March 31, 2008 - The empty parcel of real estate known as Franklin Point may finally get a new lease on life according to Crain’s. The Russland Capital Group has purchased the land from the CSX railroad corporation based in Florida for roughly $40 million. This particular tract of Chicago real estate is about 6.5 acres and sits in a coveted spot along the river, which makes it prime for development.

Right now the parcel, which runs from Polk Street to four blocks south of the Sears Tower, is basically empty and has been for nearly 37 years. In the past four years two other developers have made failed attempts to launch construction there. Last year Rokas International had planned to build a huge mixed-use development there that would have had 3,000 residential units plus a marina, but could never secure the funds.

Russland Capital has been developing smaller projects for about 20 years now, including a couple of more recent condominium towers along South Michigan Avenue. The group hasn’t made public any firm plans for the land as of yet, but the article stated that they will probably try to secure tax increment financing to help with initial improvements to the property, such as building a new sea wall. The area is zoned for around 2.5 million square feet of building space, but if the developer wants to increase that allowance it will have to be ran past the City Planning Commission and Alderman Robert Fioretti, who is best known for his stand against the height of X/O Condominiums.

It will be interesting if Russland decides to sit on the sidelines for a while with this property or go ahead with developing more Chicago Condos.

Technorati Tags: Franklin Point, Chicago Condos, Chicago Real Estate

Sales of Suburban Chicago Condos hit a 9-year low in 2007.  According to recent data from the Chicago Association of Realtors, a total of 21,871 condos and lofts were sold around the suburbs in 2007.

This represents a 25 percent drop in sales from the previous year, when 28,776 units were sold around the greater Chicagoland region.  It is also the weakest annual sales seen in the Chicago suburbs since 1998.

Condo owners and developers are facing one of the slowest markets in recent memory as the average turnover time crossed the 100-day barrier for the first time in more than 16 years.  It took an average of 109 days to find a buyer for condos sold in 2007 around the Chicago suburbs, up from 74 days in 2006.  This is the longest average turnover time seen in the region in more than 16 years.

Despite falling demand and the slow market for condo owners, prices continued to rise in the region.  The average sales price for units sold in 2007 rose by nearly four percent.  However, buyers are already starting to see lower prices in many neighborhoods, including Roselle and Deerfield, which both saw prices decline by 7 percent during the year.

Technorati Tags: Chicago Condos For Sale, Chicago Suburban Condo Market, Chicago Real Estate 

March 29, 2008 - If you’ve had a chance to look at the progress of Aqua recently, then you’ll know that the tidal wave of undulating balconies has risen to the 24th floor. When architect Jeanne Gang’s design for the 82 story building was first unveiled to the public, there were those who doubted that the unconventional and daring high-rise would be able to stand up to the hype. Now that the tower is nearly a third of the way up, it is not only gaining height but fans as well.

The process to create those waving balconies was described in a recent Chicago Tribune article. The specifications for each balcony curve had to be programmed into a computerized surveying instrument so that the steel forms could be bent exactly right. The concrete was then pumped and poured to fill those forms and create each unique curve. Gang also allowed the balconies to extend 12 feet in some cases so that residents would be able to see beyond the restrictions of neighboring towers. This fancy bit of architecture only added 1.5 percent to the total construction budget.

Aqua is a mixed-use real estate project, with 268 condos, 476 apartments, 210 hotel rooms plus retail space and an 80,000 square foot deck outdoors. The most recent sales figures put the building at more than 90 percent sold, making it one of the more successful Pre Construction Condos in Chicago of late. The units that are still available range in price anywhere from the mid $600,000s to over $1.5 million. Construction should be complete in early 2010, with first deliveries possible in late 2009.

Technorati Tags: Aqua, Chicago Condos, Chicago Real Estate