Flair Tower

River North has been transformed from a forgotten corner of downtown Chicago into one of the premier neighborhoods in the city. The area has seen a lot of condo developments come up in recent years, but as the condo market slows, developers are starting to bring rental units to the market.

One of the newest apartment buildings announced for River North is Flair Tower. The project is led by developer Dan McCaffery, and will be located at the northeast corner of Erie and Franklin.

The 26-story tower will offer a total of over 200 rental units and nearly 13,000 square feet of retail space. The development will also include the three-story Flair House, built at the end of the 19th century.

The location of the Flair Tower is one of the main draws for renters looking for a unit close to downtown Chicago.

The area is home to some of the best restaurants, shopping, and nightlife in the city. Michigan Avenue, also known as the Magnificent Mile is just a few blocks east. Residents can choose from high-end designers, boutiques, and brand names along this famous stretch.

Old Town Chicago, located just north of River North, is one of the most popular neighborhoods for a night out on the town. There are numerous clubs and restaurants in the neighborhood, and those looking for the live music that makes Chicago famous will also have plenty of choices.

The area is also served well by public transportation. There are four stations within just a few blocks of home, making it easy to get almost anywhere in the city in just minutes. There are also many CTA buses that run along LaSalle Street and other major roads in River North. Professionals who work in the downtown Chicago business district can do away with the daily commute by walking to work.

If you're in the market for a new condominium or apartment on the Near North Side, keep up with the latest news coming out of the real estate market to make the best decision for you and your family.

Prices continue to rise for condominiums on the Near North Side. The average sales price for units sold during the third quarter rose by 5 percent from the same period in 2006. The average sales price now stands at $526,148, making the neighborhood one of the most expensive in the city.

As prices rise, many people are unable to qualify for a loan due to turmoil in the mortgage market. Banks and lenders have been hit hard by an increase in foreclosures on subprime loans. These companies have tightened requirements for new loans, keeping many potential buyers out of the market. As a result, rental units around the Near North Side and the Loop are seeing rising rents and falling vacancy rates. Projects like Flair Tower will serve to meet the need for more rental units in the area.

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