The Loop Real Estate News

It’s a mixed bag for luxury condo prices in Chicago right now. While some buildings are selling for a higher price per square foot, others are down in price.

Perhaps one of the biggest names right now is Trump, and reports suggest the condos at Trump International Hotel & Tower are among those down in price. According to some published reports, the sale price per square foot within the Chicago River tower was down about 12-percent from 2016 to 2017. In comparison, reports list the average sale price per square foot in 340 On the Park, located in Lakeshore East, up about 12-percent during the same time period.

While some brokers suggest it could be a reflection of the Trump presidency, others suggest increasing completion from newer construction, luxury

A former office building will soon be transformed into apartments, as part of a conversion project involving the old Hartman Building. Located at 30 E Adams Street, the building dates back to the mid 1920s, and is well known for housing Miler’s Pub on its ground level.

The city just approved a permit allowing the developer to start work on the project. The conversion involves transforming the building into more than 170 rentals. It’s projected the cozy units will each occupy around 500 square feet.

Along with the residential units, reports suggest that amenity space will be added to the building’s 13th and 14th floors. As well, a new elevator penthouse will join the 15th floor of the building.

The conversion project is just one of a number of

While Chicago’s real estate market has been off to a fast start in 2017, the luxury market in 2016 actually cooled off a bit compared to a year prior, at least when it comes to the region’s priciest homes.  

According a recent report from Crain's Chicago Business, just two homes in the six-county Chicagoland region sold for $10 million or over back in 2016, which is down from 6 homes at that price point back in 2015. Even with the dip in ultra-luxury home sales, however, 2,423 homes priced at $1 million or more also sold back in 2016, which is a 2.5% increase compared to 2015. 

As you might expect, top selling suburbs in the luxury category were Hinsdale (144 luxury sales), Winnetka (144 luxury sales), Wilmette (120 luxury sales), Lake Forest (97

Residential development around The Loop has certainly picked up in recent months, but that certainly isn’t slowing down commercial development within Chicago’s primary business and financial district. Just this week, plans for a pretty sweet looking loft-style office building, which if approved, would be developed at 145 S. Wells. 

What would stand 20 stories high, the new boutique office development is designed by Chicago-based Thomas Roszak Architecture, and as you can see, features a slick maze-like exterior that can only be described as something you might ordinarily see over in River North. 

As of now, an established four-level parking garage occupies the potential building site, but given the location of 145 S. Wells sits right in the heart of

Chicago’s most iconic tower is getting a facelift, according to numerous reports coming in from all over. City officials revealed a series of proposed improvements to the famed Willis Tower earlier this week, which are estimated to cost around $500 million. 

In a nutshell, it appears the plan is to make the Willis Tower much more accessible and inviting to visitors, even despite the building already attracting 1 million people annually. 

Blackstone Group L.P., who previously purchased the building almost two years ago, will be heading the makeover, which will include adding 300,000 square feet of new retail space, restaurant, and entertainment space, as well as a new 30,000 square foot outdoor deck. 

According to the release, the new retail

Two impressive new renderings have just been released that would totally change downtown Chicago’s skyline if either of the two happen to be built. According to last night’s article in the Tribune, architect Helmut Jahn has submitted one such design for the redevelopment of the James R. Thompson Center—a building that Governor Bruce Rauner wants the state of Illinois to sell to a major developer who would build something much bigger at its prime location at Clark and Randolph street in the heart of the city’s bustling business and financial district. 

Should one of these proposals actually come to fruition, there’s no doubt the goal of building something bigger and better would be accomplished. As noted by the Tribune, one such proposal features a

With the issuing of a permit that will allow Florida-based Dolce Living Communities Residential to convert a vintage office tower into stylish new apartments and additional ground level retail space, the Loop’s on-going transformation into one of the hottest places to call home in downtown Chicago seems to be pushing forward as we navigate the first month of 2017.

The building, which is located at 29 S. LaSalle, was originally designed by Jenney & Mundie and first completed all the way back in 1902. But now, roughly 114 years later, a totally revamped interior is on the way for 29 S. LaSalle, which according to reports is being designed by renowned Chicago-based architectural firm FitzGerald Associates Architects.  

Permit documents have the total

Plans for a very impressive new project that could potentially bring a new high-rise to the highly coveted air rights space of Union Station have once again popped up on the radar, as first reported by both Crain’s and Curbed early last week.  

The project is being planned by Chicago-based developer Sterling Bay, and should construction finally move forward, the finished product could be a 958-foot high skyscraper to the Loop that looks to be one of the more dynamic commercial towers to hit downtown Chicago in quite some time. 

The design of the proposed Union Station tower is from the legendary and local architectural firm Skidmore, Owings & Merrill, which is behind countless high-profile projects all over the world. Once finished, the building

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