Category ArchiveChicago Homes
July 2, 2011 - Chicago real estate developer Magellan has kept with their nautical theme when it comes to Lakeshore East towers and dubbed their new project the Coast. They have just broken ground on the 45 story high-rise and expect it to be completed and ready for occupancy in February 2013, according to a Tribune article.
The rental tower is located on 345 East Wacker Drive and will have 499 apartments, indoor parking for 272 cars, 18,000 square feet of retail space plus 18,000 square feet of amenity space both inside and outside. There will be a landscaped deck with outdoor pool, an indoor spa, a business center, media room and lounge.
The Coast tower is being financed by a $99 million construction loan from Northwestern Mutual Life Insurance Company along with an over $50 million investment from Magellan and their equity partner, JPMorgan Asset Management.
Developers are still building more Chicago apartments than market rate condos, and if the Coast apartments are as popular with renters as the units in the Tides, the Shoreham and Aqua, they will be a success.
June 14, 2011 - Ever since switching to rental, the Lofts at Roosevelt Collection has had a lot of success filling up its 342 units. In fact, right now this Chicago real estate development is over 90% leased. But the 398,324 square feet of retail space is another story. Originally billed as the Shoppes at Roosevelt, the commercial space was supposed to house more than 40 retailers. As of today, the only tenant is the Kerasotes ShowPlace Theatre. That leaves around 300,000 square feet that is still empty. But according to a recent Crain’s article, that is going to change soon.
McCaffery Interests of Chicago and Canyon-Johnson Urban Funds of Los Angeles purchased the Lofts at Roosevelt from Centrum Properties for somewhere between $160 to $175 million. That is around half of the cost of the development. But it may not be such a bargin if the new owners can’t rent the retail space. They have a plan though, according to the article, and that is to take down some of the buildings in the center of the development and convert it to a landscaped green space that will include a public plaza, water features and playgrounds for kids.
Developer Dan McCaffery was quoted in the article as saying that, “In its present condition, it’s not very inviting. It’s not very pedestrian-oriented and it doesn’t strike you as a place to quote-unquote gather. If we can do things that make it more of a place to gather, there is a market for that down there.”
McCaffery and Canyon-Johnson are supposedly trying to get about $150 million in debt financing for Roosevelt, with a payback term of three to five years, according to the article.
As we said, there are still a few units left for rent at the Lofts at Roosevelt. You can also find some other nice Chicago lofts for lease if you don’t care for all the upcoming demolition and construction at Roosevelt.
June 13, 2011 - In our last post we told you about the condo finishes at Burnham Point and listed some of the units available for lease at this Chicago real estate development located on 730 South Clark Street. In this post we’ll go over the building amenities and list some of the larger units for rent.
Residents at Burnham Point have a 24 hour doorman, fitness center, clubroom with catering kitchen, business center, spa, landscaped terrace, sun deck with grilling area and a rose garden.
Below are a couple of penthouse units that are available for rent as well as some two bedroom condos.
Penthouse Unit #2710 / 2078 Sq Ft / 2BR / 3 Bath / $5722 Per Month / Available Now
Penthouse Unit #2807 / 1352 Sq Ft / 2BR / 2.5 Bath / $3725 Per Month / Available Now
Unit #1510 / 1046 Sq Ft / 2BR / 2 Bath / $2323 Per Month / Available Aug 2
Unit #0403 / 1191 Sq Ft / 2BR / 2 Bath / $2805 Per Month / Available Now
Unit #1303 / 1191 Sq Ft / 2BR / 2 Bath / $2805 Per Month / Available Now
Unit #0803 / 1191 Sq Ft / 2BR / 2 Bath / $2805 Per Month / Available Now
Unit #0504 / 1319 Sq Ft / 2BR / 2 Bath / $3050 Per Month / Available Now
Unit #0304 / 1319 Sq Ft / 2BR / 2 Bath / $3050 Per Month / Available Now
Unit #1904 / 1319 Sq Ft / 2BR / 2 Bath / $3050 Per Month / Available Jun 16
Unit #1409 / 1262 Sq Ft / 2BR / 2 Bath / $2792 Per Month / Available Now
Unit #1009 / 1262 Sq Ft / 2BR / 2 Bath / $2792 Per Month / Available Jun 30
Unit #2509 / 1262 Sq Ft / 2BR / 2 Bath / $2792 Per Month Available Jul 30
With demand for Chicago apartments still high and rents expected to keep going up, if you see something you like you may want to get a lease signed sooner rather than later.