An added developer has received approval from the Chicago Planning Commission to convert unused office space into more than 200 units in a well-known downtown building. There has already been a separate developer that started the project, but was unable to acquire these units at the time.
The location, the Pittsfield Building, is well known to long-time Chicago residents for the many professional offices and businesses it has hosted over the years. It has plenty of train and bus transportation, restaurants, shops, and plenty of retail in close proximity. Consequently, when people within the demographics that would realistically consider the majority of the units (in addition to some already designated for affordable housing), they will be well aware of where this location is and its advantages before taking a look at the data.
This situation reduces the marketing challenge. Although the location will clearly factor into the cost per unit, potential buyers will come in knowing plenty about it, which should be an advantage to the real estate professionals involved in marketing and selling the units. There are times in forming marketing strategies that eliminating the "Where is THAT?" factor helps when you face potential buyers weighing different locations.
These are things to be aware of when researching for potential opportunities. Acquiring another property at a lower cost might mean a higher marketing budget is needed and additional challenges are involved for presenting the location. The best results include more than the numbers working in your favor. The value of research.
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