Corcoran Urban Real Estate
 

Monday Real Estate Round-up

Monday Real Estate Round-up
The Chicago Tribune Company is considering a redevelopment of its world famous and landmark Tribune Tower on North Michigan Avenue.

Built in 1925, the tower was the result of an architectural competition won by Raymond Hood of New York and has been a fixture on the skyline ever since it's construction.

Tribune executives are hoping they can cash in on its location and history - the Chicago Tribune reported that, while the tower contains 737,000 square feet of space, the land it sits on is zoned for up to 2.4 million square feet. The only stumbling block is the tower's landmark status, which would impact any redevelopment and could make the project many years away.

For more information, head over to the Tribune's story here.

Image via The Chicago Tribune.

Two developers are partnering on a new tower that would bring nearly 400 units to a site in the South Loop.

Golub & Company plans to partner with LA-based CIM Group to building a curving $130 million tower at 1001 S. State St.  It will add more units to a market that is projected to bring a total of almost 10,000 new rental units by 2016.

Golub's President and CEO Michael Newman told Crain's that he wasn't concerned about over supply, saying that only "inferior-quality" buildings would suffer.

For more, head over to Crain's here.

While all the news in Chicago seems to revolve around rental apartment construction, some new condo units are also in the works.

Homebuilder Noah Properties is seeking approval to build a new 16-unit condo development on North Avenue near Humboldt Park. The property on North Avenue sold earlier this year for $749,000 and, if the development is approved, it will add to Noah's single family homes project in Logan Square and a condo project in North Center.

Read more at Curbed here.

The big news of the weekend was the opening of the long-awaited Maggie Daley Park, just east of Millennium Park.

The Chicago Tribune was on hand and captured images of the hoards of happy park-goers enjoying the new ice skating "ribbon" that's big enough to accommodate 700 people.

The architect of the project says that it's designed to be "appealing to children and those young at heart." And there's more to come.

For more, head over to Curbed and the Chicago Tribune.

And vote for the Loop!

Here are Urban Real Estate we love the diversity of our city but due to our proximity to the city's downtown, we have to push for the Loop in the first round of the Chicago Curbed "Cup". Each year the real estate website sponsors a "bracket" competition of the cities neighborhoods and sets up the winners against each other with each successive round.

To vote for the Loop (or Morgan Park) head over to Curbed.