The housing market has been hot throughout the pandemic and so is the industry itself, with more people getting into the business. Membership at the Illinois Realtors Association is up 15% in the past five years and the past two years have seen the most significant growth.
Real Estate
Known as the “Black Metropolis,” the neighborhood became a hub for African American businesses in the early 1900s and has remained a popular place to live, especially for Chicago’s Black community. Now, a recent construction boom is replacing vacant lots with high-priced homes. The transformation is the focus of a new podcast series created and produced by Crain’s Chicago Business real estate reporter Dennis Rodkin.
Realtors sold more homes than ever, while prices rose at rates not seen since the housing boom of the early 2000s.
The proposal from Glenstar at 8535 W. Higgins Road will build the 41st Ward’s first affordable housing in decades amid a cluster of hotels and office mid-rises along the Kennedy Expressway near O’Hare Airport and steps away from the CTA Blue Line.
The committee vote represents a nearly unprecedented rebuke of the decades-old tradition of giving alderpeople the final say over housing developments in their wards.
Members of the Chicago City Council have until Friday to respond to 10 questions posed by federal officials probing whether aldermanic prerogative has created a hyper-segregated city rife with racism and gentrification.
Cook County Assessor Fritz Kaegi has vowed to fix what has been a broken assessment system, but it’s meant some big increases for business owners who say they can’t afford it.
Mayor Lori Lightfoot said getting a casino off the ground in Chicago will “usher in a new and exciting era for our city.”
Three firms want to build a casino and resort in Chicago, Mayor Lori Lightfoot’s office announced Friday. All five proposals are of a “high-caliber,” Lightfoot said in a statement released by the mayor’s office.
Commercial real estate sales see a split in Chicago as another Mag Mile building goes up for sale. Crain’s Chicago Business reporter Danny Ecker has details on that story and more.
Research shows Black homeowners are at risk of losing out on the value of their homes, due to discrimination in appraisals. Now, there’s a growing push to pass federal legislation to protect Black homeowners from appraisal discrimination.
City officials said they were encouraged by the response to the program, which was designed to combat the city’s affordable housing crisis.
The growing share of city property taxes sent to tax increment finance districts has fueled a perennial argument over whether the districts actually spur redevelopment and eradicate blight or serve to exacerbate growing inequality in Chicago.
The Chicago Bears took a major step toward moving out of their longtime home at Soldier Field — one of the most recognizable stadiums in the United States — and into the suburbs by signing a purchase agreement for Arlington Park.
A rift between Chicago Bears leadership and the owner of Soldier Field— the Chicago Park District — may be brewing, as speculation swarms over whether the team is planning to relocate.
The Chicago City Council may be forced to confront the role its decades-old tradition of giving aldermen the final say over housing developments in their wards has played in creating a hyper-segregated city rife with racism and gentrification.
