Developers Tell Condo Buyers: You Don’t Need To Bring Your Car

7 December 2017

“At 1000M, a luxury 74-story tower scheduled to begin construction next year in Chicago, developer JK Equities will provide an average 1.3 parking spots per unit, says Jordan Karlik, principal at the New York-based developer. To encourage car sharing and ease traffic in the garage, the building will provide a luxury SUV and driver to transport homeowners to places within a three-mile radius.

Scheduled for completion in 2021, 1000M will have 323 condo units that range from $557,000 to $8.5 million, based on preliminary pricing.

The SUV service will be available on a first-come, first-served basis. Anticipating that demand for the car service will be strong, the company plans to lease leftover parking spots in the garage to car-sharing services, Mr. Karlik says. Still, the units are more marketable with the in-building parking option, he adds. ‘People are still attached to their cars.'”

Read the full story on the Wall Street Journal website.