CHICAGO—The residential market for downtown Chicago has been extremely robust, and few places illustrate that better than the Habitat Company's Hubbard Place. The 43-story glass tower recently hit its one-year anniversary and has already reached 95% occupancy, roughly six months ahead of schedule, according to officials from the Chicago-based property manager and developer.
"We have not reached the point where we have an oversupply in the downtown," Matt Fiascone, Habitat's new president, told GlobeSt.com. "The demand side of the equation still has some runway.”
Residents began moving into the 450-unit community at 360 W. Hubbard St. in October 2013. Habitat had secured 70 leases even though the opening also took place during a non-peak leasing season. And last fall company officials created a resident incentive program called HubStops. Through the program, the Hubbard Place team got more than 25 River North businesses and merchants to offer discounts and incentives to residents. Habitat also offered resident incentives with partners like the East Bank Club and employees of Motorola Mobility and Google. For example, Hubbard Place residents will have their $500 EBC initiation fee waived, or receive a $500 gift card.
“At the Habitat Company, our focus is on creating the most appealing, comfortable and convenient living experience for residents,” said Sheila Byrne, executive vice president of property management. “We attribute much of the success of Hubbard Place to our exceptional and professional staff who, through attention to detail and going the extra mile for residents, have made Hubbard Place the premier luxury apartment community in Chicago.”
Hubbard Place was designed to be LEED Silver, with an emphasis on providing open spaces for both the residents and larger community to enjoy. The apartment community offers 12 different floor plans, which include designer kitchens, generous walk-through closets, solar shades, full-sized washers and dryers, a 29,000-square-foot amenity level, complete with a rooftop sundeck, fire pit, outdoor kitchen, entertainment space and pool. Habitat also installed a distributed antenna system throughout Hubbard Place in order to enhance cell phone reception for residents.
Hubbard Place was developed in a joint venture between Habitat and Bentall Kennedy, a large real estate investment advisor.
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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.
