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Inflation low, but household bills rising in '04
Chicago Sun Times, 12/26/03
Economists have been saying for months that inflation is in check. You'd never know it from the size of the bills we'll all be paying next year....
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Housing to rise on CSX yard - South Loop boom goes on with plans for 1,500 units
Crain's Chicago Business, Alby Gallun, 12/15/03
A Chicago based developer plans to spend about $500 million to develop one of the last major vacant downtown sites, an eight-acre abandoned rail yard on the Chicago River just four blocks south of the Sears Tower....
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Despite weak demand, developers keep building
Crain's Chicago Business, Alby Gallun, 12/1/03
Sales of new condominiums, lofts and townhouses in downtown Chicago slipped in the third quarter, but that didn't stop developers from trying to build more....
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Rooms without a view
Crain's Chicago Business, Alby Gallun, 12/1/03
Christopher Carley had high hopes for his 32-story tower. Now, it's an eight-story monument to neighborhood ire - and unit costs are stratospheric....
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Quarterly Multifamily Report: Searching for silver linings
Real Estate Mid America, Jeffrey Steele, 12/1/03
John Jaeger calls it "the perfect storm." That's his take on the simultaneous woes that have rained down on the multifamily housing industry over the past three years....
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Chicago: Condo Conversions in Upswing
Realtor Magazine Online, Jane Adler, 11/26/03
As many as 1,600 apartment units in Chicago will be earmarked for conversion to for-sale condominiums by the year's end, according to a new report from Appraisal Research Counselors in Chicago. So far this year, developers have announced that 859 apartments will be converted to condominiums....
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'Positive Sign' Seen in Condominium Sales
Globe Street, Mark Ruda, 11/24/03
The inventory of new unsold condominiums and townhomes has dropped from a peak of 4,682 units in the first quarter of 2002 to 3,893 units in the third quarter of 2003, according to Appraisal Research Counselors? most recent Residential Benchmark Report....
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Investors Bidding Up Multifamily Assets
Globe Street, Mark Ruda, 11/12/03
"The darling of the investment community is multifamily," says Appraisal Research Counselors VP John Jaeger. He recently ticked off a string of deals with rock-bottom capitalizaion rates as well as projects that are showing steady leasing progress during a market overview...
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Palmolive Building to Undergo $135M Conversion
Globe Street, Mark Ruda, 11/4/03
The conversion of the Palmolive Building from offices to condominiums is being financed with a $135 million loan from Corus Bank. The North Side lender is tackling the entire deal, which will convert the 74-year-old landmark Art Deco building...
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Down by the riverside; Where the living is easy and housing is booming...
Chicago Tribune, John Handley, 11/1/03
Goose Island never will star on television's "Survivor" series. It's neither exotic nor far away. Located in the middle of the Chicago River, the island is destined to remain gritty and industrial....
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Condo converts; Condominium conversions offer renters an easy in on...
Chicago Sun Times, Larry Finley, 10/31/03
The Chicago condominium conversion market is on the upswing again, providing more choices for the thriving first-time-buyer market. The switchover from rental to ownership is absorbing...
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Developer to acquire O'Hare Lake complex:(Chicago Final Edition)
Chicago Tribune, Thomas A Crofman, 10/29/03
A low-profile developer is preparing to buy O'Hare Lake Office Plaza, a low-rise, 725,000-square-foot office complex in Des Plaines, one of the few opportunistic deals in an otherwise slow suburban investment market....
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Crown family buying stake in new REIT:(Chicago Final Edition)
Chicago Tribune, Thomas Corfman, 10/22/03
Chicago's billionaire Crown family is close to a deal to become an investment partner in a $1.5 billion nationwide portfolio of premier office buildings, including the West Loop's AT&T Corporate Center, owned by the government of Singapore. ...
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GlobeSt.com EXCLUSIVE: Mezz Loan makes Tower a Go
Globe Street, Mark Ruda, 10/17/03
Russland Capital Group Inc.'s 229-unit condominium building at 1250 S. Michigan Ave. has cleared a financing hump thanks to a $6.25-million mezzanine loan from Frisco, TX-based Hall Financial Group. ...
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Chicago Luxury Condo Boom
CBS2 Chicago, Jon Duncanson, 10/14/03
Watch Gail Lissner on CBS2 Chicago.
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Lofthaus Developers Land $2M Mezzanine Loan
Globe Street, Mark Ruda, 10/8/03
IL-Developers of the 70-unit Lofthaus have landed $2 million in mezzanine financing from Washington, D.C.-based CIG International LLC. Appraisal Research Counselors' most recent "Residential Benchmark Report" notes that 40 units already have been sold at the mid-rise building at 321 S Sangamon St.,...
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Landcaster Condo Sales Approach 80% Mark
Globe Street, Mark Ruda, 9/30/03
There is more than one high-end condominium project rising Downtown, with a sales center ready for business. While Donald J. Trump christened the sales center for his 90-story mixed-use tower on the Chicago Sun-Times site...
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Trump Begins Hotel and Tower
Globe Street, Mark Ruda, 9/24/03
Nearly 100 prospects already indicated an interest in buying one of the 326 luxury condominiums in Trump International Hotel and Tower, and Donald J. Trump says leases on some of the 315,000 sf of office space should be signed in the next three months....
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Trump unwraps building plan; Skyscraper would be city's 4th-tallest;...
Chicago Tribune, Mary Umberger and Thomas A. Corfman, 9/24/03
Charging into Chicago in the midst of a questionable real estate climate, Donald Trump on Tuesday unveiled plans for his massive mixed-use skyscraper on the site of the Chicago Sun-Times building....
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Will market deal Trump a full house?(Chicago Final Edition)
Chicago Tribune, Mary Umberger, 9/21/03
I'm going to break one of my own rules and attend a "grand opening." That's because, unlike the umpteen thousand other such events that builders are so fond of hosting, this one actually has the potential for "grand." ...
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Multifamily Owners Put Three Assets on Market for $105M
Globe Street, Mark Ruda, 9/15/03
After less than two years of ownership, a pension fund being advised by RREEF has put the 412-unit City View Plaza at 901 S Ashland Ave. on the market. ...
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Material Possessions, WaMU Anchor The Fordham
Globe Street, Mark Ruda, 9/9/03
Popular retailer Material Possessions and fast-growing Washington Mutual have signed leases for ground-floor retail space at The Fordham condominium tower at 25 E. Superior St...
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Corus Lends $11M on 33 W. Delaware Conversion
Globe Street, Continuing to mine the Gold Coast condominium, 9/8/03
Continuing to mine the Gold Coast condominium conversion niche, Corus Bank has lent $11.4 million to finance American Invsco's project at 33 W. Delaware Pl. ...
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Ambassador West Condo Converters Get $47M Loan
Globe Street, Mark Ruda, 8/29/03
The former Ambassador West hotel at 1300 N. State Pkwy. is being converted into 39 condominiums, with financing for the purchase and conversion coming from $47.27-million loan from Corus Bank. ...
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On the right track; Next stop: a great apartment that makes commuting...
Chicago Tribune, Annemarie Mannion, 8/15/03
Whether they are red, blue, brown, green or purple, the arteries of the Chicago Transit Authority's elevated lines extend into many of Chicago's lesser known neighborhoods, making them spots that renters should consider when searching for an apartment....
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Monuments to mediocrity; The balance between the demands...
Chicago Tribune, Blair Kamin, 8/10/03
Chicago likes to think of itself as America's architectural capital, but it's turning into Blah-ville. If you doubt that, take a stroll to the new Grand Plaza apartment building, where two hulking towers are heaped on a massive parking garage and shopping complex at 540 N. State St....
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Downtown condo gains in 2nd qtr.
Crain's Chicago Business, 8/10/03
Sales of new downtown townhouses and condominiums picked up in the second quarter, though they still lagged last year's pace, according to Chicago-based real estate consulting firm Appraisal Research Counselors Ltd....
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More supply, less demand;...
Chicago Tribune, John Handley, 8/10/03
There's no fire sale in downtown condos -- at least not yet. But real estate developers are switching gears, jockeying to survive a glut of unsold condo units. ...
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Ex-Quaker building to go on market after turnaround...
Chicago Tribune, Thomas A Corfman, 7/30/03
A joint venture led by real estate firm Hines is putting up for sale 321 N. Clark St., the former Quarker Oats headquarters, after signing up new tenants, including law firm Foley & Lardner...
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Rental, condo units proposed for west loop
Real Estate Chicago, Anonymous, 7/1/03
The market apparently has shifted enough for Premier Center and Neumann Homes to plan nearly 500 multifamily rental and condominium units on a two-acre West Loop site located in the 1000 block of W. Van Buren St. ...
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Pilsen's progress
Crain's Chicago Business, Patricia Richardson, 6/2/03
Pilsen, now a pillar of the Mexican-American community, is undergoing a revival. But gentrification has its downsides. This joint is jumping: When Eleazar Delgado opened his unique Jumping Bean Cafe nine years ago, many Pilsen residents expected it to fail....
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Edge Lofts & Tower Bags $41M Construction Loan
Globe Street, Mark Ruda, 5/27/03
Construction of the 224-unit Edge Lofts and Tower condominium project in the West Loop is being financed with a $41.22-million loan from local commercial mortgage lender Corus Bank. Adams-Des Plaines LLC is building the tower, which will include 10,000 sf of retail space....
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Downtown a bit chilly for sales of new homes:(Chicagoland Final,CN Edition)
Chicago Tribune, Thomas A Corfman, 5/26/03
To spark interest in its luxury, Victorian-style homes on South Prairie Avenue, Chicago developer Rezmar Corp. this month opened a model home and started offering sales incentives....
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Gucci may move Bottega Veneta:(Chicago Final Edition)
Chicago Tribune, Thomas A Corfman, 5/21/03
The flagship Bottega Veneta store on Michigan Avenue would move to another high-profile location and its current Park Tower space would be subleased to another upscale retailer under a plan being studied by parent company Gucci Group NV.
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490 Rental, Condo Units Proposed for West Loop
Globe Street, Mark Ruda, 5/18/03
The market apparently has shifted enough for Premier Center LLC and Neumann Homes, Inc. to plan nearly 500 multifamily rental and condominium units on a two-acre West Loop site...
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Two Archstone-Smith Assets Going Condo
Globe Street, Mark Ruda, 5/7/03
Although the Park Lincoln has been on the market this year, owner Archstone-Smith Trust says it has another multifamily high-rise property under contract as well....
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Following the Money to Downtown Chicago
Retail Traffic, Betsy Riley, 5/1/03
It was a typical A-list event that brought the crème of Chicago society out to celebrate the grand opening of a new store during a private shopping benefit for Northwestern Memorial's new Women's Prentice Hospital. Debutantes, socialites and grandes dames....
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City's new-home sales fall, while some suburbs boom
Crain's Chicago Business, Alby Gallun, 4/7/03
Residential developers in the city had a harder time selling units than building them last year. Sales of new homes in Chicago fell to 3,440 in 2002, down nearly 20% from the previous year, according to Schaumburg-base real estate consultancy...
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Rental units going condo
Crain's Chicago Business, Alby Gallun, 3/31/03
Amid low interest rates and a slumping downtown apartment market, going condo is back in style. After taking a breather in 2002, developers who convert apartment buildings into condominiums are getting busy again this year,...
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Developer giving up piece of River East
Crain's Chicago Business, Alby Gallun, 3/17/03
Almost six months after defaulting on a $300-million loan for his stalled River East project, real estate developer Daniel E. McLean is expected to give up a piece of the massive mixed-use development in Streeterville as part of a refinancing package. ...
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Changing price points in the South Loop
Midwest Real Estate News, Dana Dubriwny, 3/10/03
When Tomislav Pavis purchased a parcel of land at 16th and State streets in 1999, he had no idea the area was heading for colossal transformation. ...
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Changing price points in the South Loop
Illinois Real Estate Journal, Dana Dubriwny, 3/10/03
When Tomislav Pavic purchased a parcel of land at 16th and State streets in 1999, he had no idea the area was heading for a colossal transformation. ...
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The flip side
Crain's Chicago Business, Alby Gallun, 3/3/03
Investing in new condominiums seemed like a sure thing to Michael Skeans a few years ago, but one thing he's sure of now is that he doesn't want to do it again. ...
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Huge project to add to a sea of downtown condos:(Chicagoland Final Edition)
Chicago Tribune, John Handley, 2/23/03
Jameson Development Group and Fifield Cos. are betting that some 3,000 new residents will want to live next to the Metra railroad tracks on a 4.5-acre site bounded by Halsted, Clinton and Kinzie Streets, just northwest of the Loop....
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Condos weigh on West Loop
Crain's Chicago Business, Alby Gallun, 2/17/03
West Side worries: "You'd be a fool not be concerned" about slow condo sales, says William Moran, co-developer of one of the largest West Loop projects. For sale: Lots of condos in the West Loop....
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Condo Converters On Prowl Downtown
Globe Street, Mark Ruda, 2/13/03
The Downtown market should see several conversions of multifamily rental units to condominiums this year, predicts Appraisal Research Counselors vice president John Jaeger. ...
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Oak Brook deals reflect hot, mild strategiew:(North Sports Final Edition)
Chicago Tribune, Thomas Corfman, 2/11/03
Two buyers, pursuing divergent strategies when it comes to the uncertain recovery of the suburban office leasing market, are buying two neighboring Oak Brook office properties....
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Developer offers more to high-end condo buyers who want it all
Crain's Chicago Business, Patricia Richardson, 2/3/03
Once a developer of suburban upscale single-family homes, Christopher T. Carley, founder and chairman of Chicago-based Fordham Co., has become a sought -after developer of high-end residential projects in Chicago. ...
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No end in sight to Loop housing boom; Buyers like to walk to work...
Chicago Tribune, Jim Sulski, 1/29/03
When Rahul and Laura Sekhar realized they had outgrown their two-bedroom Lakeview condominium, they looked at several Chicago neighborhoods as they went house hunting...
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Scramble to revive stalled River East
Crain's Chicago Business, Alby Gallun, 1/20/03
Real estate developer Daniel McLean is negotiating new financing for his River East development in south Streeterville, trying to avoid foreclosure by the project's lender and keep the $1.5-billion condo project alive....
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Winter of their discontent
Real Estate Chicago, Jeffrey Steele, 1/1/03
Bristol Station, a newly opened apartment community in Naperville is managed by RMK Management Corp. It is an example of the kind of product that is currently on the market...
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