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GOLUB SEEKS TO STAND OUT IN URBAN HIGH-RISE DEVELOPMENT BOOM

Real Estate Finance & Investment by Elizabeth Blosfield

Golub & Company, a Chicago-based investor and developer, believes it is important for real estate companies to find ways to stand out in competitive urban markets. “Before the project even breaks ground, we like to establish what really distinguishes our project,” said Michael Newman, principal. “We want the project to appeal to consumers on an emotional level as opposed to just being a good building for a good price in a good location.”

Golub pays close attention to demand in its target areas, using an up-front marketing strategy as a way to lease buildings quickly, add long-term value and position each project as its own brand.

“There are a lot of people who are thinking along the same lines and looking to build urban high-rises,” Newman added. “One of the big questions is whether building supply will outpace demand. It hasn’t yet, but that’s always something that we keep our eyes on.”

As many consumers are renters by choice, Golub seeks projects that are relatable to encourage them to continue renting. The company broke ground at the end of last year on an apartment development in Chicago’s South Loop neighborhood, an area known for its creative, tech-savvy vibe as a number of universities are located there. The project at 1001 South State Street was named 1001 to reference binary code, in support of that tech-savvy atmosphere. Additionally, open, collaborative meeting spaces and maker’s labs with 3D printers are being added to serve the area’s need for creative space.

The company has another apartment development project in the works in Chicago’s historic Streeterville neighborhood that it has named “Moment.” Newman explained that the area’s focus on a healthy and balanced lifestyle will be reflected in the building’s amenities. “We have a marketing team that we send out to the areas we’re in to talk to as many people as they can about what consumers are looking for and where the market is going,” he said. “It’s an ongoing process, even after we’ve broken ground and begin leasing.”

Golub focuses primarily on office and residential properties and is seeking to do more condominium development going forward as millennials show greater interest in ownership. “We have residential developments in the works in San Francisco, Arizona, Colorado, Southern Florida and Chicago,” Newman said. “We feel really good about the markets that we’re in, and we’re always looking for more opportunities.”

Link: http://realestatefinanceinvestment.com/analysis/golub-seeks-to-stand-out-in-urban-high-rise-development-boom/