The Real Deal Chicago

Chicago Cheat Sheet: Suburban newspaper sells HQ, downsizes offices… & more

Also, survey finds student loans main obstacle to home-buying for Illinois millennials
By John O’Brien | March 13, 2019 05:00PM

Daily Herald Chairman Doug Ray and 155 East Algonquin Road (Credit: LoopNet)

Daily Herald sells headquarters, moving into smaller building nearby

The owner of the Daily Herald newspaper is moving its offices out of the paper’s longtime home off the Northwest Tollway in Arlington Heights to a smaller building a couple blocks away. Paddock Publications is moving the paper’s headquarters later this spring to 95 West Algonquin Road from its home at 155 East Algonquin, where it’s been located since 1996. The company sold the property Tuesday to Chicago-based real estate company Bradford Allen. [Daily Herald]

Illinois millennials say student loans are preventing them from buying homes

Student loan debt is playing a big role in keeping Illinois millennials from home-buying, according to a new survey. Bloomington-based Country Financial’s survey said 67 percent of the state’s college-educated renters age 34 or younger cite student loan debt as the primary reason they’re not buying. Another 32 percent of Illinois millennials said saving for a down payment is the primary obstacle. [Crain’s]

Group of worker cottages on Near West Side up for landmarking

City officials are considering granting landmark status to a group of Queen Anne-style worker cottages on the Near West Side. The 19 homes around the 1000 block of South Claremont Avenue date to the 1880s, and the Commission on Chicago Landmarks recently endorsed landmarking them. [Block Club]

Zoning change would open up landmark Medinah Temple to more tenants

Bloomingdale’s is seeking a zoning change for the landmark Medinah Temple building in River North to open it up to more potential tenants. The retailer has been trying to sell the building at 600 North Wabash Avenue, home to one of its furnishings stores, and is now seeking the zoning change to open it up to possible uses including a health club, fitness center, a lifestyle club with food and drink service, and more. CBRE’s Luke Molloy is handling the sale of the 162,000-square-foot building. [Crain’s]

Developer plans mixed-use building in St. Charles

St. Charles officials are backing a developer’s plan to build a mixed-use project in the First Street corridor. Frontier Development LLC, a father-son team from St. Charles, wants to bring in restaurant on the first floor of a building at Illinois Street and Illinois 31 and an office on the second. A partial-third floor would have two rooftop terraces, officials said. [Daily Herald]