CHICAGO—Developers currently hatching plans to build luxury apartments near Chicago's downtown have been closely watching the progress made by the leasing agents for K2, a new 496-unit luxury apartment tower in the Fulton River District. Tenants began moving in on March 1, and Chicago-based Fifield Cos. Now says they have gotten 125 leases in 75 days, leasing 25% of the building.
“We delivered Chicago's premier luxury apartment building on March 1, two months ahead of schedule, and the market has responded enthusiastically,” says Randy Fifield, the company's vice chair and principal. “K2 offers renters everything they need to live the downtown, luxury lifestyle. We have received excellent feedback from potential renters and the leasing numbers reflect the buzz and reputation this property has created.”
To celebrate K2's grand opening, co-developers Fifield Cos. and Wood Partners hosted a three-day designer showcase starting on May 1. The event, which was open to the public and featured seven models from three Chicago-area designers, drew more than 1,200 people.
“The public's response to the three-day event surpassed our expectations and really helped build the leasing momentum that has carried the building into the summer months,” says Patrick Trask, central region director for Wood Partners. “We expect this velocity to continue for the foreseeable future."
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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.
