It looks like another tower is coming to the hot South Loop area.
According to reports in two local websites, developers are planning a new, 33-story, 496-unit apartment building for the vacant lot at 801 S. Financial, just south of Polk Street and next to the Metra tracks.
An Atlanta-based developer purchased the site in December for $15.5 million. Chicago's Pappageorge Haymes are the architects.
The site is awaiting construction permits to begin.
Read more at Curbed Chicago here.
A gigantic development that would help to transform a section of Wrigleyville is a step closer to reality this week.
Foreclosure suits against several of the properties on Clark Street just south of Addision have been resolved and now the development team at M&R Development and Bucksbaum Retail can move forward with the mixed-use project, designed by SCB and under consideration since 2007.
It would bring 148 luxury apartments, 405 parking spaces and 150,000 square feet of retail to the street steps from Wrigley Field.
Read more at Curbed Chicago here.
The Chicagoland area is one of the best markets for Millennials in the country, having both more buyers in that age bracket than the national average and a younger cohort, according to a new analysis from LendingTree.
45.48 percent of purchase requests in the metro area over the last 12 months came from Millennials with an average down payment of $45,000 and an average purchase price of $260,000.
Chicago is the seventh place market in the country for the generation, behind the top three, Boston, Pittsburgh and Washington, D.C.
Read more at Chicago Agent Magazine here.
In spite of Chicago's status as a prime residential market for Millennials, a new report suggests that a substantial portion of the important generation may be bound for the suburbs.
A report from Citylab argued that U.S. cities may be at their peak Millennial populations already and that these young people will ultimately head for the suburbs like their parents.
If it's going to happen, it's going to happen soon. A large segment of Millennials will be entering their late 20s this year, a time when young people take their housing and futures more seriously.
Read more at Chicago Agent Magazine here.