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)
"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."
ReplyDeleteYea, the condo market sucks, but the rental market is ridiculous. Any shitbox will go immediately at seemingly absurd rents. The only other high end full apartment building close by is Sky55 I think.
As long as it doesn't mess with the good times at Tantrum I guess it's ok
ReplyDeleteI'm cool with anything that casts more of a shadow onto Dearborn Park.
ReplyDeleteThe first comment is 100% correct. The rental market is ridiculously competitive and expensive. Condo buildings would be wise to convert more units to rentals.
ReplyDeleteOccupy Dearborn Park!
ReplyDeleteSo has anyone tried one of the expertly crafted beers from around the world at Scout Waterhouse?
www.thescoutchicago.com
JB
ReplyDeleteYou're correct, the first comment is right in that the rental market is increasing.
The next two dumbass comments i'll skip...
LOL, Josh. Good one!
ReplyDeleteNice!
ReplyDeleteThe Scout sucks a$$, moving on, I like the idea of this development!
ReplyDelete