Chicago Cheat Sheet: River North office building is priciest per square foot…& more

Chicago /
Nov.November 29, 2018 05:00 PM

From left: 4John McLinden, Arthur Slaven, and 12 North Wells Street

River North office building is Chicago priciest per square foot

A Spanish investor is buying the 42,000-square-foot River North headquarters of RxBar for $31 million, which at $740 per square foot makes it the most expensive Chicago office building by area. The unnamed investor is acquiring the nine-story building at 412 North Wells Street from Chicago developers Hubbard Street Group and Centrum Realty & Development, which opened the building last year. The previous record was $652 per square foot California investor Irvine Company paid for the 60-story tower at 300 North LaSalle Street. [Crain’s]

Somerset in line for TIF incentives for AT&T HQ redevelopment

Somerset Development is poised to benefit from a new tax-increment financing district covering the former AT&T campus in Hoffman Estates. Area taxing bodies this week approved creating the TIF district, which would use increased property tax revenue to help pay for improvements in the district. New Jersey-based Somerset wants to redevelop the sprawling corporate headquarters into a mix of homes, offices, retail and restaurants. [Daily Herald]

Hotel Felix owners able to avert foreclosure

After defaulting on a $47 million loan earlier this year, Chicago-based developers Oxford Capital Group and Gettys Group have reached an agreement to modify the mortgage on the 225-key Hotel Felix in River North. Deutsche Bank oversees the loan on behalf of investors who own bonds backed by the debt. The bank foreclosed on the hotel in July, saying the owners owed $51.4 million including interest. [Crain’s]

Loukas plans mixed-use project across from Jefferson Park Transit Center

Developer Michael Loukas wants to build a new mixed-use project across from the Jefferson Park Transit Center on the Northwest Side. Loukas’ plan would locate 31 apartments and 9,800 square feet of retail space at 4900 North Milwaukee Avenue. The plan would require a zoning change for Loukas, who was behind a similar project nearby at 4872 North Milwaukee Avenue. [Curbed]

JMB Realty bringing new high-end food hall to 900 North Michigan Shops

JMB Realty’s 900 North Michigan Shops got a new food hall featuring 16 “vaults” curated by Brendan Sodikoff’s Hogsalt. The renovated 22,000-square-foot space is on the mall’s fifth and sixth floors and includes favorites like Small Cheval, Green Street Smoked Meats and 3 Greens Market. [Time Out]

Belgravia tops off River North condo project

Belgravia Group has topped off Three Sixty West, the Chicago developer’s 11-story, 38-unit condo project at 360 West Erie Street in River North. The three-bedroom units range from 1,700 to 2,400 square feet. [REJournals]

Bedford Park steel company moving across border to Gary, Indiana

A suburban steel products company plans to move across the border to Gary, Indiana, and build a new facility on the site of an old Republic Steel Mill. Alliance Steel wants to make the move from Bedford Park to consolidate its multiple buildings into a single structure. The company is asking Gary city officials to designate the site an Alliance Economic Revitalization Area, which would allow them to offer incentives for the move. [Post-Tribune]


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