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        <title>Chicago Real Estate News &amp; Neighborhood Notes</title>
        <link>https://www.goldcoastrealty-chicago.com/blog/2016-12/</link>
        <description>Chicago real estate news and other tidbits about neighborhoods, new construction, new development, condos, apartments, and other residential real estate. </description>
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    <guid>https://www.goldcoastrealty-chicago.com/blog/construction-set-to-begin-on-yet-another-downtown-hotel.html</guid>
    <link>https://www.goldcoastrealty-chicago.com/blog/construction-set-to-begin-on-yet-another-downtown-hotel.html</link>
        <author>leo@goldcoastrealtychicago.com (Leo Clark.)</author>
        <title>Construction Set to Begin on Yet Another Downtown Hotel </title>
    <description> <![CDATA[ 
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, a separate 85-room extended-stay hotel, 3,500 square feet of retail, and a 57-car garage. Known as both 1101 S. Wabash and 55 E. 11th Street, the site was previously home to an unremarkable two-story parking garage that was demolished in early 2016.


Developers are expecting construction to take around 22 months.



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    <pubDate>Fri, 30 Dec 2016 10:09:00 -0600</pubDate>
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    <guid>https://www.goldcoastrealty-chicago.com/blog/edgewater-rogers-park-labeled-chicagos-hottest-up-and-coming-neighborhoods.html</guid>
    <link>https://www.goldcoastrealty-chicago.com/blog/edgewater-rogers-park-labeled-chicagos-hottest-up-and-coming-neighborhoods.html</link>
        <author>leo@goldcoastrealtychicago.com (Leo Clark.)</author>
        <title>Edgewater, Rogers Park Labeled Chicago's Hottest Up-and-Coming Neighborhoods?</title>
    <description> <![CDATA[ 
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 purchased a 223-unit building along Sheridan Road in Edgewater Beach, while a Connecticut-based venture also followed suit and closed on a 160-unit building just a couple weeks ago.  


Of course the close proximity to Loyola University makes Rogers Park and Edgewater a desirable location for investors specifically, but along with that, the lack of newly renovated apartments available in the area also makes the far north side ripe for an apartment renaissance.  


As noted by The Tribune, average rents around Rogers Park have jumped by 12 in just the last 5 years alone, which could spell trouble for existing residents currently taking advantage of the area’s affordability. But just like what happened over in Bucktown, Wicker Park and even Logan Square nowadays, it might be only a matter of time before Edgewater and Rogers Park are Chicago’s hottest new locations for young city-dwellers to consider, especially given the area's easy access to the Red Line. 


 
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    <pubDate>Tue, 27 Dec 2016 09:28:00 -0600</pubDate>
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    <guid>https://www.goldcoastrealty-chicago.com/blog/2-w-delaware-condo-conversion.html</guid>
    <link>https://www.goldcoastrealty-chicago.com/blog/2-w-delaware-condo-conversion.html</link>
        <author>leo@goldcoastrealtychicago.com (Leo Clark.)</author>
        <title>Walton On The Park (2 W. Delaware) Goes Condo - Luxury Units Starting in the $700s</title>
    <description> <![CDATA[ 
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, especially given the city’s low inventory of new construction condos at the moment. 


According to recently released marketing materials, 2 W. Delaware condos will feature everything from custom-designed kitchen finishes and surrounds to amazing spa-quality bathrooms that shouldn’t leave many potential buyers wanting more. Lifestyle amenities at the newly converted 2 W. Delaware include a state-of-the-art fitness center and steam room, an outdoor sun deck and swimming pool, on-site dry cleaning, an on-site dog run, additional storage space, and of course on-site heated garage parking.  


With 2 W. Delaware now going to condos, there’s certainly no shortage of desirable features worth noting, and the price tag for each certainly reflects that notion. Floor plans at 2 W. Delaware will range from one to four bedrooms, and start in the $700s. 









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    <pubDate>Mon, 12 Dec 2016 13:33:00 -0600</pubDate>
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    <guid>https://www.goldcoastrealty-chicago.com/blog/50-million-home-in-lincoln-park-hits-the-market.html</guid>
    <link>https://www.goldcoastrealty-chicago.com/blog/50-million-home-in-lincoln-park-hits-the-market.html</link>
        <author>leo@goldcoastrealtychicago.com (Leo Clark.)</author>
        <title>$50 Million Home in Lincoln Park Hits the Market</title>
    <description> <![CDATA[ 
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 might be inevitable, a listing price of $50 million is currently where Chicago’s newest high-profile property stands. 


For an inside look at 1932 N. Burling in Lincoln Park, click on the listing below...












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    <pubDate>Thu, 08 Dec 2016 11:54:00 -0600</pubDate>
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    <guid>https://www.goldcoastrealty-chicago.com/blog/revamped-lakefront-theater-coming-soon-to-lincoln-park.html</guid>
    <link>https://www.goldcoastrealty-chicago.com/blog/revamped-lakefront-theater-coming-soon-to-lincoln-park.html</link>
        <author>leo@goldcoastrealtychicago.com (Leo Clark.)</author>
        <title>Revamped Lakefront Theater Coming Soon to Lincoln Park</title>
    <description> <![CDATA[ 
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 million, the project will bring a fabulous new 330-seat theater to the Lincoln Park lakefront, complete with modern lighting, sound, and totally re-vamped dressing rooms. In addition, the makeover will also include a brand new public restaurant with an awesome outdoor patio, which will no doubt be a huge hit in the summer.  


Once finished, the new Theater on the Lake will offer all sorts of year-round programming, adding yet another addition to the already vibrant Lincoln Park landscape. If everything goes according to plan, look for the new venue to make its debut sometime before next summer. 






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    <pubDate>Tue, 06 Dec 2016 14:59:00 -0600</pubDate>
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    <guid>https://www.goldcoastrealty-chicago.com/blog/58-unit-building-proposed-for-last-undeveloped-parcel-along-the-gold-coast-lakefront.html</guid>
    <link>https://www.goldcoastrealty-chicago.com/blog/58-unit-building-proposed-for-last-undeveloped-parcel-along-the-gold-coast-lakefront.html</link>
        <author>leo@goldcoastrealtychicago.com (Leo Clark.)</author>
        <title>58-Unit Building Proposed For Last Undeveloped Parcel Along the Gold Coast Lakefront</title>
    <description> <![CDATA[ 
The 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 &amp; 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 design of the new building, which would be located at 61 E. Banks, is from the creative minds over at Booth Hansen, and can be seen in the rendering provided here. At this point, further details have yet to be released regarding the possible new Draper &amp; Kramer project, so stay tuned for more information as it becomes available. 



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    <pubDate>Mon, 05 Dec 2016 18:13:00 -0600</pubDate>
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