O’Hare condo complex could be next big deconversion, city orders Fulton Market traffic study: Daily digest

A daily round up of Chicago real estate news, deals and more for August 26, 2019

TRD CHICAGO /
Aug.August 26, 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 5 p.m. CST. Please send any tips or deals to [email protected].

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

 

O’Hare area condo complex is a deconversion target. The board of the 427-unit Terrace of Elk Grove Village is seeking as much as $60 million from investors looking to deconvert it into apartments. RDM Development bought the complex for $36 million in 2005 before converting it from rentals into condos, but many of the units were bought by investors in the market crash. [Crain’s]

 
Fulton Market (Credit: iStock)

Fulton Market (Credit: iStock)

City hires consultant for Fulton Market traffic study. Consulting firm AECOM will look to determine how Fulton Market’s development boom has affected congestion in the area. The study is needed to properly vet future development proposals and their impact on the growing problem, officials said. [Sun-Times]

 

Bridge Development starts work on massive O’Hare warehouse project. The firm has broken ground on its three-building, 741,000-square-foot industrial project set to be delivered in 2020. Three warehouses will come online as part of the development located in what is the hottest industrial submarket. [Rejournals]

 

Major suburban office tower renovation planned. Chicago-based GlenStar and Philadelphia-based Rubenstein Partners will embark on a $15 million upgrade to its Continental Towers, a three-tower office complex in Rolling Meadows. The project, which builds on earlier renovations, will include a new outdoor plaza, renovated cafe and amenity center, and new lobbies. [GlobeSt]

 
Last week’s top sales in Chicago included units in 4 East Elm, the Hayden West Loop and the Trump Tower (Credit: Redfin, Highrises)

Last week’s top sales in Chicago included units in 4 East Elm, the Hayden West Loop and the Trump Tower (Credit: Redfin, Highrises)

Downtown condos new and old propel luxury market. Last week’s top five most expensive home sales were entirely comprised of Downtown condos. The list included a mix of new construction towers, like Belgravia Group’s Renelle on the River, and old buildings, including Trump Tower. [TRD]

 

Trump’s name might be downplayed at the Trump International Hotel and Tower. The Trump Organization is considering giving top billing at the property to its Manhattan address of One Central Park West, while the Trumps would keep managing the property and keep the family name on signs for the property. The proposal is meant to head off demands from some owners to get rid of the Trump branding in its entirety. [NYT]

 
 
This Glencoe home sold it late July for nearly $10 million.

This Glencoe home sold it late July for nearly $10 million.

Glencoe mansion sells for nearly $10 million. It was the second priciest home sale of the year behind an $11.3 million purchase at No. 9 Walton condo. The Glencoe property comes with 240 feet of Lake Michigan shoreline and was built in 2013. [Crain’s]

 

Sterling Bay’s Lincoln Yards barely qualified for TIF assistance. Former Mayor Rahm Emanuel’s hurried push for a record $1.3 billion tax increment financing subsidy for the Lincoln Yards megadevelopment was likely for a reason. That’s because a looming property assessment for the development site would have increased the land’s value, removing one of the classifications for being a “blighted” property needed to receive TIF dollars. [Chicago Tribune]

 

Hospital and movie studio competing to buy major West Side CPS facility. Saint Anthony Hospital and Cinespace are vying to buy an 11-acre site on the West Side owned by Chicago Public Schools. The hospital would use the land as part of a bigger $600 million mixed use development, while Cinespace plans to include the land in its efforts to build five new sound stages. [Block Club]

 

Ed Burke losses partner status at law firm. The indicted alderman has withdrawn his partnership at his law firm Klafter & Burke, where he handled property tax appeal work for influential businesses and landlords. The move comes as Burke faces federal charges of trying to intimidate businesses into hiring his law firm. [AP]

 

Glen Ellyn condo complex to be deconverted. It isn’t just Downtown condo building getting into the deconversion craze. An investor has paid $18.5 million for a 180-unit condo complex in Glen Ellyn, with plans to turn the units into rentals. [Connect Media]

 

IWG wants to launch a new company that will challenge WeWork. Shared-office-space provider IWG’s chief executive Mark Dixon is planning to spin off part of the company into a separate business that would be publicly traded in the U.S., and compete with WeWork. The plan is still in its early stages, but Dixon believes such a company could be worth about $3.7 billion, and the firm will only hire bankers if they do not have a role in the We Company’s Initial Public Offering. [Sky News]

 

Another factor in gentrification? Trendy grocery stores, a new report says. There is a fairly strong correlation between home prices and the location of grocery stores like Trader Joe’s and Whole Foods, Yahoo News reported, citing a study from Zillow and ATTOM Data Solutions. People selling a home near a Trader Joe’s saw a 51 percent average return on investment, while those selling a home near a Whole Foods saw an increase of 41 percent. Houses near the two chains start to appreciate faster once the stores move in and do so twice as quickly as an average home in the United States. [Yahoo News]

 

Stephen Ross thinks a housing slowdown is coming. Ross made his comments during an interview with Yahoo Finance, saying that the real estate industry is “certainly not starting something fresh. You know, we’re at a point now where I think there will be a slowdown because it has to happen.” [Yahoo Finance]

 

Compiled by Joe Ward


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