Industry News

Carroll Properties and Fifield Cos Announce Opening of E2

E2Co-developers Fifield Cos and Carroll Properties announced the opening of E2 (left), Evanston’s first uber-luxury apartment project with 356 units, including 12 rental townhouses. E2 consists of a 16-story tower at 1881 Oak Ave and a 14-story tower at 1890 Maple Ave, connected by a four-story structure including parking and a fourth-floor amenity deck (featuring a full-size basketball court, yoga studio, fitness center, and outdoor pool and spa). The building also includes 4k SF of ground-floor retail space.

 

Bisnow.com / This Week’s Chicago Deal Sheet

Luxury apartment tower planned at Kilbourn and Van Buren, downtown Milwaukee

Chicago-based Carroll Properties Inc. plans to build a 32- to 33-story luxury apartment building, with up to 270 units, at a site northeast of Van Buren Street and Kilbourn Avenue in downtown Milwaukee.

The site was formerly occupied by an Edwardo’s restaurant and is where New Land Enterprises LLP and later developers Tim Gokhman and Ann Shuk had planned to build a high rise apartment development called Bookends. But the Bookends project never moved forward.Carroll Properties has a contract to purchase the site from Bookends Group LLC, said Bob King, president of Carroll Properties. That deal is expected to close by the end of the year, he said.

Carroll Properties hopes to break ground in the first quarter of 2015 on its planned apartment tower for the site. It would take 12 to 18 months to build, King said.

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Carroll Properties explores building 31-story on former Edwardo’s site

Downtown Milwaukee high-rise apartment building considered

A Chicago developer is exploring the possibility of building a luxury apartment high-rise on the eastern edge of downtown Milwaukee.

Carroll Properties of Chicago says it is in the early stages of developing a 31- to 33-story apartment building with 224 to 270 rental units as well as 10,000 square feet of street-level retail space at N. Van Buren St. and E. Kilbourn Ave., site of the long-closed Edwardo’s Pizza restaurant.

Bob King, president of Carroll Properties, said the company has held very preliminary talks with city officials. The company is awaiting results of market studies to determine more specifics about the proposed development and whether it makes sense to move forward.

The site is about three blocks west of Milwaukee’s Lake Michigan shoreline.

“We think it’s a very good site, and we think it’s going to be able to attract an upscale renter who wants to live in a walk-to-everything site,” King said. “It’s one of the best development sites I’ve seen in a very, very long time, with its proximity to everything.”

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E2 luxury apartments break ground in Evanston

Joe Zekas | Yo Chicago


Steve and Randy Fifield of Fifield Companies and Robert King of Carroll Properties keynoted the official groundbreaking for E2, two luxury apartment towers on a high-profile site at 1890 Maple Ave in downtown Evanston.

Randy Fifield outlined the extensive amenities and services that E2 will offer, including a pool, a fitness center, a party room, a basketball court, door staff and 24-hour concierge services. The apartments will be delivered “designer-ready,” according to Fifield.

Steve Fifield commented that apartment development has changed substantially within the past several years. E2 reflects the changes, Fifield noted, and will have a level of finishes that outstrips what had been provided in luxury condominiums.

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Developers Break Ground On E2 Apartments After 7 Years

Jennifer Fisher | Evanston Patch

c4f7d5ce98bb9ef2cfe00dca175cf22eTwo new apartment towers are going up at 1881 Oak Ave. and 1890 Maple Ave., with completion expected in 2015.

Seven years after he purchased the two properties at 1890 Maple Ave. and 1881 Oak Ave., developer Bob King finally broke ground on a new apartment building this Wednesday.

“It’s certainly been a long struggle, but we’re glad to here now,” said King, president of Carroll Properties.
King partnered on the project with co-developer Fifield Companies two years ago, and the apartment buildings are now expected to be completed in 2015.

Called E2, the new development will consist of a 16-story tower at 1881 Oak Ave. and a 14-story tower at 1890 Maple Ave., connected by a four-story structure with parking and a deck. There will be 356 apartments for rent, as well as 12 townhomes along Emerson Street and 4,000 square-feet of retail along the first floor.

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Groundbreaking held for two towers on Emerson

Bill Smith | Evanston Now

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Fifield principal Randy Fifield and two of her children pose with Alderman Ann Rainey, 8th Ward.

Fifield Cos. and Carroll Properties held a groundbreaking ceremony late this morning for a project they’re calling E2 — two apartment towers on Emerson Street with a total of 356 rental units.

Alderman Ann Rainey, 8th Ward, said she had supported the project from its start seven years ago as two separate buildings — one planned for condominums, the other a rental project.

After that original concept stalled during the real estate collapse, Rainey said, it was difficult to get some aldermen to accept the idea of getting it moving again — now as two rental buildings with a single shared parking platform at the base — without putting it through a lengthy second review by the Plan Commission.

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Developers to break ground on luxury apartments in downtown Evanston

DailyNorthwestern

Edward Cox | The Daily Northwesterm

Developers will break ground Tuesday on what is touted as the first luxury rental apartment complex in downtown Evanston.

The development will consist of a row of 12 town homes in front of high-rise apartments located at 1881 Oak Ave. and 1890 Maple Ave. The twin high-rise apartment complex, named E2, includes a medley of studios and multi-bedroom apartments that will be connected by a four-story structure with space for parking.

Fifield Companies and Carroll Properties are backing the $148 million project, which will include 356 units.

Carroll Properties owner Robert King purchased the vacant lot at 1881 Oak Ave. in 2005, envisioning condominium high rises with 10,000 square feet of retail space. After the real estate market collapsed and the plan to build a Trader Joe’s on 1890 Maple Ave. fell through, King partnered with Fifield Companies and started planning for apartment high rises.

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Demolition has begun to make way for the Apartments at Carroll Place

evanston-demo
Shown (left to right) is Nancy Snow, president of Title Services Inc; Ald. Delores Holmes, 5th Ward Evanston; Robert C. King, President of Carroll Properties; and Ald. Ann Rainey, 8th Ward, Evanston.

Demolition has begun of the vacant office building at 1890 Maple in downtown Evanston, to make way for the Apartments at Carroll Place. a new 368 unit residential tower.

Observations Contrary to “Small Apartment” Trend

fitzgerald-smallapts

Recent highly touted commentators and quoted articles in the architecture and consumer press have broadcast a trend to smaller apartments. Features in The New York Times, Multi-Family Executive and Apartment Guide, for example, have all reported shrinking square footages for units in new developments. Reasons cited are seemingly obvious (as total development costs rise, individual units will need to shrink to hit palatable lease costs) or self-described as insightful (millennials are looking for crash pads in hip areas rather than traditional floor plans). While attention-grabbing, at FitzGerald we have seen our clients and their markets maintain an appetite for generous units, and feel that these articles don’t reflect the Chicago market we observe and design for.

In fact, when surveyed over periods longer than a single cycle, several of the same data sets indicate that unit sizes have actually increased.

A survey of our own portfolio of apartments designed over the last six years for primarily urban and in-fill neighborhoods supports our thinking that average apartment sizes have either plateaued or perhaps may be growing. In any event, market niche demand-and-response remains the prime driver of apartment sizes in Chicago ” and these sizes necessarily vary by target tenant profiles.

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Carroll Properties and Fifield moving forward on 368 apartment units for downtown Evanston

Evanston
More than 30 years after putting up an office building in Evanston, developer Steven Fifield has returned to Chicago’s northern neighbor with the largest apartment project it has seen in years.

Fifield has partnered with Robert King, president of Carroll Properties, to modify and revive a development that couldn’t move forward once the housing crash hit in 2007. The new plan calls for 368 units on the northern end of Evanston’s downtown.

It’s a $148 million project for two connected buildings at 1881 Oak and 1890 Maple. The Oak Avenue site, a vacant lot, will get a 16-story building while the Maple property, with an unused office building, will get 14 stories. They will be connected by a parking and amenity base, following a design Fifield used in his twin-tower Alta at K Station complex on the Near West Side. The plan also includes 12 town houses along Emerson Street.

The Evanston City Council has backed the plan and the first units should be delivered early in 2015.

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