Chicago’s ever-churning construction and development scene, which we’ll delve into next week at Bisnow’s 2nd Annual Construction & Development Summit on Dec. 4, starting at 7am.
Fifield Cos EVP Alan Schachtman, one of our speakers, just got back from visiting his daughter in New Zealand and exploring Sydney. He says such a hot market with busy contractors doesn’t make for the best pricing. The trick is to watch your timing, stay flexible and be very cautious how you put things out and whom you talk to. (If only we could build everything modular off-site.) K2’s sale to New York-based Georgetown is a testament to Fulton Market’s strength, says Alan (snapped in Wellington, up in a tree overlooking the city).
Fifield’s now focused on finishing up 356-unit E2 in Evanston, delivering in Q1 2015 with first leases in March. Next month the firm will add 42 units to 58-unit Luxe on Madison (it’s already added a new leasing center and tenant function space), contingent on permitting, Alan (pictured on a luge track in Queenstown, NZ) tells us. The 59-unit 1850 W Chicago will be followed by 310-unit Avant River North at Chestnut and Orleans, and the Chicago Plan Commission just approved Fifield’s 390-unit Jewel project at Clark and Division. (Alan hopes to break ground in Q2 2015.) To hear more, join us for Bisnow’s 2nd Annual Construction & Development Summit on Dec. 4, starting at 7am.