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Real Estate Blog

 

On September 24, Mayor Rahm Emanuel passed a new-and-improved ordinance to encourage the construction of future transit-oriented developments (TODs) that would address the city of Chicago’s changing needs. As the city grows, there has been an increasing demand for affordable housing available to households with lower incomes, hence the mayor’s recently revised Affordable Requirements Ordinance (ARO). Plus, there is an increasing trend of households that do not own a car. In 2000, it was 14% of Chicago households; in 2010, 25%; and currently it’s estimated to be least 30%. These households are concentrated in lakefront neighborhoods, all the way from the Gold Coast up to Rogers Park, and neighborhoods around CTA stations, such as Logan Square and

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On September 22, Mayor Rahm Emanuel introduced his 2016 budget proposal, which includes a record $543 million in property tax hikes over four years. This hike alone is more than double the two largest property tax hikes in the last 30 years. Property taxes increased by about $80 million in 1987 and $87 million in 2008 under Mayors Harold Washington and Richard M. Daley respectively. That’s still under $270 million combined when adjusted for inflation. With this historic budget, Emanuel hopes to fund Chicago’s pension crisis, with the first year of property tax revenue dedicated towards the fire and police force pensions.

As Mayor Emanuel seeks to end Chicago’s debt crisis, residents are inevitably taking a heavy hit. On a home valued at $250,000,

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The Cabrini-Green neighborhood is located north of the River North and River West neighborhoods and south of Old Town, between Goose Island and Near North. At its peak, there were about 15,000 residents in around 3,600 units. The last of the high rise apartments were demolished during the years 1995 through 2011. This April, the Chicago Housing Authority unveiled a redevelopment plan to build 2,330-2,830 new or rehabilitated units on the 65 acres of the former Cabrini Green by 2025. The CHA is hoping to decrease crime, poverty, and racial and economic segregation with mixed-income housing by requiring 30% of the planned units to be public housing. The units would be built in three phases, with the first phase producing 970-1,270 units. 50 acres

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Displaying 9 Walton.jpg

Soon to join the ranks of The Elysian, Trump Tower, Park Hyatt, and other luxury condominium towers in downtown Chicago is No. 9 Walton at 9 West Walton Street. The 36-story building will be located at the corner of Walton and State in the south part of the Gold Coast, bordering on the Near North neighborhood. In addition to being located conveniently three blocks away from the Red Line Chicago-State train station, it will be nestled next to Chicago’s bustling, high-end shopping districts. Just three blocks east is the Magnificent Mile, with Streeterville just beyond. Prime dining, entertainment, and recreation are all within walking distance.

Residents will also get to enjoy No. 9 Walton’s exquisite architecture, which will blend classic and

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RH Chicago

After years of negotiation and preparation, Restoration Hardware finally opened a new store in October at the former Three Arts Cafe building, 1300 North Dearborn. The retailer proves to forgo expectations, starting with their choice of building. The six-floor brick building at the corner of Dearborn and Goethe was built in 1914. It served for nearly a century as a residence popular among young female artists, but it unfortunately stood vacant since 2003 and fell into disrepair before RH bought it out of foreclosure. In addition, its location is a bit unexpected. The Three Arts Cafe sits next to condos and apartments on all sides in a very residential part of the Gold Coast neighborhood, with precious little storefronts in view. It’s just outside the

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Beginning October 14, 2015, real estate developers are required to adhere to a stricter version of Chicago’s Affordable Requirements Ordinance (ARO). In March, the Chicago City Council approved changes to the ARO to push developers to build more affordable housing in affluent and desirable neighborhoods with the goal of making 10-20% of market-rate housing units in those areas more reasonably priced.

Created in 2003, the ARO was designed to encourage developers to create affordable units in private-market developments. Developments subject to the ARO were generally required to set aside 10% of residential units as affordable housing. Prior to the 2015 changes to the ARO, developers could pay an opt-out fee of $100,000 per unit of affordable housing

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