Last week was busy for real estate news and the streak continues today with our Monday round-up of headlines and more.
According to Crain's, apartment dwellers renting downtown continue to show their preferences for mobility by renting. The reporter interviewed a couple expecting their first child later this year but still wanting to remain in their luxury downtown rental.
What keeps them there? Convenience and flexibility.
Read more here.
A new 35-story apartment tower will replace the retro motor-hotel (motel) Howard Johnson Inn in River North at Superior and LaSalle - the proposal, by Magellan Development and Mac Management was just approved by the Chicago Plan Commission.
The Howard John occupies a 32,000 square foot site and the new tower will replace the low-rise 1950s-era motel. There plan includes nearly 300 rental units on the site.
Read more here.
And right around the corner another tower is moving forward. The former Planet Hollywood/Gino's East at Wells and Ontario will be replaced by a 41-story tower, also brought to us by Magellan and Mac.
That project, which will include retail space at the ground level was also approved by the Chicago Plan Commission.
Read more here.
Since we're talking River North, let's explore its sub neighborhoods.
Itself a sub neighborhood of the Near North Side, YoChicago today wrote an article arguing that River North can be divided into three sub neighborhoods:
• Between State and Michigan, hotels, high-end residential, high-end shopping and office.
• The central area, between State and the Brown/Purple Line L tracks, a mix of building styles, uses, shops, restaurants and residences.
• The western area, west of the L tracks, which is largely residential (with more projects in the works) but still with excellent dining options.
Read more here.