The owners of the Chicago Blackhawks have reduced their North Side multifamily holdings ahead of a massive redevelopment project near the NHL team’s home arena on the Near West Side.
The Wirtz family sold a 139-unit apartment complex in the Lakeview neighborhood for $22.5 million, CoStar reported.
The complex, which consists of two connected buildings with entrances at 535 West Cornelia Avenue and 534 West Stratford Place, was acquired by Chicago-based FMA Properties with an $18.2 million loan from Greystone. Global Real Estate Advisors’ Bill Montana and Christopher Sackley represented the Wirtz family in the sale.
The apartment complex, owned by the Wirtzes for nearly a century, was among several long-held apartment buildings in the family’s real estate portfolio. Although a relatively modest transaction in the context of their holdings, the sale is still noteworthy given the family’s recent focus on larger developments and its previous tendency to avoid property sales.
In July, the Wirtz family, in partnership with the Reinsdorf family — owners of the Chicago Bulls — announced plans for the “1901 Project,” a sprawling $7 billion mixed-use development set to transform 55 acres around both teams’ home United Center arena, an effort being called “The 1901 Project” for the stadium’s address at 1901 West Madison Street.
“We are always evaluating our portfolio and the decision to sell this property was a result of that,” Wirtz Realty Senior Vice President Don Vitek told the outlet. “It was in no way connected to the 1901 Project.”
The 1901 Project, pending city approval, will include approximately 5,000 residential units, a music hall, hotel rooms, retail spaces, restaurants and new green spaces, replacing much of the existing surface parking lots.
Blackhawks chairman and CEO Danny Wirtz described the unveiling of the 1901 Project as “bittersweet” due to its timing closely coinciding with the 1-year anniversary of his father’s death in 2023. After Rocky Wirtz’s passing at age 70, Danny became successor of the family business and real estate empire.
The Wirtz family, best known for their ownership of the NHL’s Blackhawks — who claimed Stanley Cup victories in 2010, 2013, and 2015 — has a diversified portfolio that extends beyond sports. Wirtz Corp., the family’s holding company founded in 1926, has roots in real estate and liquor distribution, with the latter now operating as Breakthru Beverage Group, one of the largest companies of its kind in the U.S.
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Despite the sale of the Lakeview property, Wirtz Realty still holds significant real estate assets in Chicago, including other multifamily buildings in Lakeview, home to Wrigley Field. The recently sold Cornelia Stratford complex remains nearly 98 percent leased, reflecting strong demand in the area.
Montana, who helped market the property, noted that its location near Belmont Harbor and a variety of unit sizes were lures for bidders, even amid a broader market slowdown due to rising interest rates.
— Andrew Terrell