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The vintage Plymouth Building (center) stands vacant right now, but it could see new life as student housing under a proposal by the building's owner. Elliott Capital wants to turn the 11-story building at 417 S Dearborn into student housing in time for the 2017 school year.
This isn't the first time the building has been eyed as a student housing play. Conlon & Co wanted to build 80 dorms in the Plymouth Building before selling the asset to Elliott in 2009. With 38,000 full-time college students downtown, there's demand for quality student housing in the area. Student housing is one of several active real estate sectors in the South Loop, and it's a sector considered to be recession-resistant and desirable to 1031 investors.
So what will make Elliot's plan different from other student housing developments? Founder Justin Elliot says with fully furnished rooms and upgraded amenities, all students need to do is show up with linens and a pillow and move in, Crain's reports. Students also can lease directly from the property management team of Elliott and LG Development. Elliott plans to build 30 units capable of housing 140 beds, with rents ranging from $900/month for a bed to $1,300 to $1,400/month for a private room. The project is expected to cost $11M, partially funded by historic tax credits. [Crain's]
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