Chicago Real Estate News & Neighborhood Notes

New Park Opens up in Lakeshore East Neighborhood

A new park is now open in Chicago’s Lakeshore East neighborhood. Cascade Park is a privately developed park that helps connect up the Chicago Lakefront Trail to Harbor Drive.

The new green space slopes down from North Harbor Drive to Lower Lake Shore Drive and the lakefront trail. Crews first began working on the green space in mid 2019.

The sidewalk switches back and forth to frame some flatter grassy areas. It’s thought these could be used for social gatherings and recreational activities. Some sculptures in the park double as seating areas.

At the bottom of the green space, some walking and bike paths link Lakeshore East Park to the trail and DuSable Harbor. A lower part of the park is dog-friendly and being called Cascade Bark.

The new park is seen as a…

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The Reed! South Loop New Construction Condos Hit The Market!

A new condo and apartment building is beginning to take shape in the South Loop. Construction is progressing on The Reed, which sits along the south branch of the Chicago River.

When finished, The Reed will include more than 200 condos, topping another 200 or so apartments. The podium of the building will house its amenities, some parking and some retail space.

Like some other recently constructed buildings in the area, the Chicago Riverwalk promenade will run underneath part of The Reed. This creates the opportunity for some retail space just adjacent to the Riverwalk.

It also provides some sun and weather cover, as well as the future possibility for outdoor dining. Being right up against the river likely also means at least some protection when it comes to…

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New Record Set For Chicago’s Luxury Housing Market

The year isn’t even over yet, but already 2021 has been a record year when it comes to Chicago’s luxury housing market. Over the first 10 months of the year, 75 homes sold for at least $4 million.

That’s slightly more than the 2018 record of 73 luxury home sales and significantly more than the 50 or 60 that sold in years leading up to 2018. Agents credit the boost, in part, to low mortgage rates and a booming stock market.

Of the 20 priciest sales in the Chicago area, eleven of them were downtown condos. Six properties were in Lincoln Park.

Some empty nesters are selling off their large homes in the suburbs and moving downtown. In late October, a four-bedroom condo sold at the St Regis Chicago for $7 million.

Over the course of the year, the St Regis…

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Condos Now Slated For Expansive Triple Lot in Lincoln Park

The site of a proposed mega-house in Lincoln Park now appears to be slated for condos. At one time the owner of the triple lot was on track to construct a new, 25,000 square foot home.

Without any zoning changes, the lot could have resulted in a more than 15,000 square foot home on Howe Street. The previous owner paid nearly $6 million for the lot, then demolished its two buildings in 2020.

A year later, the lot was back on the market and ready for a new buyer once again. The new plan is to turn the lot into a six-unit condo building.

According to reports, four of the six units in the future building are already under contract. At one time the project was to turn the property into eight units but two buyers wanted full-floor units, bringing the total number…

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New Apartment Tower Headed to Fulton Market

A new apartment tower is slated for Fulton Market, where a developer plans to construct a 27-story building. Plans call for 375 apartments to go in near the corner of Elizabeth and Randolph streets.

Designed by architect and developer Thomas Roszak, crews plan to first demolish some existing low-rise buildings at the site. The new tower is just one of a handful of new apartment developments coming to the neighborhood, which is once again a hot market for real estate in Chicago.

Two other large apartment developments are already under construction along Randolph Street. One plans for 300 new units, while another a few blocks away plans for more than 200. There are also several other developments in the works.

As the industry recovers from the COVID…

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Former Lakeview Industrial Site Now Slated For Luxury Homes

A former industrial site in Lakeview will soon be transformed into luxury homes. For around 40 years, the site served as home to Craftsman Plating & Tinning.

A couple of years ago, a developer came in with plans to construct 28 new townhomes on the site. After that plan fell apart, a city committee voted to downsize the property for a dozen single-family homes.

A new developer recently purchased the property with plans to construct two different models of homes. Each home will be around 4,200 to 5,000 square feet in size.

Preliminary plans show three-story floorplans with the homes featuring a stone and brick façade. It’s expected the homes will also come with a detached garage and a rooftop deck.

Construction should start on each of the two model homes…

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What $23K Per Month Will Rent You at Tribune Tower Residences

If your budget allows, you can experience the utmost in luxury at Tribune Tower Residences. A truly unique and upscale rental is currently available for $23,000/month.

This particular property sits on the building’s fifth floor, and offers three-bedrooms plus a den, along with 3.5-baths. The price point affords top appliances from SubZero, Miele and Wolf, plus wide plank white oak floors, a marble master bath, and custom cabinetry and millwork.

The luxury unit also comes with a large private terrace, two garage parking spaces, and an address in one of Chicago’s most coveted buildings. Situated on Chicago’s Near North Side, Tribune Tower offers up such amenities as an indoor swimming pool and outdoor terrace, a fitness center and access to a peaceful…

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Wolfram 18 - New Luxury Single-Family Luxury Homes Coming to Lakeview!

For luxury, single-family home living on Chicago’s North Side, Wolfram18 brings an exciting mix of new construction possibilities to potential buyers. With just 18 new homes to choose from, buyers can opt for two distinct, multi-level floor plans. 

The north plan at Wolfram 18 is a four-story plan with four-bedrooms and 4.5-baths. This home ranges from around 4,200 to 4,600 square feet of living space. The lower level offers space for a rec room and an office or bonus space, topped off by the main floor and upper level bedrooms. 

The rooftop level makes room for an outdoor terrace and a media room. The slightly smaller south plan at Wolfram 18 also offers four-bedrooms and 4.5-baths, but this particular plan is around 3,800 square feet in size.  

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Sterling Bay To Add 136 Luxury Apartments Adjacent to the New Lincoln Yards Neighborhood

Chicago’s new Lincoln Yards neighborhood aims to be the city’s newest high-profile mega development, promising an impressive collection of parks, green spaces, office towers, and residential high-rises once finished. And although the project is still just in its earliest stages, surrounding development is already well underway. 

According to a recent report from Crain’s, a team of developers has already converted an old industrial building next to the Lincoln Yard site into apartments, and this same group also just ponied up another $15 million for the former headquarters of Anixter Center just down the street at 2032 N. Clybourn.  

The investments are a big bet on Lincoln Yards coming to fruition, which if completed, will ultimately transform the…

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Guinness Plans New Brew Pub in Chicago's Fulton Market

Another big name is coming to Chicago’s Fulton Market. Guinness recently announced it plans to open up a new brewery, pub and restaurant in the neighborhood.

The company has its eye on a former railroad depot on North Morgan Street. According to Guinness officials, customers will be able to indulge in Irish pub food, plus several beers will be made on site.

The idea is to collaborate with local brewers and chefs to bring a taste of Chicago to its beer and food selections. The Fulton Market location is the second place in the US for the iconic Irish beer brand.

In recent years, Guinness also opened up a production brewery close to Baltimore. The Chicago property, however, will operate a 10-barrel brewing system, which is much smaller in size than the other…

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