Chicago Real Estate News & Neighborhood Notes - May, 2021

Chicago Bears Superstar Khalil Mack Buys $6.85M Gold Coast Condo at No. 9 Walton

In case you missed it, Chicago Bears star linebacker Khalil Mack closed on a new Gold Coast condo last month, paying $6.85 million for the unit according to a report from Crain’s.

Representing the priciest downtown condo sale since last summer, Mack’s new condo residence inside the highly sought-after No. 9 Walton building is said to include three bedrooms, a huge 14-foot kitchen island, a wet bar and sitting room in the primary bedroom suite, and a sprawling 750 square foot terrace with a hot tub.

As mentioned by Crain’s, this particular unit was finished by the previous owners and purchased from JDL Development—the developers of the building—but never moved into after the sale.

Khalil Mack was traded to the bears from Oakland in 2018 and also has a…

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Chicago’s First Mass Timber Tower in Chicago Nears Development

A project that could become Chicago’s very first modern mass timber tower is closer to development. Hines, the real estate firm behind the project, hopes to construct the new building on Goose Island.

As of now, the tower is dubbed T3 Goose Island. T3 stands for “Timber, Technology, Transit”, and uses material from renewable resources.

Construction crews use solid wood panels for the floors, walls and roof. In turn, the construction is said to have flexibility, stability and strength.

T3 Goose Island is expected to include fitness facilities, a communal roof deck and outdoor balconies. In addition, it’s expected to offer ground level commercial space, hundreds of parking spaces and some bicycle storage.

The building site is right in the middle of an area…

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The Shoreham A 47-story Lakeshore East High-Rise Up For Sale!

An apartment tower in Chicago’s Lakeshore East neighborhood is up for sale. The Shoreham is one of just a handful of large downtown apartment buildings to go on the market in recent months.

The on-going pandemic has been tough for investors, as downtown rents and occupancies took a dive last year. Some are predicting the market will warm back up again this year, and perhaps the “for sale” sign on The Shoreham is an indicator the owner believes investors are ready.

The Shoreham is currently more than 93-percent occupied, which is relatively high compared to the rest of the market. Figures show at the end of 2020 the downtown occupancy rate had fallen to less than 87-percent.

According to marketing materials, average rent in The Shoreham tower is $1,930 per…

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New Italian Restaurant Slated For No. 9 Walton

One of Chicago’s most fashionable condo buildings is about to have a new tenant. A new Italian restaurant is slated to join No 9 Walton, replacing the former Walton Street Kitchen + Bar.

The previous tenant closed its doors last summer. A new restaurant, called Adalina, is scheduled to open in the space sometime early this summer.

Adalina is expected to serve hand-made pasta, steak and seafood and shared plates, among other things. The two-level space will include a lounge and greeting area on the first floor with room for drinks and small plates. 

The top level is where the main dining room will be located, centered around a floor-to-ceiling wine cellar. The second level will also include a bar and some private event space. The restaurant…

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Chicago’s Best Rooftop Bars & Restaurants Back Open in Time For Summer 2021

The weather is getting warmer and that means it’s a great time of year to check out some of Chicago’s best rooftop bars and restaurants. Many of them are now open and welcoming customers.

Cindy’s

Some of the best roof bars sit on top of local hotels. Cindy’s is a rooftop restaurant and bar that tops the Chicago Athletic Association Hotel. It’s a good place to enjoy a cocktail while taking in views of the lake, Millennium Park and the city.

Boleo

Boleo sits high above the Kimpton Gray Hotel. The retractable glass roof is a nice touch when the weather is nice, plus the bar also features small tables and cozy couches.

The J. Parker

You’ll also find a retractable glass roof at The J. Parker. The rooftop bar is open year-round and serves up…

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Lincoln Yards Groundbreaking Scheduled For July

The first groundbreaking on a new mixed-use campus in Lincoln Yards could happen this summer. In July, developers plan to start construction of a new life sciences facility on the site.

Sterling Bay plans to start with a 320,000 square foot lab building. Crews will also be doing some other infrastructure work at the site.

It’s all part of the first phase of a new North Side megaproject. The life sciences research center is a planned eight-story building that is expected to go in on the southern edge of the $6 billion campus.

If all goes as planned, construction of the research center will mark the very first new building on the 55-acre site. Initial development could take at least three years.

Plans also include hundreds of apartments, an…

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Major Luxury Apartment Towers & Developments Being Planned For Chicago's BOOMING Fulton Market

Surprise, surprise—more MAJOR development news in Chicago’s fastest-growing part of town, Fulton Market. According to a recent report from Crain’s, Chicago-based LG Development is now scrapping plans for two office buildings and a hotel and instead eyeing a new vision that would potentially include over 1,000 apartments combined.

The collection of new projects will feature a 20-story, 179-unit apartment tower along  Lake Street between May and Racine Streets; a 33-story, 486-unit apartment building along Lake Street and bounded by May, Racine, and Randolph streets; and another 400-unit apartment tower a block away at 210 N. Aberdeen Street.

With so much office space already new to the area, new residential development could soon be widespread thanks…

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Chicago Developer Planning More Than 1,000 Apartments For Fulton Market

More than 1,000 new apartments could be coming to Fulton Market. A Chicago developer is backing off on original plans to construct a new office building in the area, and instead reportedly plans to add more apartments to the former meatpacking district.

Prior to the pandemic, plans had called for an 11-story office building in the middle of Fulton Market. The plan has now switched to a 20-story apartment building with 179 residential units on the north side of Lake Street.

That’s in addition to a more than 480-unit apartment building the developer had already proposed for the south side of Lake Street. In addition, the same developer is looking at nearly 400 additional apartments for a separate project about a block away.

A few months ago, city leaders…

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