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In Chicago’s downtown area, 35 office to residential building conversions that are either proposed, undergoing the conversion process or completed, now tally $2.1 billion in new investment. Data first reported by Crain’s shows that there are at least 4,466 new residential units being created out of the data set.…
From June of last year to May of this year, Illinois issued 157 permits for new housing construction units per 100,000 residents. That means the state came in second-to-last in homebuilding rates among all U.S. states, according to a July 27 report by Visual Capitalist, highlighting exactly how bleak the local…
🏆Alteration: The largest alteration filing last week was in Hyde Park, where The University of Chicago secured permits totaling $10 million for work at 5207 South Harper Avenue. Hyde Park Labs is a life sciences incubator developed in collaboration with The University of Chicago, Trammell Crow and Beacon Capital…
Controversial father-son landlord duo Raphael and John Lowenstein took center stage in Cook County’s June foreclosure filings. After offloading a Kenwood apartment complex earlier this year amid mounting distress in their real estate portfolios, the Lowensteins are now facing nearly $55 million in combined…
More and more companies that vacuumed up Chicago area warehouse space during the pandemic are now shedding capacity. Available warehouse space vacancies inched up to 5 percent from 4.9 percent over the course of the quarter, according to Crain’s, who cited real estate data firm Colliers. The vacancy rate has been…
Chicago’s real estate summer for residential shoppers is looking to get hotter, and maybe even abbreviated. Scarce availability in competitive markets continued to push prices upwards into the summer as Illinois median home prices reached $345,000 in June, a 6.2 percent annual increase, with fewer homes on the…
🏆Alteration: The largest alteration permit issued last week was in Lakeview for $27 million of infrastructure renovation work at 655 West Irving Park Road. The project at the co-op building includes replacing water risers, waste and vent piping, and HVAC piping, as well as installing new ceilings on three floors.…