76-story River North tower gets green light
One Chicago Square, a huge mixed-use tower with retail and residential components has both a new partner and funding to start construction. JDL Development had been partnering with Sterling Bay on the 76-story tower on what’s now a parking lot for Holy Name Cathedral, but the Lincoln Yards developer has since backed out of its interest. Wanxiang America Real Estate Group, a Chinese investment firm, will now be part of the project, a loan from Bank OZK along with financing from Square Mile Capital means the hulking, two-tower project can move forward. When complete, it will have 795 rental units, 75 condo units, 50,000 square feet of office space and retail offerings including a gym and a Whole Foods grocery store.
Record breaking sales in Woodlawn
Plans for the Obama Presidential Center in Jackson Park seem to have boosted property values, resulting in several record breaking residential sales in Woodlawn. Three new-construction homes broke last year’s record of $599,000 when they sold for $708,000, $707,000 and $699,000. Since then, there have been six sales of $625,000 or more in the area, according to Crain’s.
Chicago’s priciest condo sale of the year
The sale of a 31st floor condo at No.9 Walton in the Gold Coast marks the priciest condo sale this year. The four bedroom, 7,085 square foot residence was bought by a not-yet identified buyer for $11.3 million this week. The development has attracted many upmarket buyers, including billionaire Ken Griffin, who bought the top four floors for $58.5 million in late 2017. The next-most expensive price this year was the sale of a Park Tower unit purchased at just under $7 million.
Old Skid Row gets luxury condo development
A proposal for a six-story condo development on old Skid Row was introduced by principal of ZSD Zev Salomon. The building site is located on a parking lot between Peoria and Green streets. The plans are for 25 condos priced between $1.2 million and $3 million with all the units sized around 2,000 square feet, all with at least four bedrooms. The proposal came after the last of Hayden West Loop’s 28 units went under contract on nearby Washington Street with prices ranging between $1.58 million and $4 million.
New 13-story hotel in Fulton Market
New York-based DDG, Chicago-based Marc Realty and Ruttenberg Gordon announced plans for a 13-story hotel with 250 rooms in Fulton Market. The developers are raising $55 million to fund the project through Prodigy Network, a New York-based real estate crowdfunding platform. The hotel will be located at 1234 West Randolph Street and will be operated by New York-based Standard Hotels. It’s set to be completed within two years.