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  #45381  
Old Posted Jun 20, 2019, 6:32 PM
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Originally Posted by SamInTheLoop View Post
What was the track record I wonder in terms of the market component of the earlier 00s/pre-recession mixed income CHA developments (I suppose mostly concentrated in the former Cabrini area)? Has the CHA been resistant to tinkering with the for-sale percentages of its model new mixed-income developments/adding larger market for-rent components? There should have been some flexibility built-in for a variety of market changes. We'll likely be in the next market downturn (which will undoubtedly differ in ways from the last) - or nearing it - by the time the next projects are finally underway.
Actually there are significant pre-recession communities distributed in equal parts to all the CHA's large development zones. Cabrini, Robert Taylor/Stateway, Roosevelt Square, West Haven, Rockwell Gardens.

I don't know for sure, but I imagine many of the (market rate) for-sale units in the CHA communities were bought by investors on favorable mortgage terms and now rented out (at market rate) for a tidy profit, probably to middle-class black residents.
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  #45382  
Old Posted Jun 20, 2019, 6:35 PM
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Interesting project I was unaware of - via DPD twitter

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Plan Commission approves 3115 Properties' plan to redo a parking garage at 3115 N. Broadway in Lake View as 72 residential units with ground-floor retail space. The project will add two stories to the building and retain 60 parking spaces. Seven units will be affordable.
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  #45383  
Old Posted Jun 20, 2019, 6:47 PM
LouisVanDerWright LouisVanDerWright is offline
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I think it has less to do with lack of interest and more to do with stagnant wages, obscene debt, and rising COL, but I digress.
Also has a lot to do with the complex relationship between Millenials and their Boomer parents. Much of the housing market right now is being distorted by the fact that Boomers are the largest generation prior to Millenials. The Boomers are also by far the healthiest generation at their age yet (despite the trend of dropping life expectancy here in the US due to epidemics of obesity and opiods). Many of them also experienced economic trauma alongside their children as they saw retirement plans dashed and careers disrupted in their highest paying years. Therefore Boomers just aren't getting out of the way like prior generations have moving toward their retirement. This manifests itself in the labor market in the same way as it does in the real estate market. There was just a Tribune piece on this the other day:

https://www.chicagotribune.com/real-...623-story.html

The other thing this article doesn't highlight as much is that Boomers are also more apt to move into areas that are also hot with Millenials like urban cores when they do decide to downsize.

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Originally Posted by Skyguy_7 View Post
Here's a New York Times article to correct what you may have heard. Wage growth has topped 3 percent for at least nine straight months.

https://www.nytimes.com/2019/05/02/b...h-economy.html
Yes, wage growth is finally breaking out. Again, these trends have a lot to do with the distortions of the recession, but primarily in it's effects on Millenials and Boomers. The Boomers aren't retiring as early as prior generations as they enjoy longer good health, try to make up for lost years of productivity or savings in the recession.

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Originally Posted by Handro View Post


3% wage growth for a couple of years isn't enough to change a decade+ trend that has led to the current lack of major purchases by 25-35 year olds. And is that slight wage growth enough to keep pace with rising costs of just about everything?

https://www.investopedia.com/ask/ans...-years-ago.asp
As I mention above, Millenials are still being effected by the elongated lives and careers of their parents. Millenials stand to quickly advance in their careers once Baby Boomers get out of the way, but the all seem to be staying put as long as possible.

The other thing people don't appreciate is that the United States is about to start the largest transfer of wealth in history: Boomers leaving their estates to Millenials. In another 10-20 years when Boomers start passing on in large numbers, Millenials stand to inherit more wealth than any generation in history. The question is whether that will make up for the damage of student loans and the recession or whether it will just further enhance widening wealth disparity.
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  #45384  
Old Posted Jun 20, 2019, 6:54 PM
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Originally Posted by jc5680 View Post
Interesting project I was unaware of - via DPD twitter



Nice! I really hope to see more conversions like these
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  #45385  
Old Posted Jun 20, 2019, 7:04 PM
Barrelfish Barrelfish is offline
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Couple of interesting adaptive reuse projects approved today. I'm particularly interested to see how the first one goes. If it succeeds, it could be a good model for other conversions of parking garages into more active uses.

EDIT: sorry for double post on the first one - should have refreshed first! The Sears adaptive reuse is also interesting.
Quote:
Tweet: Plan Commission approves 3115 Properties' plan to redo a parking garage at 3115 N. Broadway in Lake View as 72 residential units with ground-floor retail space. The project will add two stories to the building and retain 60 parking spaces. Seven units will be affordable.
Quote:
Tweet:
Plan Commission OKs a 161-unit adaptive reuse plan for the former Sears store at North and Harlem in Austin. The $84 million Seritage SRC Finance project includes four affordable units and a $627,000 AHOF payment. Ground-floor grocer and health club will support 200+ jobs.

Tweet: Plan Commission also approves Seritage SRC Finance's 152-unit plan for 7141 W. Wabansia Ave., adjacent to the former Sears store in Austin. The four-building rental project will include four affordable units, a $574,000 AHOF payment and parking for 177 cars.
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  #45386  
Old Posted Jun 20, 2019, 7:37 PM
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I noticed the Flats redevelopment at 5050 N Broadway is looking for a rooftop tenant for a bar/restaurant.

https://images1.loopnet.com/d2/kb7D3...s/document.pdf
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  #45387  
Old Posted Jun 20, 2019, 8:32 PM
moorhosj moorhosj is offline
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Plan Commission also approves Seritage SRC Finance's 152-unit plan for 7141 W. Wabansia Ave., adjacent to the former Sears store in Austin. The four-building rental project will include four affordable units, a $574,000 AHOF payment and parking for 177 cars.
A few weeks ago, someone on reddit claiming to be a real estate agent said they noticed a bunch of cops buying homes in Austin. I imagine it was the Galewood area, where this renovation is happening.

If the city workers moving out of Jefferson Park, Portage Park and Norwood Park due to property value/tax increases and start making this neighborhood home it could have a real positive impact on Austin.
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  #45388  
Old Posted Jun 20, 2019, 8:40 PM
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Looks like a TOD project for 3347 N Southport. Will be discussed next Wednesday at WLVN meeting.
https://chicago.legistar.com/View.as...0-39FFB9720CDE
What on Earth.....
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  #45389  
Old Posted Jun 20, 2019, 8:58 PM
SamInTheLoop SamInTheLoop is offline
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Nice! I really hope to see more conversions like these

yeah - that's fantastic.
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  #45390  
Old Posted Jun 20, 2019, 8:59 PM
SamInTheLoop SamInTheLoop is offline
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Originally Posted by ChiPlanner View Post
I can't recall where I was reading about it lately, but an article was addressing CHA's development around Cabrini from the '00s and how much of it was owner occupied vs. rentals. Needless to say it was referencing how risky it was and all but said it proved to not be the best investment of funds.

That said, hindsight is 20:20.

Anyone heard about when Cabrini will get its first new tower?

https://chicago.curbed.com/2019/3/22...rabee-clybourn

Don't know how I missed this one, but.....yes, please.
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  #45391  
Old Posted Jun 20, 2019, 9:02 PM
SamInTheLoop SamInTheLoop is offline
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Originally Posted by LouisVanDerWright View Post
The other thing people don't appreciate is that the United States is about to start the largest transfer of wealth in history: Boomers leaving their estates to Millenials. In another 10-20 years when Boomers start passing on in large numbers, Millenials stand to inherit more wealth than any generation in history. The question is whether that will make up for the damage of student loans and the recession or whether it will just further enhance widening wealth disparity.


I will go way out on a limb and state that inherited wealth will continue to further increase wealth inequality. I know, quite the gamble.
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  #45392  
Old Posted Jun 20, 2019, 10:45 PM
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Originally Posted by moorhosj View Post
A few weeks ago, someone on reddit claiming to be a real estate agent said they noticed a bunch of cops buying homes in Austin. I imagine it was the Galewood area, where this renovation is happening.

If the city workers moving out of Jefferson Park, Portage Park and Norwood Park due to property value/tax increases and start making this neighborhood home it could have a real positive impact on Austin.
I don't think it's anything new for Galewood to be a destination for cops and firefighters. It's always been cheaper than the Far NW Side hoods, but the public schools were never as good. If you're sending your kids to Catholic schools, though, I guess it doesn't matter. I think the allure of being close to Oak Park amenities for the Millennial generation is now a lot stronger than it used to be for previous generations, even among the more traditional-values conservative types. Also, the housing stock in Galewood is very nice compared to surrounding areas. Lots of Tudors and Georgians, not a lot of mid-century bungalows.

I do think the Boomers in Norwood/Edison Park are holding onto their houses, so there's not much room for the next generation to move in.

I agree broadly that parts of the West Side will be coming up faster than anyone expected, and Galewood will certainly be a bright spot, but other parts will probably still be blighted by the time I die.
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  #45393  
Old Posted Jun 21, 2019, 3:15 AM
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Great! I just signed up on the app.
Follow up to this post from June 14–signed up for the 311 app and requested two trees for the parkway in front of my condo (anonymously). Got home today to two new trees. Pretty amazed, I was skeptical they’d get planted at all let alone in less than a week!
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  #45394  
Old Posted Jun 21, 2019, 1:12 PM
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"The question is whether that will make up for the damage of student loans and the recession or whether it will just further enhance widening wealth disparity."

It will likely do both, but my question is what does one have to do with the other? In a free market, there will always be "inequality". Winners and losers. The lucky and the not-so-lucky. What does "wealth inequality" even matter? If we all had equal wealth, who would be making major investments and creating jobs like we see at Vista Tower, One Chicago, Lakeshore East, Amazon distribution centers, factories, etc.

There are many, many people who have more money than me, but that doesn't impact me negatively in any way whatsoever. As long as there are super-wealthy to buy the buildings I help build, I'll have a job. I even have the freedom to save as much money as I can and perhaps one day be the investor and provider of hundreds of jobs. LVDW, you started with one or two properties, doing the painting and drywall yourself. Made big money in the flips and now you have many properties and you're hiring painters and drywallers to do the work for you. Wealth inequality is OK, and works to everyone's advantage.
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  #45395  
Old Posted Jun 21, 2019, 1:55 PM
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Spot on.

Every NIMBY's speech at a public hearing by McSweeneys

I could pick out some choice quotes, but there are too many to cite.
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  #45396  
Old Posted Jun 21, 2019, 2:25 PM
moorhosj moorhosj is offline
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Originally Posted by Skyguy_7 View Post
It will likely do both, but my question is what does one have to do with the other? In a free market, there will always be "inequality". Winners and losers. The lucky and the not-so-lucky. What does "wealth inequality" even matter? If we all had equal wealth, who would be making major investments and creating jobs like we see at Vista Tower, One Chicago, Lakeshore East, Amazon distribution centers, factories, etc.
Your first embedded assumption is that what we have today is truly a "free market". Your whole comment rides on that belief and I'm not so sure it is true. I see subsidies, government intervention, regulatory capture and negative externalities all over the place. One only needs to look at the concept of super PACs to see how the wealthiest among us have changed the rules to benefit themselves.

The second assumption is the strawman that people are arguing for "equal wealth". The primary argument I have seen is that wealth inequality has grown significantly over the past 40 years and it is reaching historic levels. This is bad long-term for the economy because it hurts the purchasing power of a large portion of society and our economy is built on consumer spending.

This is why even billionaires are sounding the alarm on the dangers of inequality.
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  #45397  
Old Posted Jun 21, 2019, 4:38 PM
AlexanderRek AlexanderRek is offline
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Just found these new renderings of the Wicker Park Hyatt Place. Looking alot better and those are from Jul 2017. https://hyatt.hospitalityonline.com/...ce-wicker-park
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  #45398  
Old Posted Jun 21, 2019, 5:11 PM
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Southbridge

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Harold Ickes Homes 1st phase construction to begin late summer:

https://therealdeal.com/chicago/2019...redevelopment/
Sorry to bring up old news but honestly this could have received more attention! I'm anxious to see how this model of housing works out for the city and developer, hopefully it can encourage more developments like this with nice density and respectful the pre-existing grid. Also I believe this is the largest swath of vacant land between the Loop and the Stevenson (save for the 78) so this will be huge for the area!
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  #45399  
Old Posted Jun 21, 2019, 6:27 PM
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Why do we suppose that the several plots of land adjacent to the Presidential Towers have remained surface lots and not succumbed to redevelopment pressure? Given their location, I find it strange.
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  #45400  
Old Posted Jun 21, 2019, 6:39 PM
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Hip West Loop locations being used in college advertisements. I think this was DePaul.

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