SkyscraperPage Forum

SkyscraperPage Forum (https://skyscraperpage.com/forum//index.php)
-   General Development (https://skyscraperpage.com/forum//forumdisplay.php?f=86)
-   -   CHICAGO | General Developments (https://skyscraperpage.com/forum//showthread.php?t=105764)

Hourstrooper Apr 14, 2019 11:47 PM

Looks liek were getting that mchugh data center after all
 
https://www.chicagoarchitecture.org/...r-parking-lot/

Another Data center is starting at the site of the one that was cancelled in the south loop
going to be one of the worlds largest as it was intended originally just with a different inside storage

Hourstrooper Apr 15, 2019 7:45 PM

Logan Square community group challenges 100-unit affordable housing project

let the ARO battles begin!

https://chicago.curbed.com/2019/4/15...housing-kedzie

Stockerzzz Apr 16, 2019 12:07 AM

Dueling apartment projects prepare to rise in Old Town

Quote:

An otherwise quiet corner of Old Town may soon be abuzz with construction as it prepares to welcome a pair of new rental developments near the intersection of Sedgwick and Schiller streets.

First up is a nine-story, 105-unit building at 1355 N. Sedgwick which was awarded a foundation permit earlier this week. Replacing a long-vacant lot, the project from Lakshmi Capital Management LLC and architecture firm Brininstool + Lynch was introduced to Old Town neighbors in early 2017.

The transit-oriented development calls for 20 percent affordable housing under the Affordable Requirements Ordinance (ARO) Near North pilot program. There’s also ground floor retail and garage parking for 25 vehicles.


A rendering of Old Town Residences, the rental project replacing the stalled Equis condos. Prodigy Network
A second, even more dense, apartment project is preparing to move forward across the street at 1400 N. Orleans. Here, developers Marc Realty Capital, Ruttenberg Gordon Investments, and DDG plan a seven-story, 254-unit building known by the fairly generic title of “Old Town Residences.”
https://cdn.vox-cdn.com/thumbor/UDHS...Schiller.0.png

https://cdn.vox-cdn.com/thumbor/8KV4...16028240/1.jpg

BonoboZill4 Apr 16, 2019 12:15 AM

Old Town is low key getting tons of projects this cycle

HomrQT Apr 16, 2019 1:42 AM

Quote:

Originally Posted by BonoboZill4 (Post 8541412)
Old Town is low key getting tons of projects this cycle

Sad that these new projects don't look very "Old Town".

west-town-brad Apr 16, 2019 1:44 AM

Quote:

Originally Posted by Hourstrooper (Post 8540970)
Logan Square community group challenges 100-unit affordable housing project

let the ARO battles begin!

https://chicago.curbed.com/2019/4/15...housing-kedzie

We are so willing to give authority to “newly formed Facebook groups”...

LouisVanDerWright Apr 16, 2019 12:43 PM

Quote:

Originally Posted by west-town-brad (Post 8541512)
We are so willing to give authority to “newly formed Facebook groups”...

Live in the area and can confirm incoming backlash against this proposal. I'm sure Rosa will openly call anyone who criticises his $12 million hand out a racist.

Pretty insane that he wants to give them $8 million in TIF and $4.5 million (which is a joke, probably worth more like $6 million) in land to get 100% affordable housing. He could, of course, sell the land to a developer for $5 million and still get 30% affordable out of them and not give them $8 million in TIF and then buy a bunch of land elsewhere with that money. But this isn't about creating as much affordable housing as possible, it's about creating affordable housing in the right spot for the right special interest groups that got him reelected.

Meanwhile he told residents across the street from this building (some of whom will now have SFH staring right at this thing) that he was not going to move forward with this project if reelected. Well looks like he lied and those people are PISSED.

aaron38 Apr 16, 2019 3:00 PM

Anecdotal evidence: I work with two young guys who both live in the city. Both are looking for new apartments and are freaking out at the lack of options, availability.
Keep building!

Kenmore Apr 16, 2019 3:15 PM

like most things in chicago, apartment availability is concentrated on the low and high ends of the market, finding a rental with a median level income in a non-gang infested neighborhood is close to impossible

LouisVanDerWright Apr 16, 2019 3:23 PM

Quote:

Originally Posted by Kenmore (Post 8541946)
like most things in chicago, apartment availability is concentrated on the low and high ends of the market, finding a rental with a median level income in a non-gang infested neighborhood is close to impossible

I will have three 2 BD/ 1 BA apartments availible July 1st one block from the California Pink Line for $1,300. I will have two huge 4 BD/ 2 BA available for $2,000. Is that middle or high end of the market to you?

These are totally gut rehabbed, reconstructed units with granite and stainless steel, new 3" oak floors, new tile, new bathrooms, new plumbing, new electric, spray foam insulation, new windows, reconstructed brick (not just tuckpointed, literally torn apart and rebuilt in large sections including putting back the historic facade), etc...

The affordability crisis is a lie, if that's too pricey for you I have a $800/mo 2/1 at Cermak and Albany, but it's small and has a space heater instead of central air.

the urban politician Apr 16, 2019 3:35 PM

^ I'm sure those are fantastic units; problem is, there is a large subset of the population who simply won't consider living in that part of town.

And therein lies Chicago's age old problem. We have way too much real estate waiting to get "awoken".

Via Chicago Apr 16, 2019 4:42 PM

Quote:

Originally Posted by the urban politician (Post 8541974)
^ I'm sure those are fantastic units; problem is, there is a large subset of the population who simply won't consider living in that part of town.

because most people would rather pay more than gamble with their safety. "affordable" also means different things to different people.

you could pull up a litany of shootings that have happened near Albany/Cermak in the recent past, while keeping in mind shootings are only the most headline grabbing type of quality of life crime someone in such an area would have to content with.

wwmiv Apr 16, 2019 4:54 PM

Quote:

Originally Posted by Via Chicago (Post 8542086)
because most people would rather pay more than gamble with their safety. "affordable" also means different things to different people.

Median household income in the Chicago area is 68.4k. Standard industry practice for affordable is: (30% of 68.4k)/12 = $1710/month.

https://www.deptofnumbers.com/income/illinois/chicago/

Those units are in the range of affordable for the typical Chicago household. They aren't affordable for a lot of people, and I agree that you can quibble with whether or not somebody should be spending 30% of their income on housing alone. As it stands, most households are paycheck to paycheck and thus unable to save for retirement -- the single biggest contributor to that problem is housing costs and an industry standard to benchmark affordability that is out of touch with modern reality.

Goose Island Guru Apr 16, 2019 4:58 PM

Quote:

Originally Posted by the urban politician (Post 8541974)
^ I'm sure those are fantastic units; problem is, there is a large subset of the population who simply won't consider living in that part of town.

And therein lies Chicago's age old problem. We have way too much real estate waiting to get "awoken".

Which is worse: "too much" area for the City and outlying neighborhoods being neglected (Chicago) or not enough area for the City and demand driving prices sky high (San Francisco)?

It is the age old problem - neighborhoods like Wicker Park and Logan Square, as recently as 15 years ago, were a hard no for many people. Now they're desirable. This will keep going to Humboldt Park, United Center area, further south, etc., etc. All about timing.

galleyfox Apr 16, 2019 5:02 PM

Quote:

Originally Posted by LouisVanDerWright (Post 8541959)
I will have three 2 BD/ 1 BA apartments availible July 1st one block from the California Pink Line for $1,300. I will have two huge 4 BD/ 2 BA available for $2,000. Is that middle or high end of the market to you?

These are totally gut rehabbed, reconstructed units with granite and stainless steel, new 3" oak floors, new tile, new bathrooms, new plumbing, new electric, spray foam insulation, new windows, reconstructed brick (not just tuckpointed, literally torn apart and rebuilt in large sections including putting back the historic facade), etc...

The affordability crisis is a lie, if that's too pricey for you I have a $800/mo 2/1 at Cermak and Albany, but it's small and has a space heater instead of central air.

Hmmm. How long would the Cermak one stay available? I'm super tempted by that price, and I've been dying for a place of my own.

Handro Apr 16, 2019 5:19 PM

Quote:

Originally Posted by wwmiv (Post 8542106)
Median household income in the Chicago area is 68.4k. Standard industry practice for affordable is: (30% of 68.4k)/12 = $1710/month.

https://www.deptofnumbers.com/income/illinois/chicago/

Those units are in the range of affordable for the typical Chicago household. They aren't affordable for a lot of people, and I agree that you can quibble with whether or not somebody should be spending 30% of their income on housing alone. As it stands, most households are paycheck to paycheck and thus unable to save for retirement -- the single biggest contributor to that problem is housing costs and an industry standard to benchmark affordability that is out of touch with modern reality.

I think you need to account for net income. At a gross 68.4K, that would be a net of probably less than 4K a month.

Pulling in barely 3500-4000 and spending half of that on rent+utilities is not affordable, especially with kids. Unless you're one hell of a spendthrift.

wwmiv Apr 16, 2019 5:33 PM

Quote:

Originally Posted by Handro (Post 8542149)
I think you need to account for net income. At a gross 68.4K, that would be a net of probably less than 4K a month.

Pulling in barely 3500-4000 and spending half of that on rent+utilities is not affordable, especially with kids. Unless you're one hell of a spendthrift.

Agreed. Sadly, industry standard uses pre-tax income, rather than take home.

emathias Apr 16, 2019 5:55 PM

Quote:

Originally Posted by Handro (Post 8542149)
I think you need to account for net income. At a gross 68.4K, that would be a net of probably less than 4K a month.

Pulling in barely 3500-4000 and spending half of that on rent+utilities is not affordable, especially with kids. Unless you're one hell of a spendthrift.

7.65% FICA
4.95% Illinois income
14.6% Federal (lower if there are kids)

$68,400*72.8%=$49,795/12=$4,150 per month.

And that's worst case, with only the standard deduction filing as a single person and not accounting for Illinois' deduction (because it would only result in an extra $5/month or so). If that's a household number (and I know it is) with multiple deductions/dependents, taxes would be thousands of dollars lower. Sure, it's still a fairly tight budget but ya'll are acting like it's a death-defying feat to survive on that income. It's not. It's fine. The biggest unknown is probably retirement savings, which could eat up over $500/month from this hypothetical family's budget.

Handro Apr 16, 2019 6:23 PM

Quote:

Originally Posted by emathias (Post 8542195)
7.65% FICA
4.95% Illinois income
14.6% Federal (lower if there are kids)

$68,400*72.8%=$49,795/12=$4,150 per month.

And that's worst case, with only the standard deduction filing as a single person and not accounting for Illinois' deduction (because it would only result in an extra $5/month or so). If that's a household number (and I know it is) with multiple deductions/dependents, taxes would be thousands of dollars lower. Sure, it's still a fairly tight budget but ya'll are acting like it's a death-defying feat to survive on that income. It's not. It's fine. The biggest unknown is probably retirement savings, which could eat up over $500/month from this hypothetical family's budget.

I guess if it was that simple. Including deductions like retirement (as you mentioned), healthcare, life insurance, etc. it become even tighter. Hopefully no emergencies pop up for our hypothetical family. Sure it's doable, it would be doable to spend even more than that on rent, if you really want to get technical.

Kenmore Apr 16, 2019 6:43 PM

The SSP Chicago regulars cherish the myth of the an affordable Chicago and prognosticating about the hypothetical budgets of regular people.

$1,700 a month for granite counter tops in a neighborhood with failing schools and regular gunfire...what a deal!


All times are GMT. The time now is 11:56 PM.

Powered by vBulletin® Version 3.8.7
Copyright ©2000 - 2020, vBulletin Solutions, Inc.