Can Multifamily Keep Booming?
The multifamily run has been incredible. But can it last? And what trends in location, size, and features are developers and owners seeing? These questions are why we're excited to be holding our fourth annual national summit on multifamily. We call it BMAC (for Bisnow Multifamily Annual Conference) and are hosting it in Washington, DC, on Nov. 24 and 25. We expect several hundred top practitioners to come hear our 25 top speakers. A preview:
CHICAGO: Time to Diversify?
The multifamily boom means that McCaffery Interests in engaged in a more aggressive outreach for new business, says chairman and CEO Dan McCaffery, who’ll be speaking at BMAC (he's pictured above with Chicago Alderman Danny Solis at a groundbreaking). “We know multifamily is not the be-all and end-all and that some markets will be over-saturated,” he tells us, so his firm is looking into other uses and markets that match its skill set, such as retail and condo development. While it will still be doing business in its key cities—Chicago, DC, and Pittsburgh—he’s also witnessing an “upswing that can’t be ignored” in places like Nashville, Seattle, and Southern California. “We’re casting our net,” he says.
McCaffery Interests is currently under construction on the $80M mixed-use Verde Point project in Arlington, Va. (above), which will include 177 apartments, 23 loft apartments, and a 15k SF MOM’s Organic Market. Dan tells us it’s also in final approvals for an apartment project in Pittsburgh’s Strip District and in permitting for another apartment project in DC’s Ballpark neighborhood. They’re not the only projects keeping Dan busy: Tomorrow, he’s hosting a birthday party for his four-year-old grandson and granddaughter, then on Sunday, he’s holding a baby shower in celebration of an upcoming grandchild—his seventh.