landmark living in the windy city
Onterie Center is a 60-story, mixed-use community in Chicago’s Streeterville District featuring 594 apartments, more than 170,000 square feet of office/professional space, nearly 16,000 square feet of ground-floor retail, a full-service health club, and a parking garage. In the early 2000s the property suffered from ownership insolvency, inability to meet debt service obligations, a default on its government loan, no capital for improvements, and poor operating performance. CRC saw opportunity for change -- and preservation of affordable housing -- through an aggressive turnaround plan that repositioned the property and made substantial improvements to its operating performance. CRC enacted a management-intensive program that, over three years, increased Onterie’s residential occupancy from 78% to 95%. And despite high area vacancies and brokers’ refusal to list, CRC doubled Onterie’s commercial space occupancy, leasing 80,000 SF at $7/SF over market comparables. These efforts allowed CRC to restructure the property’s debt and increase Onterie’s value by more than $30 million when CRC sold the community and transferred management services in 2005.
Services provided by CRC Property Management LLC, CRC Property Management West Inc., CRC Asset Management Services LLC, and/or other related companies.