Chicago ups deconversion requirements, New York developer makes downtown condo play: Daily digest

A daily round up of Chicago real estate news, deals and more for September 19, 2019.

TRD CHICAGO /
Sep.September 19, 2019 10:00 AM

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]

 

City Council upped the deconversion approval threshold to 85 percent yesterday. The ordinance introduced by Ald. Brendan Reilly (42nd) is aimed to protect tenants from “predatory” investors in a hot rental market. Previously, the city deferred to Illinois’s requirement at 75 percent condo owner approval for bulk sale. [ReJournals]

 

New York-based Nahla Capital plans to build a 90-unit luxury condo at 40 West Oak Street, currently the site of a parking garage. These days, about 70 to 80 percent of all luxury condos downtown are priced at over $700 a square foot. [Crain’s]

 

Lendlease and Magellan broke ground on Cirrus, a 47-story Lakeshore East condominium. The 211 N. Harbor Drive project will develop alongside a 503-unit apartment building called Cascade Park, and one other tower. [ReJournals]

 

Fiat Chrysler has signed a lease on a 26,000-square-foot office space in Bolingbrook. The property at 1325 Remingtonwill serve as a training facility beginning in 2020. The Opus Group developed and leased the building, which was brokered by Cushman & Wakefield and Collier’s International. [Connect Media]

 

By square foot, Chicago is the third biggest market for flexible office space in the country, but it accounts for only 1.6 percent of Chicago’s total office inventory. That is up from last year’s 1.2 percent but still below the national average of 1.8 percent. Experts say that means the market has room to grow. [Connect Media]

 

A “somewhat contentious” community meeting followed a proposal for an 18-story office building in Fulton Market. The building at 1101 W. Carroll was pitched at the same time as the Trammell Crow pitch for a 16-story office building at 400 N. Aberdeen. City planners have hired a consultant to examine whether Fulton Market’s streets, sewers and infrastructure can support office development downtown. [Sun-Times]


Related Articles

arrow_forward_ios
North Park Ventures co-founder Robert Sekula and 2730-2766 Hampton Parkway in Evanston (Google Maps)

North Park Ventures does condo deconversion shuffle in Evanston

North Park Ventures does condo deconversion shuffle in Evanston
Francis Greenburger and Jerry Karlik, with a rendering of 1000 S. Michigan Ave (Credit: ared Siskin/Patrick McMullan via Getty Images)

Construction work stops at 74-story condo developed by New York firms

Construction work stops at 74-story condo developed by New York firms
LaSalle Towers in Old Town (Credit: Google Maps)

Could coronavirus lead to Chicago condo deconversion resurgence?

Could coronavirus lead to Chicago condo deconversion resurgence?
Interactive Map: Tracking every Chicago condo deconversion deal

Interactive Map: Tracking every Chicago condo deconversion deal

Interactive Map: Tracking every Chicago condo deconversion deal
Ghengis Hadi of Nahla Capital and 40 W. Oak St. in downtown Chicago (Credit: Google Maps)

Luxury condo showdown: New York builder takes on Chicago counterparts

Luxury condo showdown: New York builder takes on Chicago counterparts
5653 N. Magnolia Avenue and Alderman Harry Osterman, chair of the Committee on Housing and Real Estate

This condo deconversion could be the last of its kind in Chicago

This condo deconversion could be the last of its kind in Chicago
Chicago run of condo deconversions may be ending, North Beach will get 200-key hotel: Daily digest

Chicago run of condo deconversions may be ending, North Beach will get 200-key hotel: Daily digest

Chicago run of condo deconversions may be ending, North Beach will get 200-key hotel: Daily digest
Dover Court Condominiums (Credit: Kiser Group)

Dover Court owners shed their deeds in $13M deconversion sale

Dover Court owners shed their deeds in $13M deconversion sale
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...