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COVER STORY, AUGUST 2006
PRIME POSITIONING
Developers across the Midwest are choosing locations that offer a range of amenities and a distinctive lifestyle.
Lara Fuller
Naturally, location is critical when developing almost any kind of commercial project. Multifamily developments are no different. Location is one of the first things that most potential buyers look for when choosing a new residence. Some want to be in the city center, near shopping, entertainment and restaurants, while others want convenience with a little extra space and good views. Heartland Real Estate Business recently took a look at four of the newest multifamily projects being developed in the Midwest. Each project incorporates different uses and amenities in order to take advantage of what its unique location has to offer.
One Museum Park
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In Chicago, The Enterprise Companies is developing One Museum Park, a 280-unit condominium tower at Roosevelt Road and Columbus Drive.
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One Museum Park, which is a part of the Museum Park at Central Station’s multi-phased development, is located at the northeast corner of Central Station, where Roosevelt Road meets Columbus Drive in Chicago. This site not only offers residents a great location, but also unique views of the city. “The site affords buyers unrivaled views of Lake Michigan and the Loop skyline, as well as immediate access to the lakefront, Grant Park and the Museum Campus,” says Ronald Shipka, principal with Chicago-based The Enterprise Companies, developer of the project.
When complete in spring 2008, One Museum Park will feature 280 condominium units ranging in size from 1,000 square feet to 3,500 square feet. Every unit in the 60-story building will have views of either Lake Michigan, Grant Park or the Museum Campus. “One Museum Park evokes an international style, yet remains deeply rooted in Chicago’s modernist tradition,” Shipka says. “The building features a unique mix of several different compositional forms, which blend together to create a striking all-glass building unlike any other in the United States.”
Other features at the development include indoor parking, a 24-hour doorman, a building concierge, an outdoor swimming pool and sundeck, an exercise room, an indoor lap pool and two clubrooms with an adjoining chef’s kitchen.
The location, combined with all of the amenities, will make One Museum Park a popular Chicago development. More than 150 units were sold in the first weekend alone. Pappageorge/Haymes of Chicago is the project architect and Bovis Lend Lease is the general contractor.
“The spectacular, guaranteed views, the luxurious building amenities, and the well-thought-out floor plans that provide unique space and flexibility, and maximize the lake, city and park views are all key ingredients to One Museum Park’s success,” Shipka says.
Ballpark Lofts
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McGowan|Walsh Historic Renovators is redeveloping the former Cupples Station buildings into the $85 million Ballpark Lofts, which will feature 483,000 square feet of residential space in downtown St. Louis.
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McGowan|Walsh Historic Renovators of St. Louis, Missouri, is taking advantage of the new development occurring around Major League Baseball’s St. Louis Cardinals’ new ballpark by bringing a large, three-phase multifamily project to downtown St. Louis. McGowan|Walsh is renovating the former Cupples Station buildings, originally constructed in the late 19th century and early 20th century. “There have been many previous attempts to redevelop these buildings, all of which were unsuccessful,” says Nat Walsh, founder of McGowan|Walsh. “With the new Cardinals ballpark and future Ballpark Village, McGowan|Walsh felt the time was right for a mixed-use development at the southern entrance to downtown St. Louis.”
When completed, the $85 million Ballpark Lofts project will consist of 483,000 square feet of space in three buildings. Construction on Ballpark Lofts II will begin this fall, with completion scheduled for the following year. Construction will get underway on Ballpark Lofts I in May of 2007, with the development of Ballpark Lofts III after that.
In addition to residential units, the project will also feature retail and restaurant space on the first floors of the buildings. Commercial office space will be located on the second and third floors. The prime location in downtown St. Louis will be a draw for residents and businesses alike. “Location would have to be one of the strongest features for the project,” Walsh says. “The proximity to the new stadium, Interstate 64, the federal courthouse and the Westin hotel across the street make [the project] very desirable.”
HBD of St. Louis is the general contractor and Rosemann & Associates is the project architect.
Mill Creek Terrace
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Denver-based MacKenzie House is developing Mill Creek Terrace between J.C. Nichols Parkway and Wornall Road in Kansas City, Missouri.Mill Creek Terrace will feature 61 condominiums and townhomes, and is located adjacent to the Mill Creek Park and the Country Club Plaza.
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Mill Creek Terrace is being developed between J.C. Nichols Parkway and Wornall Road in Kansas City, Missouri. The project will sit near Mill Creek Park and the Country Club Plaza, a 15-block district that features shopping, dining, hotels and art venues, as well as events and entertainment. Mill Creek Terrace will offer residents the benefits of urban living, in addition to distinctive views of the surrounding area. “This development is very unique to the area, as the property terraces up the hillside facing Mill Creek Park,” says Courtney Filing, director of sales and marketing with Denver-based MacKenzie House, developer of the project. “This allows for great views from nearly every home.”
The 61-unit project offers a mix of condominium flats and townhomes. Each townhome has a rooftop terrace and private garage parking. Every condo and townhome in the development has an indoor/outdoor fireplace adjoining the living room and the outdoor terrace. Other features at Mill Creek Terrace include a private park with Bocce ball, a fire pit and a grilling area.
“We offer the best of urban living by incorporating unique floor plans and features to meet the needs of the urban homebuyer,” Filing says. “There is a limited number of each plan which adds value to the home and distinguishes us in the marketplace.”
Construction is already underway and first occupancy is expected in spring 2007. Total completion is scheduled for late 2007. Kansas City-based Concorde Construction is the general contractor and JG Johnson of Denver is the project architect.
Carleton Artist Lofts
Construction on the $65 million Carleton Artist Lofts development, located in three buildings on University Avenue in St. Paul, Minnesota, began in January. “The development was made possible when the Johnson Brothers Liquor Company wanted to preserve its long-time warehouse buildings, and to serve as a catalyst for redevelopment of the University Avenue transit corridor between the cities of Minneapolis and St. Paul,” says Chris Barnes, project manager with Dominium Development & Acquisition of Minneapolis, developer of the project. The St. Paul Historic Preservation Commission and the St. Paul City Council also designated the neighborhood a historic district, allowing the development to receive federal historic tax credits for some of the renovations.
Dominium decided to rehabilitate the existing buildings to develop live/work space for local artists. “Its focus on artists sets it apart, at a time when many are being forced out of affordable rental units as they convert to mid- and high-priced condo developments,” Barnes says.
When complete, the 202,600-square-foot project will feature 169 artist lofts with dry and wet studio space, common workshop and gallery space, outdoor courtyards, skylights on the top level and radiant floor heat in the concrete floors. Minneapolis-based BKV Group is designing the development, which will incorporate modern amenities while also maintaining the historic character of the buildings. Weis Builders of Minneapolis is the general contractor.
An additional feature of the Carleton Artist Lofts is its proximity to public transportation. The development will be served by a light-rail transit, which is currently in the early planning stages.
“This project will be successful due to its affordability, unique amenities for artists, historic character and location on a light rail transit corridor,” Barnes says.
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