CHICAGO—Co-developers Fifield Cos. and Carroll Properties have just opened E2, a luxury apartment project located at Emerson St. and Maple Ave. in suburban Evanston. The 356-unit development is part of a growing trend to bring to the suburbs the type of amenity-rich rental properties increasingly popular in downtown cores.
“This building answers a strong demand in this market, giving suburban residents the best of what a sophisticated urban rental lifestyle has to offer,” Randy Fifield, vice chair and principal at Chicago-based Fifield, tells GlobeSt.com. E2 residents, for example, will have quick access to downtown Chicago through the CTA's Purple Line and a Metra station. In addition, Evanston has a dense, historic downtown with a high concentration of restaurants, retail and entertainment options that will attract favored demographic groups.
“It's not just the millennials,” she adds. Many high-income individuals transfer to new jobs in Chicago but only plan on staying a few years, not nearly enough to take the time and trouble of purchasing property. “Renting provides a lot of flexibility.”
Fifield estimates that about 20% of its tenants will work from home. The company will provide residents with a business center complete with computer stations, office equipment and a conference room with a flat-screen TV for presentations. A demonstration kitchen will even allow tenants to cater an event, perhaps bringing in a chef from one of Evanston's dozens of restaurants. “To invite in a celebrity chef or have a wine tasting will be a tremendous benefit to anyone hosting a group of clients,” she says.
As reported in GlobeSt.com, Oak Park, another transit-oriented suburb with a historic downtown, has also started to attract projects similar to E2. Late last year, Golub & Co. and Wood Partners began building a massive mixed-use project at Lake St. and Forest Ave. Once completed in early 2016, the 21-story Lake + Forest development will have 270 luxury apartments, 27,000-square-feet of retail and commercial space, and parking for 588 cars in an attached covered garage.
Fifield's E2 was designed by FitzGerald Associates Architects, and consists of two buildings: a 16-story tower at 1881 Oak Ave. and a 14-story tower at 1890 Maple Ave. A four-story structure that includes three floors of parking and a fourth-floor amenity deck connects the two buildings. E2's amenity deck offers a full-size basketball court, yoga studio, fitness center, lounge area, coffee bar, outdoor pool and many other services. Evanston-based Morgante Wilson Architects did all of E2's common area interior design work. The building also contains 4,000-square-feet of ground-floor retail space.
Apartment tower residences range from 500- to 1,400-square-feet and offer studio, one-, two- and three-bedroom layouts. Starting prices range from $1,550 for a studio to $3,700 for a three-bedroom unit. One-bedroom residences start at $1,700 and two-bedroom units start at $2,400. E2 also contains 12 rental townhouses.
“The sheer range of unit types will appeal to so many different renters, from young couples and graduate students to empty nesters and families, so E2 will be able to support a diverse, multigenerational demographic,” adds Fifield. And “E2 will be a development that encourages the growth of commerce in the community.”
On May 5, the developers will begin a three-day designer showcase at E2 that will feature fully-furnished model apartments. The company hosted a similar event in 2013 at its K2 apartment tower in Chicago, which company officials say drew more than 1,500 participants.
Fifield has built similar projects across the nation, including K2 LA, a 303-unit apartment building in Los Angeles' Koreatown neighborhood and a 106-unit residential development in Santa Monica.
“It's a national phenomenon and I think it's here to stay,” Fifield says.
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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.
