CHICAGO | General Developments

[marothisu]

Originally Posted by Investing In Chicago

Cool. 5 is an unusual number of units in the neighborhoods for a newer building - is it basement unit + 4 above ground units on a single lot or a double lot, with 2 duplex down units, 2 simplex units and 1 penthouse like the below?:

https://www.google.com/maps/place/15...!4d-87.6674455

It's the double lot kind with 2 duplex downs, 2 simplex units, and a penthouse. Cooler looking than your example though

[marothisu]

New construction building permit was issued for the foundation for a new 5 story building with 56 units and retail at 4523 N Clark St in Uptown. It's a little over a half mile walk to the Montrose Brown Line stop and a half mile to the Wilson Red Line stop. Total height is 58 feet and there will be 28 parking stalls total (1 for every 2 residential units).

It will basically replace a strip of 1 story retail buildings:
https://www.google.com/maps/@41.9637...7i16384!8i8192

The zoning was approved a little over a year ago for this. Via https://chicagoyimby.com/2021/01/zon...in-uptown.html

[west-town-brad]

Originally Posted by Steely Dan

in small condo associations like 3 and 6 flats, those things can also have a way of taking care of themselves if you are lucky enough to have reasonable neighbors who are all willing to chip in from time to time for the maintenance/improvement of their substantial real estate investment (ie. "what's good for the building is also good for my unit's valuation").

in our condo-ized 3-flat, instead of paying others to do work around the property, we just split up the work. the guy on the top floor mows the lawn. the guy on the second floors does leaves and gardening. and i'm responsible for snow shoveling. we all have our jobs and just do them. no way in hell we'd ever hire a management company to do that shit when were all able-bodied men more than capable of pitching in.

but with just one bad/lazy/disrespectful/otherwise-shitty-person owner, things can also easily go south pretty fast on that front. there are plenty of horror stories out there.

Right. I am sure there are lots of stories about how it all just worked out swimmingly and everyone helps! yay! I wouldn't bet my nest egg on that. I also wouldn't hire a management company. Basically I won't get myself involved ever again in a small HOA or likely any HOA for that matter.

Personally, I've owned two units in two separate small time HOAs in Chicago. In both examples after a year of ownership I was the sole person doing anything at all with 6-8 other owners just saying thanks (if I was lucky to get a thanks). You don't have to have "bad" owners for the whole thing to go to shit. Also, my inlaws own a unit in another separate small HOA and my poor father in law has to shovel the snow alone and he is 65 with various health aliments. For them there is simply no money in the HOA to pay for what is a very expensive service of snow removal.

Most people don't contribute in general, and most people don't know the first thing about real estate maintenance and if you get a renter in the mix good luck. Small time HOAs could be a economics doctorial thesis on the tragedy on the commons.

[west-town-brad]

Originally Posted by Rizzo

I pointed this out in the general discussions thread, but HOA insurance is really high right now for small buildings. It’s D&O coverage and building replacement material costs that greatly exceed market value.

that right there tells you something about the financial risk of owning a small HOA condo.

[west-town-brad]

Originally Posted by marothisu

It's the double lot kind with 2 duplex downs, 2 simplex units, and a penthouse. Cooler looking than your example though

are the HOA fees on your unit under contract a hilariously low amount like $100 per month? hopefully more realistic like $400-$500 per month.

[tjp]

Not sure if this is appropriate or too small / boring for this thread, but some recent downtown retail developments:

- Five Below is taking over the Blick space on State Street; apparently it'll be a "flagship" location, whatever that means for a dollar store.
- A block or two north, JD Sports (UK sports chain) is taking over the old Forever 21 location
- In the Gold Coast, Abercrombie & Fitch is opening a new location at State / Elm. They recently closed their location in Water Tower Place. I think the brand has seen a bit of a resurgence recently.

[thegoatman]

Originally Posted by tjp

Not sure if this is appropriate or too small / boring for this thread, but some recent downtown retail developments:

- Five Below is taking over the Blick space on State Street; apparently it'll be a "flagship" location, whatever that means for a dollar store.
- A block or two north, JD Sports (UK sports chain) is taking over the old Forever 21 location
- In the Gold Coast, Abercrombie & Fitch is opening a new location at State / Elm. They recently closed their location in Water Tower Place. I think the brand has seen a bit of a resurgence recently.

Always glad to see restaurant/retail openings in the city, we need more news like this here.

[lakeshoredrive]

Originally Posted by tjp

Not sure if this is appropriate or too small / boring for this thread, but some recent downtown retail developments:

- Five Below is taking over the Blick space on State Street; apparently it'll be a "flagship" location, whatever that means for a dollar store.
- A block or two north, JD Sports (UK sports chain) is taking over the old Forever 21 location
- In the Gold Coast, Abercrombie & Fitch is opening a new location at State / Elm. They recently closed their location in Water Tower Place. I think the brand has seen a bit of a resurgence recently.

Oh wow, I had no idea A&F closed their location at Water Tower. I used to work there and at Hollister for a few years from 2010 to 2014. Are Hollister and A&F Kids still open at Water Tower?

[Steely Dan]

Originally Posted by west-town-brad

You don't have to have "bad" owners for the whole thing to go to shit.

I would definitely classify any able-bodied person who's a member of a small-time HOA and doesn't chip in to help out with regular property maintenance stuff as a "bad" person.

Lazy people are the fucking worst.

Thank God my current and previous neighbors (we owned a unit in a 6 flat over in Edgewater before moving to our 3-flat in Lincoln Square) don't fall into that category.

[Investing In Chicago]

Originally Posted by marothisu

It's the double lot kind with 2 duplex downs, 2 simplex units, and a penthouse. Cooler looking than your example though

Congrats, that’s awesome. Do you have the penthouse unit?

Yeah the building I showed was a couple blocks from our old house, I walked through the penthouse unit when it was for sale. I hate the brick choice on the exterior, but the inside has nice, transitional finishes.

https://apps.realtor.com/mUAZ/bb568322

[marothisu]

Originally Posted by west-town-brad

are the HOA fees on your unit under contract a hilariously low amount like $100 per month? hopefully more realistic like $400-$500 per month.

We'll be paying closer to $400/mo for our HOA..

Originally Posted by Investing In Chicago

Congrats, that’s awesome. Do you have the penthouse unit?

Yeah the building I showed was a couple blocks from our old house, I walked through the penthouse unit when it was for sale. I hate the brick choice on the exterior, but the inside has nice, transitional finishes.

https://apps.realtor.com/mUAZ/bb568322

Thanks. Penthouse unit wasn't for sale but the unit we're U/C on actually has more indoor space which is ultimately what we want. Ultimately the current prices aren't that much different between the units actually.

Not a bad unit you linked to. I like the kitchen. Does it have a steam shower in any of the bathrooms? I can't tell. Pictures aren't the best quality.

[thegoatman]

Any updates on this project? Love good infill like this that take up prominent vacant lots/dilapidated buildings, and includes no parking. Also would be great for that big parking in the middle of those 2 buildings two blocks to the right to be developed. They said it would start construction fall 2021.

https://urbanize.city/chicago/post/a...icker-park-lot

1162 N. Milwaukee

[ardecila]

I dunno, they put up some new wood pergolas in that lot recently (they look brand new) so I'm guessing the development is still far off, or dead?

[west-town-brad]

Originally Posted by marothisu

We'll be paying closer to $400/mo for our HOA..

that's good.

I'd still poor over those financial documents and the capital reserve study. that's general guidance I'd give anyone as I obviously have no idea about your specific situation.

[OhioGuy]

Chicago Yimby: Topped-Out CA6 Condominium Development In West Loop Reaches 80 Percent In Sales

Nice photo update from Yimby Chicago. I'm really liking the brick façade on this one. Much better than most of the brick façade done these days on new builds. I like the arch too!

[Via Chicago]

another non-profit development on the Lawndale/Ogden corridor.

A community wealth-building initiative is turning vacant properties on the West Side into opportunities for entrepreneurs to grow their businesses.

The project will attract entrepreneurs to Lawndale by offering them a place to do business along with perks like technical support, free subsidized rent, coaching and workforce development partnerships.

The effort to turn vacant buildings into neighborhood business hubs is led by the Steans Family Foundation, a nonprofit dedicated to improving the social and economic environment of Lawndale. The foundation is working with the North Lawndale Community Coordinating Council to plan the project.

The project was awarded $2.58 million in Chicago Recovery Plan dollars through the city’s Neighborhood Opportunity Fund grant program, which is aimed at spurring development on the South and West sides.

“This really is, hopefully, a catalytic moment,” said Patricia Ford, executive director of the Steans Family Foundation. “We are looking to build something that really rises up to meet the community.”

The Steans Family Foundation plans to develop multiple small business hubs from vacant buildings so the neighborhood will have multiple engines for creating jobs and opportunities for Black entrepreneurs to build wealth.

City funds will help rehab the first property at 3140 W. Ogden Ave., and renovations are expected to begin this year. Once completed, the building will house two businesses that have already been housed by the foundation.

Current view
https://www.google.com/maps/place/31...!4d-87.7038748

[ardecila]

Interesting, I've been wondering what was going on with that site. Gads Hill Center was supposed to renovate it but I guess those plans fell through.

[r18tdi]

After Almost 5 Years, Apartments Near Ravenswood Metra With Affordable Housing Could Begin Leasing In Fall
https://blockclubchicago.org/2022/02...asing-in-fall/



God this thing is slow... Glad it's still happening.

[LouisVanDerWright]

Originally Posted by ardecila

Interesting, I've been wondering what was going on with that site. Gads Hill Center was supposed to renovate it but I guess those plans fell through.

Yeah that site is pathetic. It's too bad this isn't a higher density proposal, but anything is better than what's there (or not there) currently.

I closed on my project on Friday BTW. Interesting times for Lawndale, hard to believe there won't be a serious shift in the neighborhoods fortunes with all this development in the pipeline...

[ithakas]

Does anyone have a ballpark for how many units are in the pipeline for the downtown area? I know Onni Group's Halsted Point proposal is something like 2,700 units.

According to this report the downtown population is now up to 250k, and it would be interesting to guess what it might look like by the end of this decade.

Thinking about that 'Chicago is about to densify like nothing before' article still...