Chicago Cheat Sheet: New alderman mulls fate of senior housing project…& more

Also, mayor names new head of city Housing Department

Chicago /
May.May 23, 2019 05:00 PM
The Ryan Companies proposal at 4720 West Irving Park Road with Alderman-elect James Gardiner (top) and Alderman John Arena (bottom)

The Ryan Companies proposal at 4720 West Irving Park Road with Alderman-elect James Gardiner (top) and Alderman John Arena (bottom)

New alderman still considering plans for senior housing project

New Northwest Side Alderman Jim Gardiner (45th) said he’s still considering the development of a large senior housing facility and Aldi at Six Corners. Ryan Companies and Clark Street Real Estate proposed the project. Aldermen delayed consideration of the project at the corner at Irving Park Road, Cicero and Milwaukee avenues last month in order to give Gardiner more time to review it after taking office. Among the aspects of the plan he wants to examine are its 10-story height and the cost for residents, which could range from $4,400 to $7,200 a month. [Block Club]

Mayor names new leader at Housing Department

Mayor Lori Lightfoot appointed Marisa Novara to lead the city’s Department of Housing. She was previously at the Metropolitan Planning Council. In that role, Novara oversaw a 2017 study that concluded racial and economic segregation costs the city an estimated $4.4 billion a year. Novara has argued for limiting the power of local aldermen to block projects in their wards that include affordable housing. She has also called for increasing rent subsidies in public housing vouchers. Lightfoot also named Eleanor Gorski to serve as acting commissioner of the Department of Planning and Development. Gorski previously served as deputy commissioner.[Curbed]

Gold Coast high-rise could be latest deconversion

Condo owners in a Gold Coast building are looking to sell their units in a bulk sale in what would be the latest Chicago deconversion. The board in the 163-unit building at 21 East Chestnut Street is looking to sell the 25-story building to an investor who would convert it back to rentals. More than 75 percent of ownership would have to approve a buyer’s offer in order for the deal to go through. [Crain’s]

Core in line for tax break for Des Plaines industrial complex

Des Plaines officials have endorsed a tax break for a Chicago developer that plans to build a large spec industrial complex. Core Acquisitions wants to demolish two buildings at 1600-1700 Sherwin Avenue and replace them with a 162,000-square-foot facility. The project would cost $12.5 million. Under the tax break approved by the village, the property tax assessments on the property would be reduced for 12 years. [Daily Herald]

Former home of Clinton election victory architect hits market in Lakeview

Real estate broker Jennifer Mills is cutting the asking price on a Lakeview House she owns that was once home to political strategist David Wilhelm. He managed Bill Clinton’s successful 1992 presidential campaign and later was chairman of the Democratic National Committee. The four-bedroom home, which he owned from 1994 to 1996, was listed in April for $1.4 million and is now asking $1.3 million. Mills, of Jameson Sotheby’s International Realty, bought the home out of foreclosure in November for $700,000. [Chicago Tribune]


Related Articles

arrow_forward_ios
Chicago Gold Coast mansion to be converted into four $2M+ condos
Chicago Gold Coast mansion to be converted into four $2M+ condos
Chicago Gold Coast mansion to be converted into four $2M+ condos
525-613 Roosevelt Road in Glen Ellyn
Suburban Chicago shopping center sold in potential sign of retail rebound
Suburban Chicago shopping center sold in potential sign of retail rebound
Chicago to invest $1B in affordable housing more than double the 2019 allocation
Chicago to invest $1B in affordable housing more than double the 2019 allocation
Chicago to invest $1B in affordable housing more than double the 2019 allocation
Kimpton Hotel Monaco at 225 North Wabash Avenue and Xenia Hotels & Resorts' Marcel Verbaas (Google Maps, Xenia)
Kimpton Chicago hotel to be sold for $20M less than appraised value eight years ago
Kimpton Chicago hotel to be sold for $20M less than appraised value eight years ago
Blackstone gets $690M financing for 44 industrial properties
Blackstone gets $690M financing for 44 industrial properties
Blackstone gets $690M financing for 44 industrial properties
Brookfield Properties buys two Chicago industrial buildings for $24.4M
Brookfield Properties buys two Chicago industrial buildings for $24.4M
Brookfield Properties buys two Chicago industrial buildings for $24.4M
Photo Illustration of construction materials on an airport runway (Getty)
British Airways files negligence suit against Chicago over O’Hare expansion
British Airways files negligence suit against Chicago over O’Hare expansion
AmTrust Realty to pump in $100M to spruce up Loop portfolio
AmTrust Realty to pump in $100M to spruce up Loop portfolio
AmTrust Realty to pump in $100M to spruce up Loop portfolio
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...