The South Loop is red hot right now. Last week, in a single evening , nearly 1,500 apartments were proposed in new towers for the neighborhood. Those towers include a show-stopper by Helmut Jahn which would become one of the tallest buildings in the city. To read about all the projects, head over to Curbed Chicago here . The latest figures are in for the top-selling suburbs in the Chicago metro area for the month of August, and Naperville was the leader again...
The latest figures are in for the top-selling suburbs in the Chicago metro area for the month of August, and Naperville was the leader again. Overall, sales in the suburbs picked up by 4.3 percent year over year. The three leaders, Naperville with 254, Joliet with 229 and Aurora with 222 actually saw their numbers decline but the condo/townhouse numbers increased across the area. For more, head over to Chicago Agent Magazine here .
It truly seems that not a day can go by in Chicago without another announcement of a new residential tower, but today's announcement was particularly impressive. Architect Helmut Jahn is behind the design for a new South Loop tower that would rise 86 stories, making it among the tallest in the city, the fifth tallest, in fact, at 1,030 feet. It would include as many as 506 residences at 1000 S. Michigan Ave. For more, head over to Curbed Chicago here .
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Home sales continued to mark increasing prices in August as sales saw an expected decline with the end of the summer, according to a new report on the national market from the National Association of Realtors. In the Midwest existing home sales declined 1.5 percent to 1.28 million, but that figure represented a year-over-year increase of 5.8 percent. Perhaps the best news in the report is that first-time homebuyers are making a come-back...
A joint venture is proposing more than 900 additional housing units south of River City , according to a proposal unveiled last week. The developers, CMK and Australian construction company Lend Lease are also planning to build 2,700 homes north of River City in a riverfront site they've dubbed River South. If all their plans come to fruition, the area could be home to thousands of additional residents and look very different in a decade...
If you've been looking for a new home in Lincoln Park, then you may be in luck (though you'll probably have to wait a year or so). A new developer came forward yesterday with a plan to redevelop a former industrial site at Wrightwood and Hermitage with two, four-story residential buildings. The project would include a mix of 30 condos and 60 rentals and has been designed by Pappageorge Haymes Partners. The average size of the apartments would be 2,500 square feet...
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It looks like developer Centrum Partners have been given the green light to move forward with a new, mixed-use building for a corner site adjacent to the new 606 trail. The developer reduced the overall unit count on the project from 128 to 95 and then dropped the height to five and a half stories. The project will be anchored by an Aldi that currently occupies the corner of Milwaukee Avenue and Leavitt. DNAinfo has more renderings of the project here ...
Fannie Mae is changing a regulation that could mean qualifying many people borrowers to become homeowners. The agency announced this week that they're overhauling their HomeReady program to allow underwriters to consider the income of a co-habitating, non-borrower when calculating the debt-to-income ratio, a key metric in qualifying a potential home-buyer for a mortgage...
A new 15-story apartment building has been unveiled for Printer's Row, with a total of 90 rental units, from developer LG Construction. The land is a fairly small parcel, about a quarter of an acre. The units will average around 350 square feet each and about $1,000 in monthly rent. The development is also planning to include 40 rooms as extended stay, furnished hotel-style rooms. For more, head over to Curbed Chicago here .
A new, 50-unit tower could be coming to an empty, blighted corner in Bucktown. Besides its apartments, the proposal for a new 6-story apartment building would be built on a triangular lot at 1920 N. Milwaukee Ave., less than 150 feet from the Western Blue Line stop. It would include 5,800 square feet of retail. The architect for the proposal is David Brininstool...
The towers just keep on coming; the latest news is from developer John Buck company - they've proposed a new residential tower for a site at Franklin and Illinois. The proposed tower would rise 24 stories and include up to 245 units. The property is currently owned by a Catholic Order which maintains the Assumption Church adjacent to the site. They're working with the developers to upgrade and maintain their facility as a part of the property...
There just can't be enough towers in downtown Chicago - or so it would seem. Developers are planning another tower for Lake Street in the Loop where it intersects Clark Street. It would be 83 stories tall and include up to 600 hotel rooms and 300 apartments, Crain's reports. The developers are also hoping to include a new hotel brand to Chicago, either Live Aqua or Dream Hotels. Read more at Crain's here .
News came out today that prominent Chicago developer Cedar Street has purchased the Freedom Center in West Town. Cedar Street has been behind some great rehabilitations and adaptive re-use projects. They're currently working on a micro-apartments renovation to the Bush Temple of Music on the Near North Side, for example. The West Town site is 3.1 acres at 1515 W. Monroe...
If you're interested in buying a house but have a lower credit score, mortgages have been hard to come by for the last several years. But the Federal Housing Administration (FHA) took a step last month that will relax its underwriting standard and give lenders more freedom to approve borrowers. Some estimates suggest it could add up to 100,000 new buyers to the housing market. Up to this point, lenders have shied away from borrowers with credit scores under 620...
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Two headlines this week indicated that housing is strong both nationally and at the local level. Economists studying the market argued this week that it's strong enough to handle an increase in mortgage rates, which have been at historic lows for the last several years. The report, from Reuters, surveyed 22 economists. You can read it all here ...
Michigan Avenue could be getting a bit more magnificent. A developer is proposing a new and extremely slim, 41-story tower to be built just north of Millennium Park on Michigan Ave. The tower would be a mix of hotels and residences that would offer access to some of the city's greatest amenities like Grant Park and the new Maggie Daley Park, as well as the cultural offerings of the Loop. The project, from Park Ridge developer BJB Partners, is just in the beginning stages.
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