Chicago Cheat Sheet: Apartment rent growth, construction slows…& more

Also, redevelopment of former Sears complex on West Side OK’d by city panel

There is apartment rent growth in Chicago (Credit: iStock)
There is apartment rent growth in Chicago (Credit: iStock)

Rent growth and apartment construction tapering off: report

The Chicago-area apartment market is expected to see rent growth of 3.2 percent this year, about half of what it was last year, according to a new report from Marcus & Millichap. The report projects a total of 7,800 apartments will be delivered this year, down from about 9,000 in each of the last two years. The resulting vacancy rate will be about 5.3 percent, virtually unchanged from last year. [Chicago Sun-Times]

Redevelopment of old Sears at North and Harlem advances

Seritage Growth Properties and Tucker Development won a key city O.K. this week for their plans to redevelop a former Sears complex on the West Side. The Chicago Plan Commission approved the venture’s plan to turn the property at 7152 West North Avenue into a five-story complex with 161 residential units, a grocery store, health club and 462 parking spaces. The commission also approved a related proposal to build a new four-story development with 152 units and 177 parking spaces nearby at 7141 West Wabansia Avenue. [Curbed]

Cedar Street converts Loop offices to apartments

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Cedar Street Companies has completed the $45 million redevelopment of the building at 30 East Adams Street, best known as the home of Miller’s Pub. The prolific Uptown-based developer converted the building’s upper floors into 176 apartments. The 94-year-old structure, formerly known as the Hartmann Building, is now called The Alfred, in honor of its architect, Alfred Alschuler. [Chicago Tribune]

Big plans eyed for old Glen Ellyn grocery store property

The owners of a former grocery store property in Glen Ellyn are mulling two plans to redevelop the parcel. Springbank Real Estate Group is considering developing either a building with an undefined mix of office, service and retail space, or a mixed-use building with luxury apartments or condos over ground-level commercial space. The McChesney & Miller store at 460 Crescent Boulevard closed in October 2014 after 150 years in business. [Daily Herald]

Park Service asking for help restoring homes near Indiana Dunes

The National Park Service is partnering with the nonprofit Dunes National Park Association to restore four beach houses in Beverly Shores, Indiana. The Indiana Dunes National Park bought the homes in the 1990s when it was attempting to expand but decided to save the homes. Now it’s looking to raise $1.5 million for their restoration and offering anyone who donates at least $1,500 the chance to stay in them after they’re remodeled. The goal is to have the homes ready in summer 2021. [Crain’s]

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