Chicago Cheat Sheet: Downtown office vacancies hold steady … & more

Also, new Back of the Yards rental development will feature affordable component, performing arts center

Apr.April 05, 2019 04:00 PM

Downtown Chicago (Credit: iStock)

Vacancy is steady, rents are up Downtown: report

The Downtown office vacancy rate dipped slightly in the first quarter from 13.3 percent to 13.1 percent, according to a new report from Newmark Knight Frank. Average Downtown rent rose for the past two years at a 3.6 percent pace, and it now stands at $36.35 per square foot. But in a sign that the market might be slowing down, an NKF survey found tenants collectively looking for 5.9 million square feet this year, down from about 8 million square feet last year. [Bisnow]

New market-rate, affordable rentals planned in Back of the Yards

A new affordable housing complex with at least 80 apartments is planned in Back of the Yards. The CHA plans to buy the long-vacant Aronson Furniture building at 4630 South Ashland Avenue and replace it with a development featuring affordable and market-rate one-, two- and three-bedroom apartments. The project will also include a performing arts center and retail space. Groundbreaking is scheduled for early next year. [Block Club]

Major redevelopment planned in downtown Mount Prospect

Nicholas & Associates hopes to win final approval next week for a $110 million redevelopment of the former Parenti & Raffaelli site on Prospect Avenue in Mount Prospect. The proposed Maple Street Lofts would feature a six-story, 192-unit apartment building with 14,000 square feet of retail space; a seven-story, 65-unit apartment building; 56 row homes and a 268-space parking deck. The village’s planning and zoning commission has approved the project, and it goes before the village board next week. [Daily Herald]

Seefried wins property tax break for Des Plaines industrial project

Des Plaines aldermen approved a property tax incentive for Seefried Industrial Properties’ spec project at 2100 South Wolf Road. The City Council approved a plan to reduce the property assessment on the site for 12 years. Seefriend wants to buy the existing Radco Tools building on the site and replace it with a 72,000-square-foot facility. [Daily Herald]

HGTV show tackling rehab of former Miko’s building

“Windy City Rehab” is adding the former home of Miko’s Italian Ice in Bucktown to its list of renovation projects. The second season of the hit HGTV show will include the vintage two-flat at 1846 North Damen Avenue, where Miko’s closed last month after 21 years. The show follows Alison Victoria and Donovan Eckhardt as they buy, remodel, and flip homes across the city. Victoria and Eckhardt bought the Miko’s building for $949,000 on Feb. 15 and took out a $1.2 million mortgage on it. [Chicago Magazine]

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