Owner strain: student gain
September 6, 1990
A few landlords’ wrinkled shirts could lead to better housing for students living in the Greek Row area.
Alabama-based Polarbek wants to build a 180-apartment complex near Greek Row. Polarbek Development Associate Charles Silverstein believes there is a market in DeKalb.
But other complex owners like George Stratton disagree. Stratton owns College Square Apartments on Ridge Drive and thinks DeKalb’s housing market is fairly stable. But added apartments might crack the market and strain owners.
Polarbek obviously believes they can make money. Stratton fears lower revenues. Both have a lot at stake.
But so do NIU students, the predominant renter in the Greek Row area. More apartments mean more choices. More apartments mean more owners will either have to offer more or charge less to keep their customers.
Polarbek intends to submit plans to the city later this month. The city reportedly likes the proposal. After all, new buildings mean new jobs, even for a short time, and more revenue.
So Polarbek’s journey—if they do come— should be prosperous for everyone. There are good and bad landlords. Polarbek will decide which it wants to be and in doing so might push some landlords out.
Nobody wants to lose their livelihood, but the market will decide—and adjust—to more apartments.