Chicago Welcomes Certified Green Home Rehabs and New Rentals
- May 04, 2011
A new joint venture redevelopment in Chicago’s suburb Cicero is on track to become the first green certified home rehab in Illinois. CM Real Estate Development, a rehab and redevelopment company based in Chicago, has joined forces with GreenChoice Bank, the Midwest’s first sustainable bank, in the rehabilitation of a historic bungalow at 1335 South Central Avenue in Cicero. The house is currently undergoing a Bronze level certification process for the National Association of Home Builders’ National Green Building Certification.
The soon-to-be-green property features one bathroom, a garage, a backyard and about 3,300 square feet of usable space. According to bloggers at ChicagoNow, the redevelopment company is trying to keep as much of the original construction as possible; the oak floors and doors have already been refinished, as well as the trim on the main floor. Also, the attic and basement have been completely renovated; the kitchen will have new green certified cabinets and energy saving appliances and the bathroom will be equipped with low flow toilets and a bathtub made entirely from recycled materials.
CM Real Estate Development’s estimated price for the renovated bungalow is $129,900. With this affordable asking price, the company hopes that low-income prospective buyers will begin looking for green properties.
Despite the weak demand for condos in Chicago, another development is expanding its footprint on Lakeshore East. The developer, Magellan Development Group LLC, is planning for more rental units to hit the market once the eighth tower is built at 345 E. Wacker. The 49-story apartment building will have 499 units and 18,000 square feet of commercial space and 272 parking spaces. According to Joel Carlins, co-chief executive with Magellan Development, the company is now raising funds for the $150 million tower so that the construction could start in June.
Also making news in Chicago’s rental market, Wells Fargo & Co. is leasing a 300,000-square-foot tower at 10 S. Wacker, also known as Chicago’s mercantile Exchange Center. The company will centralize here its wholesale banking and wealth management operations which are now spread across five buildings totaling 264,000 square feet. The transaction was backed by Jones Lang LaSalle Inc.