Tribune’s River West megadevelopment could house casino, neighbors to meet regarding TIF: Daily digest

A daily roundup of Chicago real estate news, deals and more for August 9, 2019

TRD CHICAGO /
Aug.August 09, 2019 05:00 PM

Every day, The Real Deal rounds up Chicago’s biggest real estate news. We update this page at 10 a.m. and 4 p.m. PT. Please send any tips or deals to [email protected]

This page was last updated at 5:00 p.m. CST

 

Famous Andersonville restaurant is selling leasehold. Popular LGBT-friendly restaurant Hamburger Mary’s has listed for sale its leasehold interest at its storefront at 5400 North Clark Street. Its owner said it is getting more expensive to do business in the booming North Side neighborhood, though it is promising to find a new location in Chicago. [Block Club]

 

Apartment landlords, condo board mulls marijuana laws. Illinois’ new recreational pot law allows for smoking on private residences but also allows condo boards and landlords to restrict weed smoking on their premises. A number of condo boards and some multifamily owners are considering whether to restrict marijuana smoking, although none have apparently banned the practice outright. [Chicago Tribune]

 

Logistics Property Company nabs loan for Bartlett warehouse. The Chicago-based developer’s rapid development pipeline is not letting up, especially after the firm secured a $19 million loan from Associated Bank for a 414,000-square-foot warehouse development. [Rejournals]

 

Brookfield unveils plan for office project atop Macy’s. The firm unveiled this week plans to redevelop the top six floors of the historic Macy’s building into 650,000 square feet of office space and a 10,000-square-foot rooftop deck. [TRD]

 

Secretary of the Department of Housing and Urban Development Ben Carson (Credit: Getty Images and iStock)

Rich people are going to get richer no matter what, HUD Secretary Ben Carson said. The frank words drew chuckles from investors at the Opportunity Zones Expo this morning. [TRD]

 

Kanye West’s LA-area affordable housing development was shut down.

Kanye West (Credit: Getty Images)

The rapper had begun working on several prototypes of his “Star Wars”-inspired affordable housing design, but the project was shut down by Calabasas officials. West had already built four structures on 300 acres he owns in the upscale community. [TRD]

Tribune Media’s River District project could be a potential casino site.

Tribune Media’s River District project could be a potential casino site.

Tribune’s river district megadevelopment could include a casino. The media company, which has its 30-acre printing press and warehouse in River West on the market, received interest from buyers eyeing it as a potential casino site. Tribune Media already received approval for a development to include 9 million square feet of commercial space and nearly 6,000 housing units. [Curbed]

 

Ex-alderman begins new career in real estate. Former Alderman Joe Moore used to helm the city’s Committee on Housing and Real Estate. But after being ousted in this year’s elections, Moore has taken a job to lead the municipal division of Palos Heights-based Dilberto Real Estate Services. [TRD]

 

Logistics Property Company planning yet another O’Hare area warehouse. Fresh off of buying a 15-acre site in Addison for a warehouse play, the local developer is working to acquire two-dozen homes near Elk Grove. Logistics Property Company is hoping to buy the homes to make way for an 188,000-square-foot light industrial building. [TRD]

 

Tax increment financing explained. The city-funded development tool has been criticized in Chicago for how it was used to assist megaprojects like Sterling Bay’s Lincoln Yards, which is in a wealthy area. The Wicker Park Committee will hold a public event on Sept. 10 where residents can learn how the tool works. [Block Club]

 

Stephen Ross’ empire extends beyond Equinox and SoulCycle. Personally and through companies included Related Companies, RSE and Vayner Media, the billionaire has invested in more than 30 businesses. Ross is already facing backlash after it was learned that he will host a fundraiser for President Trump at his Hamptons home. [TRD]

 

Zillow shares fell after its second-quarter earnings report. The listing giant’s shares fell 16 percent after changes to the way it serves ads alarmed investors. Zillow has shifted from conventional real estate ads to ads that target home-flipping. The company’s New York City listings platform, StreetEasy, caused caused two years ago when it released its Premier Agent ad program. [Bloomberg]


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