CHICAGO, IL - Despite the collapse of the condo market, construction of rental housing still has committed backers. Lenders see apartments as being on the right side of demographic and economic trends, and the development firm McCaffery Interests Inc. is capitalizing on their interest. McCaffery, which built the high-end apartment building called the Bernardin at 747 N. Wabash, has started a similar project, Flair Tower at 222 W. Erie. The 26-story building will have an Art Deco theme, and the 198 units are expected to be done by mid-2010.
Further in construction, with delivery expected by mid-2009, is a McCaffery project called the Morgan at Loyola Station, part of the redevelopment of the Loyola University Chicago campus. The 152-apartment project is being built at 1209 W. Arthur Ave. at Sheridan Road.
Company President Dan McCaffery said the projects typify his interest in transit-oriented, environmentally sensitive projects. Both buildings will use locally produced and recycled materials and water-efficient plumbing fixtures, among other green-friendly touches.
Flair Tower is a joint venture between McCaffery and the Rreef investment firm, with Charter One Bank providing debt financing. Investors in the Loyola project are Workers Realty Trust II LP and Union Labor Life Insurance. The architectural firm Antunovich Associates is handling both designs.
Source: SunTimes.com