Plans Proposed for New Hotel / Residential Tower in Streeterville

Posted on February 12, 2012 by Shivani
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Back in 2007, plans for a stunning Waldorf-Astoria hotel were in development for the site just north of the Sheraton Hotel & Towers in Streeterville. The proposed hotel / condominium tower would have soared 1,265 feet in the sky and become a striking addition to Chicago’s skyline. Unfortunately, like many ambitious projects proposed around that time, the development fell victim to the troubled economy and was cancelled in 2009.

In 2010, Chicago futures trader Donald Wilson Jr., acquired the loans for the property from developer Christopher Carley and has since been putting together his own development team. Last week, the Chicago Sun-Times reported that Continue reading »

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535 N Michigan Avenue Condo Undergoes A Transformation

Posted on December 25, 2011 by Vikas
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535 N Michigan Avenue Living RoomOur clients were looking for an intown condo in Streeterville to use as a weekend home in the city. We found a foreclosed property on Michigan Avenue that needed a full rehab – the interior had been badly damaged by the previous owner. The property had more than 10 bidders.  Our clients were the high bidder. Since they live 3 hours away, we helped them with renovating the property by using our resources and contractors. We provided turnkey remodeling and interior design services to our clients including selecting kitchen cabinets, tile, lighting, paint, furniture, bath fixtures, doors, hardware and more.  The project took approximately 4 months to complete and was ready for our clients to use over the Christmas holidays. To discuss your buying, selling or renovating needs in Streeterville or downtown Chicago, please contact us.

After Photos


Before Photos

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Closeout Sale At 550 St Clair – Free Car With Purchase

Posted on May 12, 2011 by Vikas
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We were notified today of the sale being held this weekend at 550 St Clair to sell of the last few units still owned by the developer.  As an incentive, buyers who sign contracts this weekend will receive 10% off and a SMART car – worth approximately $15,000.  Interesting incentive since Chicago currently is nearing the $5 per gallon cost of gas.  Another alternative is to just joing Zipcar which has 13 locations in Streeterville.

550 St Clair is a newer high rise with approximately 111 units.  The building offers studio to 3 bedroom floor plans ranging in price from $200k to $1.5mm.  The building was designed by the Chicago architecture firm of Brininstool + Lynch.  Amenities include 24-hour doorman, fitness center, swimming pool and sun deck.

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Two Bedroom Condo Rental Inventory Is Very Low In Streeterville

Posted on May 10, 2011 by Vikas
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We were doing some research on rental rates and inventory for a client who is considering renting their condo at 600 North Lake Shore Drive and noticed some interesting statistics about the current availability of 2 bed / 2+ bath condos available for rent in Streeterville.  Currently, there are only 32 condo rentals available that are 2 bed / 2+ baths in Streeterville – a very small amount when you take into consideration that Streeterville has about 40 condo buildings with roughly 200 units per building for a total of 8,000+ units.  And, of those 32 apartments, only 19 have a washer / dryer in the unit – so a pretty small selection for those looking to rent in popular condo buildings such as 600 N Lake Shore, 240 E Illinois, 600 N Fairbanks, 505 N McClurg, and 512 N McClurg which all have in-unit washer / dryers.

This very small inventory of available condos for rent signals that there is strong demand for condo rentals.  For our clients, we are recommending that they make an offer quickly on any property they like – otherwise they may be out of luck if they wait too long.

Currently listed 2 bedroom apartments range in price from $2,300 per month to $7,000 per month in Streeterville.  If you are looking to rent an apartment in Streeterville, please contact us and we will gladly help you navigate the ever changing rental market in Streeterville.


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Q1 2011 Streeterville Market Update

Posted on April 17, 2011 by Vikas
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We have just finished analyzing the sales data in Streeterville for Q1 2011, and saw some interesting trends.  You can access the market update with the statistics from our Streeterville market reports page.  Some of the findings that we thought were interesting:

  • Total real estate sales in Streeterville increased 40.4% to approximately $51.0 million in Q1 2011 compared to $36.3 million in Q1 2010
  • Average price per square foot increased to $368 per square foot in Q1 2011 compared to $359 per square foot in Q1 2010.   Increase was largely due to increased sales in the luxury segment of the market – 3+ Bedrooms – $900k+.   1 bedroom and 2 bedroom sales saw a decline of approximately 10% in the average price per square foot
  • Approximately 30% of the transactions were financed as cash transactions in both Q1 2011 and Q1 2010
Posted in Buying, Market Statistics & Trends, Real Estate, Selling | Tagged | 1 Comment

Fox and Obel Trying to Avoid Eviction

Posted on April 3, 2011 by Vikas
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For many residents who have lived in Streeterville during the last 10 years, a visit to the Fox & Obel grocery store is a weekly ritual.  Whether you are going to shop for gourmet foods or to grab breakfast or lunch at the cafe, the specialty food store is unique to Streeterville.   We often will meet clients here or stop for lunch when we are in between property showings during the day.   However, recent news that the store is behind on its rent payments could possibly lead to the retailer being evicted.

As of March, the store had reportedly missed more than $300,000 in Continue reading »

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The Peshtigo in Streeterville Now a Rental Building

Posted on March 14, 2011 by Shivani
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Streeterville residents are always excited to hear about a brand new condo building that promises great design.  A very striking luxury tower, named The Peshtigo, first announced in 2007, was slated to be built by developer Related Midwest and designed by architect Ralph Johnson.

Unfortunately, like the Chicago Spire, The Peshtigo’s fate was subject to the forces of a collapsing economy.  As a result, it has recently been toned down to a boxier, more humble version of its ambitious proposed design and will now be a rental building. Continue reading »

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Zipcars In Streeterville

Posted on March 8, 2011 by Vikas
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While Streeterville is one of the most pedestrian friendly neighborhoods in Chicago, there are still many residents who own cars in the neighborhood.  As gas prices are again starting to rise, so is the popularity of Zipcar – a car sharing service that has become a must have for renters and owners in Streeterville who need cars for occasional errands or even weekend trips.

Zipcars in Streeterville

With parking spaces often renting for $200 – $300 per month in Streeterville, Zipcar is a great alternative to owning a car.  There are currently 13 different location for Zipcars in Streeterville.   Continue reading »

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600 Lake Shore Drive Almost Sold Out

Posted on February 24, 2011 by Shivani
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Advertised as one of the last new construction addresses on Lake Shore Drive, Belgravia Group & Sandz Development, developers of 600 N. Lake Shore Drive, have recently highlighted their success in local publications and in emails to real estate brokers in the Chicago area – this development is now over 90% sold and occupied.  They’ve used the upside down photo below in a broad ad campaign to catch the attention of prospective buyers and real estate agents.

600 Lake Shore Drive

The developers, who are also behind the high-rise at 530 N. Lake Shore Drive and other luxury buildings around the city, have been able to almost completely sell 600 N. Lake Shore Drive in three years.  While many new construction projects have failed over the last few years given the downturn in the housing market, this project has actually done very well – and prices have held firm (and even increased in some cases for some of the prime tiers). Continue reading »

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Lake Shore Drive Flyover Near Navy Pier Newly Approved

Posted on February 24, 2011 by Shivani
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The outdoor activity along Lake Michigan is always buzzing in the warm summer months, but now we have even more reason to enjoy the lake front path.

As reported in the Chicago Tribune on February 17, a proposed lake front overpass that would alleviate bottlenecks on the lakefront trails near Navy Pier will begin construction sometime in the spring of 2012.  “It would set Chicago apart as a national leader in innovative transportation infrastructure,” said Lee Crandell of the Active Transportation Alliance, a non-profit organization. Continue reading »

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