City to redevelop land near 95th Red Line Station, Chicago’s slumping housing market gets slight reprieve: Daily digest

A daily round up of Chicago real estate news, deals and more for August 22, 2019

TRD CHICAGO /
Aug.August 22, 2019 04:00 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 4 p.m. CST.

 

City’s 95th Street Red Line rebuild leaves development opportunity. As part of the $280 million rebuilding of the 95th Street station, the city bought eight vacant parcels along State Street north of 95th Street. The parcels weren’t needed, so now the city is embarking on a process to see what neighbors wants developed on the land. [Curbed

 
Home sales in the Chicago-are grew by 0.2 percent in July

Home sales in the Chicago-are grew by 0.2 percent in July

Chicago’s slumping housing market gets slight reprieve in July. Last month was the year’s best so far, with home sales increasing year over year, though only by a small fraction. Every other month this year has seen declining sales on an annual basis, with June being the worst of them all. [TRD

 

Colliers will manage L.A. landlord’s new Chicago trophy building. Stanton Road Capital has tapped Colliers International Chicago to manage it’s newly acquired 200 South Michigan Avenue. The Los Angeles firm in July paid $34 million for the 22-story building. [Rejournals

 

Rosemont mall finds alternative use for storefront. The Fashion Outlets of Chicago in Rosemont will soon unveil a Tapville Social self-service bar, as mall operators continue to find adaptive reuses for spaces in the e-commerce age. [Daily Herald

 

WeWork sets its sights on St. Louis. After coming to dominate the Chicago co-working market, WeWork has now signed its first lease in St. Louis, taking 60,000 square feet in a Downtown tower. The company, which is seeking to go public, has surpassed 1 million square feet of signed leases in Chicago, by far the biggest footprint of any co-working operator. [Rebusinessonline

 

The Obamas may soon be neighbors with the Kennedy family — in Martha’s Vineyard. Barack and Michelle Obama have reportedly made an offer on a 6,900-square-foot, seven-bedroom pad they’ve been renting for the summer. While the price of the offer wasn’t immediately clear, the 29-acre beachfront estate is asking $14.85 million. [TMZ]

 

WeWork rival Industrious had raised $80 million. The flexible-office-space firm’s Series D funding round brings its total funding to more than $220 million, and puts pressure on rival WeWork ahead of its initial public offering. Industrious adopted a new business model last year, which has seen it move away from traditional leases and into partnerships with landlords and building owners. CEO Jamie Hodari said relying on management contracts was “more sustainable, thoughtful and less risky,” and said he intended to phase out existing leases. The position is at odds with rival WeWork, which has $47 billion in lease commitments over the next 15 years. [Bloomberg]

 
Jeff Shapack and 1152 West Carroll Avenue (Credit: Google Maps)

Jeff Shapack and 1152 West Carroll Avenue (Credit: Google Maps)

A Fulton Market mainstay plans another project. One the neighborhood’s busiest developers and earliest adopters, Jeff Shapack — through his Shapack Partners — has paid AT&T $11.3 million for its West Loop facility. Plans for the property have not been announced, but it is located near Google’s Midwest headquarters, and where other developers like Sterling Bay are planning office complexes. [Crain’s]

 

Former Bulls coach takes another loss, this time in real estate. Former Bulls player and head coach Fred Hoiberg and his wife, Carol, sold their sprawling Burr Ridge mansion for $3.6 million this week. That’s less than the $3.9 million the couple paid for it in 2015, mirroring larger trends for the suburban luxury market. [Chicago Tribune]

 

Pritzker signs law protecting immigrant renters. The governor on Wednesday signed the Immigrant Tenant Protect Act, which prevents landlords from evicting or retaliating against a tenant because of their immigration status. Illinois is the second state with such a law, after California signed one in 2017. [Curbed]

 

Clean energy powered affordable housing startup launches in Chicago. Two entrepreneurs have launched 548 Capital, which will invest in affordable housing units that the company will retrofit with energy efficient systems. The firm will seek to invest in gentrifying neighborhoods to help residents avoid getting displaced. [Energy News]

 

LaSalle Investment Management poaches former CBRE exec. The locally based firm has hired Stuart Sziklas to be LaSalle’s new head of U.S. custom accounts. Sziklas will relocate from Boston, where he recently served as a senior managing director for CBRE Global Investors. [Rejournals]

 

Toll Brothers covets wealthy millennials amid down Q3 results. The luxury homebuilder, which sustained a 25 percent drop in net income from the previous year, according to its latest earnings, is developing lower-priced properties in an effort to reach higher-earning millennials. [TRD]

 

A former Trump construction worker says he was “treated like a slave.” An undocumented Ecuadorian immigrant who formerly worked for Trump’s construction company has filed a federal claim against the company, alleging it witheld thousands of dollars in overtime pay and benefits — and made him feel “like a slave.” [NYDN]

 

Compiled by Joe Ward


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