Chicago Cheat Sheet: West Town sees biggest rent increases…& more

Also, Lightfoot’s next-door neighbor lists Bucktown house

TRD CHICAGO /
Jun.June 07, 2019 05:00 PM
Rents are increasing in Chicago (Credit: iStock)

Rents are increasing in Chicago (Credit: iStock)

These neighborhoods had biggest rent increases

Rents in West Town have increased more than in any other Chicago neighborhood in the past year, according to a new report. A Rent.com analysis of one-bedroom rents put the Near Northwest Side neighborhood at the top, followed by Streeterville, Lakeview, Hyde Park and Douglas. The average one-bedroom rent citywide is $1,944. In West Town it’s $2,395, an increase of 18 percent from May 2018 to May 2019. The average in Streeterville is $3,041, a nearly 14 percent increase. [Chicago Tribune]

Lightfoot neighbor selling home

The home next door to Mayor Lori Lightfoot’s house in Bucktown is back on the market. The four-bedroom home at 3428 West Wrightwood Avenue first listed at nearly $1.4 million in October before the price was reduced $40,000. It was taken off the market for a few months but listed again this week for under $1.2 million. Lightfoot and her wife moved into their house in 2004, and it’s guarded at all times by a police detail. [Block Club]

Spec building boom happening in Elgin

Scannell Properties plans a $32 million spec industrial complex on Elgin’s west side. The Indianapolis-based firm plans a 325,000-square-foot building in the 2400 block of Bath Road and an 80,400-square-foot building in the 1700 block of Britannia Drive. The complex will join recently announced plans by Crow Holdings to build a 576,000-square-foot spec industrial park not far away. The industrial vacancy rate in the area is just 4 percent. [Courier-News]

Aldermen grill new Housing Department boss on affordability

Marisa Novara made her first appearance before the City Council on Thursday as Mayor Lori Lightfoot’s choice to be the new Housing Department commissioner, and aldermen used the hearing to lay out demands for more affordable housing. Among them were mandating more family units through the city’s Affordable Requirements Ordinance and strengthening the law to eliminate provisions that allow developers to buy their way out of building affordable units. The aldermen also want Novara to help stop the replacement of two-flats and three-flats with single-family homes and to promote the use of basements, attics and coach houses as living spaces. [Chicago Sun-Times]

Drug recovery company taking big industrial space in Libertyville

PharmaLogistics is building a new facility in the Libertyville Corporate Center. Work is starting on the nearly 127,000-square-foot complex at Butterfield Road and Illinois 137. Founded in 1996 by Libertyville resident Michael Zaccaro, the company recovers non-dispensed and expired drugs from pharmacies and hospitals and returns them to the manufacturers. The new building will allow the company to consolidate an office at 1795 Butterfield Road and a processing center in Mundelein, officials said. [Daily Herald]


Related Articles

arrow_forward_ios
Wolf Point East at 313 W. Wolf Point Plaza and Nema Chicago at 1210 South Indiana Avenue (Credit: Hines, Nema Chicago)

Over 10K new apartments could flood Downtown Chicago by 2022. But there’s a catch

From left: CEO and founder of CA Ventures Thomas Scott, CEOs of WeWork Sebastian Gunningham and Artie Minson, and a rendering of the building

WeWork has troubles, but it also has a new location in River North

State Sen. Ram Villivalam and State Rep. Delia C. Ramirez (Credit: iStock)

Lawmakers introduce new real estate transfer tax proposal

The Bolingbrook property along route 53 and Amazon CEO Jeff Bezos (Credit: Google Maps, Getty Images)

Amazon pays $51M for site of former Chicagoland amusement park

Jeff Bezos and the Old Wrigley gum factory at 3535 S. Ashland Avenue (Credit: Getty Images and Google Maps)

Chew on this: Former Wrigley gum factory pitched as potential Amazon warehouse

Landing CEO & founder Bill Smith and one of Landing's apartments at 30 E. Adams St.

Membership-based leasing platform Landing uses $20M Series A round to expand to Chicago

Peter E. Ricker, Chairman and CEO of MBRE, and 800-810 West Madison Street (Credit: MBRE and Google Maps)

MB Real Estate pays $19M for office building near Fulton Market

7250 S. Shore Drive and 6752 S. Michigan Avenue

Financially-distressed housing nonprofit selling 13 South Side properties

arrow_forward_ios
Loading...