Chicago Cheat Sheet: Lifespace in the midst of $180M redevelopment in Downers Grove… & more

Also, good news for Downtown office landlords in latest Q1 report
By John O'Brien | April 25, 2019 05:00PM

Lifespace’s Larry Smith and an Oak Trace rendering

Redevelopment of senior housing complex underway in Downers Grove

Lifespace is tackling a $180 million redevelopment of a senior housing complex in Downers Grove. The Iowa-based firm is opening a new $79 million facility, the first phase of the project on a 44-acre Oak Trace site near Fairview Avenue and 66th Street. The 217,000-square-foot building features 66 assisted living apartments, 28 memory care units and 102 skilled nursing suites. The second phase will feature 150 apartments in a new independent living building while plans for a third phase are still undecided. [Daily Herald]

Leasing activity up Downtown as vacancies dip

The Downtown office market saw nearly 460,000 square feet of leasing activity in the first quarter, the most since the third quarter of 2016. A new report from CBRE said the overall vacancy rate ticked down from the fourth quarter of 2018 — from 12.3 percent to 12 percent. Average asking rents Downtown, meanwhile, rose to more than $40 per square foot. [Chicago Sun-Times]

Logistics firm signs Romeoville industrial lease

Xpedient Management Group leased a 22,000-square-foot industrial space in Romeoville. The third-party-logistics provider inked the deal in Lakeview Realty Investors’ property at 101 Paragon Drive. Terry Grapenthin, Jeff Galante and Ryan Earley of Lee & Associates represented the owner, while Traci Payette and Stephanie Park of CBRE represented Xpedient. [REJournals]

Logan Square luxury apartment complex lands first retailer

Savoy Development inked the first retail tenant in its NoCa Blu luxury apartment building in Logan Square. South Loop Market is taking first floor space at 2342-48 North California Avenue. The store will offer a variety of grab-and-go options, craft wine, beer and liquor, and more. [Block Club]

Noah Properties secures loan to build Roselle Apartments

Knighthead Funding issued a $14.4 million construction loan to Noah Properties for its planned rental community in Roselle. Chicago-based Noah’s Roselle Apartments will feature 72 townhomes in six buildings at 22W456 Irving Park Road. [REJournals]