With lender requirements becoming more stringent and financing becoming more difficult to secure, homebuyers are taking the long view on luxury high-rise construction. One of the things they look at, says Related Midwest sales director Michael Kelly, is a developer’s history.
When studying Related Midwest’s new Streeterville tower, The Peshtigo, Kelly suggests buyers should look no further than company’s other projects, like Park Tower, 840 N Lake Shore Drive and 340 on the Park. Dana Dubriwny talked to Kelly about The Peshtigo for an article in April’s New Homes Magazine.
Today’s market may seem formidable, but Related Midwest is a veteran developer with a volume of experience in luxury construction. The Peshtigo is in a three-year building cycle, says Kelly. Groundbreaking is expected in late summer or early fall, with occupancy several years away.
“It’s important [that] buyers know we’ve done these buildings before,” Kelly says. “We feel our reputation and expertise in producing architecturally significant buildings is important in today’s marketplace.”