Chicago-based Heartland Partners LP has engaged the Kiser Group, an agent with the National Multi-Housing Group of Palo Alto, Calif.-based Marcus & Millichap to provide investment advisory services for a new multifamily project in Chicago. Phase II of the Kinzie Station development will be marketed as an apartment building rather than "for sale" condominiums as was originally planned.
"We are concerned about a weakening of demand for for-sale housing given current economic and political uncertainties," Edwin Jacobson, Heartland Partners President and CEO, said in a statement. "We believe we can provide a missing element in the Chicago housing market."
The development of Kinzie Station – Phase II as a multifamily project is consistent with the existing zoning for the property. It will include 267 units with 294,763 net rentable sq. ft. Construction is anticipated to begin as early as next spring.