Lendlease Development, with co-developer The John Buck Co. and partner Intercontinental Real Estate Corp., is moving forward in the leasing process at Porte, a mixed-use high-rise community under construction in Chicago, with the aid of virtual tours. Move-ins at the 586-unit, two-tower development are scheduled for summer.
Opening a project that spans an entire city block in Chicago’s newly hip West Loop neighborhood, which is just west of downtown, would be complicated enough under normal circumstances. Add in a dose of COVID-19, and you have a real acid test for the virtual touring and leasing of a high-profile property.
Pre-leasing began in mid-March, giving the developers a jump on the virus, and they still think there is value in personal visits. “Finding a home—whether for rent or ownership—is such a personal and important choice,” says Ted Weldon, executive general manager for Lendlease Development in Chicago. “While there are circumstances under which renters will lease an apartment sight unseen, most want the tangible experience of walking through their future home before making such an important decision. They want that first impression of the lobby, to visualize how their furniture might fit into their preferred floor plan, and to tour the communal spaces that will serve as an extension of their residence.”
The two towers offer a wide mix of available units including studio, one-, two-, and three-bedroom apartments ranging in size from 546 to 1,591 square feet, with rents starting at $2,170 per month. There’s also two-bedroom townhomes measuring 1,469 to 2,036 square feet, with monthly rents starting at $7,240. The townhomes include private entrances. Bigger ticket moves would seem to require more diligence on the part of the tenant, and Lendlease sees the virtual tours acting as a learned skill and filtering device for potential tenants.
“Going forward, the prevalence of virtual tours will certainly increase, and those formerly unfamiliar with this technology will undoubtedly adapt and add it to their toolbox,” says Ariana Rasansky, senior vice president, head of residential operations at The John Buck Co. “As they continue to gain popularity, virtual tours may serve as a starting point in the typical apartment search, with more serious prospects following up with in-person tours for buildings that checked all the virtual boxes.”
Naturally the new development includes all the popular amenities, such as fitness centers, an entertainment lounge, a game room, a communal chef’s kitchen, co-working space, and a dog run. The towers are connected by a two-story podium topped with a landscaped pool deck with lounge seating, fire pits, grilling stations, and seasonal plantings. Residences feature hardwood-style flooring, quartz countertops, and stainless steel appliances. There’s in-unit laundry, programmable Nest thermostats, and built-in closet organizer systems.
Going virtual in some ways simplifies showcasing all those assets during a pandemic. “The virtual walk-throughs also offer tremendous flexibility for prospects, as they are able to access Porte and tour the building on their own schedule,” says Rasansky. “Those who weren't as comfortable or familiar with the technology before may find that it saves them time even after in-person tours resume.”
The real estate industry has been slowly moving to more virtual tools to engage with the digital native generation. The virus is pushing operations further into the online realm. But the future of virtual versus personal viewings are unknown. “As with everything COVID-related, there is still so much that's unknown, and we don’t know what the new normal will look like on the other side of this,” says Rasansky. “Since launching the virtual tours, there have already been requests for more videos of other units at Porte, so we are working to meet this demand with new offerings.”
