Additional financing has been approved for the residential development at 547 W Oak Street in the Near North Side. Located on the intersection with N Larrabee Street, the proposal is the first phase of redeveloping a long-term vacant lot owned by the Chicago Housing Authority (CHA). The project is being led by developer BDM-I LLC made up of Brinshore & The Michaels Development Corporation.
In March 2024, the Chicago area’s housing market saw a slight dip in home sales compared to the previous year, with total sales totaling 6,794 in the nine-county Chicago Metro Area. This represented a 14.1% decrease from March 2023, coupled with a 15.5% drop in available homes for purchase, leaving only 10,409 homes on the market according to Norada Real Estate Investments
Construction continues on the mixed-use redevelopment of 4715 N Western Avenue in Lincoln Square. Sitting across the street from the CTA Brown Line Western stop in the heart of the neighborhood, the project replaced a long-term surface parking lot. Developer The Community Builders is behind the project with local firm DesignBridge on its design.
Zion Woods, a project for affordable housing, has begun construction on a nine-acre parcel next to Zion Evangelical Lutheran Church in Deerfield. Initiated by the church over a decade ago, the development aims to address the increasing need for affordable housing in the area. The project, which saw its groundbreaking ceremony recently, is expected to be ready for occupancy by mid-2025.
The Chicago City Council has approved a rezoning request for a residential project at 5400 N Ashland Avenue. Designed by Compass Architecture, the development has been scaled down from a five-story to a four-story structure, now standing at a height of 52 feet, down from the initial 57 feet.
