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 tips@therealdeal.com.
Peppercorn Capital founder Phil Denny and the development site at 1217 W. Washington Boulevard (Credit: Google Maps)
Peppercorn Capital plans to pour the profits of a dev site sale to develop the Kinzie Industrial Corridor. The move, which hinges on the developer’s ability to sell the site for about $10 million, would provide big tax breaks as a federal opportunity zone incentivizing development in distressed areas. [TRD]
Hines began its teardown of former McDonald’s headquarters in Oak Brook yesterday to make room for its $500 million Oak Brook Commons development. Development on the restaurants, shops, and rentals will begin after the demolition ends in October. [TRD]
City Club Apartments is looking to build an apartment tower on an undeveloped site on Lake Shore Drive. One structure would rise 19 stories, with the other climbing just five stories. It’s unclear how many rental units and parking space they’re targeting for the Lakeview project. [Curbed]
The home at 1908 North Dayton Street (Credit: Redfin)
A Lincoln Park townhouse closed below asking price Tuesday, after two discounts and eight tries on the market. The reason for the struggle was unclear as a RE/MAX market report showed single-family Lincoln Park homes succeeding in the first quarter of 2019. [TRD]
Barrington McMansion sells above asking price for $1.91 million. The owners spent at least $200,000 renovating the five acre property after they bought it in a 2011 foreclosure sale for $1.1 million. [Chicago Tribune]
Mayor Lori Lightfoot (Credit: Getty Images)
On her 100th day in office, Mayor Lori Lightfoot said she would prioritize making affordable housing throughout the city more accessible. As part of her wide-ranging speech on her months in office, the mayor said her administration had already streamlined some application processes that made it easier for developers to start projects. [Curbed]
The first stage of the $500 million Oak Brook Commons mixed-use megadevelopment is taking shape with the demolition of McDonald’s Plaza. The eight-story building was the chain’s first office it built in Oak Brook. McDonald’s moved its headquarters to the West Loop last year. [Daily Herald]
The Northfield English manor-style home (Credit: Redfin)
An English manor-style mansion with smart technology is listing as a flip. Despite a slowing luxury market, the owner is trying to flip the 10,000-square-foot home for a $1 million profit. [TRD]
Real Term Assets wants to transform the former Continental Furniture buildings in Wicker Park into a mixed-use complex. The plan would include a retail component and luxury apartments. [Block Club]
A 48-unit Naperville apartment building closed for $4.6 million. The sale went to an unnamed buyer. Historically, the property on Ogden Avenue has seen little turnover, with units in high demand. [Rejournals]
Adam Neumann and a WeWork location in Detroit (Credit: Getty Images)
“I would rather have not seen”: WeWork landlords react to IPO filing. The release of WeWork’s regulatory filing this month has given some landlords cause for concern, while others say they took added precautions when signing a lease. [TRD]
Keller Williams’ New York CEO says a recession is on the horizon. Citing the inversion of the yield curve and declining manufacturing output, Keller Williams’ Mark Chin said in a recent interview that a recession was likely but it wouldn’t be anywhere near as devastating as the 2008 collapse. [Inman]
Epstein’s longtime lawyer, who advised him on real estate deals, is now under scrutiny. An attorney for Jeffrey Epstein and executor of his will, Darren Indyke, has hired a defense attorney in the wake of the financier’s death as his business dealings with Epstein come under greater scrutiny. An expert told the Wall Street Journal that any dealings between Epstein and Indyke that were absent of any legal advice might not be protected by attorney-client privilege. [WSJ]
Amazon’s shipping empire putting pressure on UPS and FedEx. Since 2013, Amazon has expanded its fulfillment, sorting and other delivery facilities from 65 to about 400 — strengthening its delivery network and repositioning the retail giant’s relationship with delivery companies from that of a customer to that of a rival. [WSJ]