The Real Deal Chicago

Chicago Cheat Sheet: Symmetry Property wants to raze River North buildings … & more

Also, investment fund manager selling unfinished Gold Coast condo for nearly $4M
By John O’Brien | October 11, 2018 05:09PM

(Credit: iStock)

Symmetry wants to tear down historic River North buildings

New York-based Symmetry Property Development has applied for permits to tear down historic buildings at 42 and 44-46 East Superior Street in River North after Alderman Brendan Reilly scuttled its plans last year for a 60-story condo-hotel tower there. Symmetry has yet to unveil any revised plans for the site, and preservationists are vowing to fight the demolition. [Crain’s]

First Trust Advisors CEO selling unfinished Gold Coast condo for $3.75 million

Investment fund manager First Trust Advisors CEO Jim Bowen, and his wife, Marisa, have listed a 3,300-square-foot condo unit on the top floor of a luxury Gold Coast building for $3.75 million. Bowen paid $2.5 million in 2013 to buy the Gold Coast unit from former Wrigley Company CEO Bill Wrigley Jr. [Chicago Tribune] 

Outlook bright for Chicago office landlords and tenants

A new report from Savills Studley said two factors are helping sustain the Chicago office market. Low interest rates are allowing landlords to fund up-front concessions that help sustain higher rents, and tenants can afford to pay by fitting into smaller footprints. The report said Chicago’s negotiated gross rent increased by 0.3 percent to $50.49, while concessions jumped 6.6 percent to $129 per square foot.[Bisnow]

All Treasure Island stores have closed for good

The Treasure Island Foods store in the Gold Coast closed Wednesday afternoon, the last of the chain’s six remaining locations to officially shutter. The chain’s owners just two weeks ago announced they were closing all of the stores, liquidating their inventory and laying off close to 500 employees. [Chicago Tribune]

Fairgrounds being cleared to spur development

The village of Grayslake is demolishing long-vacant buildings on the 104-acre former Lake County Fairgrounds in hopes of clearing the land for development. The property is owned by Ohio-based Developers Diversified Realty, which a decade ago had plans for an 807,000-square-foot shopping center there until the recession hit. [Daily Herald] 

Wisconsin developer proposes 280 apartments in West Dundee

Wisconsin-based HSI Properties is proposing a 15-building, 280-apartment complex on roughly 25 acres in West Dundee. The development near Randall Road and Recreation Drive would include 28 studio, 112 one-bedroom, 112 two-bedroom and 28 three-bedroom apartments. [Daily Herald]