JCF Real Estate Plans Luxury Apartments on Chicago’s Northwest Side

June 12, 2012

Rendering for JCF Real Estate Apartment ComplexA 500,000 square-foot mixed-use luxury apartment complex is coming to Chicago’s Northwest side. JCF Real Estate submitted plans for a 405-unit complex to answer the demand for luxury apartments that is in short supply throughout Chicagoland.

The site’s location, just east of O’Hare, should draw strong interest in this increasingly popular sector of the city. However, in order to make this omelet, some eggs will be broken. Translation: Six buildings currently sitting where the complex is set to be will have to be torn down. This won’t be too much of a lose considering the six buildings are already owned by JCF Real Estate.

“The tenants are there,” says JCF President John Fitzmaurice. “They just don’t have the product to move into.”

The tenants are certainly there as vacancies continue to drop throughout the Chicago area with most projections claiming the vacancy rate will fall to 4.3 percent this year. There is no doubt that right now the rental market is the real estate area that is witnessing a boom thanks to the high level of foreclosures, limited access to credit and the fact that many potential homeowners are choosing to wait until the housing market stabilizes more to purchase a home.

The JCF project is estimated to cost around $65 million with apartments going for roughly $2.40 a square foot. This is on the high side for the area and will show just how strong the rental demand is on the city’s Northwest side. Amenities proposed for the complex include a fitness center, rooftop deck and a restaurant.

About The Author

Read All Stories By Mitch Levinson

Mitch Levinson is the author of “Internet Marketing: The Key to Increased New Home Sales” published by BuilderBooks. He is an Internet marketing expert with expertise in search engine optimization, website development, email marketing, social media and CRM consulting services. He is known for creating effective programs that can be tracked through analytics to prove effectiveness and ROI. Mitch is founder and president of MLC New Home Marketing and MLC FlatFee Realty, as well as managing partner of mRELEVANCE, LLC, a Marketing, Communication, Interactive agency with offices in Chicago and Atlanta. He currently leads the Chicago team. A Multi-Million Dollar Sales Producer who earned an MBA in Computer Information Systems and eCommerce, he brings a unique perspective and experience to the field of real estate communications. Mitch combines the two interests in order to help home builders and developers gain a competitive advantage through the Internet and technology. When he isn’t behind a computer, he enjoys participating in sports and coaching his kids’ teams. Mitch resides in Arlington Heights, Ill., a northwest suburb of Chicago, with his family, which includes two rambunctious labs. Visit my Google+ profile.

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