CHICAGO—Condominium developers in Chicago have begun breathing life into that sector, but the rental market is still very much the king. And the work of transforming into rental units existing condo projects, many created in the run-up to the Great Recession, continues in both city and suburbs.
Chicago-based real estate developer Golub & Co. and USAA Real Estate have just formed a joint venture and acquired Century Tower, a vintage, luxury Central Loop high-rise that currently includes 292 residential condominiums. The joint venture team has de-converted the existing condominium association and plans to renovate the residential units and shared amenity spaces into rental apartments.
“Century Tower's desirable location in the midst of the downtown business, dining, and shopping district, coupled with its historic charm, offered a unique investment opportunity,” says Michael Newman, president and chief executive officer, Golub & Co. “Our planned renovations will bring the units up to date with the needs and desires of today's downtown renter, and offer a unique, historically-preserved luxury apartment option for them in the heart of the Loop.”
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Brian J. Rogal
Brian J. Rogal is a Chicago-based freelance writer with years of experience as an investigative reporter and editor, most notably at The Chicago Reporter, where he concentrated on housing issues. He also has written extensively on alternative energy and the payments card industry for national trade publications.
