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Real Estate Blog

Lincoln Yards Site

Photo Credit: Sterling Bay

Megadevelopments Lincoln Yards and 78 fates are now in the hands of the Chicago City Council. Both tax-increment financing districts will receive as much as $2.4 billion in public money.

The approval for the proposed TIF districts came yesterday to finance infrastructure projects. Sterling Bay’s Lincoln Yards project will cost approximately $6 billion and will be located along the Branch of the Chicago River. Related Midwest’s project will cost approximately $7 billion for a mixed-use campus between Roosevelt Road and Chinatown.

The 78 has made more progress than Lincoln Yards so far. The 78 won City Council zoning approval last year. Lincoln Yards on the other hand, still needs approval from the City Council’s

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Photo Credit: Sterling Bay

Lincoln Yards is probably one of the most anticipated developments in the Chicago area this year. As promised, we plan to keep you updated as more information becomes available.

Today, after a heated discussion, Sterling Bay is one step closer to the green light to build their mega project along the Chicago River. The Plan Commission approved Sterling Bay’s revised proposal, which didn’t sit right with residents in the North Side community. They were disappointed with 2nd Ward Alderman Brian Hopkins for backing Sterling’s plan so soon after revisions.

The revised plan is more detailed of course. The biggest change is the elimination of the 20,000-seat soccer field they originally proposed. That space will now be

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CA Ventures Development

Photo Credit: Real Estate Alert

 

CA Ventures recently released an ad in a trade publication that shows a rendering of a tall tower at the northwest corner of Lake and Stetson streets. The site where this project will take place was originally supposed to be the Mandarin Oriental hotel and luxury condos. However, it went into foreclosure and the land was placed for sale over two years ago. 

 

As you can see from the above picture, the ad leaves us to guess, since it doesn’t provide details; we only know the location. It’s good to note that the company responsible for the ads are well-known for their apartments. Because of this, we can assume that the site will consist of luxury apartments. 

 

CA Ventures still has a long way to go.

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CTA Red Line Rendering

Photo Credit: Related Midwest

Well-known developer Related Midwest proposed to turn 62-acres of Chicago riverfront property in Chicago’s South Loop into a campus with multiple amenities. One of the main features of Related Midwest’s proposal is the new red line station, which Related wanted to build on the east corner of 15th and Clark Street. However, Alderman Pat Dowell is not on board with this location. She refuses to support the $300 million-dollar red line development. This proposed 62-acre project has been nicknamed “The 78” would be a 13 million-square-foot development.

 

Alderman Dowell went on to say, “While I fully support 'The 78' development as a unique and necessary opportunity for growth in the City of Chicago, I cannot support

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Lincoln Yard Rendering

Photo Credit: Sterling Bay

An email written by 2nd Ward Alderman Brian Hopkins threatens the most ambitious development project on Chicago’s North Side. The development plan, drawn by Sterling Bay, features a 20,000-seat soccer stadium/entertainment district that Live Nation, a popular concert promoter, would oversee. The developments plan is to be located between Lincoln Park and Bucktown. The proposal also includes a 21-acre public space, while the last proposal only included 13.4 acres. However, they need more acreage for public space according to Hopkins.  

Hopkins goes on in his email to say “I am not in support of a major sport and entertainment arena within either of their two planned development districts now under

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RPT Realty, the owner of Webster Place shopping center in Lincoln Park plans to expand the property by introducing two residential towers. Preliminary redevelopment plans has been shown to investors already. Part of the plan will reconfigure the shopping center at Webster and Clybourn avenues, which is 30 years old. Barnes and Noble would close, and the Regal Cinemas movie theater complex will be expanded.

The strategy behind this expansion plan is for RPT to capitalize on its location in comparison to Lincoln Yards, which is a $6 billion project that will be located to the south and west of Webster Place.

One big hurdle that RPT has to get over before the expansion can occur is earning the blessings of Webster Place Athletic Club. RPT and the

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Related Midwest recently encountered a push back from downtown Alderman Brendan Reilly. They proposed to build two skyscrapers on the Chicago Spire site. The reason being has to do with access and safety issues. The proposed project for 400 Lake Shore Drive will need major revisions before gaining the support of Reilly. In order for the City Council to review the proposal, they must first have the approval of the alderman.

Some of the changes that the alderman insists happen before he considers Related Midwest’s proposal consist of; shrinking the size of the podium where the towers will sit since it will restrict access to the site from East North Water Street, removing the hotel from the site, make use of ramps connected to Lake Shore Drive and

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The city of Chicago is currently being bombarded with tons of new developments. This is good for anyone looking to relocate or looking for investment properties. Besides new developments, buildings are being bought out as well. TGM Associates, New York Investor, agreed to buy Northshore 770 Apartments, which happens to be located near the Edens Expressway. The deal is expected to be complete mid-September.

The sellers happen to be a joint venture between Crossroads Development Partners of Schaumburg and Morningside Group, which is based in Chicago. Northshore 770 comes with a 102,000 square foot Marianos shopping center.  However, this retail space was sold for $68.5 million in November 2016 by the developers. Once this transaction is complete, we can

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Located on the southwest corner of North Avenue and Larrabee Street, Former Father and Son Plaza Site gets a new 261-unit building in place of it. CA Ventures and White Oak Realty Partners received permission to start demolition and begin developing Old Town apartment building. The site was once home to businesses such as Chase Bank and Marcello’s.

The 11-story complex, consists of 261 apartment units, and will include a level dedicated to residential amenities, outdoor pool, 30,000 square feet of retail space, and parking garage for 183-vehicles. The project will cost around $126 million. $2.37 million of that money goes to Affordable Housing Opportunity Fund.

As more information become available as the project progresses, we’ll continue to keep

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So many exciting new projects are coming to downtown Chicago. One of our favorite projects estimated to be delivered 2019 is 333 North Green Street. It's a ground-up new construction with 555,524 square foot creative office and prime retail building located in Chicago’s most dynamic neighborhood, Fulton Market! Developed by Sterling Bay, designed by Gensler and will be 19 stories tall!

This new construction will include a Skydeck overlooking the city, onsite parking for over 300 cars, a tenant lounge with grab & go food service, fitness center, bar, gaming area and more! There’s about 253,631 SF of office space remaining, the building will also provide 35,000 Square feet of prime retail.

This location is also perfect for just about anyone. The

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