A new 41-story tower has been proposed for a surface parking lot in the West Loop, located at 590 W. Madison. The tower would house a hotel and office building.
Designed by Goettsch Partners, the same firm behind the tower under construction at 150 N. Riverside, the plan calls for a four-star hotel with 350 rooms and about 600,000 square feet of office space.
Read more about the proposal at Crain's here.
Moody's believes that 2015 is going to be a big year for housing. They released a report last week saying that the year will begin with near-record low inventories of completed and unsold new homes. That means, Moody's says, that the sector's revenues will grow by more than 10 percent year-over-year.
“We expect total housing starts in 2015 of 1 million - 1.2 million, up from 975,000 - 1 million for 2014, and new home sales will climb to about 500,000 - 525,000, up from about 450,000 for 2014,” analysts say. “Prices will increase at a more modest rate than in 2014, but affordability will remain strong by historical standards, enticing buyers.”
A local neighborhood group has endorsed a new high-rise tower for Streeterville.
SOAR (the Streeterville Organization of Active Residents) recently gave a thumbs up to the more than 800-foot tall tower designed by Robert A.M. Stern with some changes. Those include an overall reduction in the number of residences from 450 down to 350 along with the relocation of the condominium entrance.
For more, head over to the Chicago Architecture Blog here.
In the neighborhood amenities front, the famous Parson's Chicken and Fish, a largely outdoor venue in Logan Square has announced that it's patio, usually shuttered come winter time, break down the tables and break out a lot of water.
Parson's patio will be home to an ice rink - and skaters can enjoy fish, chicken and even drinks.
Read more here.
Just to the south another milestone has been marked for another neighborhood amenity that is driving real estate prices up along a long-abandoned railroad spur.
The Bloomingdale Trail, or 606 as its now called, will open next year and passes through Humboldt Park, Logan Square, Wicker Park and Bucktown along several miles of former elevated freight rail tracks.
The milestone this time: after a 24-hour delay a new arched bridge was lifted into place last week over Milwaukee Avenue. According to these residents, they're expecting it to create much more energy and activity in the area.
Read more here.