Chicago Real Estate News & Neighborhood Notes - May, 2016

20 N. Loomis Townhouses Now Listed on the MLS

Although plans for 20 N. Loomis initially started to gain attention back in the summer of 2014, not much has been mentioned about the project since. Or at least until recently.

Not long ago, a few units for the mysterious West Loop project officially hit the MLS, signaling to potential buyers that these new luxury townhouses will eventually be available, most likely sooner rather than later.

According to the MLS listings currently active, townhouses at 20 N. Loomis feature a jaw-dropping 7,500 square feet of total living space while offering 4 bedrooms, 5.5 bathrooms and a floor plan that lives much more like a single-family home that a townhouse. In addition, the development’s location at 20 N. Loomis also provides a premium West Loop address, which…

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Impressive 85-Unit Rental Building Proposed For 2300 N. Clybourn in Lincoln Park

An impressive new mixed-use development has been proposed for a part of Lincoln Park that already has some minor traffic issues, which seems to be the primary concern of residents who already live in the area. Introduced by architect Marc Amstadter and attorney Sara Barnes, the new project is being planned for 2300 N. Clybourn (Clybourn and Ashland), which would require a zoning change from C1-3 to C1-5.

Featuring a sleek design that’s similar to what you might expect to see built in the West Loop, the new 2300 Clybourn project could include as many as 85 rental units in addition to 9,800 square feet of ground level retail space. As it stands, 13 units would be housed on each level, with a likely configuration of three 2-bedrooms, 5 one-bedrooms, and 5…

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smartasset™ Reporting Chicagoans Need to Make over $75K to Afford a 2-Bedroom Apartment

Unless you've been living under a rock for the past couple years, chances are you’re at least somewhat familiar with how crazy Chicago’s rental market has been, especially within the past 12 months or so. But as you might expect, Chicago isn’t the only major market that is seeing rising rents, and in fact, the Windy City is still faring much better than in major coastal cities like San Francisco, New York, and Los Angeles in terms of affordability.

According to a recent report from smartasset™, Chicago households need to be making just over $75,000 a year to afford the rent of a two-bedroom apartment, which assumes rent should be no more than 30% of a household’s income. For those of us living in Chicago, that’s a figure that may seem pretty daunting at…

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Construction Set to Begin For 3Eleven, River North's Gleaming New Rental Tower

It seems like forever ago that The John Buck Co. revealed plans for a towering 24-story apartment tower that will essentially be located right smack-dab in the middle of Chicago’s bustling River North neighborhood.

Since last September, when many of us first learned about the dynamic new project, not much has been happening at the Assumption Catholic Church parking lot—the site of the sleek new glass tower—until now.

According to reports from Curbed, the parking lot has now officially been fenced off and it looks like construction could beginning at any time on what’s now being dubbed 3Eleven (named for its address at 311 W. Illinois). Prior to any construction on the tower, a fairly small, 1,400 square foot garage will need to be demolished, which…

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Related Midwest Announces Massive 62-Acre Development For South Loop Site

Major development news came out of the South Loop earlier this week with a preliminary announcement being made to develop the last major unused spaced along the south branch of the Chicago River.

According to a report from the Chicago Tribune, Related Midwest has now completed the purchase of a 62-acre piece of property that sits just southwest of Clark Street and Roosevelt Road, putting into motion a massive, multi-billion joint venture with Luxumborg-based General Mediterranean Holding (GMC) that will no doubt re-shape the city’s skyline.

As noted by The Tribune, the new project will eventually bring thousands of new homes and millions of square feet of office and retail space to the area, which will no doubt compete heavily with the previously…

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Circa Restaurant & Rooftop Set to Open Inside The Gwen Next Week

It’s that time of year again where new restaurants, and more specifically new rooftops, find their way into the headlines. Back in September, The Conrad Hotel was taken over by The Gwen (another luxury hotel brand), and now as we enter the busy spring and summer season for Chicago tourism, details are being unveiled about The Gwen’s hot new restaurant and rooftop space that is expected to open next week.

Being called Circa, the new space is described as “upscale” but “approachable”, according to a report from Eater, with menu items including burgers, chops, salads, and even some seafood fare mixed in as well.

Inside, Circa will feature a 1930s prohibition-era theme and drinks, not food, will generally be the restaurant’s focus. The cocktail list is…

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1Q 2016 Chicago Area New Construction Update

As we move through the busy spring market, new statistics are coming out regarding new construction in the Chicagoland area with some surprising, and not so surprising trends happening all throughout the city and suburbs. Let’s take a look at a few quick ballet points:

New Construction Sales are Down — With the first quarter of 2016 now in the rear-view mirror, we’re now seeing a decline in new home sales compared to a year ago, which includes transactions all throughout Chicagoland. According to a report from Tracy Cross & Associates, new construction single-family home sales have dropped 14.2%, while new home sales overall, which includes condos and townhouses, have dropped 8.3%.

New Construction in the South Loop Area is on the Rise — Out of the top 10…

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