Chicago Real Estate News!

In development news that doesn’t involve the West Loop or River North, reports have surfaced about a possible zoning approval for the first phase of a new 500-unit apartment building expansion in downtown Chicago’s Medical District, which would involve the construction of a new 19-story, 254-unit tower that would inevitably replace two existing parking garages. 

Slated fore the northeast corner of Ashland and Taylor, if approved, the new bKL Architecture-designed tower would also include about 28,000 square feet of retail space and parking for 245 cars. 

The second phase of the potential development would also involve a second tower to eventually be built, as well as the complete overhaul of an existing apartment building that already has 410 units.

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The Fulton Market District is a neighborhood that’s generating a lot of buzz lately, but mostly on the commercial side of things. Just recently, news broke about another loft-style office hitting the market on May Street, and of course the addition of the new Google building at 1K Fulton continues to create momentum for not just Fulton Market but also the entire West Loop area overall. 

But speaking of May Street, a couple of the West Loop/Fulton Market’s most expensive residential listings both happen to be inside the same building right now—312 N. May. 

The first unit here, a 5 bedroom, 4.5 bathroom loft with a whopping 5,000 square feet of living space, is listed for a cool $2,149,000, which doesn’t seem like a bad deal given it’s a living space

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A 75,000 square foot loft-style office building has been put up for sale in Fulton Market, which could result in the area’s next major re-development project. Located at 400 N. May Street and occupying an entire block at May Street and Kinzie, the potential is certainly there as on-going commercial and residential development continues to transform this part of the west side into a bustling downtown neighborhood. 

According to a recent report from Crain’s, 400 N. May Street is currently 88% leased and potential investors could simply acquire the building as an investment property that’s already generating income. But maximizing the site’s income potential with higher density will likely be the eventual plan for whoever ends up buying the property.  

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Construction has officially begun on the massive new Lincoln Common mixed-use development, which will take over the 6-acre site that was once the home of Lincoln Park’s Children’s Memorial Hospital. 

Officially located at the corner of Fullerton, Lincoln, and Halsted, Lincoln Commons will bring 1.1 million square feet of new office, retail, and residential space to the neighborhood, which will apparently include 105,000 square feet of retail space and 540 apartment and condo residences. 

As noted by Curbed, only a construction permit for the 7-story assisted living structure has been issued for The Lincoln Common project, although you can still get a better glimpse at that the full project will entail thanks to a number of new renderings that were

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Old Town Transit Oriented DevelopmentThe new mixed-use project planned for 1435-1443 N. Wells is officially a “go” according to a recent report from Curbed. Officially designated a transit-oriented development (TOD), the new Old Town development will offer a mix of 50 apartment residences, ground level retail space, and parking for just 15 off-street spaces.

The building’s attractive design, which rises 6 stories and features a setback-layout for its upper floors to limit its visual impact from below, is from NORR, while the project itself is being developed by LG Development. 

Despite its approval, the project does come with a little controversy, as a group of existing older buildings will have to be demolished to make way for the new structure. But as other Old Town projects continue

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Another new apartment tower is being planned for the Loop, which is hardly a surprising headline anymore as more and more residential construction continues to transform this particular part of the city. Once thought of as Chicago’s primary business and financial district, the Loop has all of a sudden become one of the hottest places to call home now thanks to newly built high-rises such as OneEleven, Mila, 73 E. Lake, and Marquee at Block 37.  

As first reported in the Tribune, Chicago-based Sterling Bay and Magellan Development are looking to demolish a brick four-story building at 300 N. Michigan Avenue to make way for the new rental tower, although details beyond that are still unclear.  

As of now, Sterling Bay currently owns the possible

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According to new data from Trulia, condo values are inching closer and closer to the home values of single-family homes in markets all over the country—a trend that’s not quite as relevant here in Chicago, but still interesting nonetheless. 

Before diving into the numbers, however, it’s also worth noting that Trulia’s analysis is getting some push back from outside analysts and industry pros, citing an unreliable automated valuation model rather than using data that’s a little more concrete in their eyes, like comparable closed sales for example. 

Regardless of which model to follow, though, it’s hard to argue that condos are starting to play a more significant role in today’s marketplace, especially in medium-to-large sized cities. And if you look

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What You Can Buy in Wrigleyville Right NowWith the baseball season now in full-swing, the Cubs have officially begun their quest to defend their most recent World Series Championship—an accomplished feat that’s infamously been 108 years in the making. But with all the redevelopment currently happening all throughout Chicago’s Wrigleyville neighborhood, it’s now a north side location that continues to offer a whole lot more for locals to enjoy than just a fun-filled day at the ballpark. 

The new Addison & Clark development that’s currently under construction will eventually feature a new Lucky Strike Bowling alley and Cinemex movie theatre once finished, and the new Zachary Hotel will bring a number of Chicago culinary favorites to the neighborhood as well, including Big Star and Smoke Daddy

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Filed under “something you don’t see everyday,” a new high-rise project  in River North has recently been revealed that will combine office space and a new firehouse, which on the surface seems like an odd mixture. But upon further review, the bold idea actually make a lot of sense, both for the city and for the developer behind the project. 

According to reports, developer Albert Friedman has already reached a deal with city officials regarding the new development, which would include about 614,000 square feet overall, including the new firehouse that would replace the existing Engine Co. 42 station located at 55 W. Illinois. 

As alluded to above and as first detailed by Crain’s, the project seems to be a win-win for both the city and Friedman, who

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More changes are on the way for Chicago’s Mag Mile, as numerous reports claim the nation’s largest Starbucks will soon take over the Crate & Barrel location over at 646 N. Michigan Avenue. 

According to Eater, the new Starbucks location, which will encompass a whopping 43,000 square feet, will occupy four stories and also serve pizza from popular Italian bakery chain Princi in addition to serving all the classic food and drinks offered at a typical Starbucks location anywhere else. 

Additionally, the Chicago Tribune quoted Starbucks CEO Howard Shultz saying the spectacular new coffee house will also offer somewhat of a theatrical component, providing guests with interactive tours of the new high-profile Mag Mile location.  

It’s also worth noting

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