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REAL ESTATE
Price plummets for Olympia Fields mansion previously home to Chicago celebrities
A majestic mansion in Chicago's south suburbs that previously served as the home of some of the city's biggest names has seen a massive price drop, just over six months after first being placed on the market. Originally listed for $3,499,000 in January 2024, the home is currently listed for...
Chicago's Luxury Real Estate Market Buzzes as Ken Griffin Lists Gold Coast Penthouse for $11M and Colin Cowherd Buys in Park Tower
Amidst a flurry of transactions shaking up Chicago's high-end real estate scene, billionaire hedge fund manager Ken Griffin has entered the spotlight once more by listing his lavish Gold Coast penthouse for a cool $11 million. The top-floor condo, situated on the 38th floor of 9 W. Walton Street, hit the market with the exclusive tag of never having been lived in by Griffin himself. According to the Chicago Tribune, the billionaire had acquired the top four floors of the building back in 2017 but opted to reside in another unit nearby at the Waldorf Astoria instead.
The Feds Sent Millions To The CHA For Lathrop Homes. After 2 Decades, 300 Apartments Are Still Empty
LATHROP HOMES — J.L. Gross has waited years to see the vacant homes get fixed up at his longtime community. For more than two decades, hundreds of apartments at the Lathrop Homes have sat empty while the Chicago Housing Authority slowly converted the North Side public housing complex into a mixed-income development.
Habitat Opens OC Living, First Residential Building at Ogden Commons Mixed-Use, Mixed-Income Development in Chicago’s North Lawndale Neighborhood
Chicago-based Habitat, a leading U.S. multifamily developer and property manager, announced the first wave of residents have moved into OC Living, a new mixed-income property in Chicago’s North Lawndale neighborhood. The four-story rental building offers a mix of 23 studios, 60 one-bedrooms and nine two-bedroom apartments just steps from...
Report: Housing is less affordable due to red tape in Illinois
(The Center Square) – A new report found that Illinois had the third-worst rate in the nation for building new housing units in 2023, with the main culprit being over regulation. Illinois Policy Institute found that government regulations account for nearly $70,000 of the $292,000 median home price in...
Essex Realty Group Brokers Multifamily Portfolio Sale of Two Auburn Gresham Apartment Buildings in Chicago
Essex Realty Group, a leading Chicago based multifamily brokerage firm, is pleased to announce the closing of two multifamily properties located in Chicago’s South Side Auburn Gresham neighborhood. Both properties, located at 1401 W 80th and 7955 S Paulina, were sold to a private local investor for $1.6 million.
Woodlawn resident alleges unjust foreclosure, gains neighborhood support
CHICAGO - Christiana Powell, a longtime resident of Woodlawn, claims her family was among the first to integrate the neighborhood. Now, she's embroiled in a battle to prevent what she alleges is an unjust foreclosure and eviction. Supporters, including neighbors and allies, have established a protest encampment in Powell's yard,...
Edison Park Apartment Complex Approved Despite Pushback From Neighbors
EDISON PARK — An 82-unit apartment development is coming to Edison Park despite some pushback from neighbors. The City Council on Wednesday approved a request to rezone the property at 6750 N. Northwest Highway, the former M.J. Suerth Funeral Home. The rezoning allows developer Valdir Barion to construct two, four-story buildings, each with 41 apartments, 41 parking spaces and a courtyard.
Chicago Plan Commission green lights more than 1,000 apartments for Clybourn Corridor and Fulton Market
The Chicago Plan Commission unanimously approved on Thursday the construction of several apartment towers, including a 37-story skyscraper for the Clybourn Corridor shopping district on the Near North Side. Neighborhood residents at a December community meeting held by Ald. Brian Hopkins, 2nd, voiced concerns that wedging a 396-unit building into the narrow site at 1565 N. Clybourn Ave. could ...
Interra Realty Brokers $8.175M Sale of The Synagogue Apartment Building in Chicago’s Uptown Neighborhood
Interra Realty, a Chicago-based commercial real estate investment services firm, announced it brokered the sale of The Synagogue, a 40-unit multifamily property at 5029 N. Kenmore Avenue in the city’s Uptown neighborhood for $8.175 million, or $204,375 per unit. Constructed in 1922, the building is an adaptive reuse of a former temple that was reopened as rental apartments in 2019.
LG Group Spearheads $300 Million Residential Expansion in Chicago's Fulton Market with Two Tower Project
Chicago's Fulton Market neighborhood is poised to further transform as developers lay plans for significant residential expansions. LG Group is pushing forward with its $300 million mixed-use project, slated for discussion at the Chicago Plan Commission this Thursday. This substantial development, as detailed by the Chicago Sun-Times, would bring two towers with more than 600 apartments and a grocery store—a much-needed amenity for the rapidly growing area.
Stream Realty Acquires 600K-SF Chicago Industrial Portfolio
Stream Realty Partners has acquired a four-building industrial portfolio totaling 599,988 square feet of Class A industrial space in the Chicago metro area. The assets include Asbury Drive, a 157,500-square-foot building located at 850 Asbury Drive in Buffalo Grove in the Lake County submarket; Rockwell Logistics Center, a 174,262-square-foot building located at 2545 W. 24th Street in Chicago in the City South submarket; and Mokena Logistics I and II, 268,226 square feet across two buildings located at 8965 and 8905 W. 187th Street in Mokena in the Joliet submarket. The portfolio is fully leased to seven tenants.
NAR Announces 12 Tech Startups for iOi Summit's Pitch Battle
CHICAGO (July 18, 2024) – The National Association of Realtors® has announced the 12 companies participating in the Innovation, Opportunity & Investment (iOi) Summit's Pitch Battle competition from August 28–29 in Chicago. NAR's venture capital arm, Second Century Ventures, is set to present the live event, where...
Illinois sales are increasing as inventory rises — but not in the city
Statewide home sales increased slightly during May, according to data from Illinois REALTORS®, but the increase in inventory was much starker. In May, 13,068 homes sold: a 0.2% bump from last year. At the same time, the number of homes on the market rose 2.1% year over year, hitting 18,295 available homes. During that period, the state’s monthly median price was $300,000, 9.1% higher than in May 2023.
Fulton Market Transit-Oriented Development Would Bring 1,000 New Apartments, Retail
FULTON MARKET — A pair of developers want to bring two apartment buildings that would bring more than 1,000 new units to Fulton Market. JDL Development and Fulton Street Companies presented plans for the 1200 W. Fulton St. project at an online meeting Wednesday night organized by the West Central Association. It is one of several development proposals for the area, which for decades was off-limits for residential use.
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