Quote:
Originally Posted by the urban politician
Marquette is obviously bullish on the rebound.
More power to them, hopefully they get lavishly rewarded for their efforts
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I agree and really admire the conviction. And fwiw I think their optimism for the apartment market is pretty well-founded. The vaccine situation is looking very encouraging. I also think that their - at least for the time being - concentration in the W Loop/near west side makes a lot of sense given that
a disproportionate amount of development in the greater area had been commercial or slated for future commercial, but now a couple interesting developments:
1) north of (is it Randolph or Lake?) restriction on Fulton Market residential is being lifted
2) there's definitely been a progressive further easing of historical height limitations (aldermanic prerogative in reaction to neighborhood position) recently and I'm sure more to come
Now, it's quite possible there could in relatively short order be a rush to residential in the area by a plethora of developers, and then the supply-demand dynamics may change (though that's tricky because you could also get into a sort of agglomeration/gentrification supercycle where the area benefits from a real supply inducement effect and the additional luxury living options create self-reinforcing demand - at least for a time, certainly.
Still, no matter what, if Marquette is generally on the right track with their conviction here, they'll still enjoy the proceeds commensurate with their first-mover advantage (in terms of very large scale prospective post-pandemic rental development in the area)