"It's Amazing What You Can Do With a Postage Stamp..."

I'm in Chicago for my sister's bat mitzvah and decided to stay downtown at the new Courtyard by Marriott, just off Michigan Ave on the "Miracle Mile".

From my corner room on the 18th floor I can see out to the condo's along Lake Michigan, as well as the commercial properties along Ontario Street. I am looking down on a "cute little number" a brand new 12 story Fairfield Inn by Marriott sitting on a lot no bigger than two row homes. In fact, this is probably exactly what they tore down to build this little gem.

Smack dab in the middle of 60 story buildings is this little gem of a hotel.
It is absolutely amazing what you get on a postage stamp sized lot!

Just looking out the window and at this property brings to mind a point I am going to stress in my upcoming talk on developing commercial properties for the DC real estate club (http://www.DCREIA.com) and during my presentation at the Real Investors' Mid-Atlantic Commercial Property Summit in December (see http://www.Realinvestors.com for future details), which is:

Contrary to popular belief, commercial property developers/investors DO NOT take risks!

That is, they do not take "stupid" risks. Just the opposite is true, most developers tend to let the market tell them what to do with their properties, and they are always on the lookout for great ideas, buy looking at what other successful developer have done.

If you have not gotten "away" in a while, let me make a suggestion that will be good for your mental health and your pocket book. Get away to a major city for a long weekend, and go "exploring"!

When I say "major" I mean the Big three: San Francisco, Chicago and New York. There is absolutely nothing wrong with other cities, including DC and Bowie ;) But if you really want to go on a "treasure hunt" for great and creative ideas, you have to get to one of the big three!

Think about it...!! If you were in the fashion business, you would make an annual trip to Paris and Milan part of your "Must Do's". As a real estate investor shopping for ideas in one of the great cities should be a part of your annual "Must do's"?

You should also speak with your CPA. It is quite possible that if you do it properly you can structure the trip as a business expense. And when you go, make sure you stay in one of the "off the beat and path" hotels, not the big flagships! Does not have to be the "flea-bite Inn". There are plenty of great Hampton Inn's Quality Suits and Fairfield Inn's which have been built within the past 5-7 years that are right around the corner from the big convention type hotels. Plus all you really want is a clean bed and a shower, cause the purpose of the trip is to go "Urban Exploring". Take your camera and a pair of great walking shoes and go hunting for great ideas!

I love Seattle, San Antonio and of course, Carmel. But for "field trips" to come up with great ideas you can implement in your market, there is nothing like the Big Three. These cities are amazing for the creativity you will see, not only downtown, but in the close in parts on lots no bigger than a "postage stamp"!