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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.
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 tips@therealdeal.com.
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]