Riverside Investment eyes big lease for planned Loop tower, Arlington Park racetrack could be primed for redevelopment: Daily digest

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.

Law firm nears deal for 100,000 square feet at Riverside Investment & Development’s planned Loop tower. Chapman & Cutler is reportedly nearing a lease deal for the space at the project, set for 310 S. Canal St. [Crain’s]

Churchill Downs Inc. CEO William C. Carstanjen and Arlington Park racetrack

Churchill Downs Inc. will not apply for a casino license for Arlington Park. That decision has caused some to speculate the 323-acre property could be up for redevelopment. The horse track’s future is unclear as Churchill Downs only promises to keep it open until 2021. The owners, which also own Rivers Casino, blames the decision on higher taxes. [TRD]

A recently-gutted East Village multifamily building sold for $1.3 million after fielding multiple offers. The first floor unit, with 14-foot ceilings, has been converted from a bar to a residential development. The four-unit building is the second of two large sales announced brokered by SVN Chicago Commercial. [ReJournals]

Illinois has awarded $3 million in tax credits to the massive rehab and redevelopment at Cook County’s Hospital Administration Building. The award is part of a program that encourages historic preservation. The $1 billion project will restore the building’s facade and make way for hotels, retail, and apartments by 2020. [Curbed]

The former CEO of Hershey has listed his 16th-floor Palmolive Building condo for $2.85 million. Richard Lenny and his wife, Susan, purchased the three-bedroom unit in 2014 for about $50,000 less than their asking price. [Crain’s]

Ring CEO Jamie Siminoff (Credit: Ring)

Ring, Amazon’s smart home doorbell, has gotten the attention of police. Suburban police departments in Naperville, Aurora, Elgin, Palos Heights, Skokie, Lincolnwood, and Hammond police departments have partnered with Amazon for use of the private video devices. But police will not be allowed to monitor neighborhoods indiscriminately, said Ring officials. [Chicago Tribune]

The historic “Boolookas Building,” a 1943 mixed-use building on Chicago’s Northwest Side, sold for $2.4 million. The 20,000-square-foot, 14-unit building includes a mix of new- and long-term tenants and is home to Artel Jewelers. [Connect Media]

A Victorian Park condo building sold for 1.5 million. The 16-unit Streamwood property’s sale was brokered by 33 Realty. [ReJournals]

Opportunity Zones could boost investor returns by 70 percent. In an analysis of projects from the Far West Side of Manhattan to New Orleans and Houston, the New York Times found that investors taking advantage of the Opportunity Zone program have been focusing on the 7 percent of zones that already have above-average household incomes. And many of the projects that will benefit from the tax break were underway before the Legislation was enacted. [NYT]

Gary Keller (Courtesy of Keller Williams)

Keller Williams is recommending agents charge nothing for clients selling on Offerpad. Instead, agents will receive a 1 percent fee from the instant buyer, and potentially another 1 percent commission for listing the property. The arrangement — which Keller Williams emphasizes is just a recommendation — comes as part of the brokerage’s new partnership with Offerpad. [Inman]