CHICAGO | General Developments - Page 1529

wierdaaron · #**30561** Posted **Sep 21, 2015, 2:38 PM**

That lot is a block away from the new Virgin Hotel, the Chicago Theater, Millennium Park, and the riverwalk. 7 stories is better than 1 or none, but the economics are interesting. Maybe it's going to be really really nice condos?

If you could invest in blocks like you can with stocks, that triangular area between State, Michigan, Randolph, and the river would be where I'd be putting all my retirement money.

VivaLFuego · #**30562** Posted **Sep 21, 2015, 2:42 PM**

Quote:

Originally Posted by Tom Servo

Our property taxes are also extremely high too.

This is false, especially within the City proper (suburban property taxes are on the high side). Like, objectively false. By a long shot.

http://www.census.gov/compendia/statab/2012/tables/12s0448.pdf
Note where Chicago ranks on Property Tax (lower table).

tintinex · #**30563** Posted **Sep 21, 2015, 2:51 PM**

Quote:

Originally Posted by marothisu

Sounds pretty good:
http://www.dnainfo.com/chicago/20150911/...paper-mill-into-swank-event-space-pilsen

We booked this space for an event we have coming up. I'm excited about it! the space is amazing

PKDickman · #**30564** Posted **Sep 21, 2015, 3:14 PM**

Quote:

Originally Posted by Skyguy_7

That's an improvement. If I recall correctly, the previous plan had been for a 7-eleven..

Post #26621

Originally, it was supposed to be a seven story commercial.

It's part of the PD that built the tower at 73 E Lake.

They sucked some of the FAR from subarea B for the tower, but it still has a 7 1/4 left over.

Their biggest problem is that they sucked all the Density MLA from the lot (and got a 15% bonus). So subarea B could have zero DUs.

That's the change they're looking for.

emathias · #**30565** Posted **Sep 21, 2015, 4:46 PM**

Quote:

Originally Posted by VivaLFuego

This is false, especially within the City proper (suburban property taxes are on the high side). Like, objectively false. By a long shot.

http://www.census.gov/compendia/statab/2012/tables/12s0448.pdf
Note where Chicago ranks on Property Tax (lower table).

The data in that table is from 2009. I don't know about anyone else, but my property taxes have gone up by about 80% since then while my property value has been barely increased since my purchase price. Yes, that still puts us in the low end, but it's not nearly as low as it used to be. My property tax as a percentage of actual value (not assessed value) is somewhere around 1.5%, well above New York, Boston or LA.

ChickeNES · #**30566** Posted **Sep 21, 2015, 5:35 PM**

Quote:

Originally Posted by Chicago Shawn

351 W Huron was just downzoned last year, probably the same for 150 Jefferson. My guess is the city was threatened with a lawsuit by one of the property owners and Reilly had to reverse it.

Right next to 351, and possibly related:

Quote:

Developer eyes condos on city-owned River North sites
Alby Gallun - Crain's Chicago Business - September 21, 2015
Belgravia wants to develop residential buildings that “more likely than not” will be boutique condo projects with about 40 units each on the sites on the 300 blocks of West Superior and Erie streets, said Belgravia Founder David "Buzz" Ruttenberg. The Chicago Plan Commission last week approved the sale of the properties at 366 W. Superior and 356-366 W. Erie to Belgravia ventures for a total of $8.66 million.

The commission also approved the $3.74 million sale of another city-owned property at 365 W. Huron St. to a venture led by Morningside Group, a Chicago-based developer best known for building apartments. Morningside President and Managing Principal David Strosberg declined to comment.

http://www.chicagobusiness.com/realestat...ondos-on-chicago-owned-river-north-sites

rlw777 · #**30567** Posted **Sep 21, 2015, 6:47 PM**

Quote:

Originally Posted by wierdaaron

That lot is a block away from the new Virgin Hotel, the Chicago Theater, Millennium Park, and the riverwalk. 7 stories is better than 1 or none, but the economics are interesting. Maybe it's going to be really really nice condos?

If you could invest in blocks like you can with stocks, that triangular area between State, Michigan, Randolph, and the river would be where I'd be putting all my retirement money.

Probably won't be really nice condos. At 7 stories it's not tall enough to really get away from the noise of the L.

Jibba · #**30568** Posted **Sep 21, 2015, 7:13 PM**

Zoning changes approved for this one. Cedar Street 7-story tower with 138 units. 50-some parking spaces (that figure may drop even further).

lakeviewer · #**30569** Posted **Sep 21, 2015, 7:24 PM**

Quote:

Originally Posted by Jibba

Zoning changes approved for this one. Cedar Street 7-story tower with 138 units. 50-some parking spaces (that figure may drop even further).

Zoning change for 1050 W Wilson too, another Cedar St.

http://james46.org/wp-content/uploads/2011/10/1050-W-Wilson-proposal.pdf

PKDickman · #**30570** Posted **Sep 21, 2015, 7:28 PM**

Quote:

Originally Posted by emathias

The data in that table is from 2009. I don't know about anyone else, but my property taxes have gone up by about 80% since then while my property value has been barely increased since my purchase price. Yes, that still puts us in the low end, but it's not nearly as low as it used to be. My property tax as a percentage of actual value (not assessed value) is somewhere around 1.5%, well above New York, Boston or LA.

Ya, that chart is wrong with respect to Chicago. Our true effective tax rate (ie taxes/assessors notion of market value) has been about 1.5% for dogs years.

My guess is that they assumed we pay the published rate times 🞵🞵🞵'd Val. They didn't include the Equalization Factor.

State law requires Assessments of 33%. Most counties assess everything at 33%, but Cook county uses a sliding scale for different property classes.

The state steps in and figures an Equalization Factor designed to bring the aggregate assessed valuation to 33%.

We pay taxes based on rate x 🞵🞵🞵'd val x EQfactor.

Typically the factor is around 3.

SolarWind · #**30571** Posted **Sep 22, 2015, 2:38 AM**

September 21, 2015

Follow-up from an earlier post of mine.

wierdaaron · #**30572** Posted **Sep 22, 2015, 2:46 AM**

After reading that, I understand it less.

ithakas · #**30573** Posted **Sep 22, 2015, 2:49 AM**

Quote:

Originally Posted by wierdaaron

After reading that, I understand it less.

Probably a study of the materials they plan to showcase in the Montrose Beach lakefront kiosk they're installing after the Biennial.

emathias · #**30574** Posted **Sep 22, 2015, 1:25 PM**

Quote:

Originally Posted by wierdaaron

...
If you could invest in blocks like you can with stocks, that triangular area between State, Michigan, Randolph, and the river would be where I'd be putting all my retirement money.

Well there's a business idea for you. Although creating such an exchange might require a change to federal law since they banned a similar exchange for movie futures.

Skyguy_7 · #**30575** Posted **Sep 22, 2015, 1:55 PM**

Former cold storage building exterior renovation. I'd be flabbergasted if a new paint job wasn't part of this project, as it is currently one of the biggest eyesores on the river.... So I'm quite curious as to what the color will be

UrbanLibertine · #**30576** Posted **Sep 22, 2015, 5:27 PM**

Quote:

Originally Posted by Skyguy_7

Former cold storage building exterior renovation. I'd be flabbergasted if a new paint job wasn't part of this project, as it is currently one of the biggest eyesores on the river.... So I'm quite curious as to what the color will be

They desperately needed to fix those giant cracks on the exterior of the building. Looked like it was going to collapse into the river at any moment.

wierdaaron · #**30577** Posted **Sep 22, 2015, 5:52 PM**

Yeah, I've noticed they've been working on that thing's exterior for a long time now. With 3 major projects going on all around it, I imagine they want to try to put their best face forward, but the age and condition probably mean there's only so many changes they can make to the windows and walls.

LouisVanDerWright · #**30578** Posted **Sep 22, 2015, 6:06 PM**

FYI, just recieved a zoning change notice to build a 6 story TOD with 58 units and 6,000 SF of retail on the vacant lot at the SW corner of Milwaukee and Armitage, 1920 N Milwaukee.

ithakas · #**30579** Posted **Sep 22, 2015, 6:11 PM**

Quote:

Originally Posted by LouisVanDerWright

FYI, just recieved a zoning change notice to build a 6 story TOD with 58 units and 6,000 SF of retail on the vacant lot at the SW corner of Milwaukee and Armitage, 1920 N Milwaukee.

The bKL project next to the Western blue line we heard about a week or two ago? I ask because Armitage/Milwaukee's SW corner is also a large vacant lot, but your address is technically Western/Milwuakee.

ChickeNES · #**30580** Posted **Sep 22, 2015, 7:00 PM**

Quote:

Originally Posted by Skyguy_7

Former cold storage building exterior renovation. I'd be flabbergasted if a new paint job wasn't part of this project, as it is currently one of the biggest eyesores on the river.... So I'm quite curious as to what the color will be

This is one building I wouldn't mind seeing a Heneghan Wrecking sign on. It looks like it's about to crack into three pieces from looking on streetview.