CHICAGO | General Developments

[SolarWind]

July 21, 2016





^ Aurélien & Chicago Temple of Church LDS' tower crane in the background

A worker mentioned that Chestnut Row Homes construction will start August 1.

[Jibba]

Originally Posted by LouisVanDerWright

I heard from a fairly reliable source (though he is somewhat biased as he builds similar buildings elsewhere) that 2215 n Milwaukee, a/k/a "L", hit 1/3 leased almost instantly then crickets. That would explain their odd "we will provide you roommates" leasing campaign offering furnished apartments and unit sharing. Either the market is oversaturated, there just isn't a market for that kind of price point that far up Milwaukee, or the twin towers are raining on that developers parade. Either way Milwaukee Ave is becoming severely over built in my estimation.

Well, considering how many variables you just listed (and there are more that I can think of off the cuff), it's quite a speculation to come to that conclusion about that portion of Milwaukee in general. This type of market of apartments in that area is in its infancy, so (purportedly) slow leasing of buildings that haven't even been finished is not really an indicator of anything, IMO.

[maru2501]

all that development within just a few blocks in almost every direction from the holy name parking lot. That thing has to be going up up up in value daily

[marothisu]

Originally Posted by maru2501

all that development within just a few blocks in almost every direction from the holy name parking lot. That thing has to be going up up up in value daily

Yeah, it's quite valuable now. Also the parking lot north of it along Chicago Ave between the YMCA and Dunkin Donuts. I wish that would be developed. Loyola owns it.

[the urban politician]

^ The longer you hold out, the richer you get.

Especially if you aren't paying a penny in taxes

[LouisVanDerWright]

Originally Posted by Jibba

Well, considering how many variables you just listed (and there are more that I can think of off the cuff), it's quite a speculation to come to that conclusion about that portion of Milwaukee in general. This type of market of apartments in that area is in its infancy, so (purportedly) slow leasing of buildings that haven't even been finished is not really an indicator of anything, IMO.

Well it is an indicator of one of those three scenarios. I have a feeling it is largely because the twin towers are cannibalizing sand for the 2215 building.

[ardecila]

Originally Posted by LouisVanDerWright

Well it is an indicator of one of those three scenarios. I have a feeling it is largely because the twin towers are cannibalizing sand for the 2215 building.

Lots of strange aspects about "L"/2211. Seems to be a high percentage of larger units, but with the larger units you generally want to provide parking, and this building has very little. I wonder if the developers made that decision, or if they were pushed into it by meddling neighborhood groups who want "more units for families" and are afraid of unmarried 20-somethings.

I think that's why they're doing the roommate thing, to fill the larger units with sets of (largely car-free) single people, but for that rent level a single person can easily find a whole apartment nearby in Logan Square, even new construction. Then the question is whether the amenities of the building outweigh the inconvenience of living with a roommate that you may or may not even know.

[J_M_Tungsten]

7/22
Apple Store

[the urban politician]

I thought this was intriguing:

Where's the McDonald's museum in company's headquarters plan?

[The Lurker]

On the left of the picture with tower crane

[The Lurker]

[Suburban Shadow]

Originally Posted by The Lurker

On the left of the picture with tower crane

Great picture, but I think that is 1330 W. Fulton.
171 is not out of the ground yet.

[The Lurker]

Originally Posted by Suburban Shadow

Great picture, but I think that is 1330 W. Fulton.
171 is not out of the ground yet.

Thanks! That makes more sense. I can't keep track of everything going on in West Loop right now.

[harryc]

July 21

[harryc]

July 18

[denizen467]

^ Will be great when this is finished, and many more like this or The 606 should be prioritized around the city. But it does feel like NASA sent Juno to Jupiter in less time than this has taken.

[Kngkyle]

Originally Posted by denizen467

^ Will be great when this is finished, and many more like this or The 606 should be prioritized around the city. But it does feel like NASA sent Juno to Jupiter in less time than this has taken.

This was talked about a few months ago. I believe the reason for the slow construction schedule is due to the federal grant being used to fund the project. Essentially the grant only pays out so much money per year so they scheduled the construction to match what they could actually pay for. I agree though - it's frustratingly slow, but it's better than not having it at all.

[emathias]

Originally Posted by LouisVanDerWright

I heard from a fairly reliable source (though he is somewhat biased as he builds similar buildings elsewhere) that 2215 n Milwaukee, a/k/a "L", hit 1/3 leased almost instantly then crickets. That would explain their odd "we will provide you roommates" leasing campaign offering furnished apartments and unit sharing. Either the market is oversaturated, there just isn't a market for that kind of price point that far up Milwaukee, or the twin towers are raining on that developers parade. Either way Milwaukee Ave is becoming severely over built in my estimation.

Assuming that the availability shown on the website is accurate, they're way past 1/3 leased. It only shows 8 available units across all move-in dates and unit sizes. For example, it only shows one 3-bedroom available, for $3,300 a month. That's about what 1-bedrooms go for in the 707 N Wells building in River North, so it's still a good value for new construction overall.

[harryc]

July 14

[the urban politician]

Originally Posted by emathias

Assuming that the availability shown on the website is accurate, they're way past 1/3 leased. It only shows 8 available units across all move-in dates and unit sizes. For example, it only shows one 3-bedroom available, for $3,300 a month. That's about what 1-bedrooms go for in the 707 N Wells building in River North, so it's still a good value for new construction overall.

3 bedrooms for $3,300 per month out in the hoods? God Bless America.

I'm rehabbing a beautiful 3 flat in Lincoln Park, and in a duplex down we completed I just signed a lease for $3440 for a 4 bed/2 bath.

There is definitely some demand out there in the hoods, especially if you are near the L. I do all that I can to buy property within a 1/2 mile of an L stop these days.