Marina Towers

A Math Problem

2011-02-20T07:13:00.000-08:00

Currently 30 year fixed mortgage interest rates are at about 5.000%. I’m pretty sure that we will see interest rates rise this year to the 6.000% range. So I did the math and this is what I found out what could be purchased at Marina Towers.

$1,000.00 per month will get you $186,281.62 in purchase money at 5.000%
$1,000.00 per month will get you $166,791.61 in purchase money at 6.000%

This equates to a net loss of $19,489.99 in purchase power. That’s 10.5%!

I don’t think we will see housing prices drop an additional 10.5% from now. It’s time to get in while the getting is good.

We cannot predict when condo prices at Marina City will hit bottom or if they already have, but most can agree that interest rates are steadily going up from here. Think about how rising interest rates limit your home buying power.

Robust rental market on the horizon?

2011-02-13T08:57:00.000-08:00

Prospecting for new landlord clients today, I was surprised by the lack of FOR RENT signs on the two & three flats in North Center and Roscoe Village in Chicago. Usually this is a great time to prospect for new rentals because landlords are much more motivated to work with agents to get their places rented.

Perhaps the premise behind this article has something to do with it.

It is looking more and more like the rental market is starting to see a turnaround. I think that is good news for landlords throughout Chicago. This should also inspire those prospective buyers to consider purchasing. With the availability of bargain priced properties and historic low mortgage rates, now is the time.

The difference 1% makes

2010-12-05T09:51:00.001-08:00

Although it may seem small when first mentioned, one percent can result in a big change. This came to mind recently when speaking with a buyer about mortgage rates. She was concerned that home prices had not bottomed out yet and wanted to make sure she waited until the right time.

The question of when is the bottom of market or when is the best time to purchase are hard to answer. The following example about mortgage rates really provides something to think about. Specifically, buyers do not ultimately live with their purchase price. The only time purchase price comes into question again is when the buyer sells their property.

I am not advocating that buyers be unconcerned with their purchase price. I am saying that mortgage rates play a much more important role in housing affordability and what qualifies as a great deal.

Take these three mortgage rate examples. All are based on a loan amount of $250,000 and a 30 year conventional mortgage.

$250,000 @ 5% = $1,342/month payment
$250,000 @ 6% = $1,498/month payment
$250,000 @ 7% = $1,663/month payment

Consider this payment over five or ten years and you really have some significant savings. If you add in the possibility of inflation in that time, you are really ahead. With the way the US government is printing money and taking on debt, the buyer is going to be paying back that mortgage with dollars that are only worth 80% what they are worth today several years from now.

How is Chicago's real estate market shaping up? It depends on who you ask

2010-11-16T18:26:00.000-08:00

A recent Chicago Skyline article titled "Housing market rising from ashes of the great recession" paints a positive picture.

The article mentions appreciation from the Case-Shiller home price index over the past three years. Additionally historically low mortgage rates and very favorable housing affordability rates are very positive factors in this market.

The article goes on to quote several new construction sales agents. They are bullish about the past 12 months sales in their buildings and their sales forecasts. These must be taken with a grain of salt. Perhaps things are selling briskly where they are at, but when I hear about new construction I always consider that some of it may be puffery on the part of agents.

My experience in the market is that downtown homes are selling, buyers are just looking for that very very good deal. More specifically, buyers in this market feel like they are still taking quite a risk buying and want to feel they are getting something special. With the large amount of available inventory, sellers best tools are the the marketing their agent is doing and price.

In Marina Towers, there is one big factor at work now. Homeowners in the building recently received their tax bills. These differed wildly from what they have been paying. The last few installments were 25% to 30% less than this installment. This will affect home values in Marina City for the short term until the building or individual building residents file an appeal to have property taxes reduced.

Why buy real estate now?

2010-09-19T20:20:00.000-07:00

Going to and from appointments I am often asked many questions. “Are people buying?” “Is it a good time to buy?” People hear the news and are genuinely curious.

Here are two great articles about the state of the market. In the Forbes article, it explains the role of demographics and housing affordability in different markets that will be shifting our market upward.

In this Marketwatch article, there are 10 great points for buying a home. My two favorites are low mortgage rates (less than 4 3/8 % on 30 year fixed loan) and very good home prices. Never in our lifetimes will we have low home prices AND low mortgage rates. There have been times when we have had one, but never both together. I’ll guarantee you’ll never see it again while you’re alive. We’ll be kicking ourselves in five or ten years saying, “why didn’t I buy that place in 2010…”

On July 15, 1979, President Jimmy Carter gave a nationally-televised address in which he identified what he believed to be a "crisis of confidence" among the American people. At that time as well as now, the confidence index was the same. With more people believing that their children would be worse off than they were. During Carter's administration, the economy suffered double-digit inflation, coupled with very high interest rates,oil shortages, high unemployment and slow economic growth. Does that sound familiar? If we take a moment to ponder what the US economy & real estate did through the 80s & 90s, we can see what a tremendous opportunity that time period was.

That is the kind of opportunity we are presented with now.

Two new additions to downtown

2010-08-01T20:16:00.001-07:00

A recent Crain's article reported that upscale grocer Fox & Obel has signed a lease for the ground level commercial space at the new Greenway Self-Park. The parking garage at the corner of Clark & Kinzie incorporates several sustainable features in its design.

The article also reports a 49 story apartment tower is being planned for the southeast corner of Clark & Hubbard just north the Greenway Self-Park. Property records show the developer has signed a 100 year lease for the site and plans a 427-unit building.

Not all high rises are created equal & other financing challenges

2010-06-21T15:29:00.000-07:00

With all the recent financing changes, I have had to become very aware of each condo building’s financing considerations. I specialize in condominiums in Downtown Chicago and the Near North Side. When showing buyers around it has been very handy to know each building’s profile with respect to financing. It goes beyond the basic question of “is this condominium building FHA approved?”

As recently as last year, many banks and Fannie Mae & Freddie Mac have changed their policy on what types of buildings they will underwrite. It has started to be like peeling back the layers of an onion.

My recent issues have been:

1. Condotel or hotel components of a building.

You will have a very difficult time finding financing for your buyer at the new Trump Tower or Aqua. Both buildings have a hotel component and most lenders will not lend in this type of building. A survey of the listings that have closed in the last six months at 401 N. Wabash (Trump) shows that almost all closed with the CASH flag highlighted.

My lender contact stated that one might be able to get financing through their credit union or local bank, but would likely need to have a significant portion of their net worth on deposit.

2. Number of homeowners delinquent on their assessments.

Banks are now very conscious of the number of homeowners who are not paying their condominium monthly assessments. On the 22.1 disclosure form (bank questionnaire), there is a question for the number of delinquencies. Above a certain threshold and the property will be very difficult to finance. According to my mortgage banker, this is a problem at several recent condo conversions downtown. All of these buildings had sold briskly during the real estate bubble at higher than average prices for the square footage. Many investors had purchased in this developer’s buildings and had taken advantage of a two year incentive program that offered guaranteed rent and no taxes & assessments during that time. When the music stopped and prices slid, those investors were unable to keep up the payments. There are now many foreclosures and many short sales in these buildings.

3. Litigation

The third issue that has complicated the financing picture is litigation. Depending on the extent of the litigation that the condo association is involved in, a mortgage may be difficult.

For example, a new development in the loop near Macy’s has had a litigation issue for some time now. The mechanic’s liens that two subcontractors filed when the building was complete are being litigated. These subcontractors have filed suit to collect on what they are owed. They have sued the developer AND the homeowner’s directly. At this property, the condo association is suing the developer to complete several warranty items for the building. These two issues should be worked out in the near future, but provide a snag for buyers and sellers in the building.

Make sure that your agent checks the high rise before completing an offer to avoid any financing hangups.

Why You Still Need a Real Estate Agent

2010-05-31T13:41:00.000-07:00

I came across this great Forbes article, "Five Reasons Why You Still Need a Real Estate Agent".

With all the internet tools available to buyers and sellers, some may think that an agent is a thing of the past or optional. My feeling is that a good agent is a project manager that gets a listing sold or helps a buyer purchase a property. The agent makes sure each step of the project plan gets completed and handles any breakdowns when they occur (they usually do).

The Forbes article highlights five points that an agent is needed: 1. Better Access/More Convenience, 2. Negotiating Is Tricky Business, 3. Contracts Can Be Hard To Handle, 4. Real Estate Agents Can't Lie, and 5. Not Everyone Can Save Money

I have several additional points to add:

6. Local knowledge and intuition.
Specializing in downtown Chicago, I keep up to date on the latest news that affects property. A new grocery store or restaurant being announced next to Marina City would have a positive effect on home values in that development. Conversely, negative news or happenings can have an effect. Wherever the property you plan to sell or buy, it would be an advantage to enlist the help of someone who specializes there. A neighborhood specialist also knows how to promote the best qualities of an area and how to handle common objections to a property. I expand on this in my ChicagoNow interview with writer Dan Rafter. Living in Marina Towers gives me a unique perspective.

7. Managing the transaction
Despite what some may think, a real estate transaction is a complicated process that involves carefully coordinated steps. Based on a list prepared by Belton Jennings, CEO of the Orlando Regional Realtors Association, the selling process from start to finish involves up to 180 steps. When issues come up, having an experienced agent with a cool head is a must. For example, a problem with financing or a problem found during inspection could quickly kill a deal if not handled effectively.

8. Let a professional handle it.
Having an advocate that is not emotionally attached to the property can be a huge asset. How would an owner react to feedback from a showing of their property. That beautiful heirloom clock that Aunt Millie got you when she was in Switzerland might mean the world to you now that she's gone. Unfortunately, if a buyer comments negatively on it, emotion could take over. Emotion is the worst thing that can creep into a real estate transaction. It can color communications between buyer & seller, buyer's agent & seller's agent and ultimately sour the deal.

Lastly, knowing who to turn to when things go completely off track is critical. A buyer or seller may not have access to a senior managing broker or real estate attorney to help them put things back on track. The best metaphor I can think of is that you can go to court and defend yourself without a lawyer, but it is very difficult. Similarly, you can juggle knives and not get injured, but the likelihood of success is very low.

Real Progress at Block 37

2010-04-24T19:40:00.000-07:00

As reported in Crain's, the judge overseeing the foreclosure case has given approval to new leases for several new stores. "Eight retailers, with products ranging from high fashion to frozen custard, have received court approval to open at Block 37."

CB Richard Ellis is handling the leasing at Block 37 and has announced the following tenants:

- Andy’s Frozen Custard
- Alternatives Shoes
- Comic Vault
- Which Wich, a Texas-based sandwich chain

- iCandylicious, a candy store
- Simply Thalia, which has sushi and French-Asian sandwiches
- Ladies & Gentlemen, an Aveda lifestyle salon and spa

I think that this great progress for the neighborhood. I will really enjoy walking the two blocks from my Marina City home to Block 37.

No Show at Block 37

2010-04-11T20:21:00.000-07:00

The new Block 37 has suffered another set back. Is the Block 37 parcel hallowed ground?

From the Chicago Tribune:

The chance of bringing a long-anticipated movie house to the Loop at the Block 37 mall is fading as a foreclosure battle over the stalled retail project winds its way through the courts.

Michael Whalen, CEO of Paragon Entertainment LLC, which would run the movie house, said he wants to move forward with the theater but is doubtful a deal will be reached.

The article mentions that the foreclosure drama has put the theater in jeopardy of becoming a tenant. Muvico is an upscale movie theater that also serves drinks and dinner to guests.

I was really looking forward to the new theater. Being able to walk one block from my Marina Towers home and get dinner, drinks and a nice movie was an excellent option. I think that the theater would have been a great outlet for all the new downtown residents along with downtown travelers. Let's keep hope alive that the decision makers can come to an agreement.

Commuting the old fashioned way

2010-04-02T22:26:00.001-07:00

On the Blue Line today I saw a CTA advertisement that said, "the average rider saves $11,000 a year by switching from their car to the CTA." That got me thinking how much I enjoy not being tethered to a car. Why should I bother with $250 + parking fees and worrying about someone backing into it or taking it for service.

When needed, I have a car at my disposal. I take cabs when I am really pushing time and cannot wait for the bus or train. The occasional Red Line ride to Lakeview to visit my fiance is still very tolerable on more crowded trains after the CTA cuts.

I am honestly not writing this to gloat. This entry is more about one of the great benefits of living downtown in the River North neighborhood. Most everything I need to go to is a nice walk or easy cab ride away from Marina City.

I can honestly say that the 30 - 45 minutes others spend on the train or in their car everyday each way to work is time well spent for me. I do miss the greenery of the neighborhoods and haven't heard birds chirping that often, unless you count cooing pigeons. I do have an outlet for that when I get down to the Printer's Row for a Hackney's burger or up to Roscoe Village to my real estate office.

Looking out this morning, I can say that I am in the right place when I watch the sun rise over Lake Michigan from my 51st floor balcony at Marina Towers.

Aqua Building Still Tall in Uncertain Times

2010-04-02T21:56:00.000-07:00

If you have ever walked over on the 'New Eastside', you have probably noticed the beautiful & unique new tower. Aqua was completed last year and has been awarded skyscraper of the year by Frankfort based Emporis. It is also the tallest building ever designed by a woman (Chicago based Jeanne Gang). The building is currently comprised of condominiums and apartments.

The architect speaks about the building here.

Chicago Journal has written an article outlining the building's completion and struggles to find tenants and buyers.

In a glass box on the 103rd floor

2009-07-03T21:07:00.001-07:00

Crain's Chicago has a great article about the opening of the Ledge at the Sears (Willis) Tower Skydeck.

High above Chicagoland on the 103rd floor, this glass cube gives you the opportunity to step out among the clouds. It offers a different perspective on Marina Towers and all the other downtown buildings. Marina City does have a similar perspective with the cantilevered balconies. I have a hard time stepping out to the outermost portion of my balcony...

Check out the video of The Ledge:
http://link.brightcove.com/services/player/bcpid28200935001?bclid=28210826001&bctid=28223913001

Time to take a walk - a river walk

2009-06-29T20:31:00.000-07:00

The Chicago Tribune had a great article on the near completion of the river walk to State Street.

The Michigan Ave to Wabash section is complete. The above picture shows O'Brien's Cafe along with the new walking path.

The good news is that the Wabash to State part will complete in the next two weeks. When complete, it will end near the Vietnam Memorial and Marina City. You will be able to walk direct on the river level from Marina Towers to the lake without having to go up and down stairs at each street and going under all the traffic.

The under bridge elements keep traffic debris off pedestrians and resemble the Cloud Gate (The Bean) exterior.

Just in time for summer!

Scale model of downtown Chicago & Marina Towers on display

2009-06-11T20:52:00.000-07:00

From Wednesday through Sept. 20, the Chicago Architecture Foundation has a great scale model of Chicago and Marina City on display. The Chicago Tribune has a great overview of the project.

The best part of the whole thing is that its only a 15 minute walk from our building and its free!

Chicago Architecture Foundation
224 South Michigan Avenue
312.922.3432 x240.

The new hotel The Wit opens on State Street

2009-05-28T05:56:00.000-07:00

This past Wednesday The Wit hotel opened on State Street. It is a pretty interesting design that is welcome over the construction debris and scaffolding. I have been watching its construction from my balcony at Marina City.

Govnor's pub, Kentucky Fried Chicken, and Dunkin Donuts are gone, but in its place we have three new restaurants. The previous was shut down and ultimately condemned because of instability in its top floor. The new building includes a pretty interesting rooftop restaurant with both an indoor & outdoor area. With really great views that include Marina Towers.

Chicago Tribune's Blair Kamin has also written a review:
http://www.chicagotribune.com/travel/chi-0528-witmay28,0,2521186.story

Make no little plans...

2009-04-26T18:59:00.000-07:00

"Make no little plans. They have no magic to stir men's blood and probably will not themselves be realized." A phrase credited to Daniel Burnham, the architect of Chicago's 1909 Plan of Chicago.

Well, it looks like the city has another renovation plan its considering. In the Tribune, the Chicago Central Area Action Plan is outlined. Below is the proposed West Loop Transportation Center.

A four level, $2 billion transporation center under Clinton Street. It would connect Union Station and the Ogilvie Transportation Center served by Metra trains with CTA bus and rail lines, Pace buses, a proposed Carroll Avenue transit line and long-distance Amtrak high-speed trains.

Check out the Tribune article for some of the very interesting proposed changes.

Time to think about air conditioning.

2009-04-11T16:39:00.000-07:00

You wouldn't think that the warm weather will be in Chicago soon, but you can count on humid, hot days soon. If you live in Marina City, you probably have one of the older air conditioning and heating units. These 45 year old beasts aren't very energy efficient and do break down.

Over the last couple of years, I have had the pleasure of working with Rob Engelthaler. He is my new heating and air conditioning guru. When the cooling portion of my unit went out in my Marina Towers bedroom, I wasn't looking forward to putting money into repairs. Someone gave me Rob's name. For $1,500, I had a new quiet and efficient unit installed. New thermostats and new wiring were included in the price. He even took the old one away at no charge.

Rob's has just created a website to advertise his business.

Below is a new unit installed.

Here is my unit with the cover off.

These units are the very popular GE Zoneline heat & a/c units that hotels all over the place use. Thankfully they fit perfectly in the old metal sleeve above the balcony door.

Rob's installed price is below. I think that if you can work with your neighbors to order 3 or more, there may be a discount.

Model (BTU Rating) Price
9000 $1400.00
12,000 $1500.00
15,000 $1600.00

Rob's contact information is as follows:
Robert Engelthaler
2306 Commonwealth Ave
North Chicago IL 60064
847 785 0875 office
773 991 4128 cell
http://www.marinatowerheatingandcooling.com

Time for Cheese? Yes!

2009-04-10T18:53:00.000-07:00

While waiting for my fiance Wednesday and killing time, I happened on a very interesting neighborhood shop. Pastoral Cheese, Bread and Wine at 53 E. Lake Street is right around the corner from Marina City.

Pastoral is a part time (lunch hour during weekdays) sandwich shop and full time specialty cheese, bread and wine shop. From their website, “In a world of mass produced products stacked high on shelves in supermarkets, superstores and wholesale clubs, there is still a time and a place for small bath, high-quality, handcrafted products sold in an intimate environment with the most attentive and thoughtful service. Somehow artisan products like cheese, bread and wine, which hail from the land in some of the most beautiful places on Earth deserve to be showcased, cared-for and sold someplace that reflects their special roots – PASTORAL!”

Service was definitely top notch when I stopped by. I got a tour of all the products with the majority of time spent on the huge and unique assortment of cheeses. What a great place! I am going to try two of the classes that Pastoral is offering:

Wines of the Southern Hemisphere on April 25 at 6:30pm.
Wine, Beer & Spirits for Cheese Lovers on May 9 at 6:30pm.

With all the chain stores & restaurants in the Loop near Marina Towers, its nice to have a store that is locally owned & operated with some excellent products!

New Marina Towers neighbor on the cutting edge of green.

2009-04-07T06:17:00.000-07:00

If you live and/or work in the River North neighborhood, you may have noticed the construction work opposite the new office tower 353 North Clark. With so much building in the neighborhood, I almost missed this story in Green Bean Chicago. A large parking garage is being constructed on the northeast corner of Kinzie & Clark. This parking garage incorporates sustainable features and is called Greenway Self Park.

The most noticeable feature of the completed structure are the wind turbines on the southwest corner of the building. You can see those below.

The new garage also features the following:
- Natural ventilation
- Low-E glass to further reduce energy demand
- A green roof to combat heat
- A bike storage room for 2 dozen bikes
- Six plug-in stations for electric vehicles

I snapped a few construction photos while on my way to lunch from Marina City.

In the photo below, you will notice the pre-fabricated structure being delivered. Unlike an office tower, this parking garage is constructed in pre-fab sections that are delivered by truck and put into place by crane.

Below is a pre-fab piece being lifted.

Can the unions save the Chicago Spire like they saved downtown and built Marina City?

2009-04-01T10:03:00.001-07:00

CBS2 Chicago has an interesting article on the Chicago Spire. There is some talk about a major union is considering using its pension fund to finance construction of the building and secure jobs for members.

Below is a picture of the current state of the building's stalled construction. The developer has completed most of the foundation work, including caissons and the very obvious circular building core.

This story caught my attention because it parallels the construction story behind Marina Towers 50 years ago. On marinacityonline.com, you can read the entire genesis of Marina City. I have enclosed a little here:

"William McFetridge, president of the Building Service Employees International Union (now known as the Service Employees International Union), was concerned about his union members not being able to get jobs in the suburbs. He wanted to persuade people to live in town, where wages would be higher.

According to Howard Swibel, son of real estate developer Charles Swibel (1927-1990), all William McFetridge knew was that he wanted to invest his union’s pension fund not so much in stocks and bonds, but in something progressive – something that would help people. He mentioned this to Charles Swibel, who suggested the union invest in housing"

It would be great to watch the building rise while sitting on my balcony this summer!

Loop U

2009-03-29T07:00:00.000-07:00

The Chicago Tribune had an interesting article the other day about college students that make up a significant portion of the residents in the Loop.

"A sprawling urban campus has taken hold in the Loop and South Loop, with close to 60,000 students from 20 institutions of higher learning inhabiting a slice of downtown Chicago and making a significant economic impact."

Above is a photo of University Center located at the corner of Congress & State Street. According to it's developer, the building is America’s largest joint residence hall, providing housing for nearly 1,700 students attending Columbia College, DePaul University and Roosevelt University.

River Walk coming along nicely.

2009-03-12T07:13:00.000-07:00

The Chicago Tribune reported today on the progress of the river walk: Chicago river walk extension keeps rolling along.

"The latest phase of work to connect existing sections of riverfront pathways is expected to be done in June."

The progress is great news for the neighborhood and our building.

I snapped a couple of photos from my balcony in the west tower:

This shot is the section from Michigan Ave to Wabash. The area in front of O'Brien's restaurant has been extended further out and extends under the Wabash bridge.

This photo is the section from Wabash to State St. This construction is not as complete as the previous photo. You can see the earth mover bringing gravel to fill in the area that still has water. The anchored barge and tug boat in the middle and left of the photo make quite a racket when they are running.

Balcony season is just around the corner

2009-03-07T12:17:00.000-08:00

I was planning to go to the Chicago Flower & Garden Show to get some inspiration for my balcony garden. I had very good luck with marigolds & morning glories last year, but would like to incorporate more plants. My neighbor successfully grew tomatoes and jalapeno peppers last year. I don’t want to be jealous this year, so I am going to do both the flowers and a number of vegetables.

The Flower & Garden Show runs today through Sunday, March 15 at Navy Pier. Since it is a short cab ride away or a comfortable walk (when not raining), I have no excuse not to visit. Since now through about the first or second week in April starts the Chicago rainy season, it will be therapeutic to get a glimpse of summer in March.

Flower & Garden Show info is:

http://www.chicagoflower.com/

“From the intricately designed lush themed-gardens of the midway, to hands-on demonstrations and in-the-soil workshops, to realistic garden displays that can translate into your own yard or balcony and educate you about sustainable and achievable results, you will find Chicago's first blush with spring to be invigorating”

Dates:
March 7 - 15, 2009

Show Hours:
Monday - Saturday: 10:00 a.m. - 8:00 p.m.
Sunday: 10:00 a.m. - 6:00 p.m.

Tickets:
Weekdays...$12
Weekends...$14
discounts for groups of 15 or more

Navy Pier DISCOUNTED PARKING IS ONLY $14 per vehicle per day!
*Valid from 3/7/09 - 3/15/09 at garages located on-site at Navy Pier or at the Alternate/Overflow garages located at 460 East Illinois or 403 East Grand, located 1 block from Navy Pier. No purchase necessary. May not be combined with any other offer. Subject to availability.

Construction

2009-03-02T13:20:00.000-08:00

Over the last week I bumped into two of the great contractors that work in Marina City. Joe Karner of KNK Renovations (708 819 8978) and Mario Gaddula or VMG Construction (708 351 7751). If you are considering upgrading your home at Marina Towers, you should talk to these guys. They are really an asset to the building.

When I show listings in the building, I like to take the prospects through the completely renovated condos. The rehabbed homes are such a wonderful transformation.

Why I'm bullish on Marina.

2009-02-24T19:30:00.001-08:00

This post kicks off my Marina Towers blog. What better subject than all the reasons I'm bullish on the building.

1. Cost of ownership.
Compared to its condo neighbors, Marina City has a very favorable ownership cost. Assessments, property taxes, and household energy are low and manageable. My favorite is leaving for a vacation, flipping the breaker for the hot water heater and shutting off the heat & a/c. My place stays temperate in the winter or summer.

2. Views.
While some views have been compromised by the office tower construction at Clark & Kinzie, most units still have a stellar view. Compared to most in Streeterville or other parts of River North, the views are much much better.

3. Balconies
Three seasons of the year our wonderful balconies serve as a second living room.

4. Location
Our excellent location continues to improve with new neighborhood restaurants and amenities. Why bother with owning a car when you can walk to work and use the CTA to get just about anywhere else.

5. River Walk
You haven't heard much about it in the press or around the building, but during construction they sure are making some noise! Once this is complete to Franklin in a couple more years, it will really redefine our part of River North.

When this is completed, you will have riverwalk cafes, vendors selling crafts, art shows, and other activities right at our doorstep. It will be a magnet for office workers during the day, residents at night, and tourists on the weekend.

These are only five of my favorites. What are yours?