Good news today for buyers wanting new construction in Sauganash. 35 new single family houses officially broke ground this week.
The houses, from developer K. Hovnanian won't really begin construction until next month and later in the spring. They are part of a project that has been languishing since as far back as 2006.
Sales for the project will begin this summer and the houses will range from $700,000 to $900,000.
For more on the project head over to DNAinfo here.
We reported last week on one of the biggest news items in Downtown real estate: the sale of Aon Center..
The Aon Center is the third-tallest building in the city and is located adjacent to the hot area known as the New East Side, will soon be going up for sale according to its owner, Piedmont Office Realty Trust.
It's a total of 2.7 million square feet and looks over Millennium Park. That location, plus the size, could mean a substantial payday for the ownership, which is expecting bids up to $640 million.
But what's particularly intriguing is the possibility that new ownership could convert some of the vacant office space (it's currently 80 percent leased) into additional residences within walking distance of some of the greatest real estate in the city.
Read more at the Crain's here and at Curbed Chicago here.
Demolition has begun at the northwest corner of Belmont and Clark where a new 90-unit apartment building will replace the long under-utilized surface parking lot and strip mall home to, among other businesses, a prominently located Dunkin' Donuts.
The new business was originally proposed in 2013 but went through several design revisions and down-sizings before settled on two stories of retail, 90 apartments and 39 parking spaces.
Given it's location near the Purple and Red L lines and two CTA bus routes allowed developers to take advantage of the transit-oriented development ordinance which reduces the overall required mix of parking/apartments.
The developers will also be preserving the facade of a two-story building at 3220-22 N. Clark.
Read more at Curbed Chicago here.
Downtown Chicago will see a surge of new apartments in the next two years according to reports from the Tribune and Curbed.
The Chicago Tribune recently published an article examining a building boom in progress and took a count of all the new construction rental apartments that will be coming online in the next two years. It's a big number - 8,000.
If you're going to be looking for an apartment in downtown Chicago over the next two years you're in luck - they're building a lot.
The building boom is also extending beyond the Loop, to the West Loop, South Loop, River North and Streeterville. Add to that the well-reported building boom that will bring 1500 or so apartments along Milwaukee Avenue on the city's Northwest Side and a recent surge in developer interest in Transit-Oriented Development - a concept that encourages density near rail, and the city is destined for more density and soon.
Read more at the Chicago Tribune here and Curbed Chicago here.
