Phoenix Development Partners is a seasoned real estate development and investment firm that delivers proven results across asset classes and project types. Drawing on our extensive experience in all facets of mixed-use and stand-alone development, we target properties and locations with hidden, untapped, or under-developed value in metropolitan growth markets.
Outside the box creativity, market awareness combined with strategic partnering is the culture at Phoenix which results in a blend of both design and financial success.
ANALYZE and stress test each investment with rigorous metric financial modeling and conduct market studies to ensure proper supply and demand structures are in place and relevant to support the property.
TARGET only the top hotel companies to leverage their brand strength and reservation/loyalty programs.
LEVERAGE a wide network of potential lenders to keep interest rates low and Debt Service Coverage ratios (DSCR) under control.
ARRANGE for non-recourse debt and requisite equity on these opportunities.
FUND via Limited Partner Equity providing seed capital to cover Pre-construction Costs such as: Earnest Money Deposits, Legal Fees, Architectural & Engineering design, Interior design and Consultant studies.
EXPERTISE: Acquisition, Entitlement, Finance, Market strategy, Design, Valuation, Development, Construction, Marketing, Sales / Leasing, Asset management
Phoenix Development Partners core members bring diverse experience, effective management, recognized insight and creativity, as well as respected relationships to each project.
Work is currently underway on the conversion of the historic 15 story 1904 Chicago and North Western corporate headquarters located in the fast-growing southwest loop, in the heart of Chicago’s Central Business District . Containing two, fine tuned, hotel brands, the property will also include a brand independent but hotel accessible roof top bar/restaurant. The property will service both the business community as well as leisure travelers. Phoenix has assembled a team of experts with extensive experience with adaptive re-use including the AIA Chicago 2018 architectural firm of the year. Securing $15 million in historic tax credits and $4 million in key money, Phoenix anticipates also obtaining a Class L property tax abatement that will reduce property taxes by 60% for a 10-year period.
The conversion of three historic office properties located in the heart of Chicago's loop to student housing. Phoenix spearheading the assemblage and re-zoning of the three properties, then securing $10 million in historic tax credits and a Joint Venture with Campus Acquisitions a leader in this market. The gross project costs were $60 million, $50 million net after the historic tax credits. Sold for $79,797,000 to an institutional buyer.
In partnership with CA Ventures Phoenix is converting an office high-rise into market rate rental housing units and associated parking in Milwaukee's urban center. The Buckler will include a major amenities package including fitness, lounge conference room, basketball court social courtyard and garden. Unit mix varies from 2 story duplex units with private patios to micro residential units
300 key iconic hotel operating on 6.3 acres in a northern suburb of Chicago.
Value Add Strategy
Renovate and enhance the quality of the guest rooms. Suchenhancements would enable the hotel sales team to gain pharmaceutical accounts as well book additional corporate business, which includes capturing the Caterpillar HQ. market. There is opportunity to attract additional wedding and weekend business with a renovated product and adjusted key mix. As weekends are softer in the business market compared to weekdays this would be beneficial during the lower occupancy periods adding substantially to the bottomline.
Mayfair Collection Wauwatosa, Wisconsin
This project is located in the new, open and expanding Mayfair Collection retail, restaurant and residential development in a upscale established suburb of Milwaukee. This hotel will be a cornerstone of the community. and will become a first choice for guests seeking comfortable and home-like accommodations when traveling for an extended stay. Homewood Suites by Hilton received the highest ranking in the J.D. Power North America Hotel Guest Satisfaction ten years in the past 13 for the brand.
Mayfair Collection Wauwatosa, Wisconsin
Upscale fast casual dining with drive thru / pick up service. A modern fresh design both on the exterior and interior with a post industrial gesture to the architectural spirit of the Mayfair Collection. It is situated for maximum visibility with a major highway and collector roadway which border the future restaurant. Counter order with runner service will offer a wide variety of menu items, burgers, ribs, salads, something for everyone, very much family friendly.
A collection of 3 restaurants each with their own cuisine but a common core kitchen. A beer-centric tavern, an upscale french bistro and a taqueria restaurant each with their own outdoor dining terraces.
This group represents an entire block at the Mayfair Collection located at the western entry of and sets the standard for the restaurant row. In addition, the tavern has direct access and control of an event outdoor space while the patio spaces of the other two restaurants face community event pocket park.
Mt. Pleasant, Wisconsin
Park 94 is a multi-use business park, in Racine County strategically positioned a mile East of Interstate 94 via full service interchange at State Highway 20, which offers both accessibility and visibility. The park is situated on over 120 acres, ideally located for local, regional, and super-regional distribution, between Milwaukee and Chicago. A joint venture development with HSA Commercial Real Estate.
With the activity amongst large corporate users, Amazon, Cline, and recently Foxconn the Southeast Wisconsin market has started to attract national attention as a competitive industrial logistics location. Taking advantage of the areas strategic location to Interstate I-94, Mitchell and Ohare International Airport, provides unparalleled access to regional, national and international markets. This is first purely speculative LEED industrial development in Southeast Wisconsin
Crane Creek Medical Center is a state-of-the-art medical office building occupied by world-renowned tenants. Per John Mangel’s, lead HSA PrimeCare acquired the Crane Creek Medical Center, as part of a joint venture with Harrison Street Real Estate Capital. The six story medical office building was purchased from a joint venture between Milwaukee-based Zilber Ltd. and the building’s anchor tenants, The B.A.C.K. Center and Osler Medical. The B.A.C.K. Center, is a neck and spinal specialty practice led by the renowned spinal surgeon Dr. Richard A. Hynes, currently occupies two floors totaling 68,000 square feet
Includes office suites, a pharmacy, a medical equipment company and a 6,400-square-foot auditorium in which the practice hosts educational programs and medical seminars
Orland Hills, Illinois
A new Chicago southwest suburban four story 87-unit independent and assisted living facility that would provide state-of-the art housing and enhanced quality of life for seniors. It includes 25 independent living units, 30 assisted living rooms and 32 memory care rooms. Located in a quiet nature filled surrounding, and minutes from established village services and amenities. This project is currently entitled, ready for permit and bid by a general contractor. Operator selection is currently under review.
Click on the image to open article in a new tab
Construction is booming in downtown Milwaukee as developers try to get suburbanites to move into the city. Experts said the apartment boom downtown keeps growing and isn't slowing. Buildings are either under construction, or like the Buckler, just completed. The Buckler, at 5th and Michigan streets, sat vacant for about six years when it was known as the old Blue Cross Blue Shield building. It now houses more than 200 upscale apartments with 24-hour concierge and a basketball court.link
The redevelopment encompasses the conversion and renovation of three vintage buildings located in Chicago's downtown Historic Music Row district into a mixed-use housing and retail complex tailored to the area's booming college student population. Designed by the noted Architects Marshall & Fox, the landmark Steger Building of 1910 and the Gibbons Building (contributing structure in a designated historic district) of 1912 are repurposed for 124 residential dwellings.link
The conversion and renovation of Chicago's landmark 19-story Steger Building (1910), and the 16-story Gibbons Building (1912) designed by Marshall & Fox Architects, and the iconic Pickwick Stables Building (1800's) located between the two structures into a mixed-use student housing and retail complex. The complicated adaptive re-use scheme honors the historic legacy of the buildings while maximizing the development opportunity.link
Out go the cubicles, in come the queen beds. Chicago developers are breathing new life into a long-vacant office building by converting it to high-end apartments. Built as the Milwaukee office for insurance giant Blue Cross Blue Shield in 1978, the 11-story, modernist tower at 401 W. Michigan St. had been vacant since 2006. Now known as The Buckler, it's home to 207 apartments ranging from first-floor, townhouse-style units to penthouses with lake and skyline views.link
A development group that has been gobbling up South Loop land wants to build five towers with nearly 2,700 residential units on one site it controls just four blocks south of the Willis Tower.link
A downtown Milwaukee office building, vacant since 2006, would be converted into market-rate apartments -- a $28 million development that would help bring new life to the area near the Shops of Grand Avenue. The 11-story building at 401 W. Michigan St., formerly home to Blue Cross Blue Shield of Wisconsin, would be converted into just under 200 units for about 300 residents, according to the proposal from DJ Acquisitions LLC, a Chicago-based investment group.link
Since late 2014, workers have been converting a long-vacant office building near downtown Milwaukee's Shops of Grand Avenue into just over 200 high-end apartments. But that $30.6 million project has operated in stealth mode, with sparse news media coverage based solely on information from building permits and other public documents. Now, Chicago developer John Mangel is talking about why he and his partners are making a major investment in a building that has been empty since 2006.link
Daccord is providing project management services for four separate projects for Phoenix Development Partners all located in the Milwaukee, Wisconsin area.link
A groundbreaking Thursday at Highway 45 and Burleigh Street marked the start of construction of a Homewood Suites hotel and a group of four Bartolotta restaurants. A 6,500-square-foot diner, Osgood's, will be built near Highway 45. An additional 15,000-square-foot building will be built to hold three additional restaurants, including a gastropub, a sushi restaurant and a French bistro.link
There are an estimated 1,300 restaurants in Milwaukee, with more than 50 opening in the past year. These range from neighborhood mom-and-pop operations to expensive gustatory palaces, each of them vying for the attention and dollars of an increasingly savvy audience. What�s remarkable about this burgeoning scene is that when digging at the roots that anchor and connect these establishments, some familiar faces emerge cloaked in chef�s whites. As much as restaurants live or die by their food, their leadership and staff play perhaps an even more important role.link
Bartolotta Restaurants, of Milwaukee, and Phoenix Development are planning to build three free-standing restaurants at the south end of the center close to Burleigh Street, according to a Thursday announcement. The restaurant openings will be staggered, with the first opening later this year and others opening by summer 2015.link
Phoenix Development Partners today announced it will partner with The Bartolotta Restaurants to create, open and manage three NEW dining spots at the just-opened Mayfair Collection in Wauwatosa. While still in the development stages, possible restaurant concepts include a modern diner, a beer-themed pub and a casual French bistro.link
Following more than a year of planning, shovels hit the dirt Thursday at The Mayfair Collection on what will be four new restaurants created through a partnership between Phoenix Development Partners and The Bartolotta Restaurants.link
Among downtown Milwaukee's new apartment developments, The Buckler could be the largest project with the least amount of publicity. A $30.6 million private investment withmore than 200 units, the building does not have a high-profile location on the Milwaukee River and does not overlook Lake Michigan.link
The 401, now known as The Buckler, is still under construction. The former office building at 401 W. Michigan St. is being converted into an apartment complex in the hope that it brings life to Downtown. The 11-story, 236,218 square-foot building was the Wisconsin headquarters of Blue Cross Blue Shield insurance until 2006 when the company abandoned the building for Summit Place in West Allis. The building has been empty since.link
What an incredible evening at the Gibbons + Steger Buildings � �Infinite� Apartments at last week�s Landmarks Illinois Real Estate and Building Industries Council Award Reception. This is a gorgeous revitalization of what were underutilized and deteriorating buildings on a key Chicago Loop corner at Jackson and Wabash. CA Ventures, and its many partners, recognized and responded to the significant market demand for student housing downtown cost effectively through the adaptive reuse of these buildings.link
30 South Wacker Drive, Suite 2200
Chicago, IL 60606
1212 Avenue of the Americas, 16th Floor
New York, NY 10036