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Alter Plans $45M Student Housing Downtown

CHICAGO-The Alter Group is redeveloping nine floors of the historic Pittsfield Center into student housing for Roosevelt University and Robert Morris College.

By Gina Kenny | Updated on January 27, 2008

(Read more on the multifamily market.)

CHICAGO-The Alter Group, based here, is planning to redevelop nine floors of the Pittsfield building, at 55 E. Washington St. Alter plans to redevelop floors 13 through 21, which has 147,500 rentable sf, into student housing with a total of 450 beds, says Richard Gatto, VP with Alter. Alter paid $23 million to building owner Robert Danial, an investor from Miami, for the floors, with the total cost of the project estimated at $45 million. The firm received a $36-million loan from First Bank for the project. Roosevelt University and Robert Morris College have both signed leases for student housing for five-plus years, Gatto says.

Roosevelt University will lease four floors at the Pittsfield Center and Robert Morris College will lease three floors in the building. Tiffany Winne, with Studley, represented Roosevelt University in the lease transaction. Matthew Ward and Bryan Farquhar, both with Alter, represented their firm. The two schools will be leasing the majority of the housing with 100 beds still available. Each of the two schools is within three to four blocks from the Pittsfield Building. Alter is in discussions with other local colleges and universities for the remaining space, Gatto says. “Within an eight-block radius from Pittsfield, there are 10 to 11 schools,” he says.

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