A new tower will soon be replacing the iconic Ed Debevic's restaurant in River North.
Demolition of the restaurant is underway and a new tower will soon begin to rise in its place. The 22-story building will feature 251 rentals, 117 parking spaces and 12,000 square feet of retail.
For more, head over to Curbed Chicago here.
A new report out from Freddie Mac suggests that an unlikely culprit is keeping supply of real estate for sale at the current low: baby boomers.
The generation has been breaking all sorts of rules since they were young and the newest rule they're breaking seems to be that they aren't interested in downsizing as they reach retirement.
"Boomers are part of a clogging up of the whole chain of home sales," Sean Becketti, chief economist of giant mortgage investor Freddie Mac, told the Chicago Tribune. "They appear to be staying in the family home longer than previous generations," Becketti wrote in a new outlook report, "and the imbalance between housing demand and supply continues to boost prices."
Read the full story at the Chicago Tribune here.
According to the latest report from CoreLogic, home prices in Chicago are holding steady and have seen healthy grow, especially as compared with several other metropolitan markets.
The report specifically singles out Houston and Miami, where overvaluation is becoming a problem. Chicago, by contrast, saw prices rise 3.4 percent in October from the previous year, consistent with the growth pattern of the last several years.
Read more at Chicago Agent Magazine here.
The latest exciting development for River North was unveiled last night - a 24-story tower could soon rise at 300 W. Huron St.
The tower would take the place of a surface parking lot and would include a mere 71 apartments with one parking space for each.
The tower's plans are from Hartshorne Plunkard Architecture. It will also include 16,000 square feet of commercial space.
Read more at Curbed Chicago here.
This year has been a good one for new construction throughout the Chicagoland area.
Residential construction spending in October totaled $735 million, a 36 percent increase from the previous year according to the latest reports.
Meanwhile, new construction for the year exceeded $4 billion, a similar 32 percent increase from 2014.
For more, head over to Chicago Agent Magazine here.