March 20, 2008 – MCM Properties change of plans to a proposed development on 1711 – 55 North Winnebago are causing a delay in the approval process from the Bucktown Triangle Association zoning committee. An article in the Chicago Journal reported that MCM had deviated quite a bit from the original design that had been approved for this particular empty lot of Chicago real estate.

Records show that roughly three years ago developer Smithfield Properties owned the lot and had submitted plans to build a residential project that would be modern in architectural design with a mostly glass exterior. Smithfield later sold the lot to MCM, who then decided to use their architect’s design of five buildings with brick facades and balconies that would contain nine units each, for a total of 45 residences. There would also be 82 parking spaces, but to do so, the curb would have to be cut at both the north and south ends of the lot. The original plan only had one curb cut on the north side.

The deviation from the original facade look and materials plus the curb cuts are the main areas of concern to the zoning committee. Fire safety requirements state that there has to be a big enough space for emergency personnel and equipment to park, and one committee member stated that MCM should either scale back the total number of condos or else resubmit a new proposal instead of requesting so many changes.

Bucktown is one of many Chicago Neighborhoods where residents and community organizations play an active role in determining the future look of developments and growth of the area.

[tags]MCM Properties, Chicago Condos, Chicago Real Estate[/tags]

March 19, 2008 – One high-rise that is still offering an incentive package that was first advertised last fall is the Metropolitan Tower on 310 S. Michigan Avenue. Metropolitan Properties took on this adaptive reuse project and transformed the vintage building into 245 luxury condos. According to the most recent sales figures, there are around two dozen units still for sale, and the developer is continuing to include free upgrades such as kitchen appliances, counter tops, tile, flooring and bath showers.

The units at the Metropolitan Tower are one to three bedroom condos with from about 1,200 to 4,000 square feet. Prices range from the mid $300,000 mark on up to the $900,000s. Any of the remaining condos can be delivered within the next couple of months. The location of the tower may well be it’s strongest selling point, with unobstructed views of Grant Park and Lake Michigan, plus its close proximity to the Art Institute, Millennium Park, Navy Pier, Soldier Field and Museum Campus.

This piece of Chicago real estate is steeped in history, from its beginnings in 1924 as the Straus Building, then later the CNA Building and Britannica Building. The structure was originally designed by Graham, Anderson, Probst and White architects and the conversion was designed by Pappageorge Haymes. Many of the lavish details were preserved, including the marble floors, wood moldings and brass elevator doors that display intricate arts and science symbols.

The combination of incentives and fantastic location may enable the Metropolitan Tower to join the ranks of sold-out Chicago Luxury Condos.

[tags]Metropolitan Tower, Chicago Condos, Chicago Real Estate[/tags]

March 18, 2008 – With an increasing number of lenders tightening restrictions on loan qualifications and in some instances requiring more than 50% in presales, at least one Chicago real estate developer is turning to an alternate means of financing for his project. Crain’s reported yesterday that William Warman of Provence Development Group is attempting to pre-sell the four major parts of his new development, namely the hotel, retail space, apartments and parking, to investors in an effort to make the project more secure and gain construction financing more easily.

Warman has plans to build a 52 story high-rise on 300 North Michigan Avenue. He is marketing all of the tower’s components, hoping to entice investors for them, or at least parts of them. The pre-sale would work about the same as one for pre-construction condos in that the investor would enter into a contract to buy before the tower breaks ground, then close the deal once the high-rise is finished. The article noted that Warman had contracted to buy the prospective building site for roughly $30 million last summer, but has had to delay closing more than once, presumably for monetary reasons.

The developer would like to complete the high-rise sometime in 2011. Once finished, it would have a 160 space underground parking garage and contain around 29,000 square feet of retail space on levels one and two. Floors 3 through 23 would house the 300 room hotel and from floor 24 to 52 would be the 225 apartments. Rents for Chicago Apartments have slowed their upward spiral a bit, but there still may be plenty of investors willing to bank on this project.

[tags]Provence Development Group, Chicago Condos, Chicago Real Estate[/tags]

March 17, 2008 – Because it’s March with all the obvious green connotations it’s only fitting to mention that EcoLogic Lofts, a green development planned for 2359 North Seeley Avenue, will soon open a furnished model that may make other eco-friendly developments green with envy. According to a recent press release, the furniture in the model will not be sales room new, but rather reupholstered used pieces to drive home the reuse, recycle mantra.

The building’s website describes the location of the seven story, 94 unit low-rise as, “at the axis of Bucktown, Lakeview and Lincoln Park.” Floor two will house 4 deluxe terrace units, two one bedroom and bath and two having two bedrooms and baths. The terraces have from 580 to 780 square feet of space. Floors 3 though 7 contain the rest of the condo lofts, a mix of one bedroom and bath to two bedroom and bath floor plans. All units come with low VOC carpets, paints and materials, bamboo floors, stainless steel appliances with Energy Star rating, low flush and low flow fixtures and a balcony. The lofts range in size from 690 to 1,335 square feet and pricing starts in the low $200,000s. Parking runs $30,000 but the building will have space reserved for high mileage and hybrid cars plus a space for iGo car sharing.

The green roof will have wind turbines that will generate as much as 2% of the building’s power and should be enough to supply the common areas of the development. About 75% of the normal amount of construction waste will be eliminated and 20% of the materials used will be recycled content.

Senco Properties is developing this section of Chicago real estate and deliveries are planned for late 2009.

[tags]EcoLogic Lofts, Chicago Condos, Chicago Real Estate[/tags]

Buyers looking for a new condo or loft in the South Loop can find several incentives from developers that will save thousands of dollars.

If you’re in the market for a luxury loft, Chess Lofts is currently offering one year of assessments free with every new contract.  The development is located at 320 E. 21st Street.  Chess Lofts is 70 percent sold, and units are ready for immediate delivery.

Another development offering thousands of dollars in savings is Motor Row Lofts, located at 2301-2315 South Michigan Ave.  Residents of this historic South Loop building receive an eight-year tax assessment freeze, which means savings as high as $11,000.  A total of 52 units are available, with one to three-bedroom floor plans for sale.  The development is currently nearly 50 percent sold.

If you’re feeling lucky, buying a unit at Vetro qualifies you for a drawing for $10,000 in furniture upgrades from Design Within Reach Chicago.  The development, located at 611 South Wells is 58 percent sold, with immediate deliveries available.

Buyers looking for an environmentally friendly development in the South Loop can take advantage of the free parking space currently offered at Eco18.  This development by Jameson Realty Group is located at 1818 South Wabash.  One and two-bedroom units will be ready for delivery in spring 2009.

Browse through excellent incentives for several Preconstruction Chicago Condos in the best neighborhoods in the city.

[tags] Vetro, Eco18, Motor Row Lofts, South Loop Real Estate, Chess Lofts, Preconstruction Condos For Sale [/tags]

March 15, 2008 – The four story, 33 unit low-rise that RDM development began planning last fall is on its way to becoming a reality on 1624 West Division Street. The project will be a mixed-use one, with an estimated 9,000 square feet of retail space that will is expected to contain either one large retail shop or three separate small ones. Approximately 111 above and below grand parking spaces are also planned, according to an article in the March issue of the Chicago Journal.

Mike Ansani, president of RDM, was quoted as saying that foundation work is in progress although they are still waiting on some permits. Barring any interruptions, he wants to have the condos available for occupancy by next summer. The units are two to three bedroom layouts and have about 1,300 to a little over 2,000 square feet.

Buyers will have 15 floorplans from which to chose and two different finish choices that the building’s website says, “range from modernist concrete to luxurious travertine.” The Urbanite has a more minimalist look with 1 1/2 inch concrete kitchen counter tops, natural backsplash and Jerusalem stone in the baths. The Luxe features 1 1/4 inch Travertine marble counter tops and backsplash plus Travertine marble in the baths. Both styles come with floating 6 drawer European bath cabinets, wide plank wood flooring, Leibherr refrigerator, Fisher and Paykel dishwasher, Wolf stainless steel oven and microwave and Grohe fixtures. All units come with floor to ceiling windows and recessed balconies. Prices will range from the mid $400,000s to high $500,000s.

RDM Development is no stranger to the Chicago real estate market. Vision Condominiums will have 20 years of experience behind it as the project joins the list of Pre Construction Condos in Chicago.

[tags]Vision Condominium, Chicago Condos, Chicago Real Estate[/tags]

March 13, 2008 – Another Chicago condo development that will begin deliveries in 2008 is the West Loop’s R+D659. The fifteen story tower is a Mesirow Financial Real Estate project, designed by Brininstool and Lynch who also designed 1720 S Michigan. With the advent of better weather, construction has ramped up on the project and plans are for the building to top off in mid year and be completed sometime in the first quarter of 2009.

At Properties is handling sales for this Chicago real estate project and an agent was quoted in Yo Chicago as saying that more than half of the 237 condos have sold, including the biggest penthouse unit and the entire stock of studio units. The rest of the condos still on the market are one and two bedroom layouts that range in price from the low $200,000s to the mid $400,000s. Condo finishes include Italian cabinetry, Grohe fixtures, slate floors in the baths and eucalyptus wood flooring in the common areas.

R+D659 hasn’t been big on flashy incentives like a lot of other Chicago Condos. Instead, first time buyers can take advantage of a deal from the preferred lender, National City Mortgage. They will grant a 1.5 percent reduction in mortgage rates. This is not available to those who purchase as an investment or already carry a mortgage at a higher rate. To a fair amount of buyers, this is more attractive than a big screen television thrown in for free.

[tags]R+D659, Chicago Condos, Chicago Real Estate[/tags]

March 12, 2008 – This year a trio of Museum Park towers will see a lot of action as construction wraps up and residents start moving in. The high-rises have sold well, the combination of the desirable Central Station location and close proximity to Lake Michigan and Grant Park attracting many buyers. Competitive pricing and a long list of amenities also helped push sales into the black on these developments.

One Museum Park and 1400 Museum Park will be first in line to start deliveries. Yo Chicago reported that both buildings should begin closing contracts in thirty days or so and residents will be able to move in shortly after that. Construction on the top levels is still in progress, but lower floors will be ready to go.

1600 Museum Park will follow suit in mid summer, with topping off scheduled for June or July. The marketing director was quoted as saying that construction is moving along so quickly that basically a floor per week is being poured. There are still a number of units available at 1600. The remaining one to three bedroom condos range in price from the low $290,000 on up to the $700,000s.

Even with The Chicago real estate market conditions not being ideal, there are still high quality developments like those in Central Station where Chicago Luxury Condos sell well. Granted, these towers began marketing before the worst of the downturn and moving those last units in 1600 may prove to take a little longer than the first initial sales did.

[tags]1600 Museum Park, Chicago Condos, Chicago Real Estate[/tags]

March 11, 2008 – A new project from Related Midwest and The Chicago Metropolitan Housing Development Corporation was approved by the Plan Commission and will be going up on 1413 – 1427 N Clybourn Avenue and 1414 – 1426 N Larrabee Street. The nine story low-rise building will contain 80 condos, nine of which will be affordable housing units and eight will be sold to the Housing Authority and put up for lease to qualified individuals.

According to an article in Sunday’s Chicago Tribune, the condos will have one to three bedrooms and range in size from 711 to 1,782 square feet. The market-rate condos will run from $220,000 to $616,000 each. The affordable condos will be a mix of one and two bedroom layouts and cost from $120,000 to $192,000. Parking won’t be included in the prices and will have to be purchased separately.

The neighborhood already has one well-known high-rise, which is Smithfield’s SoNo. There are also a number of other developments, both residential and retail, on tap for empty Chicago real estate lots close by. This can be a definite boost to the area and attract more buyers. Incorporating affordable units along with market-rate condos is one way to insure sales and also sometimes speed up the approval process from the Planning Commission. A growing number of developers are working on mixed income projects lately. A little diversification in the mix of Chicago New Construction Condos can’t be a bad thing.

[tags]Related Midwest, Chicago Condos, Chicago Real Estate[/tags]

March 10, 2008 – A new high-rise will begin construction sometime later this summer in Lakeview, just a half block from Lake Michigan. The tower, called The Winchester, is the product of GJB Development and is already being marketed. The actual physical address is 3175 N Hudson. Right now a low-rise brick building on 421 W Belmont Avenue is serving as a sales center but will have to come down before the site can be prepped for construction this summer.

The building will have the standard expected amenities and perks. Two high speed elevators, 24 hour doorman, fully equipped fitness center, heated indoor garage with storage and bike space plus a 2,500 square foot landscaped terrace. All units will have terraces or balconies, 10 foot ceilings, crown and baseboard molding, individually controlled HVAC and oak hardwood flooring. Grohe fixtures, Viking appliances and quiet close drawers on the cabinets make up the kitchen layout while Grohe and Toto fixtures, marble details, wood vanities and frameless glass shower doors decorate the baths.

GJB Development was founded in 1997 and up until this project has focused mostly on single family homes, low-rise residences and flats. The company has developed a good deal of Chicago real estate and has also built homes in both Evanston and Glenview. The Winchester has entered the market for Pre Construction Condos in Chicago at a challenging time, with pricing on the two and three bedroom units starting at $389,000.

[tags]The Winchester, Chicago Condos, Chicago Real Estate[/tags]