Parking Garage in South Loop Could Become Apartment Building

1. ParkingGarage inSouth
LoopCould Become
Apartment Building
Arthur Holmer

2. Parking
Garage in
South Loop
Could Become
Apartment
Building
 For 15 years, company founder Arthur Holmer has served as the
managing principal of Chicago, IL-basedWells Street Companies,
where he specializes in real estate acquisition and business
syndication. Due to his extensive real estate portfolio,Arthur
Holmer is involved with various real estate deals and
developments, including the proposed construction of new
apartment building in the South Loop area of Chicago.

3. Parking
Garage in
South Loop
Could Become
Apartment
Building
 Crain'sChicago Business recently published an article announcing
that a garage owned by Holmer’s company may be purchased by
developers and demolished to build 202 apartment units on South
Clark Street in the Printers Row area of the South Loop.While
Holmer bought the garage for $6 million in 2008, the interested
developers declined to disclose how much they plan to spend to
purchase the property in the rental apartment-heavy South Loop
area.

4. Parking
Garage in
South Loop
Could Become
Apartment
Building
 The proposed 24-story apartment building is slated to cost
approximately $60 million to develop, and the plans feature
apartments ranging from studio layouts to three-bedroom units.
According to the developers, Illinois MunicipalCode will not
require a zoning change to convert the 58-unit garage into an
apartment building.