AMLI River North and Hubbard Place, two new rental towers that recently opened in River North, added a total of 877 new apartments to a market that had been clipping along at about a 95% occupancy rate.
The 481-unit Grand Plaza, which was completed in 2003, may be feeling some heat from the new buildings. As of yesterday its website reported 39 units available for immediate or within-2-week occupancy, 4 units available late this month, 10 units available in November and 2 in early December.
Grand Plaza has an excellent location and an extensive amenities package. Is that enough for it to remain competitive with the newer buildings? Which River North buildings are most vulnerable to the new competition?