The landmark Tribune Tower, located on a prominent site on North Michigan Avenue, could soon be up for an exciting transformation.
The tower's owner, Tribune Media, is reportedly close to finalizing a deal that would sell the 91-year-old neo-Gothic tower to a partnership including LA-based CIM Group and a local partner, Golub & Company. The price for the tower and an adjacent site would top $250 million.
The future development could see a new residence or hotel. It could also include new retail on North Michigan Avenue just steps from the iconic bridge.
Read more at Curbed Chicago here.
The latest news from the Illinois Association of REALTORS® is good: May home sales for the nine-county area showed a 7.5 percent increase year-over-year with median sale prices growing by 6.1 percent to $234,500.
The Chicago Tribune asked Urban Real Estate Partner Matt Silver about the latest numbers and he noted that some areas of the city, like Lincoln Park, have now completely recovered from the downturn in the housing market.
"Areas close to the lake, both north and south, are the areas that recover quicker and then it moves from there," Silver said.
“Median prices continue to grow, in Chicago, much of the growth was generated by much more rapid increases in the prices of foreclosed properties rather than regular sale prices,” said Geoffrey J.D. Hewings, the director of the Regional Economics Applications Laboratory at the University of Illinois. “Given the uncertainty in the state’s economy and the pending national elections, the housing market continues to grow in terms of sales and prices and the short-term (three months ahead) forecasts remain positive.”
The city of Chicago showed a 5 percent year-over-year increase.
Read more at the Chicago Tribune here.
Chicago-based Urban Real Estate managing partner Matt Farrell was recognized Tuesday evening by the Illinois Association of REALTORS® (IAR) for being named the Chicago REALTOR® of the Year (ROTY). The dinner, held at the Abraham Lincoln Presidential Museum, in Springfield, Illinois, honored those recognized by their local REALTOR® associations from across the state.
According to IAR’s Web site, the ROTY is “Presented to an individual whose dedication to excellence has most profoundly enhanced the professional image of REALTORS® in the State of Illinois. The award recognizes the REALTOR® of the Year’s personal leadership and service qualities, applied not only to the real estate industry, but also to the promotion of civic, community and charitable causes.”
“The REALTOR® community in Chicago and across the state, has been a remarkable source for our development and growth as professionals,” says Farrell. “The contributions I have made with our Urban Real Estate team, have created solid industry relationships, helped us lead on legislative and taxation issues at the local, state and national levels; and fostered conversations about the obstacles which exist in our own backyard. It is truly an honor to be recognized with my esteemed peers from across Illinois.”
The folks over at Chicago Agent Magazine have a bit of timely advice about your landscaping ideas - one of the most overlooked things when it comes time to sell.
Among their tips: trim trees and shrubs, water well but not too much and, perhaps most important, don't start a project that you can't or won't finish.
Check out the whole list here.
While not a strictly residential project, another high-rise has been proposed for River North. This one would bring a hotel with a rooftop lounge and a new restaurant out of New York.
The 18-story, 199-room hotel was unveiled yesterday for the northwest corner of LaSalle and Hubbard. The site is currently a parking lot. It would include a street-level restaurant together with a rooftop lounge and pool.
Read more at DNAinfo Chicago here.