The Real Deal Chicago

Chicago Cheat Sheet: Few local homeowners are “equity rich” … & more

Also, luxury Hotel Essex on Michigan Ave will open following $250M rehab of former Essex Inn
By John O’Brien | February 07, 2019 05:00PM

(Credit: Cheat Sheet)

Local homeowners lag national average in equity held

Chicago has the smallest share of homeowners holding at least half of the equity in their homes among the top 20 U.S. metro areas. A study from Attom Data Solutions said only 16.1 percent of area homeowners were “equity rich” at the end of 2018, well below the national average of 25.6 percent. And the rate at which the local figure has been increasing over the past three years lagged the national average as well. [Crain’s]

Hotel Essex to open after $250M rehab of former Essex Inn

The new Hotel Essex is expected to open April 1, after a $250 million gut rehab of what had been the Essex Inn. The hotel at 800 South Michigan Avenue will have a total of 274 rooms. It is next to the 56-story Essex on the Park apartment tower, slated to open March 1. [Chicago Tribune]

Little Village home where 10 kids died in fire set to be demolished

The owner of the Little Village apartment building where 10 children died in a fire last year will be torn down in the coming months. Property owner Merced Gutierrez, cited with dozens of code violations after the fire, reached an agreement with the city to demolish the building in the 2200 block of South Sacramento by July 18. Nine cousins and a family friend died in the Aug. 26 blaze, which occurred while they were having a sleepover. [Chicago Tribune]

Affordable housing project near The 606 moves forward

A city panel advanced plans to build an affordable housing complex and park near the western end of The 606 trail in Logan Square. The Community Development Commission on Thursday approved the sale to the city of the 4½-acre Magid glove factory site at 1800 North Ridgeway Avenue. The seller is the Trust for Public Land. The city and the trust, which was formed to develop The 606, plan to jointly build at least 150 units and the park there. [Block Club]