Chicago Lakeside Officially Dead, But Thanks for the New Road!
Aug08

Chicago Lakeside Officially Dead, But Thanks for the New Road!

The massive redevelopment of the brownfield that was once U.S. Steel’s South Works is officially dead. Crain’s Chicago Business pronounced it so last week when it reported that U.S. Steel has hired Cushman & Wakefield to sell the property — in whole, or in pieces — to a developer. The previous developer, McCaffery Interests, couldn’t make Chicago Lakeside happen. It was an ambitious plan — The largest master-planned development in...

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UC Cracks Open Its Real Estate Crystal Ball
Jun15

UC Cracks Open Its Real Estate Crystal Ball

There’s no shortage of real estate experts in Chicago.  From automates services like Zillow’ Zestimate to high-priced consultants that pick apart every detail of a transaction to make sure you make bank. Another new service has launched in Chicago, and not only is it from Chicago, it’s from the University of Chicago. Unlike so many real estate consulting services, this one is manned by actual people, not just...

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Big Red’s Sale Another Step In CNA’s Cross-Loop Move
Mar28

Big Red’s Sale Another Step In CNA’s Cross-Loop Move

We don’t do a lot of real estate news here, preferring to focus on the architecture and development side of things.  But the recent sale of the big red skyscraper at 333 South Wabash is a little bit of both things.  That’s because its sale is an integral part of the do-si-do that is making the construction of a new skyscraper at 151 North Franklin possible. The red building is CNA Center.  And so is 151 North Franklin....

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Charting Downtown Chicago’s Residential Potential and Predicting an Upcoming Supply/Demand Problem (Don’t Say “Bubble”)
Jan21

Charting Downtown Chicago’s Residential Potential and Predicting an Upcoming Supply/Demand Problem (Don’t Say “Bubble”)

  If you live in downtown Chicago, you’ve likely noticed the abundance of cranes around you. Cranes signal new construction, and new construction can signal a healthy, booming economy. At the same time, even the dumbest economist in the room knows that too much construction can lead to bad things. The question for Chicago is: are we building too much? KIG Analytics Officer Marc Rutzen recently created a video signaling that...

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Is Chicago’s Skyscraper Boom a Sign of Impending Doom?
Oct12

Is Chicago’s Skyscraper Boom a Sign of Impending Doom?

If you haven’t been living under a rock for the past few months you might have noticed a crane or two popping up around the city. Perhaps you were curious enough to browse a few sources to learn that not only will cranes continue to pop up, but Chicago is experiencing a construction boom that not only can be measured by the volume of towers under construction, but by the magnitude of future construction projects proposed. Some, if...

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Another Nail, Same Coffin: Trib Tower For Sale
Oct09

Another Nail, Same Coffin: Trib Tower For Sale

It’s not very often that we do real estate news on this blog.  But then, it’s not every day that someone tries to sell the architectural equivalent of your grandmother. Tribune Media, the broadcasting division created when a federal King Solomon cut the Tribune Company baby in two, has decided that it’s time to cash out of the Tribune Tower (435 North Michigan Avenue).  Once upon a time, the Trib was a major...

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Chicago’s Tallest Building Fetches $1.3 Billion [updated]
Mar16

Chicago’s Tallest Building Fetches $1.3 Billion [updated]

The tallest building in Chicago has a new owner. MarketWatch, the news web site owned by Dow Jones, broke the news that the Blackstone finished up negotiations over the weekend to buy the Willis Tower (233 South Wacker Drive) for $1.3 billion. It’s the highest price ever paid for a building not in New York City. The good news is that Blackstone tells MarketWatch it actually plans to invest money into the iconic tower, returning...

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Polishing the Crystal Ball: Chicago Real Estate in 2015
Dec11

Polishing the Crystal Ball: Chicago Real Estate in 2015

This is the time of year when everyone seems to look back at the year that was and look forward to make predictions about the new year. Suburban public relations agency Taylor Johnson talked to a bunch of its Chicago real estate and development clients about what they expect from 2015 and put together a list of predictions that’s worth a read. See the complete list below.   1 Condos Make a Comeback: As buyer confidence...

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Alta at K Station Gets Maple-Flavored
Dec21

Alta at K Station Gets Maple-Flavored

Ten months after selling the Echelon at K Station (353 North Desplaines Street), Fifield Companies has sold its sister project, Alta at K Station (555 West Kinzie Street) for $302 million. Echelon went for $298,000 per apartment.  Fifield did better with the two-tower Alta complex, getting $356,000 per apartment out of the Canadian company Morguard. This is Morguard’s first building in Chicago.  Its only other properties in the...

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Week Links: March 16, 2012
Mar16

Week Links: March 16, 2012

Chicago’s version of New York’s High Line Park is going to be a reality.  Exelon, CNA, and Boeing have donated $7 million to make the linear park known as the Bloomingdale Trail happen.  It’s part of Mayor Emmanuel’s big push to improve neighborhood parks. Speaking of neighborhood parks, the Chicago Sun-Times reports that hizzonor is going to spend $290 million on new and improved parks across the city.  In...

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