| K2 Rises in Chicago |
ProjectQA is excited to be a part of the K2 at K Station project, a new 34-story high rise apartment building located in the west loop area of Chicago IL. ProjectQA completed a pre-construction and budget analysis document review for The PrivateBank and we are now monitoring the construction progress for this syndicated loan.
Fifield, Wood Partners Break Ground on $175M K2 Tower in Chicago
Development, Featured Content, Headlines, Midwest, Multi-Family, Top News of the Day, Top News of the Week Oct 24
October 24, 2011
By Nicholas Ziegler, News Editor
It’s been seven years since Chicago-based Fifield Cos. began building its K Station apartment tower in the Windy City, and now it’s looking to capitalize on a hot rental market by beginning construction on the development’s fifth, and final, tower in conjunction with national developer Wood Partners. The 34-story building, K2, will include more 496 living units and 348 parking spaces.
Randy Fifield, vice chair & principal with Fifield, was excited about the new tower, calling K2 “the grand finale” to the K Station development. “With the shift from home ownership to rental, as well as positive job growth in downtown Chicago, the city continues to absorb 2,000 new rental units per year,” he said. “Even with the recent announcement of 2,000-plus new apartment units, the staggered deliveries of these buildings in 2013 and 2014 will only satisfy half of the current rental demand.”
Fifield had a point, because multi-family properties are hot and getting hotter – thanks, in part, to tightening credit standards for home ownership. According to our sister publication, Multi-Housing News, developers’ sentiment for building multi-family units has increased dramatically of late. The National Association of Home Builders’ Multifamily Production Index for market-rate rentals hit 51.7 in the fourth quarter of 2010, marking the first time the number has breached 50 since the second quarter of 2007. One year ago, the market-rate MPI was just 22.1.
K2 is the first Chicago-area development for Wood Partners and will contribute to the company’s more than 4,000 units started nationwide this year.
Construction funding for the $175 million project came from a variety of sources, including Chicago-based The Private Bank, Comerica Bank, Fifth Third Bank, Cole Taylor Bank and Bank of the West. K2 will be built on a one-acre site at 365 N. Halsted St.
To view more about the new K2, click here. |
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An Alliance Partner Profile
Meet Terry Boling
In the interest of your getting to know ProjectQA, we would like to do a profile article on one of our Alliance Partners from time to time. Every Alliance Partner who participates with ProjectQA is a licensed architect. These are the people who do the site observations which are the engines of our reports to lenders. In this newsletter, we would like to highlight Terry Boling, our very first Alliance Partner.
A little background...
Bachelors in Architecture - University of Cincinnati, 1989
Associate in Architectural Technology – Southern Illinois University, 1983
Worked in Brussels, Belgium and Vienna, Austria before starting my own practice in 2001.
Started teaching at the University of Cincinnati in 2001.
Currently Associate Professor of Practice.
Registered in the state of Ohio and LEED AP
www.terryboling.com
Would you tell us about an interesting project of yours?
I led University of Cincinnati students in the 2007 Solar Decathlon Project, where Read entire article... |
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Because ProjectQA has always been
Committed to Project Success, we found it interesting to read the following article about how projects fail in other industries as well as the construction industry.
Why Projects Fail: Avoiding the Classic Pitfalls
An Oracle White Paper October 2011
Executive Summary
There is an age-old saying that goes something like this: “we can do anything we want, but we cannot do everything we want.” This is the classic conundrum that all firms face. Organizations across industries are challenged to deliver an increasing number of projects and programs, while maintaining flat (or decreasing) budgets and resources. In such an environment, only one outcome is possible...project failure.
Are project failures considered normal? Long-held beliefs and studies have indicated that a majority of projects end in failure, perhaps suggesting that project failures are becoming an accepted norm. The oft-referenced, now decade-old, Standish Group Chaos Report cited a 31% project failure rate effectively lowering the bar, and along with it any optimism for a successful project effort. Read entire article... |
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