Another 180 units of rental housing could be coming to River North.
Developer Lennar hopes to build a new tower at 675 N. Wells, currently a surface parking lot. While not much information is available, published reports indicate that the developer could move forward with the project based on its current zoning. A step that would save time in the city's approval process.
Read more at Curbed Chicago here.
A townhouse development under construction in the West Loop has received a slight makeover to make the final buildings more streamlined and modern as they move toward sales.
The townhouse units, located at 20 N. Loomis, will be geared toward the high end of the market clocking in at just over 5,000 square feet and an asking price of just over $2 million.
Read more at Curbed Chicago here.
Rents have risen to such a height in Chicago that it now takes only two years of owning for buying to make more sense than renting.
According to a new report from Zilliow, the break-even point for Chicago is down five months from a year ago. That compares to a nationwide average of one year and eight months.
Indianapolis has the shortest break-even time in the 35 largest metros at one year and two months. Washington, D.C. and San Diego are at the other end of the spectrum, where it takes three years and seven months to break even.
Read more at Crain's Chicago here.
The city of Chicago has launched a new homebuyer assitance program, whereby eligible buyers can receive financial support for down payment and closing costs within the city.
Qualified buyers can only have incomes of up to $133,000 and are eligible for grants of up to 7 percent of the total loan. They are also required to contribute either $1,000 or 1 percent of the purchase price at closing, whichever is less.
“The Home Buyer Assistance Program is another important tool in our toolkit for building stronger neighborhoods throughout the city of Chicago,” Mayor Raum Emanuel said in a statement. “I am proud that lenders are now accepting applications, and I encourage anyone who is interested to apply today.
Guaranteed Rate, American Financial Network, and Home Trust Mortgage are the three lenders accepting applications part of the Home Buyer Assistance Program.
Learn more at the city's website here.
A prominent corner in Bucktown will soon see the rise of a new transit-oriented development.
The construction site, located at the southeast corner of Western and Milwaukee avenues, directly adjacent to the Western Blue Line stop, should begin soon on a new, six-story building that will include first floor retail space and a total of 44 apartments.
Taken together with proposed redevelopments on other corners of the intersection, this corner of Bucktown will be in for some big changes over the next few years.
Read more at Curbed Chicago here.