Apartment Builders to Maintain Equilibrium

CHICAGO—The city of Chicago is in the midst of an apartment boom as developers look to satisfy the growing desire among renters to adopt an urban lifestyle. But even with all of the units set for delivery in the near future, Dan Walsh vice president of development for Ryan Companies US, Inc. believes that 833 N. Clark St. Apartments, which Ryan and its co-developer Lincoln Property Co. broke ground on last month, has a leg up on much of the competition due to its Gold Coast location.

“When compared to other neighborhoods such as the Loop, River North, South Loop and River West, the Gold Coast definitely has much more of a residential feel,” he tells GlobeSt.com. “Just walk around Washington Square Park and the Newberry Library and you will feel the difference between this neighborhood and our competition.” Therefore, from a risk management standpoint, the 31-story, 373-unit tower at 833 Clark should be healthier than the city’s other new apartment buildings. “If the market swings in favor of tenants, I think our rents will hold up better.”