Chicago Real Estate News & Neighborhood Notes - Leo Clark.

11-Story Hotel Being Planned for 200 N. Green in Fulton Market

With 1K Fulton now open, which of course is the dynamic new office building that Chicago’s Google office and various other high profile companies call home, Fulton Market is continuing its rather robust development boom with reports now surfacing about a significant new hotel project possibly moving forward.  

Being planned by Jeff Shapack of Shapack Partners, the new 11-story hotel was just presented to Fulton Market residents earlier this month, which if approved, will be located at 200 N. Green Street, just a block south of The Publican.  

According to the developer, the hotel will include approximately 170 rooms, 1,200 square feet of retail space, and two floors of additional office space. For now, the plan is to include a restaurant on the…

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Apartments Atop Loews Hotel Sell For $604,000 Per Unit

Big apartment news hit downtown Chicago yesterday as reports have now surfaced that Atlanta-based Investco has acquired the 398 apartment units atop the Loews Hotel at 340 E. North Water Street, which was only just finished last year.

As first reported by Crain’s, Investco paid $240.3 million for the units, which comes out to roughly $604,000 per unit, or about the third-highest price-per-unit ever paid for an apartment building in Chicago.

Not long ago, 111 W. Wacker, another of downtown Chicago’s premier newer construction apartment towers, also sold for a hefty price, which is an encouraging sign for developers of new construction apartment towers who may be on the fence about selling sometime in the near future.

Along with 340 E. North Water, Investco…

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21-Story Streeterville Hotel Project Using Controversial EB-5 Program to Cover Development Costs

The hotel market in downtown Chicago is growing, and earlier this month, ground was broken on the newest hotel project to hit the Streeterville neighborhood at 226-228 E. Ontario. Being developed by Scott Greenberg, this particular hotel project is unique, however, because it’s being financed using the controversial EB-5 program, which allows international investors to become U.S. residents if they invest in qualified business ventures, like large-scale real estate developments for example.

As first reported by Crain’s, the new Streeterville hotel project combines 40 international investors who all put up $500,000 each for the development, which will eventually become a branch of Marriott International’s Autograph Collection once finished.

Also…

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DEAL ALERT: Chicago Lofts $300,000 & Under

With the holiday season now behind us and the new year in full swing, those thinking of buying a new home in 2016 shouldn’t waste too much time looking for something that fits all their needs and wants. Interest rates are expected to increase at some point in the near future and with rents in Chicago also at all-time highs, there seems to be no better time to finally make that transition from renting to owning than right now.

Even though this may seem like the perfect time to buy, however, affordability is also a key component in purchasing a home for many of today’s home buyers, especially the first-timers. But luckily for many out there looking for that perfect combination of style and affordability, downtown Chicago has many different options…

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River North Adds One More Condo Tower to the Pipeline at 800-820 N. Wells

While 2014 and 2015 were in many ways defined by high-profile rental developments as it pertains to the local real estate market, we could finally be seeing a shift that brings more new construction condos to downtown Chicago, which is a welcome sight to those out there still looking to buy.

Last month, the Chicago Plan Commission approved plans that could bring another impressive looking condo tower to River North, one in which stands 23 stories high and houses 55 individual condo residences. According to reports, the development site is located at 800-820 North Wells, which stretches from Chicago Avenue over to Institute Place—a space that’s almost right in the center of one of Chicago’s liveliest and most vibrant neighborhoods.

The unique and…

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Investor Planning to Combine 2 Trump Tower Units Into 5,000+ Square Foot Rental

Trump Tower in Chicago’s River North neighborhood is one of the city’s most exclusive places to call home. You don’t need us to tell you that. But when a developer is planning to buy two separate units on the 80th floor and combine them to make one spectacular rental suite, it’s definitely something that still catches your eye, even for Trump Tower.

As first reported by Crain’s, a Northbrook real estate investor has closed on unit 80a for more than $3.1 million and 80b for more than $1.4 million, and plans to combine the two units into a build-to-suite rental that could be an attractive option for a high-profile athlete or executive who wants a custom-designed living space without the headache of buying.

Recognizing a shortage in penthouse units in…

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Luxury Condos at Sedgwick at Locust Are Worth a Look

In the midst of all the large scale development news that’s sweeping the South Loop, lost in the shuffle is Sedgwick at Locust—a sleek condominium development from Belgravia Group that’s slated for the rapidly up-and-coming Cabrini Green area in River North.

Dubbed “SL” for short, perhaps the most intriguing part about Sedgwick at Locust truly is its convenient location, which puts residents right in between the heart of one of downtown’s trendiest neighborhoods and the up-and-coming Clybourn Corridor, which now has an incredible selection of shopping and retail outlets, not to mention a new movie theatre, transportation, and more.

Inside, Sedgwick at Locust is as equally impressive, featuring a full compliment of luxury finishes that include high-end…

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The Sinclair Aims to Re-define a Sleepy Part of the Gold Coast

It’s been a long time coming and now after a nearly three-and-a-half year wait, the new 35-story Gold Coast apartment tower coming to Clark and Division is well on its way to finally becoming a reality. Although it’s safe to say many existing Gold Coast residents truly miss the convenience of the Jewel-Osco store that was located at the current construction site, the sleek new building, which will also include a new, larger Jewel-Osco, will no doubt improve a part of the neighborhood that desperately needed some modernization.

With an estimated cost of $200 million to develop, the building now being called The Sinclair was designed by renowned, Chicago-based architecture firm Solomon Cordwell Buenz, and judging from the renderings, will easily be the…

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Luxury Condos Finally Coming to 403 N. Wabash

Reports have surfaced about a new condo tower finally coming to 403 N. Wabash, a location that basically sits right next to Trump Tower. According to both The Tribune and Curbed, The Belgravia Group has long coveted the site that now occupies an underground parking garage and after several attempts to develop 403 N. Wabash, at long last things finally seem to be coming together.

With the expanded riverwalk, other changes to River North, and downtown Chicago’s strong need for more new construction condo inventory, the new 17 story luxury condo tower is prime to be a big hit among high end home buyers looking for an exclusive location.

The building’s design is from bKL Architecture and once finished will stand 17 stories high. Just 45 condos will be a part…

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Modern New Condo Tower Reveiled For 300 W. Huron in River North

A detailed report from Curbed yesterday shed some light on an impressive new condo development that could be coming to River North. Being planned for the surface parking lot at 300 W. Huron and sitting adjacent to Franklin Street and the “L” tracks, the project’s initial plans call for 71 luxury condominiums with 71 parking spaces, which would bring some much needed new construction condo inventory to a downtown market that’s over saturated with new apartment developments right now.

The developers, JFJ Development, brought on Hartshorne Plunkard Architecture (HPA) to design the new 24-story tower, which features a sleek modern exterior that blends in seamlessly with the River North landscape. For now, the exterior will mostly have a glass facade with…

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