Chicago Real Estate News & Neighborhood Notes

smartasset™ Reporting Chicagoans Need to Make over $75K to Afford a 2-Bedroom Apartment

Unless you've been living under a rock for the past couple years, chances are you’re at least somewhat familiar with how crazy Chicago’s rental market has been, especially within the past 12 months or so. But as you might expect, Chicago isn’t the only major market that is seeing rising rents, and in fact, the Windy City is still faring much better than in major coastal cities like San Francisco, New York, and Los Angeles in terms of affordability.

According to a recent report from smartasset™, Chicago households need to be making just over $75,000 a year to afford the rent of a two-bedroom apartment, which assumes rent should be no more than 30% of a household’s income. For those of us living in Chicago, that’s a figure that may seem pretty daunting at…

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Construction Set to Begin For 3Eleven, River North's Gleaming New Rental Tower

It seems like forever ago that The John Buck Co. revealed plans for a towering 24-story apartment tower that will essentially be located right smack-dab in the middle of Chicago’s bustling River North neighborhood.

Since last September, when many of us first learned about the dynamic new project, not much has been happening at the Assumption Catholic Church parking lot—the site of the sleek new glass tower—until now.

According to reports from Curbed, the parking lot has now officially been fenced off and it looks like construction could beginning at any time on what’s now being dubbed 3Eleven (named for its address at 311 W. Illinois). Prior to any construction on the tower, a fairly small, 1,400 square foot garage will need to be demolished, which…

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Related Midwest Announces Massive 62-Acre Development For South Loop Site

Major development news came out of the South Loop earlier this week with a preliminary announcement being made to develop the last major unused spaced along the south branch of the Chicago River.

According to a report from the Chicago Tribune, Related Midwest has now completed the purchase of a 62-acre piece of property that sits just southwest of Clark Street and Roosevelt Road, putting into motion a massive, multi-billion joint venture with Luxumborg-based General Mediterranean Holding (GMC) that will no doubt re-shape the city’s skyline.

As noted by The Tribune, the new project will eventually bring thousands of new homes and millions of square feet of office and retail space to the area, which will no doubt compete heavily with the previously…

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Circa Restaurant & Rooftop Set to Open Inside The Gwen Next Week

It’s that time of year again where new restaurants, and more specifically new rooftops, find their way into the headlines. Back in September, The Conrad Hotel was taken over by The Gwen (another luxury hotel brand), and now as we enter the busy spring and summer season for Chicago tourism, details are being unveiled about The Gwen’s hot new restaurant and rooftop space that is expected to open next week.

Being called Circa, the new space is described as “upscale” but “approachable”, according to a report from Eater, with menu items including burgers, chops, salads, and even some seafood fare mixed in as well.

Inside, Circa will feature a 1930s prohibition-era theme and drinks, not food, will generally be the restaurant’s focus. The cocktail list is…

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1Q 2016 Chicago Area New Construction Update

As we move through the busy spring market, new statistics are coming out regarding new construction in the Chicagoland area with some surprising, and not so surprising trends happening all throughout the city and suburbs. Let’s take a look at a few quick ballet points:

New Construction Sales are Down — With the first quarter of 2016 now in the rear-view mirror, we’re now seeing a decline in new home sales compared to a year ago, which includes transactions all throughout Chicagoland. According to a report from Tracy Cross & Associates, new construction single-family home sales have dropped 14.2%, while new home sales overall, which includes condos and townhouses, have dropped 8.3%.

New Construction in the South Loop Area is on the Rise — Out of the top 10…

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LondonHouse Hotel Sells For $315 Million Before Even Opening

When the LondonHouse Hotel was first announced last year, many felt it could easily establish itself as one of the top hotels in the entire city. The building’s rich history, its location just off the riverfront—everything about it seemed to just make sense. Now, over a year later, reports are surfacing that the hotel has actually been sold, just one month before making its highly-anticipated debut.

According to Crain’s, LondonHouse has officially sold for an insane $315 million, which comes out to about $697,000 per room. Oxford Capital is the original developer for the project and the breakdown of the sale seems to be as follows: Oxford will retain ownership of the first and second-floor retail space, while the company will also lease back the hotel and…

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Underused Park in Streerterville Set to Get $3 Million Make-Over

While the hustle and bustle of Michigan Avenue might only be a few short steps away, there’s a stretch of Streeterville along Pearson Street which runs from Michigan Avenue all the way over to Lake Shore Drive that is one of the most pleasant places to live in all of downtown Chicago.

Aside from just a great location that’s close to everything, much of the appeal of Pearson Street relates to both Seneca Park and the sprawling Lake Shore Park that sits just a short block over, which is one of our favorite outdoor spots in the entire city.

A smaller green space with mature trees, lots of shade, and a small little playground for kids, Seneca Park first opened back in 1990 when a host of donations were made by wealthy neighbors to add more park space to the…

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Warehouse-Style Development Could Bring 550 Units to 845 W. Madison in the West Loop

A lone rendering has been released that shows what could possibly be coming to 845 W. Madison in the West Loop sometime in the very near future, and it’s one of the more impressive projects to hit this part of the neighborhood in quite sometime. Once the home of H20 Plus, a lotion and shampoo manufacturer that’s moving to San Francisco, 845 W. Madison was initially purchased by the John Buck Company back in 2014 for $20 million, with part of that deal also allowing H20 Plus to still occupy the building for an additional two years.

But now that the two-year grace period is coming to a close, chatter about what’s coming next for the site is once again starting, and in many ways, the timing couldn’t be better. Development all over Chicago is widespread,…

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One South Halsted May Finally Move Forward in the West Loop

While new development is nothing new to Chicago’s ever-evolving West Loop neighborhood, the long-stalled project called One South Halsted could finally be getting under way after what’s been roughly 5 years since the project was introduced.

Originally proposed back in 2011, One South Halsted actually received approval from the city just a year later, but nothing has really been done since, or even mentioned for that matter. However, according to a recent report from Curbed, it does look as if the project is finally back on track, only now with a few slight modifications from the original proposal.

It appears the large cylinder shape design will remain in tact, but the tower will now only stretch 472 high as opposed to its original height of 490 feet. As…

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Remarkable 3-Bedroom NOW AVAILABLE at 65 E. Goethe...But Hurry, It Won't Last Long

Luxury condos make up a significant portion of Chicago’s downtown real estate landscape, but like anything, some units are significantly more special than others. And that’s exactly what we have with a three bedroom, two-and-a-half bathroom condo that recently became available at 65 E. Goethe.

True to Gold Coast form, 65 E. Goethe is easily one of the city’s most elegant and most luxurious condo buildings, making any 3-bedroom unit here with 3,800 square feet of living space a unique and desirable opportunity for luxury buyers looking to make a move.

Inside, this fabulous condo also features only the best interior finishes, which include everything from a gourmet chef’s kitchen to a dramatic vaulted hallway that feels more like something out a mansion…

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