Zoning clears 16-story mixed user for Jefferson Park

The tower project will deliver 114 new residences to the northwest side neighborhood While the debate over new development in Jefferson Park continues, at least one major project appears to be moving ahead. A plan for a new 16-story tower with 114 apartments for the neighborhood was approved yesterday by the City Council's zoning committee, DNAinfo reports. Dubbed “Jefferson Place,” the proposal went through a few iterations before landing at the final 16-story design. Originally unveiled in September 2015 as a 12-story development containing 96 apartments with 265 parking spaces, the height was bumped to 15 stories in January, and then up to 16 stories last month. In addition to the 114 rental units, the new tower will also contain 200 parking spaces, and 10,000 square feet of total retail space. The development will be capped with a rooftop deck space and solarium. In an earlier message to constituents, 45th Ward Alderman John Arena stated that the completed development coul..

A last look inside Old Town’s demolished Noble Horse Theatre and Stables

The site of the former equestrian facility will be redeveloped into new apartments Chicago’s last downtown equestrian facility finally bit the dust last month. Dating back to the Great Chicago Fire of 1871, the former Noble Horse Theatre and Stables at 1410 N. Orleans was once home to a riding school, stables for downtown carriage operators, and stadium-style exhibition space for horse shows. Following a suspicious arson attack two years ago, the Old Town facility was boarded up and eventually sold to a developer. Though the structure is now gone, urban explorer and Curbed Flickr pool contributor Nitram242 documented the eerie scene last month. The photographer even managed to capture the riding hall half exposed to the elements in the midst of demolition. The site is slated to be replaced by a new transit-oriented apartment development. Known by its address of 1415 N. Sedgwick, the seven-story project from LG Development and architecture firm NORR will contain 252 rental units an..

Lakeview three-bedroom with Stone Age vibe seeks $825K

This earthy condo is filled with custom stone and mahogany finishes Here’s a listing that is certainly unlike most anything else in the area. Described as “Rainforest Cafe meets The Flinstones” by the tipster who shared this one, it’s easy to see the connection to the gimmicky ’90s restaurant chain’s interiors. However, there’s a lot to take in here. The floor plan of the unit is not particularly unusual, but the finishes are impossible to ignore. The kitchen boasts what is presumably a faux-stone clad bar, meanwhile, a winding staircase leads downstairs to a landing area complete with more faux stone, plants, weathered-looking columns, and even a little waterfall. This one is not going to be for everyone, but perhaps there is a potential buyer out there who would appreciate the theme and the many custom finishes. However, for those looking to remodel the place, there’s going to be a lot of work involved. In the listing description, the broker describes the unit’s vibe as a “permane..

Three-bedroom loft in the heart of Wicker Park asks $525K

This lofty unit features plenty of space and lots of upgrades If you’ve got your heart set on a loft in Wicker Park, this may be the one you’ve been holding out for. The unit, located on Milwaukee Avenue, boasts high ceilings, tall windows, and exposed brick walls, but you’re also getting a place that has been fitted out with quality finishes. Highlights include the updated kitchen, a newer fireplace, and outdoor balcony space, but the excellent location in the center of the bustling Wicker Park neighborhood is certainly one of the top features here. Listed as a three-bedroom, two-bathroom unit, this same space has exchanged hands a couple of times in the last decade. It last sold for $425,000 in April 2015 but returns this week seeking $525,000. The monthly assessment of $501 is steeper than similar units, but the listing suggests that a space in a heated parking garage is included in that price. 1400 N Milwaukee Avenue #205, Chicago, Illinois 60622 [@properties]

Duplex condo unit in 1897 Gold Coast building lists for $1.5M

The roomy downtown home offers a pleasant mix of historic details and modern amenities. Situated at the intersection of Astor and Division in the heart of Chicago’s Gold Coast neighborhood, this well-appointed duplex condo combines old school charm with a great location. Though the handsome 19th century brick building is home to one of the Windy City’s best preserved birdcage style elevators, potential buyers of this first-floor unit will only need to take a few steps to reach their future front door. Inside, the 3,400-square foot home offers four bedrooms, four bathrooms, a home office, and a large updated kitchen with art glass windows. Other attractive features include crown moldings, hardwood floors, numerous built-ins, and a dining room-with an exposed brick chimney. According to the listing notes, the home would be perfect for an “empty nester that will still have family visit.” Last sold in 2015 for “just” $862,000, the spacious two-level property returned to the market toda..

Jackson Park redevelopment would require more road closures

The Obama Presidential Center and overhauled Jackson Park Golf Course will see changes made to traffic patterns The ambitious plan from the Obama Foundation which would reshape a large chunk of Chicago’s Jackson Park could see the creation of new attractions like a sledding hill and performance lawn, but to do so, the organization headed up by former United States President Barack Obama says that a number of road closures and the rerouting of existing traffic would have to happen first. At the unveiling of the proposal last month, President Obama indicated that South Cornell Drive between 60th and 67th streets would have to be closed. However, at a public meeting last night in the South Shore neighborhood, Chicago Department of Transportation commissioner Rebekah Scheinfeld revealed that a section of Marquette Drive would also have to be closed. According to the Chicago Tribune, Scheinfeld stated that stretch of Marquette Drive between Stony Island Avenue and Richards Drive would ..

Workers clear room for controversial Logan Square micro apartments

Following a fierce landlord-tenant dispute, the TOD at 2342-48 N. California Avenue is back on track In the works for over three years, a six-story transit-oriented development (TOD) in Chicago’s rapidly-changing Logan Square neighborhood is finally moving forward. Located at 2342-48 N. California Avenue and steps from the Blue Line, the project from Savoy Development will deliver 138 “micro apartments,” 44 parking spaces, four ground-floor retail spaces, and a public pocket park. Studio and one-bedroom units in the upcoming building will range between 439 and 537 square feet in size and rent for roughly $1,200 to $1,400 per month. The project became a lightning rod for growing concerns over gentrification and affordability in Logan Square last winter when landlord Francisco Macias moved to evict several families from the site’s existing apartment building. Citing months of nonpayment, Mr. Macias refused to extend the move-out deadline to March. Alderman Proco Joe Moreno (1st) the..

West Loop Ace Hotel preparing for its big debut

The new Chicago hotel will feature 159 rooms and a new restaurant concept from Team Giant The upcoming Ace Hotel in Chicago’s West Loop is now accepting its very first reservations. The hotel, developed by Sterling Bay Companies and designed by GREC Architects, is slated to officially open on September 1, however, guests can get an early look at the hotel by booking rooms during the hotel’s preview period which starts July 1 and runs through the end of August. The hotel is also offering a 25% discount to those booking within the preview period. Similar to the many other boutique offerings that have opened in Chicago over the last few years, the new Ace Hotel is big on details and design that nods to Chicago’s architectural history. The outfit teamed up with Los Angeles-based Commune Design for interiors and finishes. A release from Ace indicates that the goal was to create a vibe that “married mid-western craftsmanship with utilitarian design” while using materials and finishes that ..

Second Wolf Point apartment tower cleared to rise along the Chicago River

The glassy 60-story building will feature 698 units and a landscaped riverwalk component The second phase of the three-skyscraper project at Wolf Point scored its first building permit today. Located at the confluence of the Chicago River’s main, north, and south branches, the upcoming tower will occupy one of the city’s most visible downtown sites. With the official all-clear granted by City Hall, the relatively compact peninsula will soon be swamped with crews working to construct the 60-story rental apartment tower known as Wolf Point East. 42nd Ward Rendering showing Wolf Point East [center] and Wolf Point West [left]. The scope of the newly issued permit covers foundation work and construction on the first six levels of basement parking. While this first portion of work is estimated at $60 million, the tower’s overall cost is reportedly $360 million. The project comes from design firm Pelli Clarke Pelli and architect of record Pappageorge Haymes. Developers the Kennedy family..

Chicago Foreclosure Activity: Shadow Inventory Declines Yet Again

ATTOM Data Solutions (the parent of RealtyTrac) did not release a May Foreclosure Market report this month but they did update the data on their site so let's take a look at what it tells us about Chicago foreclosure activity. I've updated the graph below with their data and it shows that May had the lowest level of total activity in 16 months. However, not all of the individual components could make the same claim. While the auction activity was the second lowest in 16 months defaults and bank repossessions were not all that low. And, actually, from the standpoint of "let's get this problem behind us" it's not good that defaults are not lower and that auction activity is not higher. That means that new foreclosures are still entering the pipeline at a pretty fast clip while not exiting all that fast. Chicago Shadow Inventory Nevertheless, the ultimate measure of how well we are putting this problem behind us is the level of shadow inventory and I track that in th..

Streeterville’s Optima Signature officially opens

Apartments in the 490-unit luxury tower start at just under $2,000 per month Two years after foundation permits were first issued, the 57-story Optima Signature high-rise in Streeterville has formally opened and welcomed its very first tenants this month. And just weeks into its formal completion and grand opening, the tower appears to be lining up dozens of new tenants. According to the tower’s developers, the 490-unit apartment project is currently 20 percent leased. Designed by architect and developer David Hovey, the new luxury rental tower joins its sibling, the Optima Chicago Center, as one downtown’s newest rental offerings. The project enters Chicago’s rental landscape at a time of stiff competition among developers, however, the tower’s developers tout the project’s location near Michigan Avenue and its slew of upscale amenities as key features. Optima Signature The building’s amenities, which occupy two full floors, includes common amenities such as a gym, yoga studio,..

Four-bedroom condo on the 64th floor of Chicago’s Hancock Center lists for $1.8M

The large and fully renovated corner residence offers sweeping northeast views Despite being one of Chicago’s most iconic and recognizable landmarks, the John Hancock Center contains a number of condos that look as though they haven’t seen any renovations since the tower first opened in 1969. This newly listed four-bedroom example, however, sports numerous upgrades including new bathrooms, walk-in closets, refinished hardwood floors, and a modern chef’s kitchen with fresh cabinets, quartz countertops, and a wine fridge. The roomy high-rise home also has an in-unit washer and dryer which, according to the broker notes, is apparently quite “rare.” While the rather minimalist white-on-white decorating and somewhat quirky staging may not satisfy the tastes of every homebuyer, the 3,400-square-foot space certainly has its appeal. Aside from its Mag Mile location, one of the Hancock’s biggest draws is its view. In this regard, the northeast unit does not disappoint thanks to its sweepin..