March is finally here bringing with it the promise of warmer temps, longer days and the urge to purge! There’s nothing better than those slightly warmer days when the birds are chirping and we feel proud to have endured another midwestern winter. March “madness” means basketball to many, but to those of us in real estate, the madness and competition brings on different thoughts!
For those of you with your eye on the market, we do see evidence of more inventory emerging on the market in the coming month. We can’t see it being an overwhelming amount but more than we have seen in the past 3 months. Chairman of the Fed elected to raise the Fed rate only a quarter point yesterday which was the decision after weighing inflation and the horrific issues overseas.
This type of market makes it important to have the best representation buying or selling so please reach out to us to discuss how we can collaborate to accomplish your real estate needs. Don’t leave it to the luck of the Irish !
The Carrie & Renee Team
|What’s Being Built There??!|
|A common question we are asked is related to what new development projects are planned for in Glen Ellyn. Here is a simple breakdown of what we have learned….. |
Apex 400 (Hillside & Main)
Formerly the site of Giesche Shoes, this project includes a five-story mixed use building with approximately 8,850 square feet of commercial space on the first floor, 107 upper floor, luxury apartment units and a two-story 142 space public parking garage. Apartment units will be a mix of studio, 1 bedroom and 2 bedroom.
Glenwood Station (Crescent & Glenwood)On the former site of McChesney & Miller, a 5-story mixed-use building with 86 apartment units; 1,490 square-feet of commercial space; and no less than 102 parking stalls is scheduled to break ground this spring. They will also offer a clubroom and fitness room. Apartments will be a mix of 1 bedroom and 2 bedroom, a few 2 beds with den.
Avere on Forest (Duane & Forest)
Reva Development Partners are proposing a four-story multi-family development (77 units) on the US Bank site. The project features a unique residential rental product with a combination of townhome units and apartments. Amenities will include two residential terraces, on-site storage, a fitness room, club room and enclosed parking. The developer has also been discussing some plans with the Park District to update Prairie Path Park as part of the project.
Roosevelt Rd Hotel Properties (Roosevelt east of Park)On January 12, 2022 the Village of Glen Ellyn closed on two Roosevelt Road hotel properties at a cost of $2.85 million for approx 2.2 acres and two buildings. A visioning process, led by Kon Savory Consulting, in early Spring will bring together existing site constraints, the results of a market analysis conducted by the consultant and the public input received to help inform the development of up to 5 different concept plans for the site. Concepts considered for the site may include commercial retail and restaurant uses, multi-family housing, attainable housing, or mixed-use development. Please attend a community open house at the Village Links 6:30-8:30 on Monday, March 7th to learn more.