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Chicago Cheat Sheet: $92M Gold Coast deconversion hits roadblock…& more
Also, condos in the redeveloped Tribune Tower could list for list for $7M+
Gold Coast condo owners balk at $92M deconversion offer
ESG Kullen’s latest condo deconversion plan in the Gold Coast ran into a roadblock when it failed to win approval of 75 percent of building owners. The New York investment firm offered $92 million for the 309-unit high-rise and 2 East Oak Street, but that wasn’t good enough to meet the minimum threshold for a bulk sale required by Illinois law. The building’s condo board decided to extend voting for three weeks in hopes of getting more owners to vote for the deal. [Crain’s]
Trib Tower condos could be some of the priciest in Chicago
Condos in the redeveloped Tribune Tower could be priced for as much as $7 million, according to the project’s new website. CIM Group and Golub & Company are teaming up on the plan to convert the complex at 435 North Michigan Avenue into 163 condos, retail and more. Units will start in the $700,000 range for one-bedrooms, rising to up to 10 times that for four-bedrooms. The condo phase is part of a larger $1 billion overhaul of the former Tribune property that also evenutally could include a 96-story skyscraper. [Curbed]
Elk Grove Technology Park lands first tenant
A German manufacturer signed on to become the first tenant in Brennan Investment Group’s Elk Grove Technology Park. Broetje-Automation inked a long-term lease for 43,000 square feet in a 152,000-square-foot building in the complex. The site will serve as the firm’s U.S. headquarters and as a production facility for robotic systems and automated composite manufacturing equipment. Mike Sedjo, Jack Brennan and John Hamilton of CBRE represented Brennan, while Bill Lussow of Bespoke CRE represented Broetje-Automation. [REJournals]
Amped Kitchens lands key financing for first Chicago outpost
Los Angeles-based Amped Kitchens secured the final piece of funding for its redevelopment of a former Zenith factory on the Northwest Side. Amped secured a $4 million loan from JPMorgan Chase for the $25 million project, which will convert the 117,000-square-foot facility at 5801 West Dickens Avenue into dozens of kitchens, refrigeration, storage and distribution space for fledgling foot start-ups. [Crain’s]