Monthly ArchiveJune 2011

chicago-condos & Chicago Real Estate pcherry on 20 Jun 2011

Walton On The Park Deposits In Limbo

June 20, 2011 - Back in March of this year Chicago real estate developers Ronald Shipka Sr. and Richard Stein turned over Walton on the Park to the Davis family after they paid off the $82 million construction loan on the project. What wasn’t incuded in the the transfer were the deposits on the condos that hadn’t yet closed. The 160 empty Chicago condos in this 189 unit Gold Coast tower are going up for lease, but Shipka and Stein aren’t going to let go of any deposits without a fight.

According to Crain’s, several buyers are suing the developers to get their earnest money back. Lawyers for some of the buyers base the case on the fact that the project wasn’t completed on time and the buyers didn’t think they would be living in a rental building. Most of these buyers opted to not close because of those reasons or due to the falling condo values and difficulty in getting a mortgage.

The article says that Appraisal Research Counselors counted 77 condos at Walton on the Park that are under contract but haven’t closed. Deposits on the units varies from around $50,000 to $100,000. So it isn’t any wonder that the developers are reluctant to refund what could be millions.

All of the deposit drama aside, if you’re looking for luxury Chicago condos for rent you should see what Walton on the Park has to offer.

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chicago-condos & Chicago Real Estate pcherry on 18 Jun 2011

45 Story Streeterville Apartment Tower Approved

June 18, 2011 - It looks as though a new “green” Streeterville apartment tower has a green light from the Chicago Plan Commission. Chicago real estate developer Related Midwest will be constructing a 45 story rental high-rise on 500 North Lake Shore Drive. According to an article in the Sun Times, part of one of the walls on the 10 story parking deck will have vegetation that will survive the cold winters here.

Alderman Brendan Reilly was quoted in the article as saying that, “This green element is going to distinguish this property as the first in Chicago to have a year-round green wall. The technology, I’m told, works. That is something I’m really excited about.”

The tower design has already been been modified once under pressure from local residents and the alderman. This final version will have 500 apartments and indoor parking for 415 cars. Right now the site is just a parking lot.

To make sure the developer keeps his green promise, the Streeterville Organization of Active Residents intends to keep an eye on the progress.

Apartments at this tower will have rents that range from around $2,100 to $2,600 per month.

If you need a new place right now and can’t wait for these Chicago apartments to be completed, there are lots of Chicago condos for rent.

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chicago-condos & Chicago Real Estate pcherry on 17 Jun 2011

200 Squared Apartments Leased To Corporate Housing Company

June 17, 2011 - Not too long ago we posted about the current rental rates and availability at 200 Squared Apartments. Now Crain’s is reporting that 329 unit high-rise, located on 210 North Wells Street, will be leased to a “a temporary-housing landlord with nearly 25,000 apartments worldwide.” This company is based in Los Angeles and called Oakwood Worldwide. 200 Squared is being renamed Oakwood 200 Squared.

86 of the 329 apartments at Oakwood 200 Squared had already been leased, according to the article. The original Chicago real estate developer, Midwest Property Group, will honor those leases.

Midwest Property president Jay Javors was quoted in the article as saying that leasing the apartments to this corporate housing provider, “enables us to offer our investors guaranteed returns with minimal risk during the master lease term.”

In the article, Appraisal Research Counselors pointed out that this kind of deal is a little unexpected because both rents and occupancy rates are so high right now at downtown Chicago apartments. Rents have gone up 6% in the past year. Developers of apartment towers have been benefiting from the strong rental market and haven’t had a shortage of traditional tenants.

Oakwood Worldwide also offers apartments for lease at Presidential Towers and 77 West Huron Street, so 200 Squared isn’t their first venture into the Chicago market.

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