Lake Point Tower condo owners guard against deconversion efforts, Golub and CIM nearing approvals for 1.4K-sf skyscraper: Daily digest

A daily round up of Chicago real estate news, deals and more for October 7, 2019.

TRD CHICAGO /
Oct.October 07, 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].

This page was last updated at 4 p.m. CT

 

Denying deconversions. The trend of condo deconversions has continued in Chicago but at least one building is pushing back on turning the property into a rental. The Lake Point Tower Condominium Association adopted two amendments aiming to ensure the 70-story building at 505 N. Lake Shore Drive remains owner-occupied. The amendments limit the number of units leased at any given time to 25 percent and prohibits any unit owner from controlling over 2 percent interest in the association. [REJournals]

 

Golub and partner CIM Group are close to an agreement with the city to build a skyscraper next to the Tribune Tower. The 1,422-square-foot building overlooking Michigan Avenue would be the second tallest in the city. It would include 560 residential units and a 200-key hotel. [Crain’s]

 

Ex-Bear cornerback lists Vernon Hills home for nearly 25 percent under what he paid. Former cornerback Nathan Vashar listed the 5,300-square-foot home for nearly $1 million. He bought the five-bedroom house for $1.3 million in 2007. The home’s listing agent, Lori Prager of Coldwell Banker, attributed the difference to overall decline in home values.  [Tribune]

 
Marina City

Marina City

Pebblebrook Hotel Trust just listed a 146,000-square-foot retail center in Marina City towers. The real estate investment trust acquired the property last year as part of a hotel sale. It is home to several tenants including The Smith & Wollensky steakhouse, Dick’s Last Resort and 10 Pin bowling alley. [Crain’s]

 

TradeLane Properties nabbed an industrial distribution center in Bridgeview. The four-building property is 412,405 square feet and home to multiple businesses. [ReJournals]

 
Alderman Jim Gardiner

Alderman Jim Gardiner

Alderman Jim Gardiner is getting pushback for his opposition to The Point at Six Corners mixed-use project. Gardiner announced his decision to withhold support for the $130 million project last month, citing community feedback. But the project also has support from others in the community, as seen by more than 150 Irving Point residents who stood with megaphones and signs outside the development site Friday to protest Gardiner’s move. [Block Club]

 

Despite Chicago’s overall home sale slump, there are some bright spots. Among the most popular sales in the area are mid-sized and mid-priced homes, mid-century modern homes and West Loop condos, local real estate agents say. [Crain’s]

 
Convene CEO Ryan Simonetti

Convene CEO Ryan Simonetti

WeWork’s rivals are eager to take advantage of its struggles. Smaller co-working companies such as IWG, Convene, Knotel and Industrious are pitching themselves to landlords as more stable options than WeWork, effectively turning the tables on the industry giant, according to Bloomberg. They see WeWork’s disastrous IPO rollout as a chance to gain market share, with Convene CEO Ryan Simonetti telling Bloomberg it has “created a tremendous opportunity for us to tell our story and show not just existing landlord partners, but potential ones, how different our model is.” [Bloomberg]

 

WeWork’s failed IPO might trigger more scrutiny of a second try. Investors liked WeWork less and less the more they learned about it, and with its initial public offering shelved indefinitely, incomplete financial data makes it harder to assess the prospects of the company, according to the Wall Street Journal. WeWork faces a future without an anticipated $9 billion boost from the IPO and much tougher scrutiny from the Securities and Exchange Commission if it tries to go public again. “WeWork would be under a microscope with regulators in its next IPO go-round,” University of Colorado law professor Erik Gerding told the Journal. [WSJ]


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