Real estate news & trends
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Renovation
Late last week Crain’s Chicago Real Estate Daily reported that the developer of the former Lakeshore Athletic Club at 850 N Lake Shore Dr had secured an $80 million construction loan to complete the conversion of the building to 200 rental apartments. The Crain’s report contained a major surprise: “The construction is probably about two-thirds ...
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Posted by Joe Zekas on May 14, 2013
We don’t normally cover office developments – unless they’re likely to have an impact on demand for nearby residential properties. That appears to be the case with the redevelopment of the Fulton Market Cold Storage building, 1000 W Fulton, into 1K Fulton. The building is in the largely-industrial Fulton Market neighborhood. The building has made ...
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Posted by Joe Zekas on April 30, 2013
The Sutherland, 4659 S Drexel Blvd, has a rich history. The building was built in 1917 as a military hospital, was converted to a hotel, became a destination for jazz lovers, was eventually converted to affordable housing, and is now entering a new phase. The Sutherland is currently being transformed into 122 luxury apartments. Its ...
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Posted by Joe Zekas on April 12, 2013
Add yet another project to Chicago’s rental apartment boom. Somerset Place, an Uptown hellhole that was shut down by the state three years ago, will be transformed into rental apartments. The building, at 5009 N Sheridan, began its life as the 441-room Somerset Hotel. According to a recent announcement from FitzGerald Associates Architects: FitzGerald has ...
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Posted by Joe Zekas on February 27, 2013
The spate of stories you’ve been reading recently about record-high rents and low vacancy rates might have you wondering whether Chicago landlords have put their properties on auto-pilot and laid back to enjoy the feast. They haven’t. The addition of thousands of units to the market during the past several years, along with the competition ...
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Posted by Joe Zekas on September 7, 2012
Snap Fitness bills itself as a club “packed with the industry’s best cardio and exercise equipment.” Construction is scheduled to begin shortly on a new Snap Fitness facility at Park Michigan, 1212 S Michigan Ave in the South Loop. Residents of the building will have free memberships and the club will also be open to ...
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Posted by sponsored post on September 4, 2012
The Seneca, a historic hotel at 200 E Chestnut St in Streeterville, is being transformed into 260 apartments by Waterton Residential. We stopped by a press event yesterday for a look at the renovation efforts, and to view a model apartment furnished by Room & Board. Updated studio, 1- and 2-bedroom, 2-bath units feature wood ...
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Posted by Joe Zekas on August 29, 2012
The 3-bedroom, 2-bath home at 3134 S Union in Bridgeport has been extensively renovated and reconfigured by its owner-architect. It’s listed for sale at $429,000. The showplace kitchen has an 18-foot long quartz island, high-end appliances and a wall of glass opening to an entertainment-centric back yard. There’s also a 4th guest bedroom and family ...
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Posted by sponsored post on May 22, 2012
Today’s rental pick is in a building that I renovated and converted to condos back in 1979 – 1980, and is a unit that I lived in for several years. The building was known as The Cecil and it had 50 1- and 2-bedroom units when I acquired it. I gutted the building and reconfigured ...
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Posted by Joe Zekas on April 22, 2012
If Michael Jordan’s $29 million Highland Park home is too far north for you, in geography or price range, you might want to check out the home that former NBA player Antoine Walker built for his mother in Tinley Park. It’s 54 miles and more than $27 million south of Jordan’s. The 9-bedroom, 9-bath home ...
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Posted by Joe Zekas on March 10, 2012
When a foreclosed 1-bedroom condo at 535 N Michigan Ave came on the market early in July at a list price of $89,900 it triggered a flurry of offers and sold quickly for $108,888. Vik Wadhwa of Urban Living Properties, one of our sponsors, represented the buyers, who were looking for a weekend in-town home. ...
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Posted by Joe Zekas on December 28, 2011
A developer has acquired the home at 3818 N Alta Vista Terrace – the “street of forty doors” – and drawn up plans to expand and renovate it. The resulting home will include an open floor plan, a roof deck, 4 bedrooms, 1 full and 2 half baths The $850,000 list price is approximate, and ...
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Posted by Joe Zekas on December 20, 2011
Earlier this afternoon I toured Brinshore Development‘s Hairpin Lofts, 2800 N Milwaukee Ave, in Logan Square. I’ll post video within a few days, but wanted to share some of the views and some first impressions. You have to love Chicago’s six-corner intersections. They’re alive and interesting in ways that humble the lowly 4-corner variety, and ...
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Posted by Joe Zekas on December 2, 2011
Randolph Tower, 188 W Randolph St, is nearing completion of its conversion from office to residential use, with occupancy expected in the first quarter of 2012. The 45-story Gothic Revival building, completed in 1929, has terra cotta ornamentation that increases in intensity as your eye travels up the building’s façade. A slender 17-story tower rises ...
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Posted by Joe Zekas on November 28, 2011
Randolph Tower, at 188 W Randolph St, is undergoing a conversion from office to residential use, with occupancy expected in the first quarter of next year. It’s a long-running saga that we first covered back in July of 2006, and one of a number of new rental tower that will begin occupancy next year. The ...
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Posted by Joe Zekas on November 23, 2011
Envirnomental Protection Agency rules that went into effect last year require the use of “lead-safe practices” for renovation activities – including painting – that might disturb lead-based paint. The rules apply to homes, unless the work is done by a homeowner in his own home, and mandate the use of EPA-certified contractors. A recent report ...
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Posted by Joe Zekas on September 15, 2011
The Historic Chicago Bungalow Association is putting the finishing touches on a fully renovated green model bungalow at 7622 S Cregier Ave in South Shore, says Assistant Director Faith Foley. When completed, the home will feature a restored interior, solar thermal panels for hot water generation, a tankless water heater, new air sealing, proper insulation, ...
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Posted by Joseph Askins on July 14, 2010
Upcoming legislation will require residential restoration companies to inform clients about the presence and dangers of lead-based paint in their homes. Only certified renovators who have completed EPA lead safety certification courses will be able to receive permits for new window installations and other home repairs. To comply with these new regulations, Roger Greenhagel and ...
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Posted by sponsored post on March 11, 2010
Occasionally a reader or agent ask whether we’ve heard any news about the Schoenhofen Brewery. The two buildings, which form a landmark district in East Pilsen, have been venues for many redevelopment proposals over the decades. During his recent visit to the neighborhood, Joe Zekas stopped by the old brewery to have a look around.
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Posted by Joseph Askins on September 24, 2009
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