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Chicago Cheat Sheet: Frank Lloyd Wright home hits market for first time in decades

Frank Lloyd Wright and 507 Lake Avenue (Credit: Wikipedia, Coldwell Banker)

Frank Lloyd Wright and 507 Lake Avenue (Credit: Wikipedia, Coldwell Banker)

Own a Frank Lloyd Wright house for less than $1M
A 110-year-old home designed by Frank Lloyd Wright hit the market in Wilmette. The five-bedroom house at 507 Lake Avenue was owned for decades by late architect Walter Sobel and his wife and “needs a lot of work,” said Jan Kerr, who has the listing along with fellow @properties broker Kyle Payne. The home’s two-story living room made it one of only a handful of homes with such spaces still left, Sobel wrote in 1974. The trust that now owns the home is asking $900,000 for it. [Crain’s]

Hampton Inn planned for LaGrange Road in Orland Park
Wrigley Hospitality is building a new hotel along LaGrange Road in Orland Park. The firm plans to spend $18 million developing the 150-room Hampton Inn in the 16100 block of LaGrange Road. Village officials are backing a tax incentive for the 83,000-square-foot project that will lower its property assessments for 12 years. Wrigley, which operates other hotels in Illinois and Indiana, bought the property in December 2015 for $1 million. [Daily Southtown]

LTD signs long-term extension on big industrial property
An online merchandiser signed a long-term lease extension on its massive distribution center in Aurora. LTD Commodities will lease the 694,000-square-foot facility at 1000 Bilter Road for another 10 years. Cushman & Wakefield’s Jason West and Chris Cummins represented LTD Commodities, while owner Liberty Property Trust was represented by Matt Neumann. [Bisnow]

Developers reverse course on planned Pilsen demolitions
Developers Michael and Ronald Fox have abandoned plans to tear down a stretch of buildings in Pilsen. The Foxes’ proposal to demolish the buildings at 1730-34 West 18th Street had spurred city officials to try to speed up the creation of a landmark district along the neighborhood’s main drag. The landmarking plan ran into community opposition, though, and the Foxes’ decision to rehab the buildings instead of tearing them down gives the city more time to consider the idea. Michael Fox said they decided not to pursue demolition after talking to new Alderman Byron Sigcho-Lopez (25th), who was concerned the landmarking plan was being rushed. [Block Club]

Mill Race Inn redevelopment plan advances in Geneva
Geneva city officials gave initial approval to the redevelopment of the old Mill Race Inn site on the Fox River. The Shodeen Family Foundation wants to convert the site at State and Bennett streets into a complex with as many as 120 apartments, eight townhouses and 2,000 square feet of commercial space. The project, which also involves a nearby building housing a consignment shop and a bike repair business, is projected to cost $38 million. [Daily Herald]

Slight dip in suburban office vacancies in Q2: report
Suburban office vacancies in the Chicago area dipped slightly in the second quarter, according to a new report from JLL. The overall vacancy rate stood at 22.8 percent, down from 23 percent in the first quarter. It’s the third quarterly decline and the lowest the rate has been since mid 2017. [Crain’s] Recommend0 recommendationsPublished in Real Estate

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