consultants are sandburs

Saturday, May 04, 2013

Flaherty - The big ugly Chicago area Flaherty rental project is open to tenants.

A Chicago Trib, local story, here. The thing IS ugly. Beyond that, tenants are moving in in dripsand drabs in part because the thing is incomplete, with developer juices flowing to get tenant cash flowing. Ramsey taxpayers have to hope it rents out as fast as units becime habitable, at extreme rates, since the more money Flaherty makes elsewhere, the less the risks of loan default on money Flaherty owes City of Ramsey:

The luxury apartment complex, with retail space on the first floor, opened to its first tenants on Friday, said Chris Kirles, vice president of development with Flaherty & Collins Properties.

The downtown project is the first major piece of a village-planned, transit-oriented district bounded by La Grange Road, 143rd Street and Southwest Highway near the Metra train station.

The move-ins were scheduled in two-hour increments, he said, which allowed for residents to settle into about 16 new units. While much of the six-story building is still under construction, 64 apartments and most of the amenities, like a fitness center and lounge areas, were completed by Friday.

Most of the 82 who have signed leases for the 295 units are expected to be in by early summer, Kirles said.

It is BIG and UGLY!

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