Tagged : Chicago Development News

Recent news reported by Crain’s continues to confirm The Loop’s on-going transformation into a red hot location for anybody looking for a downtown apartment—and this time, it’s looking like a vintage Loop commercial building could be slated for a residential conversion sooner rather than later.  

According to the report, an affiliate of Chicago-based Marc Realty Capital purchased 330 S. Wells Street for $10.1 million earlier this month, although specific plans as to what the developer plans to do with the property have not yet been revealed. 

Even still, the firm that acquired the property specifically specializes in developing apartments, and given demand for rentals in The Loop right now, speculation for a possible residential conversion

Although it’s seemed like a story that will never end, there appears to be a final plan in place for the Old Chicago Post Office that has sat vacant for years—finally. News broke yesterday about the city reaching an agreement with the massive building’s new owner, and the best part might be that work can actually begin immediately.

The first order of business is to begin work that will satisfy more than 20 code violations, which will include replacing the building’s roof, restoring the historic lobby, repairing the building’s beautiful facade, add new high-speed elevators, and completely re-work the electrical, plumbing, heating, and ventilation systems.

The entire renovation will be done in three phases and early estimates are showing the entire project

Jaw dropping news from our friends at Crain’s Chicago today, as it appears a development group is looking to build FIVE towers with nearly 2,700 residential units just four blocks south of the Willis Tower.

What would be a joint venture between Chicago-based CMK and Australian construction company Lend Lease Group, the entire project would encompass the 7.3 acre riverside parcel between Harrison Street and the River City condominium complex at 800 S. Wells.

According to reports, the largest of the 5 buildings would be on the north end of the site, standing 47 stories high and housing 626 residential units. As of now, it hasn’t been determined whether the project will include rentals or for-sale housing, or perhaps a combination of both.

Although some

More possible large-scale development could be coming to River North, and this time it involves both commercial and residential real estate. First brought to our attention by our friends from Curbed Chicago, the new plan, which involves an 8-story office building and a 22-story residential tower, will be presented later this month during a public meeting by its would-be developers, Centrum Partners.

If approved, the new project would take the place of a parking lot that currently occupies 215 W. Hubbard, but unlike many new developments going on around downtown Chicago, this one poses some unique challenges.

If you refer to the renderings, you’ll see that elevated L tracks curve directly through the northwest corner of the lot, and as a result, the

Believe it or not, it's been nearly 6 months since we first heard about a possible new development coming to Chicago's New Eastside neighborhood, but this past week, chatter about what could very well change Chicago's skyline has started to pick back up, and what's being said is rather excitng on a number of different levels.

Back in July, details were still a little hazy about what could become the Windy City's 3rd tallest building, but as the Chicago Triune reported yesterday, plans for this massive new downtown high-rise, now being called Wanda Vista, are starting to become a bit more focused.

The developers behind the project, The Wanda Group and Chicago-based Magellan Development Group, certainly have an ambitious plan for the New Eastside site,

If you think Chicago's recent hotel and development boom might have reached its peak, don't tell that to developer Joseph Mizrachi, who is planning a pretty spectacular high-rise project in the West Loop that will stretch 41 stories high and house both a hotel and 600,000 square feet of office space. The tower, which is being designed by Goettsch Partners and will replace a parking lot at 590 W. Madison, has a pretty sleek design that somewhat coincides with other new hotel developments around Chicago, most notably the Loews Hotel over in Chicago's Streeterville neighborhood.  

If approved, Crain's Chicago Business reports construction for the new hotel-office tower could be completed in less two years, which seems to be a pretty lofty goal given its

Back in February, chatter about the defunct Chicago Spire project was starting to pick up again, with perhaps a resurrection plan possibly in the works. Initial reports claimed new investors were interested in the project and considering the idea of relieving it from bankruptcy and breathing some life back into this long-stalled, highly-publicized development.  

However, after nearly 9 more months of waiting, it seems The Chicago Spire project is now dead again, and this time for good. According to a report from Curbed, Spire developers were unable to make a $22 million payment by last week's deadline, pretty much sealing the fate of what would have been the tallest building in the Western Hemisphere.  

But in an interesting twist, those same