Nate Ernst on Adaptive Reuse & Why Chicago's Downtown is Just Getting Started

In this episode of Real Estate Chicago Style, host Joe Smazal sits down with Nate Ernst, founder and principal of Envoi Partners, to discuss his journey from acquiring distressed properties in the wake of the Great Financial Crisis to developing over 520 residential units in Chicago's Loop. Nate shares the story behind founding Ernst Development Company post-2008, where he acquired and repositioned over 40 properties before partnering with attorney and capital markets expert Corey Faulkner to form Envoy Partners. The conversation dives deep into their philosophy of adaptive reuse—taking underutilized assets and transforming them into spaces that communities love. Key Topics Discussed: The meaning behind "Envoy Partners" and their focus on being the "finishing touch" in neighborhoods Why North Damon and Milwaukee intersection embodies what Chicago is all about The massive opportunity in Chicago's Loop, with 2,000+ apartments planned and retail following rooftops How Envoy approaches user experience as the core of their development strategy The importance of hiring team members with "clear minds and full hearts" like James Armour Real estate as the ultimate entrepreneurial experience—starting from $350K or even working in buildings to learn operations Why "you can't change the wind, but you can change the direction of your sails" The power of seeing projects clearly without letting fear or self-doubt take over Swimming in Lake Michigan as a reset and the incredible energy of Chicago's bridges over the river About Nate Ernst: Nate is driven to restore and build apartments and retail that set the bar for user experience. His career has been defined by tackling projects not suited for every investor. At Envoi Partners, he's responsible for all aspects of the development process and asset management, including their flagship 200,000 square foot project at 19 South LaSalle. About Real Estate Chicago Style: Join host Joe Smazal as he interviews Chicago's top real estate investors, developers, and operators. Joe is an investment sales broker at Interra Realty and owner-operator of small apartments on the north side. Each episode explores what makes Chicago one of the best cities to live, invest, and build. Subscribe for weekly conversations with the people shaping Chicago's real estate landscape.