A couple South Loop real estate stories have popped up recently. First off, Chicago Real Estate Daily reports:
Anyway, our guess is that this project still has a lot of hurdles to jump over. We see it as a mixed blessing. As most everyone knows, there is a ton of supply in regard to condos and rentals in the South Loop, so adding more won't seem to help us in the short term. However, if we take a longer term view, more building, means more residents, means more retail and a more vibrant State street and area.
Finally, YoChicago is reporting that another piece of South Loop land (Southwest corner of Harrison and Wells) will be auctioned off. Bids are due no later than Decemeber 15th.
Chicago developer Golub & Co. has agreed to pay about $6 million for a city-owned South Loop property where it wants to build a 35-story, 392-unit apartment tower.For those who read Sloopin often you probably remember an old post about how the same developers buying the old X/O property on Prairie Avenue. I guess they're feeling the future potential of the Sloop.
The $111-million project at the southeast corner of Ninth and State streets is the latest entrant in a downtown apartment boom spurred by rising occupancies and surging rents. Developers this year have already broken ground on seven downtown apartment towers comprising more than 2,800 units.
Anyway, our guess is that this project still has a lot of hurdles to jump over. We see it as a mixed blessing. As most everyone knows, there is a ton of supply in regard to condos and rentals in the South Loop, so adding more won't seem to help us in the short term. However, if we take a longer term view, more building, means more residents, means more retail and a more vibrant State street and area.
Finally, YoChicago is reporting that another piece of South Loop land (Southwest corner of Harrison and Wells) will be auctioned off. Bids are due no later than Decemeber 15th.
(Image from Curbed Chicago)
