Chicago Cheat Sheet: Windy City RE sets high price on Loop offices…& more

Also, developer gets another year to breathe new life into Rosemont hotel

Feb.February 14, 2019 05:00 PM

Windy City CEO Milan Rubenstein and 105 West Madison Street (Credit: Century 21 Affiliated)

Loop offices for sale at big markup

Windy City RE is looking to sell the office portion of a Loop building for $29 million, nearly three times what it paid for the property. The Chicago firm bought 130,000 square feet of offices in 105 West Madison Street in 2015 for $10.8 million. It spent $4 million on renovations and boosted the building’s occupancy rate by nearly 60 percentage points to 98 percent. Now it’s looking to cash out. [Crain’s]

Rosemont giving developer more time to resurrect hotel

A Glenview-based developer was given another year to renovate a Rosemont hotel and build three restaurants or lose up to $7 million in tax increment financing incentives from the village. U.S. Asia Investment Group was supposed to finish the project by this October, but it has struggled to secure financing, officials said. The village has extended the deadline to November 2020. The latest plans call for the shuttered 200-key hotel next to the Allstate Arena to be converted to a Best Western Premier hotel and La Quinta Inns & Suites. [Daily Herald]

Former screw factory becomes $20 million facility for homeless

Nonprofit La Casa Norte converted a former screw factory in Humboldt Park in a center for housing and services for the homeless. The $20 million, five-story building at 3533 West North Avenue took seven years to become a reality and received more than $10 million in city money and tax-increment financing funds. [Curbed]

Country Delight eyes shuttered Dean plant in Huntley for new HQ

Dairy products distributor Country Delight wants to buy the former Dean Foods dairy processing plant in Huntley and convert into its new headquarters. The plant closed last year, one of seven Dean facilities to shutter nationwide. Country Delight would consolidate existing offices in Huntley and Kenosha, Wisconsin, into the new location on 10 acres near Illinois 47 and Main Street. [Daily Herald]

Highland Park home by Frank Lloyd Wright mentor for sale

A home designed by a mentor of Frank Lloyd Wright hit the market in Highland Park. Owners Katie and Matt Schmanski in 2015 bought the house designed by Joseph Lyman Silsbee, who gave Wright his first job and also designed the Lincoln Park Conservatory. The six-bedroom, 6,000-square-foot home is listed at $1.6 million. [Crain’s]

Related Articles

Michael Jordan and an aerial view of his Highland Park property (Credit: Getty Images)

Michael Jordan’s Chicago-area mansion has been on the market for 7 years. A buyer may not exist

PepsiCo CEO Ramon Laguarta and WeWork CEO Adam Neumann with the Old Post Office (Credit: Getty Images)

Space race: WeWork, PepsiCo may take a combined 320K sf at 601W Companies’ Old Post Office

John Buck and Morgan Stanley want big payday for “Big Red,” former city development chief joins Clayco: Daily digest

IBT Group’s Gary Pachucki and renderings of Humboldt Lit (Credit: LinkedIn and IBT)

The New Fulton Market? Local developer puts $50M bet on Humboldt Park

Tucker Development CEO Richard Tucker and 954 West Washington Boulevard (Credit: Tucker Development, Lindon Associates)

Tucker Development is latest company to move to Fulton Market

Old Post Office and Uber CEO Dara Khosrowshahi (Credit: Wikipedia, Uber)

601W inks Uber to massive lease deal. Here’s what’s next at the $800M Old Post Office

Riverside Investment & Development’s John O’Donnell and Howard Hughes Corp.’s David R. Weinreb

Law firm row: 110 North Wacker inks lease with yet another legal firm

Chicago casino operator probably won’t make much money, Tishman Speyer poaches JLL broker: Daily digest