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This week in Chicagoland real estate: New developments, Census data and more

by Evi Arthur

Affordable housing demands in Pilsen

The alderman-elect of the 25th Ward, Byron Sigcho Lopez, announced that he won’t approve development of one of Pilsen’s biggest projects until the developers include 30 percent affordable housing in the proposal. The alderman-elect’s newest requirement comes amid concerns of many getting priced out of their own homes after the proposal of Paseo Trail. The bike route that will run along the BNSF Railway is expected to increase property taxes and values in much the same way that the 606 has done further north.

Chicagoland population continues decline but for four counties

According to data released by the Census Bureau Thursday, the Chicago metro area lost an estimated 22,068 residents from 2017 to 2018. Cook County’s population fell for the fourth year in a row, with an estimated loss of 0.46 percent from the previous year. DuPage and Lake counties also both lost residents, though this was only for the third year in a row. There were a few bright spots: Kendall, Kane, Will and McHenry counties all saw modest gains in population. 

More towers rising in Lakeshore East

Sales for the new Cirrus tower launch this week in the Lakeshore East neighborhood. The development will consist of 363 condos ranging from the mid-$400,000s to over $4 million. This development is only one of three planned towers, alongside Cascade, a 503-apartment tower, and one other. The buildings are being co-developed by Lendlease in Chicago and Magellan Development and construction is expected to start in the summer.

New TIF on old Ickes site?

Tax-increment financing for the first phase of a mixed-income development on the near south side has been proposed, allowing for up to $17 million in possible TIF money as well as other public funding sources. There are plans for 206 apartments, half of which would be at market rate. Future phases may add on as many as 600 additional residential units. The joint venture development between Boston-based Community Builders and McCaffery Interests is slated to rise on the former site of the Harold L. Ickes Homes public housing development.

Townhouses opening in Oak Park 

Developer Lexington Reserve is launching sales in a townhouse redevelopment in Oak Park. The site will consist of 21 three-bedroom townhouses beginning at $460,000, replacing former school district and retail buildings on the site, both of which have been empty of residents since 2016. The model house and the development’s first few units are expected to be completed in June.

Congratulations in order

Two members of Baird & Warner’s Glenbrook office have earned the Commitment to Excellence endorsement from the National Association of Realtors, also known as C2EX. Caroline Gau and the office’s managing broker, Ian Robinson, were in the first group of 300 in the nation to achieve this acknowledgement. The endorsement goes to Realtors who have demonstrated knowledge and competency in 10 core areas, including professional reputation, ethics, advocacy and integrity. Launched in November 2018, the self-directed program was created in part as a response the the so-called “raise the bar” movement among NAR membership and represents a heightened standard for Realtors.

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