CHICAGO | General Developments

[Ned.B]

^Even my boyfriend, who has just a rudimentary knowledge of architecture said "this building is the same bland color as every other new building in this city" when he saw it couple weeks ago.

[Pilton]

Originally Posted by colemonkee

^ For that lowered expanse of concrete on the eastern side of the river bend in that last shot, is there any plan to add landscaping to make it part of the river walk?

Originally Posted by Clarkkent2420

It's part of the Chicago Riverwalk project, and is called "The Boardwalk" (http://www.riverwalkexpansion.com/about.html). It is the most heavily landscaped of the various blocks of the riverwalk.

Unfortunately, things have changed. The latest reports are that "for now" the Boardwalk will only be a ramp leading down to "a lawn." Fifty feet permanently removed from the River for a lawn? Value engineering, IMO. Any "green" is nice. But, I hope the Riverwalk does not end with a whimper.

http://www.loopnorth.com/news/riverwalk0311.htm

[Randomguy34]

TOD is coming to Edgewater! 187 units, and 60 parking fronting Granville


Source: DNAInfo Chicago

[Steely Dan]

Originally Posted by Randomguy34

TOD is coming to Edgewater! 187 units, and 60 parking fronting Granville

no, it would front broadway. 6145 N broadway according to the article, right between Le Pita and the jimmy john's on the car wash site, that's just a half block south of granville on the east side of broadway.

i have no idea who's going to be paying $1,300 for a 400 SF studio in freaking edgewater when you can get a decent 800 SF one bedroom for the same price in any number of the hundreds of vintage buildings in the immediate area. i guess some people will do anything for new construction, we'll see........

[woodrow]

^^ This has been my concern. I think the Riverwalk is stupendous and the Board Walk, as shown in the designs on project website are completely "ehh" Walking next to it on Wacker is even worse. I think they just don't have the money. That said, the fact that they will have done the big work, expanding the footprint, etc, means that they can improve it later.

[Randomguy34]

Originally Posted by Steely Dan

i have no idea who's going to be paying $1,300 for a 400 SF studio in freaking edgewater when you can get a decent 800 SF one bedroom for the same price in any number of the hundreds of vintage buildings in the immediate area. i guess some people will do anything for new construction, we'll see........

I was also a little surprised by the high rents. The developer is probably testing the waters to see if they can get more money for less space, otherwise they can always lower rents at a later point. Loyola students or grads may be likely candidates they're eyeing, but everyone else looking for prices like those would most likely rather live in Logan Square.

[Via Chicago]

Originally Posted by Steely Dan

no, it would front broadway. 6145 N broadway according to the article, right between Le Pita and the jimmy john's on the car wash site, that's just a half block south of granville on the east side of broadway.

i have no idea who's going to be paying $1,300 for a 400 SF studio in freaking edgewater when you can get a decent 800 SF one bedroom for the same price in any number of the hundreds of vintage buildings in the immediate area. i guess some people will do anything for new construction, we'll see........

yea, theres tons of available stock for less than this (some even under a grand). and theyre not studios/convertibles/micro apartments...or whatever the euphemism of the moment is. unless you absolutely require the highest end finishes, but even then, you dont get a separate kitchen in this scenario



i mean its fine as a dorm, but this is how much living space we're talking:

[the urban politician]

Originally Posted by Steely Dan

i have no idea who's going to be paying $1,300 for a 400 SF studio in freaking edgewater when you can get a decent 800 SF one bedroom for the same price in any number of the hundreds of vintage buildings in the immediate area. i guess some people will do anything for new construction, we'll see........

^ Yeah, that's over $3 per sq ft if that's true, which is bonkers for that neighborhood.

[Ned.B]

400 sf is actually a really decent studio size, probably twice as big as that dorm room picture. My first studio in 2013 was 400sf and included a galley kitchen, 5'x7' walk-in closet, space for a bed, sofa, dining table, and a 9' wall of storage cabinets. And that was for $975 in Lakeview.

$1300 just doesn't seem worth it. If it's for the finishes, you can even find some somewhat recently remodeled places for well under that price.

[Rizzo]

Originally Posted by Randomguy34

I was also a little surprised by the high rents. The developer is probably testing the waters to see if they can get more money for less space, otherwise they can always lower rents at a later point. Loyola students or grads may be likely candidates they're eyeing, but everyone else looking for prices like those would most likely rather live in Logan Square.

I was thinking maybe the Loyola crowd too. But dang that's a lot when you can find 2BR and 2BA with newish interiors in Lakeview for almost the same price.

[Rizzo]

Originally Posted by Ned.B

400 sf is actually a really decent studio size, probably twice as big as that dorm room picture. My first studio in 2013 was 400sf and included a galley kitchen, 5'x7' walk-in closet, space for a bed, sofa, dining table, and a 9' wall of storage cabinets. And that was for $975 in Lakeview.

$1300 just doesn't seem worth it. If it's for the finishes, you can even find some somewhat recently remodeled places for well under that price.

I rented a 430 sqft studio downtown for a year before I moved up to Lakeview for less than that. I checked the website and they are still renting around $1200 but the building came with awesome views from each apartment and you were right at the oak street beach. Pricing for apartments is so wonky in this town. Often these new apartments seem attractive but the finishes are still cheap, the views are terrible, the ceilings are low, and the layouts are boring. The vintage buildings may not have granite countertops and trendy furniture in the lobby but they are far more interesting spaces.

I think it's all about prospective renters being misled that they will be in the center of an emerging area in a totally new building and that is supposed to come at a higher price. They won't do any research. Just use some finders service to be assigned to a building where they will over pay.

[Via Chicago]

Exactly. I feel the same way about FLATs too. I appreciate that theyre restoring historic housing stock on the far north side, but ultimately the finishes look very surface level to me (I mean, read the reviews of anyone who's been in their buildings about how cheap some of the jobs were). So youre not even really getting luxury finishes, but youre paying as if you are. Meanwhile, there are plenty of more affordable and more spacious options nearby.

I think if youre looking at these sorts of buildings, you really need to do the math to see if youre even going to take advantage of half the amenities to make it worth it. Like I guess a communal outdoor space is nice. Again, same thing with FLATs...these communal spaces out in front are empty and barren most of the time. Personally, I'd rather just have my own balcony which I can grow things on/customize. While I like knowing who my neighbors are, Ive never really seen the appeal of being forced to hang out with them if I want to grill or sit outside and read after work.

And personally, I prefer the radiator heat in older buildings, and the homeyness of hardwood. And also diversity in tenants. Im really turned off by the monoculture of newer rentals...where seemingly everyone is upwardly mobile/well off/no kids.

[Steely Dan]

hell, i rent out my 500 SF studio in marina city to my cousin for $1,150. now, that's the family discount price, but market rate would realistically be around $1,250. and that's in the absolute very center of the city (state street/river) on the 33rd floor of a landmark building with a view looking west down the river canyon and a GIANT 175 SF balcony.

but for only 50 bucks more you could live in an even smaller shoebox with no view and no balcony all the way up in edgewater! score!

[the urban politician]

Originally Posted by Steely Dan

hell, i rent out my 500 SF studio in marina city to my cousin for $1,150. now, that's the family discount price, but market rate would realistically be around $1,250. and that's in the absolute very center of the city (state street/river) on the 33rd floor of a landmark building with a view looking west down the river canyon and a GIANT 175 SF balcony.

but for only 50 bucks more you could live in an even smaller shoebox with no view and no balcony all the way up in edgewater! score!

The question is, what's your monthly assessment? That's the kicker (plus the insane property taxes)

[Via Chicago]

i mean, i just find it hilarious that TOD has become this buzzword that by default connotates high rent/small space. i understand new construction will always command higher prices, but where is it written the spaces need to be the size of shoeboxes? is anyone even stopping to ask what it is theyre being sold? and how has seemingly everyone forgotten in this debate virtually any existing building in Edgewater is TOD by virtue of the fact that the entire neighborhood is well served by transit and most buildings dont have much parking? my 1920s era 12 flat is about as TOD as they come...the red line goes straight through the alley. but i guess it dosent have stainless appliances, subway tile backsplash, edison bulbs strung outside, or a doorman so its not "hip"

speaking of aesthetics and the homogenization of tastes, this was a pretty good article. i susect a lot of this plays into why people are willing to pay more for a packaged lifestyle that arrives pre-assembled. they see the reclaimed wood, the fixie in the lobby, the hanging terrarium, and the other touchpoints that signal cultural capital and say to themselves "yes, this is where i belong"
http://www.theverge.com/2016/8/3/123...gentrification

[Steely Dan]

Originally Posted by the urban politician

The question is, what's your monthly assessment? That's the kicker (plus the insane property taxes)

huh? assessment and taxes are on my end, not my tenant's. my cousin pays me $1,150/month to live there + whatever her electricity bill is, she's not responsible for taxes or assessments.

as it is, my all in cost to own it (mortgage/taxes/assessment) is now roughly $1,000/month, so i'm making about 150 bucks a month from my cousin. i could be making a little bit more if i demanded market rate from her, but she's my younger cousin, and an ideal tenant, so. . . . .

[the urban politician]

Originally Posted by Steely Dan

huh? assessment and taxes are on my end, not my tenant's. my cousin pays me $1,150/month to live there + whatever her electricity bill is, she's not responsible for taxes or assessments.

as it is, my all in cost to own it (mortgage/taxes/assessment) is now roughly $1,000/month, so i'm making about 150 bucks a month from my cousin. i could be making a little bit more if i demanded market rate from her, but she's my younger cousin, and an ideal tenant, so. . . . .

I know, I was thinking about the cost from your end, not hers.

But yes, with family she will never try to screw you over like a stranger potentially could, so that's definitely worth the discount.

[SolarWind]

August 3, 2016

[SolarWind]

August 3, 2016

[SolarWind]

August 4, 2016