Bridging The Gap in
Chicago’s Hottest Market
From the initial stages of this development, Corwin Partners worked with the developer and architect to bridge a housing gap in Chicago’s West Loop neighborhood. During the initial market study, we noticed an abundance of families in the Skinner School District outgrowing current housing product in the area. We worked with the developer and carefully-curated options to meet the market demand for spacious, four and five bedroom plus den/office residences.
Leveraging existing influencer relationships and actively engaging likely-moving neighbors in digital and direct mail campaigns, our off-market outreach met 50% of our presale needs prior to any launch events. We then achieved 100% of construction presale requirements in less than four weeks after going to market. This immediate response provided our team additional insight about the market’s appetite for large, high-bedroom-count inventory in the West Loop. We immediately revisited the unit mix prior to construction start and combined several unsold units to create three large single-floor residences different from anything else available in the area. All three homes were quickly absorbed by the market. The team maximized the premiums for one-of-a-kind residences, leaving more room in the proforma to value-price impacted homes, so all homes could sell well. Working our plan, Corwin Partners met the entire presale requirement for the building during months most teams don’t generate sales contracts (Oct, Nov, Dec 2019) and we finished the last quarter of the building sales during a global pandemic (Mar, Apr 2020). Our team sold the entire project out before construction start in May 2020.
Having trust and ongoing communication with a developer, architect, general contractor, and entitlement team provided the necessary alignment to seize presented opportunities in real time and capitalize.
Peoria Green is designed for buyers than want “more” in a home – more bedrooms, more outdoor space, and more parking – in the best location in the West Loop. Spanning the block between Peoria Street and Green Street, the building tucks along the West Loop’s favorite outdoor space, Mary Bartelme Park. Each of the 17 single-floor residences feature 4-5 bedrooms, two-car parking, and private elevator access. Designed with outdoor living as a primary focus, each home naturally extends onto a private terrace/rooftop and all residents may. Dark masonry and clean lines introduce a compromise between modern aesthetic and the neighborhood’s recognized red brick. The building was sold out prior to foundation completion.
- Crain’s Chicago Business, March 2019
- The Real Deal, June 2019
- Curbed Chicago, January 2020
- Crain’s Chicago Business, January 2020
SULLIVAN, GOULETTE & WILSON