A New York-based developer has announced that they're planning a 500-unit development in Pilsen, according to Crain's.
The developer, Property Markets Group, lists on their website a brief description of a project they're calling PMG Windy City, which would bring 500 units of apartments to the burgeoning neighborhood on the city's southwest side.
While it's just a sketch at this point, suggesting the project is in its initial stages, it would add a third project in Chicago to PMG's plans. They already have projects in various stages of approval/construction in Uptown and Logan Square.
For more, head over to Crain's here.
Rendering Via PMG.
Supply may finally be catching up and moderating city-wide rents, according to a report from Chicago Agent Magazine.
The area numbers from the first quarter of 2011 shows that area rental gains were the second-slowest in the nation at 2.7 percent, being edged only slightly by Los Angeles's growth rate of 2.6 percent.
The good folks over at Chicago Agent Magazine suggest that the soaring increase in rentals, particularly in the downtown area, are keeping rents in check but that more data is needed to fully determine that.
For a series of nifty graphs, head here.
But meanwhile, rents are encountering additional upward pressure from the popularity of sites like Airbnb.
A new report profiled in a recent Wall Street Journal article shows that the growth of the vacation rental market may be causing tenants to pay more for rentals, banking on the fact that they can raise money to cover the rent through Airbnb and others, or in landlords deciding they can make more via the service than by renting it traditionally.
Those two factors could be causing rents to go up because of tenants monetizing the apartments or reducing supply.
For more, head to the WSJ here.
Finally, the New East Side's latest addition, the proposed Wanda Vista Tower (by Jeanne Gang) will be having its public debut next week.
Downtown Alderman Brendan Reilly will be hosting a meeting on Monday to discuss the proposal.
For more on the proposal and the meeting, head here.