The award-winning team members at Kinzie Builders are assembling a growing portfolio in Chicagoland.
CHICAGO-BASED general contractor Kinzie Builders specializes in design and construction of multifamily, single-family and mixed-use projects as well as a growing niche: reviving distressed properties.
The experienced team offers a full spectrum of integrated services: estimating, value-engineering, scheduling, general contracting, design review, zoning and permit coordination, inspections, remodels and owner representation.
“We offer integrative solutions and proven results,” principal Steve Spinell says.
Through the various business lines ? from consulting to brokerage to building ? available in Kinzie Builders and parent company Kinzie Real Estate Group, one aspect remains consistent: skilled and established personnel.
“We all know that in any business, success is all about the people you hire,” Spinell says. “I am an engineer by education. My general manager is a professional engineer. We hire certified professional engineers as our project managers. Engineers, by education, are problem solvers. They do not get frustrated.”
The Kinzie Way
The Kinzie business model includes placing professional engineers as project managers, overseeing product development as well as executing vendor relations and quality control in the field.
The team has more than 90 years of experience in development and construction ? from custom homes and remodeling to design and construction services for new developments ? and has built a proven track record for leading the development of notable, award-winning residential and mixed-use projects in the Chicago area. That includes more than 500 custom and semi-custom single family homes and over 1,400 semi-custom multifamily residences.
The company is expanding on its track record for successful projects. Turning around distressed properties now represents more than half of the company’s work, a shift that is the result of a strategic decision during the economic downturn in 2008.
“Until then, we were a just-in-time developer and in-fill developer,” Spinell says. “We were not a heavy production builder. We did empty nesters. We did move-up buyers.
“Our single-family homes are anywhere from $500,000 to $2 million and our townhouses are from $300,000 to $1 million,” Spinell adds.
The company still builds for the higher-end, custom and semicustom market, but those ground-up projects now are one piece of a much larger offering of services.
“Once things started slowing down in 2008, a lot of us were there for 15 or 20 years and said this is the worst it has ever been,” Spinell says. “I started getting into distressed workouts for banks and private equity firms.
“They did not understand how to work this stuff out,” Spinell continues. “We come in and see that there is value to be created here.”
A Proven System
The tactic has shown good results so far. A historic home, the David Adler Home in Winnetka, Ill., was bank-owned and a hard sell. After Kinzie worked with the bank to make improvements and put it on the market, it sold for well above asking price, and there was a bidding war between several buyers.
The Enclave of Heritage Estates, a bank-owned subdivision, is another success story. The development in the Lake Barrington suburb offers exclusive and one-of-a-kind living in a gated community on 66 scenic acres.
Kinzie is working with the bank on a home-plus-lot program, and half of the community already is sold. In Chicago’s Chinatown neighborhood, the company just took over 30 condos to finish and sell.
In Vernon Hills, Ill., Kinzie was hired to perform a $20 million restructure project, Port Clinton Place, 66 luxury condo units and 27 townhouses.