Case Study – currently in development
1800 W. Berenice, Chicago
Project Details: development of 6-story mixed-use building with 4 floors of multi-family apartments above 2 floors of flexible workspace and event space.
Successes
Currently under development in Ravenswood neighborhood in Chicago. Opening planned for mid-2023.
YES!’s Role
Creation of Feasibility Study, for client to present to lenders. Successfully received anticipated funding to initiate the project
Contents of Feasibility Study
- Executive Summary
- Project Assessment
- Summary of Pro Forma as developed for 1800 Berenice (profit opportunity)
- Conclusions and Recommendations
Design
- Elevated design is a market differentiator: large amount of natural light, outdoor deck/event space for flexible workspace, content studios, quality furnishings
- Mix of types of workspaces respond to the needs of users to work in different modes: solo, one-on-one, in a group setting, private and open.
- Creator’s spaces – content studios for podcasts, video casts and e-commerce photography
Market Advantage
- Captive audience of apartment tenants above
- Additional 240+ residential units within a 1-block radius of subject property
- Post-COVID opening with elevated experience compared with area competitors
Potential projected yield in excess of 40%
Updates provided as project advances
