There are over 8,000 new downtown apartments slated for delivery the next two years; 3,500 of those are coming on line in 2016. Nearly half of those are coming from one majorly active developer—Golub is opening four buildings totaling 1,627 units between June and September, and they presented details at an expo last night for brokers and leasing pros at Brook Furniture downtown. We spoke with Golub's "Big Three"—EVP Lee Golub, SVP Paula Harris and CEO Michael Newman—about the developments and their high hopes for them.
Pre-leasing for Marquee at Block 37 begins in March, with the 38-story, 690-unit building expected to open in June. Lee says with Block 37 out of bankruptcy and thriving as both a retail and office destination (Golub developed the latter), the time was ideal to capitalize on the air rights and build multifamily.
We listed 1001 South State among our eight hotly anticipated building openings of the year, for good reason. The South Loop is a booming real estate market across several sectors. Michael says the area is primed to come into its own as a major residential area and this 40-story, 397-unit building on the site of a former police station is ideally situated to attract renters. Paula says the amenities here will be among the best in the city. Pre-leasing begins in May, and the building will open in August.
One of Golub's two Streeterville residential projects in the pipeline, Moment at 545 N McClurg Ct opens in July with pre-leasing starting in April. Michael calls Streeterville the premier medical district in Chicago and hopes prospective renters who work in the district will want to be within walking distance to their jobs, shopping and nightlife. The 45-story tower includes 490 units.
One of Golub's residential developments is unlike the others. Sienna Flats at 423 E Ohio will consist of 50 loft-style apartments. Paula says these "boutique" units will appeal to renters who want to have more living space but want to save money, compared to similar units selling as condos elsewhere. The building won't have the amenities of Golub's other developments, but residents will still be in the heart of Streeterville's burgeoning nightlife. Pre-leasing for Sienna Flats begins in June with the building opening in September.
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