Third Millennium puts massive office tower on the block, Chicago housing department hires gentrification expert: Daily digest

A daily round up of Chicago real estate news, deals and more for August 28, 2019

Chicago /
Aug.August 28, 2019 05:00 PM

Each day, The Real Deal rounds up Chicago’s biggest real estate news. We update this page in real time, starting at 10 a.m. Please send any tips or deals to [email protected]

This page was last updated at 5 p.m.

 

Third Millennium Group has hired JLL to sell its 300 South Riverside Plaza offices. Sell-price estimates for the 1.1 million-square-foot West Loop office building range from $220 million to $280 million. [Crain’s]

 

Former Chicago Bulls coach Fred Hoiberg sold his Burr Ridge mansion at a loss for $3.55 million. He bought the six-bedroom home for $3.895 million in 2015. [Chicago Tribune]

 

Cubs GM Jed Hoyer traded up, selling his Lincoln Park home for $2.44 million. He recently purchased a $3.09 million mansion in North Side Ravenswood on June 25. [Chicago Tribune]

 

The Chicago Department of Housing hired Daniel Kay Hertz as its new policy director. Known for his book on Lincoln Park gentrification, Hertz will begin the position in September. [Curbed]

 

Investors will spend an additional $15 million to give Continental Towers a lawn, a lounge, grilling areas, a fire pit, and other amenities. GlenStar and Rubenstein already spent $30 million on a new garage and fitness center at their Rolling Meadows office building. [Rebusiness Online]

 

Chicago’s rental boom has meant big business for general contractors. The top five general contractors were approved to build 3.7 million square feet of residential development in a year. Power Construction alone built 2.1 million square feet. [TRD]

 
Gov. J.B. Pritzker and the Thompson Center (Credit: Getty Images and Wikipedia)

Gov. J.B. Pritzker and the Thompson Center (Credit: Getty Images and Wikipedia)

The 1.2 million-square-foot state-owned Thompson Center may be close to a sale. In April, Gov. J.B. Pritzker put the Helmut Jahn-designed state office building at 100 West Randolph Street on the block. This week, the state announced it had released a request for proposal “for an array of technical and project management expertise for the disposition of the JRTC at the best value to the State of Illinois.” [Crain’s]

 

The Northwest Side is poised for residential construction. Local developer Noah Properties wants to build 52 three-story townhomes in the Belmont Gardens and Kilbourn Park communities. The six- to nine-unit residences would rise at 4200-58 West Belmont Avenue, 3202 North Kildare Avenue and 4157 West Melrose Street. They would include a total of 119 parking spaces. [Block Club]

 

University of Chicago will transform a 1920s building into student wellness center. The 30,000-square-foot gothic-style building on the Hyde Park campus is being designed by local firm Wight & Company. When completed next fall, the building will bring student health, counseling, and wellness resources together. [Curbed]

 

A 43,000-square-foot grocery store will rise in Schaumburg, but details are scarce. While the development was approved this week, village officials are not divulging the store’s name or business attached to it, citing competitive concerns and design details. The name, however, may be revealed as early as next month. [Daily Herald]

 

A home mortgage refinance boom has been cut short after rates rose.The average contract interest rate for a 30-year fixed rate mortgage jumped to 3.94 percent, up from 3.90 last week. As a result, refinancing applications fell 8 percent, and mortgage applications to buy a home dropped 4 percent. [CNBC]

 

Blackstone CEO Stephen Schwarzman and Stuyvesant Town (Credit: Getty Images and Wikipedia)

Blackstone Group is currently warehousing some units at the enormous Stuyvesant Town and Peter Cooper Village apartment complexes in Manhattan. The landlord has between 20 and 50 units empty following the introduction of New York state rent laws which will impact the landlord’s ability to raise rents through renovations. Blackstone previously announced it would temporarily halt renovations (with the exception of emergency issues such as leaks and hot water service) at the site. [TRD]


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