News
Reboot
October 20, 2010
| The Morningside Group is ready to get to work again, although not in the same line of business it once was. After 15 years of for-sale,mixed-use development, it's getting back into acquiring and rehabbing suburban apartment buildings. It already has one apartment building rehabbed and fully leased. | |||
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| Yesterday, at the firm's River North office, we spoke with David Strosberg and Mary Ellen Martin. They recently bought an unfinished condo building at 595 S. River Rd. in Des Plaines, with plans to rehab into luxury apartments to be called River 595. The building's core and shell is finished, and its 60 unit s will start at $1,400 rent when they go on the market in the spring. Mary Ellen had been looking at the building since 2008 and waited until she could buy it from Fifth Third Bank on Oct. 7. Now is the time for a project like this, David says, because Des Plaines is starting to grow with the addition of the casino and a burgeoning downtown area. | |||
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| Already underway is Morningside's renovation of a three-building complex at Fort Sheridan Place in Highwood on the North Shore. The first of the 84-unit buildings is complete, with the second in progress and the third to start next year. The buildings were originally constructed in 1970 and had fallen into disrepair. Once renovated, they'll be some of the only rental units on the North Shore, close to the restaurant and entertainment district in Highwood. | |||
