Developers are getting ready to dig in on a project to replace the Lincoln Center at 2518-49 N. Lincoln Avenue with a new, 10-story mixed-use building.
Designed by Solomon Cordwell Buenz (SCB), the building, called ELEVATE Lincoln Park, from Baker Developer, will feature 191 high-rental apartments, an elevated terrace, retail on the first floor, a rooftop pool, and a three-level parking deck.
Check out more on the excited project at Curbed Chicago here .
A new office tower has been proposed for a site neighboring Union Station that would be among the city's tallest.
Developer Sterling Bay has proposed a skyscraper that would be connected to Union Station and rise to a total of 958-feet and have a total of 2 million square feet of space.
They also announced that they are in talks with enough tenants to begin construction.
Read more at Crain's here .
What will eventually become Chicago's third-tallest building broke ground today, with local dignitaries and others from China on hand to witness the historic moment.
The Jeanne Gang-designed tower will eventually reach a height of 1,186 feet and will include both a hotel and condo residences. The tower is a joint venture between Magellan Development and China's Dalian Wanda Group, that country's biggest real estate company...
An apartment buidling proposed for a vacant lot in downtown's Printers' Row neighborhood has been shrunk from 15 stories to 7.
If built, the proposal from LG Development would now include a total of 60 rental units down from 130 for the vacant lot at the corner of Dearborn and Polk.
The original proposal also included retail space, but LG hasn't confirmed yet how the amenities and retail would be affected by the redesign. Read more at Curbed Chicago here .
According to the latest data, Americans may be ending their love affair with McMansions.
Ending years of ever-increasing home sizes, builders have started to work on developing more entry-level and smaller-sized homes, the data from the National Association of Home Buildings illustrates. Median floor area in new homes under construction in the second quarter of 2016 fell by 3 percent...
The low supply of downtown condos for sale has investors and developers deciding that the time is right to unload condos that were bought in bulk when they couldn't be sold during the market downtown several years ago.
According to a new report from Crain's Dennis Rodkin, there are 351 rented downtown condos that are moving through the process of being sold off, including 141 in a single South Loop building...
According to a new analysis, Chicago is one of the best cities for first time homebuyers.
The report, from Zillow, ranked cities based on median home values, affordability, cash buyer competition and inventory. Chicago ranked number five on the list, with a median home price of just over $193,000. Our city was the largest in the top ten and beat out such competitors as Tampa and Houston.
Beating out Chicago, in order, were Indianapolis, Pittsburgh, Memphis and Cleveland.
The latest proposal for the booming West Loop will bring another 20 high-end condos to the neighborhood.
A newly issued permit would allow construction to begin on the six-story "Residences on Racine". It's expected that the building will cost $5.6 million to build and will include parking for each unit. Prices so far are ranging from the mid-$500,000s to the high $800,000s.
See some more renderings at Curbed Chicago here.
Homeownership in the United States is dropping, but it's dropping the fastest among the so-called Millennials.
Under age 35, homeonwership rates have dropped to barely more than half of the national average, at 34.1 percent. In itself, that number is a record low. This is being driven by, among other factors, the delaying of life decisions like marriage and high student debt...
The booming South Loop will soon have a new retail mall developed amongst the high-rise residential buildings.
The developers behind the new, five-story retail complex at 909 S. Jefferson St. just received their first permits to begin construction. They'll have over 100,000 square feet of commercial space together with two levels of underground parking. It could be open as early as Spring 2017.
Read more at Curbed Chicago here .
The latest numbers show that Chicago is in the midst of a substantial building boom, one that has seen a total investment of $4.22 billion. That's "billion" with a "B".
The numbers, from Dodge Data & Analytics, show a 66 percent increase in Chicago-area construciton through July of this year - and that's for all construction. When residential is separated out the increase is 133 percent since last July...
Local home sales slide dramatically in July, but a closer look at the numbers indicates that the driving factor is the seemingly endless inventory shortage.
In Chicago, sales fell 11.9 percent year-over-year to 2,714 sales though the median price rose 1.9 percent. Condo sales meanwhile, fell 14.8 percent and median price rose 3.9 percent.
But inventory declined from its already low level another 16.4 percent for the Chicagoland area...
There has been a lot of talk in recent years about the hot Northwest Side of the city of Chicago. Buyers have followed the Blue Line that runs out to O'Hare in search of great properties and great prices.
But as places like Logan Square and Avondale have seen prices soar, sales have dipped when measured year-over-year. Two other neighborhoods are now seeing big surges: Portage Park and Belmont Craigin...
Landlords may soon be in for a break from the rules under Chicago's Residential Landlord-Tenant Ordinance.
Under a revision introduced today to the city council, judges would be empowered with discretion over fees awarded both lawyers and tenants...
Downtown landlords saw their rents reach record highs this year, with a new report showing rents at an average of $3.03 per square foot this year.
Occupancy rates are also up, with vacancy at just over 5 percent. But there are signs that the days of record increases may be ending. Crain's and Curbed Chicago are both reporting that while our boom in apartments isn't the highest of major metros, we still have a large number of new apartments coming online...
The massive and transformative South Loop project known as "Riverline" is planning to break ground next month.
Developers CMK Companies and Lendlease will be executing a master plan for the phased construction of five mixed-use highrise buildings along the east bank of the Chicago River between Harrison and Roosevelt. It would bring about 3,600 new residences to the area on 14 acres of land.
Read more about this exciting development here .
Closing costs are a variable when it comes to securing a mortgage and the TRID regulations rolled out last year aimed to bring some certainty to the costs and give buyers some time to review all the costs associated with a home purchase.
With nearly a year behind us since TRID was rolled out, Chicago Agent Magazine breaks down where Illinois ranks nationally when it comes to closing costs; Illinois averages just over $2,000 which ranks us 29th nationally...
Chicago is already known as a highly walkable city, but the new construction in the city is more walkable than the city's average.
The city's current average "Walk Score" is 78 and the latest numbers show that new construction is averaging a score of 89.
Chicago is currently among the six most walkable cities in the country.
Read more at Curbed Chicago here ...
Even with the recent record tax increase, homeowners in Chicago still pay less in taxes than nearly every one of the city's suburbs.
WTTW's Chicago Tonight recently aired an interview between Phil Ponce and journalist Dennis Rodkin to discuss the impact of the property tax increase on homeownership and Rodkin noted that the city's robust downtown properties, as well as its still-significant manufacturing base, continue to help offset the tax bills of average home owners.
Despite the large amount of ink that has been spilled arguing about Chicago's apartment building boom, new data shows that the city ranks 14th nationally and is far behind many other cities in construction.
RentCafe concludes that the city will see 8,377 new rental units completed this year, most in the downtown area. That compares with more than 25,000 in Houston, the city leading the list...
