{"id":1004033496,"date":"2011-10-24T07:45:54","date_gmt":"2011-10-24T15:45:54","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004033496"},"modified":"2022-12-08T20:07:44","modified_gmt":"2022-12-09T04:07:44","slug":"fifield-wood-partners-break-ground-on-175m-k2-tower-in-chicago","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/fifield-wood-partners-break-ground-on-175m-k2-tower-in-chicago\/","title":{"rendered":"Fifield, Wood Partners Break Ground on $175M K2 Tower in Chicago"},"content":{"rendered":"<p><strong>October 24, 2011<\/strong><br \/>\n<em>By Nicholas Ziegler, News Editor<\/em><br \/>\n<a class=\"highslide\" href=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2011\/10\/102411-Wood-Partners-K2-Exterior.jpg\"><img loading=\"lazy\" decoding=\"async\" data-attachment-id=\"1004033497\" data-permalink=\"https:\/\/www.commercialsearch.com\/news\/fifield-wood-partners-break-ground-on-175m-k2-tower-in-chicago\/102411-wood-partners-k2-exterior\/\" data-orig-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2011\/10\/102411-Wood-Partners-K2-Exterior.jpg\" data-orig-size=\"680,1024\" data-comments-opened=\"1\" data-image-meta=\"{&quot;aperture&quot;:&quot;0&quot;,&quot;credit&quot;:&quot;&quot;,&quot;camera&quot;:&quot;&quot;,&quot;caption&quot;:&quot;&quot;,&quot;created_timestamp&quot;:&quot;0&quot;,&quot;copyright&quot;:&quot;&quot;,&quot;focal_length&quot;:&quot;0&quot;,&quot;iso&quot;:&quot;0&quot;,&quot;shutter_speed&quot;:&quot;0&quot;,&quot;title&quot;:&quot;&quot;}\" data-image-title=\"102411 &#8211; Wood Partners &#8211; K2 Exterior\" data-image-description=\"\" data-image-caption=\"\" data-large-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2011\/10\/102411-Wood-Partners-K2-Exterior.jpg?w=680\" src=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2011\/10\/102411-Wood-Partners-K2-Exterior.jpg\" alt=\"\" title=\"102411 - Wood Partners - K2 Exterior\" width=\"199\" height=\"300\" class=\"alignright size-medium wp-image-1004033497\" srcset=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2011\/10\/102411-Wood-Partners-K2-Exterior.jpg 680w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2011\/10\/102411-Wood-Partners-K2-Exterior.jpg?resize=199,300 199w\" sizes=\"auto, (max-width: 199px) 100vw, 199px\" \/><\/a><\/p>\n<p>It\u2019s been seven years since Chicago-based Fifield Cos. began building its K Station apartment tower in the Windy City, and now it&#8217;s looking to capitalize on a hot rental market by beginning construction on the development\u2019s fifth, and final, tower in conjunction with national developer Wood Partners. The 34-story building, K2, will include more 496 living units and 348 parking spaces. <\/p>\n<p>Randy Fifield, vice chair &amp; principal with Fifield, was excited about the new tower, calling K2 \u201cthe grand finale\u201d to the K Station development. \u201cWith the shift from home ownership to rental, as well as positive job growth in downtown Chicago, the city continues to absorb 2,000 new rental units per year,\u201d he said. \u201cEven with the recent announcement of 2,000-plus new apartment units, the staggered deliveries of these buildings in 2013 and 2014 will only satisfy half of the current rental demand.\u201d<\/p>\n<p>Fifield had a point, because multi-family properties are hot and getting hotter \u2013 thanks, in part, to tightening credit standards for home ownership. According to our sister publication, <em>Multi-Housing News<\/em>, developers\u2019 sentiment for building multi-family units has increased dramatically of late. The National Association of Home Builders\u2019 Multifamily Production Index for market-rate rentals hit 51.7 in the fourth quarter of 2010, marking the first time the number has breached 50 since the second quarter of 2007. One year ago, the market-rate MPI was just 22.1.<\/p>\n<p>K2 is the first Chicago-area development for Wood Partners and will contribute to the company\u2019s more than 4,000 units started nationwide this year.<\/p>\n<p>Construction funding for the $175 million project came from a variety of sources, including Chicago-based The Private Bank, Comerica Bank, Fifth Third Bank, Cole Taylor Bank and Bank of the West. K2 will be built at on a one-acre site at 365 N. Halsted St. <\/p>\n","protected":false},"excerpt":{"rendered":"<p>It&#8217;s been seven years since the K Station development began construction in Chicago, but now developer Fifield has joined with Wood Partners to begin construction on the development&#8217;s fifth building: the 34-story K2.<\/p>\n","protected":false},"author":1201,"featured_media":1004033497,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21782,21808,13,21742],"tags":[],"class_list":["post-1004033496","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-development","category-featured","category-midwest","category-latest"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v23.4 (Yoast SEO v24.6) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Fifield, Wood Partners Break Ground on $175M K2 Tower in Chicago - Commercial Property Executive<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.commercialsearch.com\/news\/fifield-wood-partners-break-ground-on-175m-k2-tower-in-chicago\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Fifield, Wood Partners Break Ground on $175M K2 Tower in Chicago\" \/>\n<meta property=\"og:description\" content=\"It&#039;s been seven years since the K Station development began construction in Chicago, but now developer Fifield has joined with Wood Partners to begin construction on the development&#039;s fifth building: the 34-story K2.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/news\/fifield-wood-partners-break-ground-on-175m-k2-tower-in-chicago\/\" \/>\n<meta property=\"og:site_name\" content=\"Commercial Property Executive\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/CPExecutive\" \/>\n<meta property=\"article:published_time\" content=\"2011-10-24T15:45:54+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2022-12-09T04:07:44+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2011\/10\/102411-Wood-Partners-K2-Exterior.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"680\" \/>\n\t<meta property=\"og:image:height\" content=\"1024\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Nicholas Ziegler\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@cpexecutive\" \/>\n<meta name=\"twitter:site\" content=\"@cpexecutive\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/fifield-wood-partners-break-ground-on-175m-k2-tower-in-chicago\/\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/fifield-wood-partners-break-ground-on-175m-k2-tower-in-chicago\/\",\"name\":\"Fifield, Wood Partners Break Ground on $175M K2 Tower in Chicago - 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