Chicago Cheat Sheet: Illinois Medical District eyes big redevelopment … & more

Also, vacancies climbing, rents dropping in Clybourn Corridor shopping district

Apr.April 04, 2019 05:00 PM

Illinois Medical District

Facelift coming to Illinois Medical District

The Illinois Medical District is moving ahead with efforts to revitalize 31 acres of vacant land into a mixed-use development. New promotional materials show retail, hotel and public uses along with two tall gold-colored towers at Ogden Avenue and Polk Street. While the images are more conceptual than anything, officials in charge of the 560-acre district on the Near West Side said they want to embrace more urban-style development with a broader mix of uses. [Curbed]

Clybourn Corridor retail market feeling the pinch

The Clybourn Corridor shopping district on the Near North Side saw its vacancy rate jump to 12.8 percent in 2018, an increase from 10.3 percent in 2017, according to Chicago-based Stone Real Estate. As a result, the average asking rent in the area fell to $47.32 per square foot last year, down from $48.85 in 2017. Several chains have left the area in recent years as they struggled to break even due to high rents. [Crain’s]

Affordable housing complex advances in Logan Square

Bickerdike Redevelopment Corporation is moving ahead with a $31 million affordable housing project in Logan Square. The nonprofit housing developer plans a seven-story complex with 100 apartments and 4,500 square feet of ground-floor commercial space on the city owned parking lot at 2602-2638 North Emmett Street. All of the apartments — a mix of 33 one-bedrooms, 49 two-bedrooms and 18 three-bedrooms — would be geared toward residents earning at or below 60 percent of the area median income. The project still requires a zoning change. [Block Club]

Molina Healthcare renews in Oak Brook

Molina Healthcare of Illinois renewed its lease for 38,000 square feet at The Crossings of Oak Brook at 1520 Kensington Road. Cushman & Wakefield represented building owner Adventus Realty Services in the lease negotiations. [REJournals]

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