Cedar Street completes office-to-apartment complex conversion, Open House Chicago opens its doors: Daily digest

A daily round up of Chicago real estate news, deals and more for Oct. 9, 2019.

TRD CHICAGO /
Oct.October 09, 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

 

Cedar Street Companies’ 342-unit Draper set to reopen after transformation. The apartment complex at 5050 N. Broadway — which had been an office building — now includes 30,000 square feet of retail space, along with fitness and recreation centers. The property was former office building was renovated by owner Cedar Street Companies. [ReJournals]

 

The family home of the late architect Joseph Fujikawa is being listed for the first time. The four-bedroom, 3,400-square foot house in Winnetka was built by the Chicago modernist around 1971. [Crain’s]

 

Come on in. Open House Chicago will have 350 homes and buildings open to the public on Oct. 19 and 20. The annual event is sponsored by Chicago Architecture Center. [Block Club]

 
500 West Monroe Street

500 West Monroe Street

San-Francisco-based Spear Street Capital is in contract to buy a 46-story West Loop office building on 500 W. Monroe Street, marking one of the few big office buildings to be sold downtown this year. While the price is unknown, bids on the building ranged from $415 million to $425 million. The seller, an affiliate of Piedmont Office Realty Trust, was shooting for $470 million. [REA]

 

Developers and city officials floated ideas for what to do with the Michael Reese Hospital Site Tuesday, including potentially turning the space into a data center, or a community center, or a “life science campus.” Ald. Sophia King (4th ward), who hosted the community meeting, said “nothing is set in stone,” for the land bought by the city in 2009 for $91 million. [Block Club]

 

Ho-Chunk Nation leaders want to develop a $380 million casino off of Rt. 394 north of Glenwood Dyer Rd. They pitched their plan for a 20-story casino with restaurant and retail space to Lynwood Village Board members Tuesday. Developers need to get approval from the town in order to apply through the Illinois Gaming Board. [Sun-Times]

 

The former site of Stanley’s Market is set to go to auction Nov. 19 if it does not attract a buyer by then. The multi-parcel 46,000-square-foot space on 1558 N. Elston Ave that has been on the market for over a year, is being marketed as three distinct parcel groups by broker Paine Wetzel and MWA Capital. The site is just west of Sterling Bay’s Lincoln Yards megaproject. [Block Club]

 

Amazon is getting into home entry. The retail giant invested an undisclosed sum in SmartRent, a two-year-old startup that provides keyless entry and other automation devices to owners of multifamily properties. The firm raised $32 million in June. [CO]

 
Nooklyn CEO Harley Courts (Credit: iStock)

Nooklyn CEO Harley Courts (Credit: iStock)

Rental brokerage Nooklyn slashes agent commissions, delays payments. The Brooklyn-based firm responded to the new rent law by cutting rental application fees by 90 percent and changing how it pays brokers, some of whom are furious at the change. [TRD]

 

Singapore backs Blackstone’s $8.5 billion industrial portfolio buy. GIC, one of the country’s sovereign wealth funds, provided a $1 billion mezzanine loan to back the acquisition, which Blackstone made from Singaporean firm GLP. [CO]


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