Market Studies for Homan Square
VSKA prepared the feasibility studies for the last two phases of affordable and market rate rental apartments at Homan Square, the redevelopment of the former Sears Roebuck headquarters on the west side of Chicago. The 94 apartments provide high quality housing for families and individuals in this low-income neighborhood.
Results: Aided by VSKA’s market studies, Homan Square received Low-Income Housing Tax Credits through the Illinois Housing Development Authority and HOME funds from the City of Chicago. The buildings leased up quickly and are well occupied.
Market Analysis for Downtown Housing
VSKA analyzed the potential for downtown housing on multiple sites the City of Wheaton had acquired near the city's commuter rail station. There had been no new downtown housing constructed in more than 20 years. VSKA prepared feasibility studies to help the City determine the number of units that could be supported, the price points, target niches, and unit types. In addition, VSKA reviewed developer proposals while they were under consideration for approval.
Results: Over a10-year period, Downtown Wheaton was transformed with over 300 new condominiums and townhouses, and plans were approved for luxury rentals.
Market Study for Ninety7Fifty on the Park
Orland Park, IL
VSKA was retained by the developer, Flaherty and Collins, to prepare a feasibility study for 295 luxury apartments on a 4-acre site in southwest suburban Orland Park, adjacent to a commuter rail station. VSKA analyzed the depth of the market, and made recommendations on rents, unit sizes, amenities and absorption of the apartments.
VSKA also compared the proposed development to luxury rentals in other upscale suburban, rail-served locations to show that higher rents than found in the immediate market area could be justified.
Results: Aided by the market study, the developer obtained Village approval and financing. The buildings opened in 2013 and leased up quickly at rents well above those at existing properties in the village.
Market Study for Rosenwald Courts
VSKA prepared a market study to assist the developer in obtaining financing for the historic Rosenwald Courts Apartments in the Bronzeville neighborhood on the city’s south side. Built in 1930 by Sears, Roebuck & Co. President and philanthropist Julius Rosenwald as quality housing for African-American working families, the landmark building fell into disrepair and sat vacant for over 15 years. The $132 million historic restoration includes 239 updated family and senior apartments, a beautifully landscaped courtyard and ground floor retail space.
Results: Aided by VSKA’s market study, the developer was successful in obtaining Low-Income Housing Tax Credits, Tax Increment Financing and other funding from the City of Chicago. The building leased up quickly and the developer received the Outstanding For-Profit Neighborhood Real Estate Project Award from LISC in the 2018 Chicago Neighborhood Development Awards.
Market Study for Deer Path Supportive Living
VSKA prepared a market study for Deer Path, a supportive living facility (SLF) for adults ages 22-64 with physical disabilities and traumatic brain injuries, in Huntley, Illinois, 44 miles northwest of Chicago. Services are paid through the state's Medicaid Waiver program so that those with minimal incomes are able to live in this specially designed facility.
Results: Aided by the market study, developer Bravo Properties successfully obtained a license from the State of Illinois to operate 1 of only 6 such facilities in the state, as well as Low-Income Housing Tax Credits from the Illinois Housing Development Authority.