Chicago may ban developers from “harassing” homeowners, the son of convicted developer Tony Rezco proposes a hotel: Daily Digest

A daily round up of Chicago real estate news, deals and more for September 17, 2019.

TRD CHICAGO /
Sep.September 17, 2019 04:00 PM

Every day, The Real Deal rounds up Chicago’s biggest real estate news, from breaking news and scoops to announcements and deals. We update this page throughout the day, starting at 10 a.m. Please send any tips or deals to [email protected]

 

Chicago is considering an ordinance that would prevent developers from contacting homeowners for 180 days after declining to sell. The legislation is aimed to protect homeowners in gentrification zones from harassment. The City Council will consider the measure tomorrow. [Crain’s]

 

KR Developments has proposed a 24-story hotel with 216 keys at 808 N. Cleveland Ave. KR Developments’ vice president of operations is Daniel Rezko, son of convicted developer Antoin “Tony” Rezco. The hotel proposal comes amidst a burst of hotel development downtown. [Crain’s]

 

Cboe Global Markets will move its headquarters to the Old Post Office. The 15-year lease provides 185,00-square-feet at 433 W. Van Buren St. The move will make room in the CBOT building for the The Chicago Board Options Exchange trading floor. [Crain’s]

 
Clockwise from left: 900 West Washington Blvd, 1939 North Howe Street, 2550 North Lakeview Avenue and 2753 North Hampden Court (Credit: Taris Real Estate, Realtor)

Clockwise from left: 900 West Washington Blvd, 1939 North Howe Street, 2550 North Lakeview Avenue and 2753 North Hampden Court (Credit: Taris Real Estate, Realtor)

A Lincoln Park mansion ranked second priciest closed sale last week, but the deal might be tough to swallow for the seller. The expansive property sold at a $3.7 million discount after four re-listings and three years on the market. New construction properties fared better in this week’s top five sales. [TRD]

 

Oak Brook’s Krusinski Construction Company broke ground on the 138,000-square-foot headquarters for Yamazen Inc. in Elk Grove village. The two-story building at 111 NW Point Blvd. will house the Japanese machinery company beginning in 2020. [ReBusiness]

 

A Chicago developer has pitched an Airbnb-like five-story boutique hotel for 61 W. Erie Street. The proposal comes after LG Development’s stalled 12-story River North condominium project. The new 29-unit hotel would be operated by Sonder, a platform similar to Airbnb with apartment-style suites and retail space. Alderman Hopkins blocked a boutique hotel downtown last week. [Curbed]

 

Park Ridge’s Polo Masonry Builders, Inc. must pay more than $250,000 in fines for repeated safety hazards. Chicago job sites were deemed risky for falls, impalement, and injury. The Occupational Safety and Health Administration has issued the company 13 citations since 2010. [Sun-Times]

 

D.R. Horton Inc., a Texas-based construction company, has proposed a 260-unit row house development in the former 322-acre Motorola Solutions campus in Schaumburg. The main developer, Chicago’s UrbanStreet, will consider whether to add the 20-acre plan to the 225-acre Veridian development, which will include a Topgolf venue and the Bolar Company’s new global headquarters. [Daily Herald]

 

TransNational Payments signed a 26,000-square-foot lease at Pointe O’Hare in Rosemont after subleasing at the 11-story office building for several years. Colliers International represented the credit card processing company in industrial lease near I-90, I-294 and the O’Hare International Airport. [ReJournals]

 

In a Chicago first, Brinshore Development will use polycarbonate curtain wall panels for KLEO Art Residences, a 58-unit mixed-income apartment building. The two-toned translucent panels are meant to give the building a sleek look. Developers hope the building will help catalyze retail and mixed-use development in the Garfield Boulevard arts corridor. [Connect Chicago]

 

The trade war could put a damper on the industrial real estate boom. Net industrial leasing activity for the next two years will be less than the past two years, according to a new report from trade group NAIOP. Trade and manufacturing activity has been impacted by new tariffs, but demand for last-mile logistics facilities has stayed strong thanks to the spread of e-commerce. [WSJ]

 

Colony Capital is going all in on tech-centric real estate. Trump pal Tom Barrack’s firm is set to sell up to 90 percent of its $20 billion commercial real estate portfolio by the end of 2021, using the proceeds to buy data centers, mobile phone towers and fiber, and to expand its digital real-estate investment management business. “I’m terrified by legacy assets,” Barrack recently told investors. [WSJ]

 

Compass is now offering A.I.-driven property search tools. The batch of newly-launched tools was first revealed by CEO Robert Reffkin on Monday during an appearance on CNBC, and will use users’ search and viewing history to recommend listings. The SoftBank-backed firm now says an IPO is “likely,” rather than just “possible” as was the case a few years ago. [Inman]


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