December 2016

There are 8 blog entries for December 2016.

Back in early November of 2015, rumors started circulating about Tesla opening up a showroom inside Chicago's famed Park Tower, but that deal, however, eventually fell through. Just over a year later, it appears the luxury electric-car maker is still planning to make a move to Chicago’s Mag Mile, but this time a bit further north up Michigan Avenue inside the 900 North Michigan Shops. 

According to reports, Tesla’s new space will be over on the Rush Street side of the building and include approximately 5,000 square feet. The business model of opening showrooms inside regional malls is nothing new to the auto maker, but adding more showrooms within larger urban markets and right in the heart of certain cities is something Tesla has been exploring.  

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South Loop Hotels Downtown Chicago’s hot hospitality segment is showing no signs of cooling as the South Loop’s latest high-rise hotel prepares to kick off construction at the southeast corner of Wabash and 11th Street. Though some early preparation and pile-driving was reported last month, the development received its first permit late last week. Estimated at $15,000,000, the scope of the work allows construction of the tower’s foundation and superstructure up to the seventh floor. With the official city go-ahead in hand, caisson crews can now begin planting the 306-foot tower’s subterranean roots. 

The 30-story project comes from architect Lothan Van Hook DeStefano and Hinsdale-based developer/operator S.B. Yen Management Group and contains a 196-room Homewood Hilton,

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With real estate prices continuing to spike around Chicago’s downtown and west side neighborhoods, both investors and home buyers are now looking for the city’s next “up-and-coming” communities for either an investment property or perhaps to even buy a new place to call home. And if you believe a recent report from The Tribune, Chicago’s Edgewater and Rogers Park neighborhoods may just be two locations in the city that fit that description perfectly. 

According to the piece, investors are scooping up apartment buildings on Chicago’s far north side, hoping to attract young professionals who might not be interested in paying a premium for already established neighborhoods in the area like Lakeview or Lincoln Park. A California-based investor just

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Earlier this month, Starbucks announced its plans to open a series of standalone Italian bakeries in three U.S. Cities, with Chicago being one of the lucky few. According to the coffee giant’s website, the new bakeries, which will be named Princi after the renowned boutique bakery and cafe founded by Rocco Prini back in 1986, will also open in New York and Seattle before possibly expanding to other markets. 

Among other things, the existing Italian bakeries are very well-known for their artisan breads, which are made from traditional family recipes. The first of the new Princi stores is expected to open in Seattle sometime in 2017, with the other New York and Chicago locations expected to debut sometime in late 2017 or early 2018.  

Also mentioned

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With Chicago’s rental market being so red hot over the last few years, it’s hard to imagine any building already starting to make the switch over to condos from apartments—but that’s exactly what’s happening over the 2 W. Delaware, formerly known as Walton on the Park. 

A towering Gold Coast high-rise that sits at the corner of State and Delaware, 2 W. Delaware is currently undergoing a complete transformation, offering future condo owners a delightful mix of lavish living spaces and upscale lifestyle amenities to match. With thousands of new apartment rentals being delivered to the downtown Chicago landscape in 2015 and 2016, and more reportedly on the way in 2017, the decision to convert 2 W. Delaware to condos may turn out to be a rather savvy move,

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If you noticed a new $50 million listing on the MLS today, we thought we’d clarify that you didn’t actually misread anything—that really is a 25,000 square foot mansion in Lincoln Park that’s asking a record-setting price.  

According to reports, the sellers built the home less than a decade ago after combining seven city lots, which were purchased for $12.5 million back in 2005. Now spending more time in Florida and hoping to downsize, the time to sell this now-iconic mansion has apparently arrived, even despite likely taking a loss on the property. 

As specially mentioned in the Tribune, the current owners spent a whopping $65 million to build the home, which also includes the land costs. But citing “the reality of the market” as to why a loss

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If you’ve ever gone for a run or taken a bike ride along Chicago’s breathtaking lakefront, chances are you’ve passed a dark and somewhat unassuming pavilion that sits just off the Fullerton-Lake Shore Drive interchange, which is known to some locals as the Theater on the Lake. It seems like forever that this particular structure has sat dormant, just waiting for someone to expose its potential and maximize its unique location that’s literally just steps from Lake Michigan. 

Well, at long last, the Chicago Park District has finally taken another step forward towards accomplishing this goal, breaking ground on a complete renovation that will update both the Theater on the Lake’s appearance and interior features and design.  

Estimated to cost $6

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Gold Coast Lakefront DevelopmentThe last undeveloped lakefront parcel in the Gold Coast could soon see some action, at least according to a new report from Curbed Chicago. Being proposed is a new eight-story building that could include as many as 58 units, which is significantly different from the original proposal from Draper & Kramer that called for a sprawling 40-story high-rise. That proposal, which as made all the way back in 1997, drew significant resistance among Gold Coast residents and of course failed to materialize into anything concrete over the years.  

But now, the new 58-unit building seems to be gaining strong momentum as it heads to the Chicago Zoning Board for approval this month, especially as new construction condo inventory is still low heading into 2017. 

The

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