Chicago Condo Directory

Some exciting big-ticket news in the high real estate world today: Terrapin-Taxman LLC bought a 79,000 square foot site at the intersection of Madison and Halsted in Chicago. Working togeter with The Taxman Corp. from Skokie, IL., they have bought the property they plan to develop on from MB Financial Bank.

The price of the primo property hasn’t been disclosed, but they have announced that there will be $100 million in new development in both condos and retail.

The bank that owned the property had it sitting around as surplus real estate, and the new developers are excited to acquire the property. Seeing as the land is highly visible and in a great location, whatever they paid for it will likely pay off in spades. Near downtown and visible to several major thoroughfares, good planning and development will definitely lead to a wise investment on the part of the new owners.

The development group has been doing other developments in the area that have been shaping up well, leading to an interest in this property.

The plans so far are to have two separate buildings. One will feature 100,000 square feet or more of retail. The developers would like to have a “great retail corridor” under their belt to compliment their mostly-residential portfolio so far. Taxman Corp. has much more of a retail bent, and their expertise is being called upon to make sure this is a success.

The Walgreen’s across the street is already interested in moving in, as is an as-of-yet unnamed high-end grocery store. The community so far seems interested in the development.

The other building will contain up to 230 condominiums. If you like keeping track of under-development real estate, be sure to take a look at the Chicago Spire which looks to be one of the most ambitious real estate projects in history—and almost definitely the biggest in Chicago.

Technorati Tags: New Developments, Taxman, Chicago Properties, Chicago Real Estate, Skokie, Future Development

Prestigiously located at Fifth and Washington, The Fifth Royal Oak designed by Brininstool & Lynch of Chicago, is a beautifully crafted building with a glistening exterior. Near the Skylofts project, which is crafted by Solomon Cordwell Buenz of Chicago and Neumann-Smith of Southfield, the pair make a marvelous and contemporary pairing that enhance the Chicago skyline with a modern look and feel.

If you go north and downtown, you’ll see a different spectacle altogether. New condo buildings in that area tend to resemble a late 17^th century Paris. This kind of architecture seems to be catching on recently. It seems that more often, a Disneyland-like psuedo-historical style is the choice preferred by new home builders, and a good number of buyers.

There are a good number of people who dislike the contemporary styles. A contingent tend to demand columns and gardens and fancy entryways and consider modern buildings an eyesore. To them, shiny new spires “pollute” the skyline, and they’d prefer a faux historical look.

While this sort if look is by no means unappealing, it seems a bit out of place and an odd request in a modern world filled with cell phones and portable computers—or combinations of the two, like the iPhone! With all these modern trappings, it seems a bit unusual that people would demand a living space that looks like it comes from an era emerging from the bubonic plague.

Of course, this sort of situation is hardly new. With the advent of better materials and construction methods, technically better, anyway, many feel that the soul and humanity has been pushed out of dwelling spaces. Some perceive the sharp lines and often dull colors as soulless. Still, it seems odd as “traditional” styles were also centered around the needs and technology of the day, and modern methods are no different.

This has created an unusual architecture style, possibly best described as “Disneyesque”. Much like the theme parks, modern materials and methods are used to create a fake version of buildings that look rather old, despite being new and made out of materials not available at the time the building is supposed to look like it was built in.

While this sort of building might be fine for some, we think the Royal Oak has come up with a great compromise. Rather than emulate old and inefficient spaces and designs, it seeks to have the modern flair and creativity while maintaining a vibrant energy. The towers and spaces are beautiful and livable, without making the neighborhood feel like a theme park.

If you’re interested in moving into a new development, there are some great Chicago Condo listings no matter which style you prefer.

Technorati Tags: Chicago Condos, Chicago Homes for Sale, Fifth Royal Oak, construction, design

Parkside of Old Town, a multifamily development with over 760 townhomes, condos and apartments, is now under construction on Chicago’s Near North Side. This $225 million venture will replace some of the Cabrini Green housing projects. The buildings that composed Cabrini Green once held 35,000 people, but only about 1,500 are left.

The redevelopment of this area–bordered by Seward Park and Larrabee, Division and Oak streets–is part of the $1.5-billion CHA “Plan for Transformation,” which has demolished high-rise public housing towers and developed mixed-income, mixed-use neighborhoods in their place.

Former residents have formed a development partnership with two companies, and Kimball Hill Urban Centers, to build Parkside. When it is finished, the project will be made up of about 20% low-income housing, 30% rental housing for current and returning Cabrini residents, and 50% market-rate housing and apartments.

Parkside will replace three of Cabrini’s high-rise buildings, but Peter Holsten, president of Holsten Real Estate Development Corp., says that it shouldn’t carry with it any of the stigma of the gang-infested former projects. A similar project managed by his company, a development called North Town Village, has been quite successful, with about the same combination of market-rate and affordable homes and few vacancies. “If it’s a strong area, people will want to live there,” Holsten says.

Construction has begun on 280 homes–townhomes starting at $499,000 and condominiums priced from the low $200s. The company has about 100 contracts for the for-sale units, and once the firm sells another 14 units, Holsten said construction can begin on the second condominium high-rise building.

Chicago real estate, Chicago condos, Chicago homes, Chicago townhomes, Old Town, Near North Side

Technorati Tags: Chicago real estate, Chicago condos, Chicago homes, Chicago townhomes, Old Town, Near North Side