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Another stymied condo development in Chicago’s South Loop neighborhood is going rental.
Lexington Park, which originally was developed as 297 condos in a 35-story tower and additional space in a connected seven-story loft building, will be converted to more than 300 apartments, according to ST Residential LLC, which took possession of the property at Cermak and Indiana last year. Get the full story »
A view of Kingsbury Plaza, located at Grand and State, in 2008. (Charles Osgood/Chicago Tribune)
Tenants at Kingsbury Plaza, an apartment building in River North, had a New Year’s resolution made for them by the management firm The Habitat Co. this year: Quit smoking.
The alternative: Move.
Kingsbury notified residents late last year that as of Jan. 1, it would begin a year-long transition to becoming a smoke-free building, meaning that smokers have 2011 to either kick the habit or find someplace else to live. Get the full story »
From Crain’s Chicago Business | AMLI Residential Partners plans to build a 49-story apartment building at Clark and Hubbard Streets in River North. Construction could start next year.
From Reuters | In a sign that the housing market may be poised to recover, U.S. apartment
vacancy rates stopped rising and rents increased modestly in the first
quarter. Last quarter, Chicago-based Equity Residential said it was acquiring properties in key markets.
Get the full story: reuters.com.
