Is it finally curtains for the Chicago Spire? Garrett Kelleher, the long-time developer behind the famously stalled project, had announced a partnership with Atlas Apartment Holdings and they agreed to pay Related Midwest a payment of $22 million no later than Friday. But the day came and went, with no payment. Related has since followed up with the Federal Bankruptcy Court overhearing the case, which has tied up one of the most prominent development sites in Chicago, at 400 N. Lake Shore Drive.
While the failure to make a payment might mean the end to Kelleher's involvement at the site, which dates back to the mid-2000s, it also throws into question future development at the site.For more, read the latest update from the Chicago Tribune here and recent posts from real estate website Curbed here. (Photo via Wikipedia)
Pending homes sales increased in September by both month over month and year over year according to the National Association of Realtors. NAR's Pending Home Sales Index rose .3 percent from August to September and 1.0 percent from September of 2013 to its second-highest level in the last year.
Last week representatives of developer CIM Group held and official ground-breaking for the apartment tower at Block 37 with downtown Alderman Brendan Reilly and Mayor Rahm Emanuel.
The tower will be built atop the shopping center's five floors. It will eventually add 690 residential rentals to the downtown market.Read more via Crain's here.
Several months ago, renderings appeared on a Chinese Developer's website (The Wanda Group) showing a new tower proposed for the New East Side. Speculation was rife at that time on the identity of the architect.
Now, the Chicago Architecture Blog has written a piece that gives credit for the design to Chicago's own Jeanne Gang, who also designed the nearby (and famous) Aqua. For the full report, read here.
Buying a home continues to be cheaper than renting one, though it remains the largest purchase of most people's lives.
Sustained low mortgage rates have helped make home ownership a cheaper option in terms of a long-term residence but eligible buyers, particularly the young set known by the moniker "Millennial", continue to opt for rentals. Probably the largest barrier for them include large down payment requirements, as the generation has greater student debt than any previously.
In August, real estate website Zillow examined mortgage and rental affordability and found that mortgages continue to become cheaper while rental rates continue to rise.
For the full story, head over to Chicago Agent Magazine.
