Case Study – currently in development

1800 W. Berenice, Chicago

Project Details: development of 6-story mixed-use building with 4 floors of multi-family apartments above 2 floors of flexible workspace and event space.

Successes

Currently under development in Ravenswood neighborhood in Chicago. Opening planned for mid-2023.

YES!’s Role

Creation of Feasibility Study, for client to present to lenders. Successfully received anticipated funding to initiate the project

      Contents of Feasibility Study

  • Executive Summary  
  • Project Assessment  
  • Summary of Pro Forma as developed for 1800 Berenice (profit opportunity)
  • Conclusions and Recommendations  

Design

  • Elevated design is a market differentiator: large amount of natural light, outdoor deck/event space for flexible workspace, content studios, quality furnishings
  • Mix of types of workspaces respond to the needs of users to work in different modes: solo, one-on-one, in a group setting, private and open.
  • Creator’s spaces – content studios for podcasts, video casts and e-commerce photography

Market Advantage

  • Captive audience of apartment tenants above
  • Additional 240+ residential units within a 1-block radius of subject property
  • Post-COVID opening with elevated experience compared with area competitors

Potential projected yield in excess of 40%

Updates provided as project advances