Chicago Development News

With so many new apartment buildings going up in River North, investors are certainly seeing the potential for office and commercial space within the neighborhood as well. According to a report from Crain’s, the 35-story office tower at 321 N. Clark Street is going up for sale, which has nearly 900,000 square feet of commercial space.

After a record volume in office sales in 2015 that totaled over $6 billion in downtown Chicago, the commercial market in many ways is as hot as many other segments of the Chicago real estate market.

Early estimates have the building selling for between $350 and $375 per square foot, putting the final sales price at over $335 million. As noted by Crain’s, a Houston-based venture purchased 321 N. Clark Street for $247.3

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Back in early January, news broke about another condo tower coming to River North on Wells Street, and now, nearly two months later, we have a much better idea of what to expect from this dynamic new project. Known simply as 808 Wells, this incredible new Smithfield project will feature 50 luxury homes that range in size from 1,600 to 5,000 square feet.

Above all, the building’s sleek glass design is certainly what stands out most and clearly fits in with the modern River North landscape that continues to evolve with each new project that helps maintain its fashionable reputation.

Amenities at 808 Wells will include 24 hour door service, a large fitness center with a terrace, additional unit and bike storage, wine storage, and on-site garage parking.

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Although an apartment bubble for downtown Chicago seems ready to burst at anytime, the demand for high-end rentals in the city still seems to be as strong as ever. Over the next two years, roughly 9,000 more apartments will be added to the marketplace, giving renters an abundance of choices all over town.

In 2016 alone, developers will be completing 4,000 new units—a record for Chicago—and nearly 5,000 more later on in 2017. According to Appraisal Research Counselors, that’s almost a 28% increase in supply, leaving many to believe something has to give at some point.  
Despite the overwhelming jump in supply, however, the strong job market in downtown Chicago along with what appears to be a lack of demand in buying downtown condos seems to have others in

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Although you tend to see a lot of chatter about some buyers wanting smaller, more efficient living spaces, just as many other home buyers in Chicago want lots and lots of living space that might include an extra bedroom or two for added convenience.

In Chicago’s West Loop, where much of the real estate landscape consists of trendy loft conversions with maybe two bedrooms at most, finding a new place to live with the kind of living space luxury buyers demand isn’t always easy—until now.

Introducing CA Washington, a luxury new condo development from Belgravia that features huge 3-bedroom, 3-bathroom condos right in the heart of one of Chicago’s most sought after neighborhoods. Inside, these highly desirable units will include much more than just a few

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Two new residential developments are in the works over on Ashland Avenue right now—the first being in Lincoln Park and the other over on Chicago’s red hot west side near Ukrainian Village.

The Lincoln Par project, called The Parker 60614, is a luxury 53-unit condo development that is somewhat unique in its design. Rather than being just one continuous structure, The Parker 60614 will instead consists of a number of two to six-flat buildings spread out over 18 individual lots, which in some ways allows these units to live more like townhomes rather than condos, especially given a few of the different layouts are duplex floor plans.

Luxury condos for sale at The Parker 60614 feature between two and three bedrooms and according to reports, will list

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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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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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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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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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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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