The former 16-story historical Dwight Building located at 642 S. Clark St. is currently undergoing construction for its transformation into one of the Scion Group's new student housing initiatives, partnered with ASB Real Estate Investments. The Scion Group is a real estate services partner that specializes in working with higher education and non-profit institutions.
The $75 million purchase was the second of its kind for both the Scion Group and ASB, working in conjunction with each other. The first purchase was that of the Automatic Lofts, at 410 S. Morgan - geared more toward UIC students.
Other Scion Group endeavors in Chicago have included Loft-Right, servicing DePaul University students; University Center at 525 S. State, whose tenants include students from DePaul, Roosevelt, and Columbia College; and IIT's State Street Village. The Scion Group has also worked on projects throughout the United States and Mexico.
While the 178-apartment planned complex will house mainly Columbia College students, seeing as that is the nearest college to the location, the building will also welcome students from all Chicago colleges in close proximity, including UIC. The housing complex is expected to be open and ready for residents come fall 2008.
"We're very proud to welcome this exciting property to our portfolio," said Robert Bronstein, president of the Scion Group. "Dwight Lofts will provide the very best in student housing, in cooperation with an important institutional client, and in the most dynamic student housing environment in the nation - which happens to be right here in our hometown."
ASB Real Estate Investments (ASBREI) is also very excited to be taking a part in the student housing endeavor.
"We are very pleased with this investment and with our growing partnership with The Scion Group," said Robert Bellinger, president of ASBREI. "We have a continuing interest in residential properties serving college and university students but, beyond that, Dwight Lofts is simply an excellent asset in a particularly attractive market."
Investments of this type have proven to be increasingly popular in recent years, according to the Chicago Tribune.
The apartments are planned to feature large living room areas with flat-panel televisions, full kitchen areas, a fitness area located in the building, and an 11th-floor sky-lounge with an outdoor terrace and sitting area.
The cost of living in one of the apartments will be approximately $1,050 per bed, per month, according to the Scion Group.
Taking into consideration the room and board fees at UIC will be climbing $313 per semester to $4,222, per the University of Illinois' recent announcement of increasing tuition and housing rates at all three of their campuses, the $1,050 per month to live in a modern loft-style complex with said amenities appears to be an option open for exploration among both undergraduate and graduate students alike.
However, some students who already rent quite affordable off-campus apartments are questioning just how much of a bargain the Scion Group is really putting on the table.
"That's pretty outrageous; that's double my rent for a month in my rather comfy apartment," said Stacey Federman, pharmacy major.
Other students have expressed disinterest in living in such a high-end type of accommodation.
"I think that the idea sounds pretty cool but I would not go for it because it seems too pricey. At this point in my life I don't really see a need to stay in a place that is that luxurious," said Jessica Sieradzki, fourth-year pre-med student.
The goal of most students tends to be affordability, and the Scion Group's pricing seems out of reach for those who work and support themselves while attending college.
Bronstein stresses that the appeal of projects such as the new Dwight Lofts, Automatic Lofts and the DePaul Loft-Right building is that these locations give visiting students the opportunity to fulfill their city living expectations.
"They watch The Real World and Friends - they have this idealized version of living in the city," said Bronstein.
"To that end, it's something between a dorm room and an apartment: all utilities except electricity are covered, there's free parking and a 24-hour door staff, and residents aren't responsible for their roommates' share of the rent," stresses Bronstein.
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