Chicago Real Estate Blog - July, 2016

3 of Chicago's Top Events Happening in August

From high-flying adventures to family treats, late summer is really heating up Downtown Chicago this August. So get outside and enjoy what's left of the warm weather and check out these top events happening next month: 

Chicago Hot Dog Fest- August 5-7

Enjoy a taste of summer without firing up the grill yourself at the Chicago Hot Dog Fest. Now in its fourth year, the event bringing live music, family-friendly activities and, of course, hot dogs to Lincoln Park. Admission is free.

Chicago Air and Water Show- August 20-21

The annual Chicago Air and Water Show takes off August 20 and 21, bringing excitement well above the skyline. The nation’s largest, free airshow, this year’s event is celebrating 58 years of fun. The 2016 show promises some…

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Construction Details Released For New Vista Tower Project

Construction details have just been released for what’s expected to someday become the third tallest mixed-use tower in Chicago. The new Vista Tower is already pre-selling condos in the Lakeshore East neighborhood. At 93-stories, the tower will also include another five-stories below ground.

Vista Tower will someday offer more than 400 luxury condominium homes, nearly 350 parking spaces, a five-star hotel on the lower 12 floors, plus restaurants, ballrooms and meeting rooms. Construction begins on the foundation for the structure in early August with a four-year detailed plan for completion. While pedestrian and vehicular traffic will see some disruptions during that period, both are expected to be improved upon in the future.

Earlier this summer…

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What’s Next at Navy Pier

Plans are pushing ahead to remake Navy Pier into an even more exciting tourist attraction. While the destination has already improved upon its dining options, Ferris wheel and landscaping, the next phase of redevelopment hopes to add lodging.

A 240-room, seven-story hotel is planned just south of festival hall. In addition, a restaurant and rooftop bar are planned to go in above the Shelter Building. The group behind the development plans to go before the Chicago Plan Commission soon with an ambitious goal of starting construction and accepting the first hotel guest sometime in 2018.

Along with the hotel construction Navy Pier is moving ahead with the addition of a “Lake Overlook” walkway and “Lake Terrace”, bringing visitors closer than ever to the…

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2 West Loop Condo Buildings Proposed Near New McDonald's Headquarters

Although not yet approved, developer Peerless Real Estate Investment is working to bring two more condo buildings to Chicago’s rapidly growing West Loop neighborhood. According to reports, each building would stand 109 feet tall and be situated right actress from the new McDonald’s headquarters that is replacing the old Oprah Winfrey studios.

The site is also just west of another planned condo development from Belgravia Group, which is set to include 70 3-bedroom units. The new Peerless buildings, if approved, will feature just 28 condos each, but it’s also worth noting that parking for 86 cars and 43 bikes is also part of the project scope.

A zoning application has been filed with the city of Chicago and developers need the site’s current zone usage of…

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50 New Condos Coming to Chicago's Gold Coast

A new report out is outlining a new 28-story tower project that could bring 50 new condos to Chicago’s Gold Coast. The developer, Lexington Homes, has just unveiled its plans to construction the impressive new condo tower, which will replace a surface parking lot adjacent to the Ruth Page Center for the Arts along north Dearborn Street. 

According to reports, the sale of the property is already complete and renderings have already been released as well. The building’s design is from Chicago-based Pappageorge Haymes Partners and features a sleek glass exterior with individual unit balconies climbing nearly the entire length of the building. 

Other new Gold Coast condo developments in the works include 4 E. Elm, which also features a modern glass…

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Another High-Rise Proposed For Chicago's West Loop

Another West Loop development could be in the works—this time a 90-unit residential building located along the Eisenhower Expressway. According to Crain’s, the plans call for a new 14-story tower to be built at 419 S. Peoria Street, which will be designed by Brininstool & Lynch.

Right now, a vacant parking lot occupies the site at 419 S. Peoria. Outside of the West Loop being a red hot location right now for just about anything, 419 S. Peoria sits just steps from the UIC/Halsted CTA Blue Line Stop, which to frequent riders certainly makes it just a bit more appealing.

The development group is already seeking a zoning change for the site, which the city of Chicago must approve before construction can begin. But given the major influx of commercial space…

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Vista Tower Condos Are Selling at a Fast-Rate

While lots of news relating to the Chicago real estate market has detailed all kinds of new rental developments in recent months, headlines about Chicago’s new Vista Tower don’t slip through the cracks that easy. 

But in case you missed it, new reports are out that confirm over a quarter of the building has already been placed under contract—that before ground has even been broken on the 91-story tower that will ultimately reshape Chicago’s skyline once finished. Last month, a Hong Kong-based entity apparently purchased $200 million worth of space inside Vista Tower Chicago, which certainly hasn’t hurt sales much. 

Development for the new supertower at 363 E. Wacker will reportedly cost $1 billion with construction not expected to wrap up until late…

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Loft-Style Apartments and a New Grocery Store Coming to Printer's Row?

Over the last 6 months or so, there’s been plenty of headlines relating to new development in the South Loop. And according to recent headlines, that trend doesn’t appear to be slowing down anytime soon.

Just recently, MGLM Architects revealed plans for what could possibly the neighborhood’s next big mixed-use development, which would replace a surface parking lot at the southeast corner of Dearborn and Harrison in Printer’s Row.

Going strictly off the renderings, the project looks to be a 7-story structure with a fabulous brick and terra cotta design, which blends in seamlessly with other nearby buildings in the historic part of downtown Chicago. Included with the project would be 170 loft-style apartments and ground level retail space that would…

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