Chicago Real Estate News & Neighborhood Notes - November, 2022

Recent Renovations Present an All New Waldorf Astoria Chicago

Just in time for the holiday season, renovations present an all-new Waldorf Astoria Chicago. The latest renovation project at the revered hotel began this past spring, bringing new updates across the property, including to some of the hotel’s dining venues.

The renovation brought in a new signature restaurant, a lobby lounge, and a cocktail bar. The hotel also made some updates to its spa. As well, the property saw improvements to its Presidential Suite and saw the inclusion of a new Astoria Suite.  

The recent improvements come from the same hospitality design and architecture firm behind the hotel’s original interior design more than a decade ago. It’s said the new improvements bring a refreshed modern design to the property, while still…

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Ultra-Pricey Land Sale Recorded in Lincoln Park

Lincoln Park is known for pricey real estate, but one recent sale was just for the land. The land went for $9 million. 

The sale apparently went through in late October but wasn’t recorded in real estate listings for nearly two weeks. The pricey lot sits on Orchard Street. 

It was sold by a high-end home developer in the neighborhood. Reportedly, zoning allows for a 21,000 square foot house to go in on the property, but the developer isn’t expecting the home to be that large.

A principal with the firm estimates even a 15,000 square foot house would likely mean spending up to $15 million, or so, on construction alone. If that happens, it will likely push the total investment on the property to somewhere upwards of $20 million. 

Of course, it’s…

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New bKL Architecture High-Rise Planned For the West Loop

A new high-rise is going up in the West Loop, and this this one is reportedly a multi-family development. Designed by bKL Architecture, the new project was originally reported as a 33-story project, but we now know from the architect’s website it will be 29-stories when complete.

Original reports suggested more than 300 residential units would be coming to the building, mostly a mix of studios and convertible units. Past reports have suggested the developers will likely be paying around $2.7 million into the Neighborhood Opportunity Fund.

Those reports detailed that approximately 60 units would likely be designated as affordable units, some of which would be located on-site, while other affordable units would be built off-site. The property sits…

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Gold Coast Institution Tavern on Rush Has Officially Closed

After 25-years in Chicago, the infamous Tavern on Rush has officially closed. The famed restaurant wasn’t supposed to close until the end of the year, but that was pushed up two months early to officially close in late October.

Some reports speculate it was just another sign of a strained relationship between owners of the restaurant and the property’s landlords. The long-standing steakhouse stood in Downtown Chicago, overlooking Division and Rush streets for more than two decades.

Over the years, it was known to attract celebrities and politicians. It was also known as one of mainstays of Chicago’s Viagra Triangle. Even before an announcement came out a few months ago stating Tavern on Rush was closing, renderings for a new space were reportedly…

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Downtown Chicago Apartment Market Shows Signs of Slowing Down

We’re beginning to see signs of a slowdown when it comes to rent hikes in Downtown Chicago’s apartment market. While living in one of Downtown Chicago’s high-rises is still relatively expensive, it appears rent hikes are easing.

According to data from Integra Realty Resources, net rent in a Class A apartment building in the third quarter of 2022 was up about 8.5-percent from a year ago. Even so, at $3.56 per square foot, it was down from the record high we saw in previous months. During the second quarter of the year, Integra put the price per square foot at $3.64.

That’s, of course, good news for renters who saw some rent prices soar more than 20-percent following the pandemic. Higher rents have also had an impact on inflation.

The rent hikes came as the…

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Lincoln Park Update - The Shops At Big Deahl Phase 2 Moves Closer to Completion

Phase two of Big Deahl is now closer to completion. The four-building development sits in Chicago’s Lincoln Park.

Phase one consisted of a three-story climbing gym called Movement Lincoln Park. That was finished last year. Phase two consists of a new urban park, as well as three more buildings, the tallest of which is 27-stories high.

The residential tower at 1475 N Kingsbury Street is one of the newest high-rises to come to Clybourn Corridor. The first floor of the building will be reserved as retail space, while more than 300 apartments will be housed on its upper floors.

At the top of the residential tower, you’ll find an amenity deck with a fire pit and seating, a hot tub, and a swimming pool. You’ll also soon find some cabanas and a lawn area,…

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Why Now is a Great time to Choose an Adjustable-Rate Mortgage (ARM)

It’s tough to ignore the news of rising interest rates, and that has some people looking for other options when it comes to buying or refinancing a home. Fixed-rate mortgages have increased quite a bit over the past few months, and that’s why, for some, an adjustable-rate mortgage, or rather ARM, makes sense.

It’s especially true if you think you might refinance or sell before the interest rate adjusts. That makes an ARM a good option for short-term home purchases because during the time you have the home, you’re making lower payments.

There are quite a few pros when it comes to adjustable-rate mortgages.

• Lower interest rates in beginning
• Potential for lower rates in future if rate goes down

Even if the rate does increase in the…

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