Chicago Cheat Sheet: New alderman vows to continue Pilsen affordable housing fight against Kevin Maloney…& more

Also, Lendlease and Magellan want to bring condos to Lakeshore East

Apr.April 15, 2019 04:58 PM

Byron Sigcho-Lopez

New alderman pushing for more affordable housing in Pilsen complex

Alderman-elect Byron Sigcho Lopez (25th) said he will push for 30 percent affordable housing in a proposed development that’s already spurred a lawsuit over lesser affordability requirements. Kevin Maloney’s Property Markets Group wants to develop the 8-acre property at 18th and Peoria streets into the Parkworks rental complex. But outgoing Alderman Danny Solis demanded the developer make at least 21 percent of units affordable, a threshold above the city’s minimum requirements. PMG responded by suing, an issue that’s still pending in court. Now Sigcho-Lopez said he’ll reject any project without the much higher minimum of affordable units. [Block Club]

New condos coming to Lakeshore East

Lendlease and Magellan Development are launching sales on their new 47-story condo tower near the mouth of the Chicago River in Lakeshore East. The “Cirrus” tower will feature 363 condos ranging from the mid-$400,000s to over $4 million. The building is one of three the developers are erecting near where the river meets Lake Michigan. They plan to start work on Cirrus and the 40-story, 503-unit “Cascade” apartment tower this summer. [Crain’s]

Lakshmi Capital launching Old Town rental project

Work is starting on a new apartment building in Old Town. Lakshmi Capital Management secured a foundation permit for a nine-story, 105-unit building at 1355 North Sedgwick Streets.

Some 20 percent of the units will be set aside as affordable in the transit-oriented development, which also will have ground-floor retail and a 25-spot parking garage. The building is going up across the street from the 254-unit “Old Town Residences” apartment project at 1400 North Orleans from Marc Realty Capital, Ruttenberg Gordon Investments and DDG. [Curbed]

KBS lands four tenants at River North office building

Four new tenants signed leases totaling 17,000 square feet in KBS Growth & Income REIT’s office building in River North. Meredith Corporation, Tiesta Tea Company, M1 Financial and Studio Brunstrum all joined roster at 213 West Institute Place. JLL’s Amy Berg represented Meredith, Bespoke Real Estate’s Victor Sanmiguel represented Tiesta Tea, Truss Real Estate’s Nicole Weldon represented M1 Financial, Transwestern’s June Simonian represented Studio Brunstrum and Ameritus’ Scott Sessa represented ownership in the leases. [Connect Media]

Core buys Deerfield office property from Blackstone

Core Acquisitions bought a Deerfield office building from Blackstone Group with plans to renovate it and lease it up. Chicago-based Core bought the 100,000-square-foot Ten Parkway North building for $6.8 million and financed the purchase with a $4.7 million loan. The 19-year-old building at 10 Parkway Boulevard North is fully leased by its original tenant, insurance company Markel, though the firm is moving out next year. [Crain’s]

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