Chicago Cheat Sheet: Hines’ $500M Oak Brook development hits roadblock…& more

Also, Host Hotels looking to shed 2 remaining suburban properties

May.May 16, 2019 05:15 PM
Hines’ Greg Van Schaack and a rendering of the Oak Brook Commons project (Credit: Hines)

Hines’ Greg Van Schaack and a rendering of the Oak Brook Commons project (Credit: Hines)

Oak Brook officials hit pause on major redevelopment

Oak Brook officials sidetracked plans for a $500 million project on the former McDonald’s Plaza site over concerns that some of its apartments would be too small. The village board was to take up Hines Interests’ planned Oak Brook Commons near 22nd Street and Spring Road on Tuesday, but instead postponed a vote until at least May 28. Residents have objected to the project’s proposed 250 rental units, including some that could be as small as 675 square feet. Hines also is proposing 104 condos, a 252-room hotel, three restaurants, offices, retail and park space on the nearly 18-acre site. [The Doings] 

Host Hotels checking out of suburban Chicago market

Host Hotels & Resorts is looking to sell two Marriott Suites properties in the suburbs. The REIT is seeking $325 million for a six-hotel portfolio including the 256-key Chicago Marriott Suites O’Hare in Rosemont and the 254-key Chicago Marriott Suites Downers Grove. The other hotels are in Arizona, Georgia and California. The Rosemont and Downers Grover properties are the only two suburban hotels in Host’s six-property Chicago-area portfolio. [Crain’s]

Apartment project planned for Garfield Park

A nonprofit has been chosen to lead a project to redevelop a 1.5-acre vacant parcel in Garfield Park. The Garfield Green project was named a winner in C40’s global Reinventing Cities competition. The $22.3 million project will have 77 apartments, including 32 affordable units, 31 co-op units and 14 market-rate units. [Curbed]

Mundelein green lights senior living complex

Carriage Crossing Senior Living plans to build a new facility in north suburban Mundelein. Village officials have approved the company’s plans for a three-story building with 94 residential units on 7.5 acres near Midlothian Road and Courtland Street. Sixteen of the units will be for memory care. Construction is expected to start late next month and take about a year. [Mundelein Review]

Bickerdike’s Logan Square affordable project earns alderman’s approval

Bickerdike Redevelopment Corporation’s plan for a 100 percent affordable housing project in Logan Square is advancing after Alderman Carlos Ramirez-Rosa (35th) endorsed it. The nonprofit developer is planning a seven-story building at 2638 North Emmett Street with 100 units over ground-floor retail. Construction could start in January and finish in 2021. [Curbed]

Barnes & Noble downsizing in Schaumburg

The Barnes & Noble bookstore in Schaumburg is moving to a smaller location. The store will move from a 23,000-square-foot space at the Woodfield Plaza Shopping Center at 590 East Golf Road to a 14,000-square-foot storefront in the Woodfield Village Green Shopping Center at 1470B East Golf Road. The new, smaller location is closer to Woodfield Mall. [Daily Herald]

Related Articles

From left: Jim Loewenberg, David Carlins and Joel Carlins

Keeping it in the family: Magellan co-founder’s son becomes CEO

Kyle Glascott and the Green Dolphin nightclub

Glascott Realty picks up troubled site near Lincoln Yards for $4.7M

Elston Avenue retail complex and Baker Development President Warren Baker (Credit: Google Maps)

Baker Development lands $70M refi on Kohl’s-anchored retail complex

Stockbridge Real Estate CEO Stephen Pilch

Stockbridge Capital makes big bet in suburban industrial stronghold

One Lincoln Centre and Balfour Pacific CEO Mark Scott (Credit: Google Maps, iStock)

Blackstone unloads large office complex at slight discount

905 West Fulton Market and DineAmic founders David Rekhson and Lucas Stoioff (Credit: Thor Equities)

Prime & Provisions owner inks lease for new restaurant in Fulton Market

Thor Equities CEO Joe Sitt and a rendering of 800 West Fulton Market (Credit: SOM)

Thor Equities lands $144M construction loan for new tower

Flexport CEO Ryan Petersen and 333 N. Green Street (Credit: Getty Images, Sterling Bay)

Sterling Bay inks tech firm to latest lease at Fulton Market HQ