Chicago Real Estate News & Neighborhood Notes

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

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

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

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,

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

The most expensive residential sale in Chicago so far this year is tied to a Mexican mining billionaire. According to recent reports, German Larrea was the buyer of a more than $20 million condo on the 71st floor of Chicago’s St Regis Tower.  

Larrea is a part-time resident of Chicago, but he’s also the CEO of a mining company called Grupo Mexico. Not only does the sale mark the most expensive yet for 2022, but it also goes down as one of the most expensive home sales in Chicago history. 

It’s not the first time Larrea has purchased property in Chicago. In 2014, he reportedly used a limited liability company to purchase a $3.5 million condo on the 38th floor of the Ritz-Carlton Residences. 

A couple of years later, he did something similar with a

Billionaire Ken Griffin’s home in the Waldorf Astoria has sold, but for more than 10-percent below the original asking price. Griffin put the home, along with a number of other luxury condos he owns in Chicago, on the market in July.

The Waldorf Astoria condo sold for just over $10 million. He originally bought the home for more than $13 million in 2014, so he was already taking a loss when he listed it. 

The 7,400 square foot condo sits on the 37th floor of the building and has five-bedrooms. The buyer is not publicly identified. 

The recent sale means there are now three properties that still belong to Griffin on the market in Chicago. A condo on the 66th floor of Park Tower is a full-floor condo with 8,000 square feet of space. It is listed at

Changes are coming to Chicago’s Viagra Triangle. That’s the area where Rush and State streets intersect, and until recently, it’s been known for its Italian restaurants and old-school steakhouses.

It’s also been known for something else, as the nickname wasn’t by chance. Once known to attract older men and younger women, the area now seems to be attracting more people in their 30s and 40s.

Some reports point to the pandemic as the catalyst for changing how people eat out in Chicago. Over the past couple of years, some restaurants have closed completely, including several steakhouses in the city.

That may be one of the things fueling change in Viagra Triangle. While popular Tavern on Rush has been operating for nearly 25-years, it’s set to close for good at

Another property tied to late philanthropist and businessman Richard Driehaus is on the market in Chicago. The latest offering is a brick mansion in the Gold Coast which was briefly featured in the film “Ferris Bueller’s Day Off”.

The brick mansion is priced just under six million. Originally constructed in the late 1800s, the home is commonly referred to as the Luther McConnell House, in tribute to its original owner. Driehaus purchased the more than 8,600 square foot home in the mid 1980s.

It’s said he completely renovated the home after buying it. It has two staircases and two living rooms. It also comes with an elevator and a glass conservatory on its top level, which opens to a large rooftop deck.

The home features several grand chandeliers,

The City of Chicago just set a new record for the priciest recorded sale of the entire year. A Downtown Chicago condo recently sold for more than $20 million.  

Part of the Residences at the St Regis Chicago, the condo has a total of five-bedrooms and its own private outdoor pool. While the name of the new owner isn’t being released, we do know the property is actually the combination of several units and some outdoor space. 

The two-story duplex takes up around 11,000 square feet on the 71st and 72nd floors of the building. Along with a pool, the more than 8,000 square foot outdoor space additionally includes a hot tub and some dining space. 

The St Regis has nearly 400 condos and nearly 200 hotel rooms. Residents of the property enjoy access to