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Chicago Cheat Sheet: Handler adds to rental empire with St. Charles complex…& more
Also, former Algonquin furniture store could become 24-hour fitness center
TLC’s Handler picks up more suburban rentals
Apartment landlord Stuart Handler bought a 250-unit rental townhome development in St. Charles for $71 million. The CEO of Chicago-based TLC Management bought the year-old Prairie Winds of St. Charles at Randall Road and Lincoln Highway from Big Rock-based Executive Capital. The complex is fully leased. Handler now owns more than 5,200 Chicago-area units. HFF arranged the sale. [Crain’s]
Hubbard Street plans 24-hour gym in old Dania Furniture
A long-vacant furniture store in the Algonquin Galleria shopping center could be repurposed as a gym. Developer Hubbard Street Group wants to convert the 40,000-square-foot building at 1621 South Randall Road into a location for California-based 24 Hour Fitness. The building housed a Dania Furniture until it closed several years ago. Provided it secures village approvals, the gym would open next year. [Daily Herald]
Former Bear Brandon Marshall’s condo sells for nearly 20% less than he paid
Former Chicago Bear Brandon Marshall took a loss on his condo in a historic Michigan Avenue building. Marshall was playing for the Bears in 2014 when he bought the four-bedroom condo in 6 North Michigan Avenue for $3.9 million, and he sold it this week for $3.2 million. The Bears traded Marshall to the New York Jets in 2015, and he put the 6,400-square-foot condo on the market in 2017 for $5 million. Phil Skowron of @properties had the listing. [Crain’s]
The Paragon apartments debut in South Loop
CIM Group and Murphy Development Group opened their 500-unit South Loop apartment tower to its first renters. The first 25 floors of The Paragon at 1326 South Michigan Avenue are open, and the remaining 22 floors are expected to be ready in August. The Paragon was designed by Solomon Cordwell Buenz and built by Walsh Construction. Bozzuto will manage the property. [REJournals]
Inspector general calls on Lightfoot to reform TIFs
The city’s watchdog issued an audit calling on new Mayor Lori Lightfoot to implement tax increment financing reforms promised by her predecessor. Inspector General Joe Ferguson concluded key recommendations from Rahm Emanuel’s 2011 TIF reform panel were never fully implemented. Among the criticisms in the audit are that the city fails to provide “thorough justifications to support the conclusion that private development would not occur without TIF funding.” [Chicago Sun-Times]