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.
Wicker Park neighbors not keen on church redevelopment proposal. JAB Real Estate’s plan to redevelop St. Paul’s Church into 19 apartments is considered by area neighbors to be too dense. The property is currently zoned to house eight units, but the redevelopment would not be financially feasible with only eight apartments, according to JAB. [Block Club]
Warehouse vacancy rate jumps. Turns out Chicago’s industrial sector is capable of producing bad news, as vacancy for spaces over 200,000 square feet rose 9 basis points to 8.62 percent in the second quarter. That’s mostly due to the completion of seven new developments, totaling 3.4 million square feet. [Rejournals]
Housing advocates speak out against HUD proposal. The Homewood-based South Suburban Housing Center said changes proposed by the Department of Housing and Urban Development would weaken discrimination protections for renters. HUD has proposed changes to the “disparate act,” which forbids any policy that does not have an other legitimate, non-discriminatory business need. [Daily Southtown]
Retail suffered losses ahead of the coming tariffs on Chinese goods. Big retailers’ second quarterly earnings reports highlight new strategies to stay afloat amid e-commerce and the war on brick and mortar. [TRD]
Billionaire David Koch died at 79 on Friday. He was the 11th richest person in the world, and among his real estate deals in New York City was the former home of Jacqueline Kennedy Onassis, which he bought in the 1990s for $9.5 million and sold in 2006 for $32 million. [TRD]
The Related Companies’ Stephen Ross resigned from the National Football League’s social justice committee this week. The developer cited Trump’s remarks calling protests against police violence started by Colin Kaepernick in 2016 “unpatriotic.” The Hudson Yards developer received significant pushback for hosting a Trump fundraiser earlier this month. [Yahoo]
Meet WeWork’s board of directors. The company revealed the identity of the directors ahead of their parent the We Company’s anticipated public offering. TRD rounded up what you need to know about all six members. [TRD]
Marquette Companies gets more pushback from latest design for Fulton Market. After its initial plan to bring three buildings totaling 512 apartments to the west end of Fulton Market was nixed by city officials, Marquette Companies has unveiled a new plan. But this one isn’t sitting well with some either. The project calls for construction of a 21-story building and a 10-story building totaling 495 apartments. Neighbors and officials say its density may be a problem. [Block Club]
Chicago has the fourth most active office construction market. The city tied with Los Angeles for the fourth most active new construction office market in the country, trailing New York, Washington, D.C., and Dallas. Of Chicago’s 7.4 million square feet of new office development, 48 percent is preleased. [GlobeSt]
Massive suburban estate hits market. A property attorney and land conservation’s 25-acre estate in Woodstock is asking for $749,000. Its owner was the first private landlord to place a conservation easement on the property, meaning its new owners cannot subdivide the land. [Crain’s]
Waukegan casino competition heating up. Churchill Downs and Rush Street Gaming, which own the Des Plaines casino, are bidding to operate a new Waukegan casino. They are among the six firms seeking the business that was allowed under Illinois’ recent gambling expansion. [Crain’s]
Lincoln Commons development announces retail tenants. The redevelopment of the former Children’s Hospital in Lincoln Park will include retail tenants Dearborn Denim & Apparel, Blowout Junkie, Pharmaca and Verve Wine. Hines and McCaffery’s Lincoln Commons project will include 100,000 square feet of retail, 538 apartments, 40 condos, a five-story office building and a senior living center. [REBOnline]
Industrialist and billionaire David Koch dies at 79. Koch, who backed conservative politics, had a net worth of $50.5 billion, and donated more than $1.3 billion to charity. Most recently, he dropped more than $40 million on a Manhattan townhouse and also had homes in Aspen, Palm Beach and Southampton. [TRD]
Compiled by Joe Ward