Chicago Cheat Sheet: CRE startup Truss raises $15M for expansion…& more

Also, McKinley Park is America’s “hottest affordable neighborhood": Redfin
By John O’Brien | January 17, 2019 05:00PM

Bobby Goodman and the Chicago skyline (Credit: Truss and Pixabay) 

Truss raises another $15M

Online commercial real estate startup Truss raised $15 million from General Catalyst. The Chicago-based company, which allows tenants to shop online for commercial real estate, plans to double its staff thanks to the funding. Truss has raised $24 million from backers including Redfin chairman Bob Mylod. [Crain’s]

McKinley Park is “hottest affordable neighborhood” in U.S.: Redfin

Chicago’s McKinley Park neighborhood topped Redfin’s list of “hottest affordable” in America for 2019. McKinley Park, with its median home sale price of about $270,000, also made Redfin’s list of areas that will be the hottest neighborhoods in the city this year for housing, joining East Garfield Park and Norwood Park. [Curbed]

Yamazen moving U.S. HQ from Schaumburg to Elk Grove Village

Yamazen plans a $16 million, 128,000-square-foot facility in Elk Grove Village that will serve as the company’s new U.S. headquarters. The Japanese-based manufacturer is moving from Schaumburg to the vacant seven-acre site at 111 Northwest Point Boulevard. The company was awarded a tax incentive that will reduce its property tax assessments for the first 10 years. [Daily Herald]

City planning affordable housing complex near the 606

Chicago is looking to buy a 4½-acre site near the western end of the 606 trail with plans to develop at least 150 units of affordable housing and a park on it. The site at 1800 North Ridgeway Avenue is owned by the Trust for Public Land, which oversees the 606 along with the Chicago Park District. [Block Club]

Mall of India taking shape in former Naperville Walmart

Work started on converting a former Walmart in Naperville into a shopping center catering to the Indian community. The new Mall of India at 776 South Illinois 59 will feature a grocery store, food court and smaller businesses including a spa, dentist, halal butcher shop, lawyer’s office, jewelry shop and boutiques. A former garden center adjacent to the building will be set aside as a potential future community gathering space, banquet hall or cultural center. [Daily Herald]