consultants are sandburs

Sunday, March 03, 2013

"The developers are betting a combined $200 million-plus that these [new luxury apartment] buildings — the first high-rise downtown rentals in decades — will bring hundreds of well-heeled residents to parts of the city where luxury housing has been scarce, and will serve as a catalyst for new shops, restaurants and services ...".

The lure of luxury, convenience of location, the gamble of rental staying hot over the years.

A catalyst.

For shops and restaurants and services.

A siren song, heard before. Strib reporting.

An excerpt:

In a city where developers already are worried that the rental market is nearing saturation, the backers of these projects hope to set themselves apart by going skyward with the kind of luxury rental housing that’s common in New York and Chicago, where Magellan recently completed a 87-story residential tower. All of it is geared to the growing number of renters by choice, including young professionals and empty-nesters who favor the flexibility that comes with renting.

“If we’re going to compete with other major cities for talent, we have to have product and living options for people that are like what they’d find on the coasts,” said Tom Lund, vice president of real estate development for Opus Development Corp.

Strib presents the below rendering, captioned, "The LPM Apartments will have a rooftop deck for residents and retail on the lower levels. Rendering by Crystal CG"

For beautiful people - a non winter rendering.

"Location, location, location," as they say.

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