CHICAGO—The Fulton River District has become one of the city's hottest residential markets and leading investors are ready to take advantage of the opportunity. The Georgetown Co., for example, a developer and owner of many significant properties across the nation, has acquired K2, the 34-story, 496-unit apartment tower at 365 N. Halsted St. Georgetown officials say that although the building, which opened for leasing just last year, is in excellent condition, they still have plans to upgrade its public spaces and provide more amenities.
“The opportunity to participate in the growth and energy in the West Loop and Fulton Market districts attracted us to this fully-leased property, as we remain excited about Chicago's long-term prospects in both commercial and residential activity,” says Adam Flatto, chief executive officer of the New York-based Georgetown.
Fifield Cos. and Wood Partners developed K2, and the building has been a hit right from the start. As reported in GlobeSt.com, just 75 days after opening the doors, Fifield had already signed 125 leases. And earlier this week, K2 won "Multi-Family Development of the Year" at the NAIOP Chicago Awards for Excellence. Fifield has transformed this corner of the city by also developing the nearby Alta at K Station, with 848 units; and Left Bank at K Station, with 451 units.
And with thousands of new residents, the area has begun to get the look and feel of a real neighborhood. Also as reported in GlobeSt.com, Fifield recently completed a 105-foot bridge that makes the streets more pedestrian-friendly by directly connecting K2 residents to the Jewel-Osco and the CBD. Another positive development that should help attract even more residents to the district was the recent opening of Bennett Day School, a new pre-kindergarten to 8th grade progressive school at 657 W. Fulton St.
Georgetown is not a stranger to the Chicago market. The company also owns the Gap building at 35 North State St., and may redevelop the property when the Gap lease expires in 2017.
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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.
