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.
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Mayor Lori Lightfoot is convening a taskforce to look at creating more affordable housing, a measure the Chicago Teachers Union demanded last week during contract negotiations with the city. The group will study how to improve the city’s Affordable Requirements Ordinance, which ensures developers include affordable housing in their residential plans. [Crain’s]
The largest co-living project in the Windy City will soon come to the Loop. CityPads is set to purchase upper floors of the Clark Adams Building. The Chicago-based developer has plans to turn the space into 505 beds in shared apartments and 172 beds in traditional apartments. The project will cost CityPads and its New York-based partner Common an estimated $80 million to renovate the space. [Curbed]
British private-equity firm Queensgate Investments has acquired the Freehand Hotel on 19 E. Ohio St. in River North as part of a $400 million cash-out. Queensgate also acquired three other Freehand properties from the Sydell Group and billionaire Ron Burkle. [Crain’s]
The North Lawndale Community Coordinating Council’s Quality of Life Plan won the Illinois Community Outreach Award from the American Planning Association. The neighborhood plan, presented in November of 2018 was a conglomerate of hundreds of community ideas and voices over two years. [Block Club]
Stuever and Sons bought a 23,000-square-foot industrial building in Addison. The buyer, a company that remodels and upgrades bars and restaurants, is a tenant of the building. The space has 3,000 square feet of office space, four exterior docks, four interior docks and one drive in door. The property has access to I-355, I-295, I-294 and O’Hare Airport. [ReJournals]
Alderman Jim Gardiner
Alderman Jim Gardiner doubled down on his decision to block multifamily construction at Six Corners. Gardiner, who is blocking Clark Street Real Estate and Ryan Companies’ development of a senior housing complex, said the development would lead to other out-of-scale buildings rising in the neighborhood. [Sun Times]
Fulton Market’s strong retail drives its “coolest” streets designation. That’s according to a Cushman & Wakefield report, which ranked the top 20 streets in the country. The report pointed out that retail rents have tripled over the past three years, and Fulton Market has become one of the country’s fastest growing submarkets for office space. [ReJournals]
East Lake Management is eyeing construction of a 88-unit affordable development. The firm is looking at the lot at 4625-55 N. Pulaski Road. Plans include 72 one-bedroom units and 16 two-bedroom units for residents 55 and older. [Block Club]
ML Realty Partners added to its industrial holdings in Bolingbrook. The firm acquired a 302,354-square-foot industrial building on 999 Dalton Lane. Colliers International brokered the deal. The building features 50 docks, and two drive-in doors. [ReJournals]
Softbank CEO Masayoshi Son (Credit: Getty Images)
SoftBank might take full control of WeWork. The co-working giant is trying to figure out how to improve its finances after pulling its plans for an initial public offering, and the deal from SoftBank represents one possible solution. SoftBank — which already owns a third of WeWork — would invest several billion dollars worth of equity and debt into the company and assume Neumann’s voting power, giving it a bigger role in turning around the company. [WSJ]
Another 100 Sears stores are going to close soon. The closures amount to roughly a quarter of the 425 stores that financier Edward Lampert bought out of bankruptcy. The company filed for bankruptcy a year ago, but it has continued to struggle since then with declining sales and losses as online shopping became more and more popular. [WSJ]
Joel Schreiber (Credit: Shir Stein and Wikipedia)
WeWork’s first investor is getting sued by his lenders. A pair of lawsuits allege that Joel Schreiber has defaulted on almost $3.3 million, according to The Real Deal. A lawsuit from plaintiffs Vikram Kuriyan accuses Schreiber of using his stake in WeWork to back loans that he later defaulted on. The suit comes at a time when the value of Schreiber’s stock in WeWork has plummeted. [TRD]