Real Estate & Development News
The real estate company Redfin has released its report on the most popular and desirable neighborhoods in the U.S., and Chicago's McKinley Park neighborhood has come out as No. 1 among "Hottest Affordable Neighborhoods" across the entire country. In addition, when Redfin listed its overall "Hottest Neighborhoods" by region, McKinley Park came out as the top neighborhood in Chicago.
Redfin determined its results for neighborhood reports using a combination of metrics on home sales from November 2018, plus data from its website usage and Realtor insights. It noted McKinley Park's 97.9 percent average ratio for sales hitting listing prices, and that 35.1 percent of homes here sold above list price.
The report also highlighted neighborhood amenities like the park and El stops, and said that McKinley Park's close proximity to downtown and adjacency to the hyper-trendy Pilsen neighborhood were factors in its appeal. The neighborhood's median home sales price of $270,000 is above the Chicago average of $230,000, but below Redfin's nationwide median of $294,000, the criteria it used to deem a neighborhood affordable.
Click here to read Redfin's Hottest Affordable Neighborhoods report
McKinley Park is getting a designated dog-friendly area in 2019 after a long campaign by local dog park advocates and the Chicago City Council's approval of $400,000 in Tax Increment Financing (TIF) to fund the park. At the January 7 meeting of the McKinley Dog Park Advisory Council, officers revealed the dog park's build-out plans for 2019 and shared their excitement about this project finally coming to fruition.
"I think I'm still in shock," said advisory council Co-President Carina Trudell. "I’m thrilled by City Council’s decision to back our four years of work."
The Pershing Road site for C40's Reinventing Cities contest has taken another step forward with the announcement of project finalists: two design groups that now face the task of conceiving and submitting specific redevelopment plans for the massive lots and buildings sprawling from 1717 to 1819 West Pershing Road.
"C40 has outlined 10 challenges we are trying to address," said Wes Andrews of Urban Intersection Partners, one of the firms comprising finalist Team Pershing. "Most are related to zero carbon and resiliency — these are the areas we are going to be working on."
Read more: C40 Contest Finalists Get Set to Dig Into Pershing Road Project
Construction is set to begin in spring 2019 on a 34-unit condo building at 3211 S. Archer Ave., according to a presentation from the builder and architect at the October 17 meeting of the McKinley Park Development Council. Architect Ron Vari Jr. explained the project's setup, design plans and changes in market focus as planning has moved toward breaking ground on the currently vacant property spanning three lots along Archer Avenue.
Notably, original building plans had to change to accommodate demand for smaller condos over larger, more luxurious residences. "The original units were too large for the area," Vari said.
Read more: Developer Plans 34-Unit Condo Building on Archer Avenue
Aged, crumbling water infrastructure dating back as far as 1875 is due for replacement over the next couple months, affecting stretches of West 35th Street, South Marshfield Avenue and South Hermitage Avenue as crews work to update it. During construction, traffic may be held up and parking restricted as workers from Benchmark Construction Co. install 3,891 feet of new, 8-inch water main.
The roadwork will occur on 35th Street between Ashland Avenue and Wood Street, on Hermitage Avenue from 34th Street to 36th Street, and on Marshfield Avenue from 35th Street to 37th Street. Construction should conclude in mid-December, according to a letter from 12th Ward Alderman George Cardenas, with complete repaving of the streets completed in spring 2019.
Read more: Water Main Work to Upend Roads, Traffic, Parking on 35th, Marshfield and Hermitage
