December 31, 2009 - “As fast as we are building them, people are renting.” That is what general manager Nancy Blanks recently said about the Lofts at Roosevelt Collection. She was quoted in a recent Tribune article and according to Chicago real estate developer Centrum Properties, about 97% of the apartments in the completed east building in the project are already leased since marketing began in August. For the west building, which is still under construction, 30 of the 174 apartments there are already pre-leased after only offering them since November.

There will be a total of 342 apartments at the Lofts at Roosevelt Collection when construction wraps up. The apartments range in size from one to two bedrooms and are actually designed more like luxury Chicago condo lofts since that is what they were originally intended to be marketed as. The apartments that are still available for leasing run anywhere from $1,500 to $2,500 per month, according to Nancy Blanks.

As far as the commercial or retail portion of Roosevelt, we already know that the 16 screen Kerasotes ShowPlace ICON Theater has been a hit since opening a few days ago. No retailers have been named outright, but the article went on to say that Lisa Balis, who is senior VP of leasing for the development, confirmed that restaurants, home furnishings, health and beauty, shoes, apparel and jewelry shops are in the works. She also stated that there would be both national chains and local retailers involved in the 300,000 square foot retail space and should be ready for business by late 2010 or early 2011.

So for any of you looking for Chicago Apartments that are close to plenty of retail options, you may want to check out the units left for lease at the Lofts at Roosevelt Collection.

Technorati Tags: Lofts at Roosevelt Collection, Chicago Apartments, Chicago Real Estate

December 30, 2009 - Evidentially lenders didn’t see the logic in financing the construction of EcoLogic Lofts, a planned green 94 unit Chicago real estate project that was to be built on 2339-59 North Seeley Avenue in Bucktown. Developer William Senne of Senco Properties has been hit with a pair of foreclosure suits related to the planned development, according to a recent Crain’s report.

The two lawsuits were filed by Wheatland Bank of Naperville and total about $6.8 million. According to the foreclosure filing, $5.4 million is owed on one loan that defaulted in March when Mr. Senne stopped making monthly payments. Another $1.4 million is owed and in default since July. That loan was used to purchase a building on 2023 West Fullerton Avenue where the EcoLogic Lofts sales center is currently located. The bank alleges that Mr. Senne personally guaranteed the loans.

EcoLogic Lofts, as the name implied, was to be an eco-friendly project which focused on recycling, would have a green roof top and also wind turbines that powered part of the building’s electrical usage. Senco Properties has been more successful with another green project, Emerald, which is located on Green Street and has sold around 70% of its 212 Chicago condos.

Mr. Senne didn’t endear himself to other Chicago developers after he publicly criticized the growing use of auctions and steep price cuts to sell condos this past summer. And there are certainly some developers who would agree with his sentiments about the over use of condo sales incentives, there are probably just as many if not more who would rather sell at a discount before having to face Chicago foreclosures.

Technorati Tags: EcoLogic Lofts, Chicago Foreclosures, Chicago Real Estate

December 29, 2009 - The Ritz-Carlton Residences development has had its share of delays and slow construction starts, just like so many other Chicago real estate developments. But it looks as though things may start moving much more quickly now because financing has been locked in place for construction of the high-rise. According to Crain’s, Kuwait Finance House has agreed to invest $242 million in the Ritz. KFH has a 95% ownership stake in the project and Prism Development has a 5% stake.

When completed, the Ritz-Carlton Residences will be a 40 story luxury high-rise with 86 units. Those condos are around 40% sold, and have been for some time. That number could change for the better though, because the Ritz could be the only major development under construction in Chicago this next year (2010) and should make deliveries in 2011.

There have been no price cuts on the units at the Ritz, and the developer seems to be holding fast to that decision. The luxury condos are a bit pricey for the current market, but again, with no new big construction projects on the horizon the timing could be just right for the Ritz. You can expect to pay from $1.4 million for one of the remaining two bedroom condos and as much as $13 million for one of the penthouse units at the Ritz-Carlton Residences.

If 2011 is a bit too long for you to wait to move into a new condo, there are some great deals on Chicago homes for sale right now.

Technorati Tags: Ritz-Carlton Residences, Chicago Homes, Chicago Real Estate