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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Chicago is seeing steady home price growth, according to the latest numbers. CoreLogic reports that the appreciation is moderate, but steady. Chicago home prices including distressed sales shows increases of 2.1 percent year-over-year. Excluding distressed sales, prices rose 3.2 percent. Statewide those numbers were, respectively, 2.4 and 3.5 percent. That growth is consistent with numbers across the nation. Read more at Chicago Agent Magazine here .
There isn't much detail at this point but downtown Alderman Brendan Reilly sent an email this week announcing a plan for a 23-story residential tower to replace a surface parking lot at the corner of Illinois and Franklin. Crain's reported that developer John Buck is behind the project. He's currently building a new apartment tower at 200 N. Michigan Avenue...
Justin Oliver, a trusted Urban broker and adviser to his clients far and near, is a familiar face to the Chicago real estate scene. Check out this profile to learn more about one of the industry's rising stars.
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It's a seller's market throughout Chicago but even within that context there are some neighborhoods that stood out as particularly competitive for buyers. Chicago Agent Magazine crunched the numbers for July and found that the most competitive neighborhood in the city was the West Loop where the average time on the market for a property was a mere eight days...
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