CHICAGO | General Developments

[the urban politician]

I think RS3 permits 2 flats

[bnk]

...

[marothisu]

^ Very possible it's a typo..guess time will tell huh?




Looks like Thor Equities did a lot of property buying on 8/30 in Fulton Market. Here's a few things from that which I don't think are in the news yet (? maybe they are..no idea) other than the fact that they were buying.

1) 226-230 N Peoria (Peoria and Fulton Market, almost - across from Duck Duck Goat).

Currently: https://www.google.com/maps/place/23...!4d-87.6501306

Look like it'll be a complete renovation by them full of business. From http://www.thorequities.com/portfoli...go-il-60607-us


2) They also own 216 N Peoria (https://www.google.com/maps/place/23...!4d-87.6501306) right to the south. From http://www.thorequities.com/portfoli...go-il-60607-us





Also, the parking lot right to the north of The Mid was sold on 8/30 to them. No idea what will go there.

[marothisu]

And in some potentially even more positive news, that shitty Western Union + land at Chicago Ave and LaSalle is up for sale. The sales pitch says "perfect for redevelopment and build up with DX zoning" Then they go on to pitch it for fast food or bank. PLEASE someone swipe this up and redevelop it

http://www.loopnet.com/Listing/123-W...go-IL/6564494/


ALSO the 4 city lots that make up Rosatti's at Grand & LaSalle is up for sale for $6.4M too. Hopefully someone buys this and does something decent with it too:
http://www.loopnet.com/Listing/126-W...go-IL/5164546/

Bunch of stuff in W. Loop for sale too.

[10023]

Originally Posted by marothisu

^ Very possible it's a typo..guess time will tell huh?




Looks like Thor Equities did a lot of property buying on 8/30 in Fulton Market. Here's a few things from that which I don't think are in the news yet (? maybe they are..no idea) other than the fact that they were buying.

1) 226-230 N Peoria (Peoria and Fulton Market, almost - across from Duck Duck Goat).

Currently: https://www.google.com/maps/place/23...!4d-87.6501306

Look like it'll be a complete renovation by them full of business. From http://www.thorequities.com/portfoli...go-il-60607-us


2) They also own 216 N Peoria (https://www.google.com/maps/place/23...!4d-87.6501306) right to the south. From http://www.thorequities.com/portfoli...go-il-60607-us





Also, the parking lot right to the north of The Mid was sold on 8/30 to them. No idea what will go there.

These are the kind of buildings that need to be preserved in Chicago.

It’s a shame that code mandated spacing between buildings, though. And in certain neighborhoods (like the West Loop), I would like to see alleys turned into pedestrian-friendly areas as well, with alley-facing retail, al fresco dining, etc.

[KWillChicago]

Sorry if its been posted already but does anybody got some pictures of what dusable park should look like when completed?

[Kumdogmillionaire]

The brickwork on 216 N Peoria is gorgeous... Happy that one will be saved

[BVictor1]

Originally Posted by KWillChicago

Sorry if its been posted already but does anybody got some pictures of what dusable park should look like when completed?

I don't think there's any solid and up-to-date plan currently. That'll still be somewhat tied with the redevelopment of the spire site.

[LouisVanDerWright]

Originally Posted by the urban politician

I think RS3 permits 2 flats

It actually doesn't because the MLA per unit is 2,500 SF so unless you have a 5,000 SF lot (160% of a standard lot) you can only have one unit.

[Randomguy34]

Here's a great article by Steve Vance showing that you can only build SFH in about 41% of the city b/c of RS-3 Zoning: https://blog.chicagocityscape.com/it...e-8966c4ab3327


Orange is SFH only, and blue is everything else

[harryc]

Shameless plug for my old editor.

Is the Downtown Apartment Bubble Bursting?

With an expected 5,000 new rental units in the first quarter of 2018, some developers are offering up to three months rent free to lure new tenants.

BY AJ LATRACE

[Randomguy34]

^ To be fair, LaTrace did say that demand will end up shifting to South Loop and West Loop (which is what we're currently seeing) rather than a complete burst throughout all of downtown. While River North is cooling off, many project will soon be starting for South & West Loop as both areas are heating up

[IrishIllini]

Originally Posted by Randomguy34

^ To be fair, LaTrace did say that demand will end up shifting to South Loop and West Loop (which is what we're currently seeing) rather than a complete burst throughout all of downtown. While River North is cooling off, many project will soon be starting for South & West Loop as both areas are heating up

Isn't absorption still holding up for the most part?

I am excited to see the west and south loops built up. Could you imagine the changes we'd see if Amazon does set up shop here?

[OhioGuy]

Originally Posted by Randomguy34

^ To be fair, LaTrace did say that demand will end up shifting to South Loop and West Loop (which is what we're currently seeing) rather than a complete burst throughout all of downtown. While River North is cooling off, many project will soon be starting for South & West Loop as both areas are heating up

IF River North is cooling off, is that at all concerning for One Chicago Square. A portion of the overall development includes rentals, doesn’t it? Or is River North still trustworthy enough for such an expensive development if the quality is high enough to lure tenants who otherwise may be more inclined to search the South or West Loop?

[k1052]

Originally Posted by OhioGuy

IF River North is cooling off, is that at all concerning for One Chicago Square. A portion of the overall development includes rentals, doesn’t it? Or is River North still trustworthy enough for such an expensive development if the quality is high enough to lure tenants who otherwise may be more inclined to search the South or West Loop?

The market for One Chicago Square is more Gold Coast-ish than River North IMO.

[Randomguy34]

Originally Posted by OhioGuy

IF River North is cooling off, is that at all concerning for One Chicago Square. A portion of the overall development includes rentals, doesn’t it? Or is River North still trustworthy enough for such an expensive development if the quality is high enough to lure tenants who otherwise may be more inclined to search the South or West Loop?

JDL mentioned that since OCS won't be finished until 2021, they're not too concerned about the current cooling off.

[the urban politician]

Right, but at some point we need to see an apartment construction slowdown for that to be true, or else everybody will be saying that and will proceed to build new projects. The banks need to slow down lending.

[Khantilever]

Originally Posted by the urban politician

Right, but at some point we need to see an apartment construction slowdown for that to be true, or else everybody will be saying that and will proceed to build new projects. The banks need to slow down lending.

Demand is still creeping upward though. There’s always going to be some uncertainty and randomness in the short run - but the fundamentals still look strong.

[LouisVanDerWright]

Originally Posted by Randomguy34

Here's a great article by Steve Vance showing that you can only build SFH in about 41% of the city b/c of RS-3 Zoning: https://blog.chicagocityscape.com/it...e-8966c4ab3327


Orange is SFH only, and blue is everything else

He said the other day that only 4% of Rosa's ward allows multifamily. Who knows how low that will be if he downzones Milwaukee...

[Vlajos]

Originally Posted by IrishIllini

Isn't absorption still holding up for the most part?

I am excited to see the west and south loops built up. Could you imagine the changes we'd see if Amazon does set up shop here?

We were pace for a record year earlier for absorption. Haven't anything recently though.