When you can’t get businesses to move in… the next best thing is to allow mega apartment buildings to spring up everywhere in the hopes that the mass influx of populous will eventually drive business growth. That must be what Sisitsky is looking for. Because he and his team certainly aren’t adding retail, beyond Brazilian grub, to the tax rolls.
On March 30, 2023, another massive property transaction took place, this time deep into District 9. At 155 and 155-161 Second Street, this 60 bedroom, 48 bathroom apartment complex after 30+ years of ownership by Alisa Management LLC, has transacted.
While we do not yet know if this is a loan or a sale at the time of this writing, as we cannot yet view the actual documents, we do know that a transaction took place with CBRE Capital Markets Inc, for $7,236,000 on the property listed as 155 Second Street, and for $7,800,000 on the property listed as 155-161 Second Street. CBRE Capital Markets in 2019 pumped $160,000,000 into Halstead, now, The Green at 9 & 90 – and we all know how that has been turning out. But as long as the corporations are making money… right?
CBRE claims to unlock the potential of multi family residences, with expert investing, financing, valuation, project management, and design strategies.
The property at hand, is made up of .94 acres, and is listed as having being built in or around 1975. The property is assessed by the city at $5,789,800. We expect based on the property’s mixed zoning, partially in M zoning and partially in G zoning, that this could be the site of a future mixed use structure, non-conforming to general residence zoning, and likely to be developed into a high density apartment living structure with some sort of retail on the ground floor.
Regardless, we do know that $15,000,000+investment in this property, valued at a third of that, indicates something big is planned. We’ll be watching.