Chicago Real Estate News & Neighborhood Notes

Related Midwest Now Planning on New Office Tower in Fulton Market

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…

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5 SECRETS YOU SHOULD KNOW BEFORE LISTING YOUR HOUSE FOR SALE IN CHICAGO!

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. 

…

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7 Reasons Why You Should Buy a Home When Interest Rates Are High

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…

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Inside Brass Tack: Waldorf Astoria’s New American Brasserie

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…

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Home with Ties to Hollywood Sells For Nearly $13 Million in Lake Forest

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…

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New Guinness Taproom & Brewery in Fulton Market Closer to Completion

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…

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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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