Chicago Real Estate News & Neighborhood Notes

LaSalle Street could be in line for a housing boom, thanks to some of the pitches developers have already made to help turn the area into a residential corridor. It’s all tied to the Revitalize LaSalle initiative, which the city first announced back in September of last year.

The idea is to give incentives to developers to convert vacant office buildings into condos and apartments. The financial district took a hit during the pandemic, so city leaders are now trying to help turn things around.

The goal is to add more than 1,000 residential units to the area by repurposing some of LaSalle Street’s historic buildings. About 300 of the units would likely be deemed affordable units.

In turn, developers who help carry out the plan will get some incentives

The West Loop real estate market is still red hot, but that’s not keeping a cold storage company from greatly expanding its footprint in the neighborhood. NewCold already has 6,000 square feet of space on the 31st floor of an office tower on West Madison Street, but now its planning on taking over more than 35,000 square feet of space in the same building.

As part of the expansion, NewCold won’t just be leasing substantially more space in the building, but also plans to hire around 125 new employees to fill the space. The company first moved in just two years ago and hired 75 employees.

The new expansion means the company could top 200 employees in the near future. NewCold serves large food product companies such as McCain and Conagra by owning, operating,

Previously Related Midwest had planned to build a hotel and apartment complex in Fulton Market, but now it seems the developer is pushing ahead with plans for a new office tower on West Randolph Street. Three years ago, the city council approved plans for apartments and a hotel, but new plans include a 41-story office tower with more than 900,0000 square feet of office space. 

This is significant, because it comes at a time where availability of office space in the city sits at a record high. The pandemic has had an impact on the office market, and some companies are still operating with remote workers. 

That’s not exactly the case in Fulton Market, though, as the area appears to still be attracting tenants to some of its new buildings. While the

5 Secrets You Should Know Before Listing Your House For Sale!

1. Commissions - Commissions are Negotiable! Don’t let them fool you, everything is negotiable, in fact, If they try and tell you that they charge the going rate they could be in violation of one or more Antitrust laws. 

2. Marketing Fees - Marketing fees are once again negotiable. Personally, I think they are a rip-off. Marketing expenses should be covered by the brokerage or the agent, if they do their job and sell your home then it is just part of the cost of doing business.

3. Lock you into a 1-year contract - In a fast-moving market, 3 months should be more than sufficient. In a moderate or slow market, 6 months should do it, provided it is priced right. 

Interest rates are higher than they’ve been in some time, but that shouldn’t scare you away from buying a home right now. In fact, there are plenty of good reasons to consider buying, right now. Here are seven reasons why you should buy a home when interest rates are high.

Lower home prices

There was a time when some sellers were getting multiple offers for homes, and oftentimes they were above asking price, even in markets that don’t typically see that type of buying frenzy. That seems to have cooled. With higher interest rates, it’s likely fewer buyers are willing to overbid on a home and drive up the price. Now, some buyers can’t afford as much home, so home sale prices are going down.

Help with closing costs

Sometimes, with a higher

A new signature restaurant is open for business at the Waldorf Astoria Chicago, and this one is an American Brasserie, reportedly with a Chicago twist. The new Brass Tack restaurant serves up American cuisine that’s Midwest-sourced. 

The venue uses ingredients from regional farms, sourcing them based on the season. Led by Executive Chef Nicholas Marino, Brass Tack is said to transform those ingredients to menu items with a contemporary twist.  

Daily breakfast favorites include Coffee Cake Pancakes and Shakshuka Verde. The restaurant also serves Lobster Toast, which takes ciabatta and hollandaise, then tops it with a butter poached lobster and truffle scramble.

The lunch menu at Brass Tack ranges from Porchetta Dip and Agnolotti to Chicken

A home with ties to one of Hollywood’s most successful moviemakers just sold for nearly $13 million in Chicago’s Lake Forest suburb. The estate was owned by philanthropist Nancy Hughes, who was the late wife of John Hughes. 

She was married to the moviemaker for 39 years. He died in 2009. She purchased the home on Mayflower Road in 2018 but died in 2019. 

At the time, she paid $12 million for the estate. This time, it only took the home about a week to sell. Originally offered for $15 million, the home sold for around $12.9 million.

That makes it one of the priciest home sales in Chicago for 2022. The lakefront estate sits on five acres, complete with six-bedrooms and nearly 12,000 square feet of living space. 

The home has its own private

A new Fulton market brewery is inching closer to completion. The old Pennsylvania Railroad Terminal Building on Morgan Street is currently being developed into a new Guinness Taproom and Brewery. 

Finalized last year, the deal means a new restaurant with local chefs, a pub, and a 10-barrel brewery for the neighborhood. The process includes both exterior and interior renovation work on the old building. 

Crews are attempting to save some of the building’s history, while also bringing in more modern additions to the site. Plans call for exposed brick walls and beams on the inside, as well as a large glass wall, allowing customers to actually watch the brewing process happen. 

On the outside, the plan calls for power-washing the brick, removing the

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

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