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Chicago Cheat Sheet: Wood Partners looking to sell South Loop rental tower…& more
Also, big ideas emerge for redevelopment of long-vacant Guyon Hotel on the West Side
South Loop apartments hit market
Wood Partners is looking to sell a 496-unit rental tower in the South Loop. The Atlanta-based firm hired Chicago brokerage Moran to market the 34-story Alta Roosevelt at 801 South Financial Place. The building, which is listed without an asking price, is 98 percent leased. [Crain’s]
Dream makeover proposed for Guyon Hotel
A redeveloped Guyon Hotel in West Garfield Park would include a jazz museum, radio station, music school, neighborhood cafe, and performance and events spaces if the winning proposal in a recent design competition becomes reality. Chicago architecture firm CallisonRTKL and nonprofit Preservation Chicago launched the competition to help spur redevelopment of the long-vacant 92-year-old building. But advocates said the effort to revive the building faces a $10 million funding shortfall. [Curbed]
CTL Global leasing big Elmhurst industrial building
A Chicago-based logistics and fulfillment company inked a lease for a big distribution facility in Elmhurst. CTL Global is renting the 248,000-square-foot building at 1000 North County Line Road owned by Black Creek Group, adding to its locations in Northlake, Bensenville and Elk Grove Village. Colliers represented Black Creek Group in the lease, while Cresa represented CTL. [REJournals]
Suburban hotel owner fined for code violations
The owner of a closed Rolling Meadows hotel has been fined for code violations in the building. Sam Patel of Woodfield Hotels LLC was cited 43 times for a range of violations associated with a $9 million renovation of the Holiday Inn at 3405 Algonquin Road, including letting workers stay in the hotel while it’s under construction. Patel’s lawyer said the code violations have been remedied. [Daily Herald]
Brown & Joseph signs Itasca office lease
An accounts receivable firm inked a 23,000-square-foot lease in the One Pierce Place office complex in Itasca. Brown & Joseph was represented in the lease negotiations by CBRE, while building owner Hamilton Partners’ Patrick McKillen represented his firm. [REJournals]