Chicago Development News

If you haven’t noticed Streeterville’s newest apartment tower at 220 E. Illinois nearing completion, chances are you haven’t looked up. Designed and developed by David Hovey, this gleaming new high-rise is certainly one of the city’s shiniest new apartment buildings to hit the market in recent memory, not to mention one of the more impressive as well. 

At 56 stories, 220 E. Illinois, or perhaps better known now as Optima Signature, will feature 490 apartment residences, which of course are just now being delivered at a time in which the downtown market is being flooded with new rentals. But like so many of Hovey’s other projects, Optima Signature promises to be special. 

Over the first 39 floors, Streeterville’s newest apartment tower will feature a

More new condos appear to be on the way to River North as plans for an 11-story building have just recently been revealed by Belgravia Group. According to preliminary plans, the new development would replace a couple parking lots and the building formerly known as Citizen Bar, a popular River North spot that shuttered this past fall, which had one of the best rooftops in the area. 

Should the new Three Sixty West project move forward, the development would include 38 units, as well as 52 deeded parking spaces for resident use. Early reports have the top level of the building featuring two three-bedroom penthouse condos, as well as a common fitness facility, an indoor entertainment lounge, and a sprawling outdoor terrace. 

Other new construction

Downtown Chicago’s hot hospitality segment is showing no signs of cooling as the South Loop’s latest high-rise hotel prepares to kick off construction at the southeast corner of Wabash and 11th Street. Though some early preparation and pile-driving was reported last month, the development received its first permit late last week. Estimated at $15,000,000, the scope of the work allows construction of the tower’s foundation and superstructure up to the seventh floor. With the official city go-ahead in hand, caisson crews can now begin planting the 306-foot tower’s subterranean roots. 

The 30-story project comes from architect Lothan Van Hook DeStefano and Hinsdale-based developer/operator S.B. Yen Management Group and contains a 196-room Homewood Hilton,

The last undeveloped lakefront parcel in the Gold Coast could soon see some action, at least according to a new report from Curbed Chicago. Being proposed is a new eight-story building that could include as many as 58 units, which is significantly different from the original proposal from Draper & Kramer that called for a sprawling 40-story high-rise. That proposal, which as made all the way back in 1997, drew significant resistance among Gold Coast residents and of course failed to materialize into anything concrete over the years.  

But now, the new 58-unit building seems to be gaining strong momentum as it heads to the Chicago Zoning Board for approval this month, especially as new construction condo inventory is still low heading into 2017. 

The

Although condos for sale at One Bennett Park have already been listed on the MLS for weeks, the project is now cleared for takeoff so-to-speak as reports are surfacing about Related Midwest finally clearing a $240 million construction loan to finance the massive new project. 

Once finished, One Bennett Tower will feature 69 condo residences and a whopping 279 apartment residences, easily making it one of downtown Chicago’s largest projects to get underway since before the housing crash. 

According to a report from Crain’s, the $240 million loan will only cover about 60% of what it will take to building the roughly $400 million tower, which will be located at 451 E. Grand right in the heart of Chicago’s Streeterville neighborhood. 

As you might’ve

If you’re looking for luxury in Lincoln Park, look no further than Norweta Row—a luxury new development that will replace the recently demolished Tag Furnishings outlet building at the corner of Wrightwood and Hermitage.  

What was originally planned to be a 105-unit, two-building project, the new Norweta Row development will now reportedly offer 76 units in all, not to mention a collection of luxury lifestyle amenities that will provide somewhat of a resort-like living experience. 

Several units have already popped up on the MLS, including a massive 5,200 square foot penthouse unit that features five bedrooms and five and a half bathrooms. That particular unit is asking $2,995,000, which almost feels like a bargain given the insane amount of living

Although Chicago’s downtown market might appear to be oversaturated with new upscale apartment residences, the development boom seems to be pushing forward as reports surface about a new 199-unit tower possibly making its way over to the South Loop. 

Being developed by Chicago-based Russland Capital Group, preliminary plans have the new building stretching 15 stories high, which if approved, would be located at 1411 S. Michigan Avenue, just a short walk away from Soldier Field. 

Chicago’s occupancy rate for high-end apartments dropped to 92.2% in the third quarter, which has some industry experts wondering if a softening of the market is finally on the horizon. But regardless of Chicago’s most recent development boom bringing a record-breaking 4,500

No. 9 Walton (9 W. Walton St. Chicago) is one of the highest profile condo developments to break into the downtown market since perhaps the Ritz Carlton Residences were finished along Chicago’s famed Michigan Avenue, and buyers have clearly responded over the past 12 months or so.

According to recently gathered figures, No. 9 Walton is now nearly 90% sold, making it one of the fastest selling luxury condo buildings in recent memory. Located at 9 W. Walton and hovering along the Gold Coast-River North boundary line, it’s easy to see why buyers have absolutely fallen in love with this lavish Gold Coast high-rise, and much of its attraction goes far beyond location.

Interior finishes at No. 9 Walton are about as upscale as it gets, and the lifestyle

Development around downtown Chicago and beyond has been booming in 2016, and much of this upward trend certainly started before this year. But as pointed out by the Chicago Tribune this morning, we’re actually seeing an extraordinary amount of new construction happening around the Windy City, which makes now a very exciting time in the world of Chicago real estate.  

As noted by The Tribune, there are currently 33 high-rises being built right now, which is easily the most development we’ve seen since the recession essentially brought construction to a standstill back in 2008. The activity was even noted by Mayor Rahm Emanuel during a visit to the building site of One Bennett Park, one of Streeterville’s newest and most spectacular skyscrapers to start

A pair of spectacular new office towers is being planned for the 300 block of South Wacker, just steps from the Willis Tower. As first reported by Crain’s, the ambitious new project is being spearheaded by local developer John Murphy, who’s planning to close on the parcels at 301 and 321 S. Wacker sometime before the end of the year. 

Although only in the planning stages at this point, the new towers would essentially replace a small park and plaza at 301 S. Wacker, and a surface parking lot at 321 S. Walker, which has seemingly occupied that space for as long as we can remember. 

The good news for developers is that zoning for the gleaming new towers is already in place, and as you can see from the rendering, much of the design work also appears to