Illinois

McShane Completes Construction of 285-Unit Domain CityGate Apartment Complex in Suburban Chicago

by Kristin Harlow May 4, 2023

NAPERVILLE, ILL. — McShane Construction Co. has completed Domain CityGate, a 285-unit luxury apartment complex in the Chicago suburb of Naperville. Located in the town’s CityGate Centre, the project rises four stories and features a parking garage with 430 spaces. Atop the parking garage is a 38,000-square-foot rooftop event space. Amenities include a resident lounge, remote workspaces, a fitness center, bike lounge, pool and cabanas, fire pits, private pickleball court and dog run. Units come in a mix of studio, one- and two-bedroom floor plans. Monthly rents start at $1,775 for one-bedroom units, according to the property’s website. Lincoln Property Co. and Calamos Real Estate were the co-developers. Callison RTKL served as architect.

May 4, 2023

Development Illinois Midwest Multifamily

Structured Development Nears Completion of 10-Story Co-Living Project in Chicago

by Kristin Harlow May 3, 2023

CHICAGO — Structured Development is nearing completion of Post Chicago, a 10-story, 431-bed co-living community in Chicago’s Lincoln Park neighborhood. The project marks the city’s largest co-living development, according to Structured. Located at 853 W. Blackhawk St., the property will be operated by co-living and residential property operator Tripalink. Designed for students, corporate transferees and others in search of flexible, turnkey housing, Post Chicago offers 107 units with bedrooms that are fully furnished and individually leased. Units have between two and four bedrooms. Monthly rents start at $1,375. Cable and high-speed internet are included in the rent, and residents also benefit from weekly cleaning service. Residents share access to a living room, kitchen, in-unit washer and dryer and bathroom for those who don’t have their own ensuite bath. Amenities include a fitness center, rooftop deck, bike room, package room and lounge areas. In addition to the co-living units, Post Chicago will offer 19 conventional unfurnished units with monthly rents starting at $1,799. Post Chicago is the second of three residential buildings totaling 487 units to be completed in a mixed-income development named Wendelin Park.

May 3, 2023

Development Illinois Midwest

Sargent Blinderman Breaks Ground on ASPIRE Center for Workforce Innovation in Chicago

by Kristin Harlow May 3, 2023

CHICAGO — General contractor Sargent Blinderman has broken ground on the ASPIRE Center for Workforce Innovation in Chicago’s Austin neighborhood. The project is located on the former site of Emmett Elementary School at 5500 W. Madison St. The school closed in 2014. The ASPIRE Center is designed to be a one-stop shop for support services and career training and will house the Jane Addams Resource Corp (JARC) and BMO. JARC will provide free training in manufacturing, welding and mechanical assembly, while BMO will provide retail banking services. The center will also feature a café, community plaza, rooftop terrace event space and a recently opened park. Both Westside Health Authority (WHA) and Austin Coming Together (ACT) plan to expand their core services at the center. The ASPIRE Center is part of the ASPIRE Initiative, which is focused on investing and developing infrastructure to support businesses and schools, revitalize housing and boost workforce development in the Austin neighborhood. WHA and ACT lead the initiative, while leveraging support from several other partners. The project team includes architect Lamar Johnson Collaborative and project manager Project Management Advisors. The budget is roughly $40 million with over half of the costs being funded through city and …

May 3, 2023

Acquisitions Illinois Midwest Multifamily

Kiser Group Negotiates $8.6M Sale of Multifamily Portfolio in Chicago

by Kristin Harlow May 1, 2023

CHICAGO — Kiser Group has negotiated the sale of a three-property multifamily portfolio in Chicago’s East Woodlawn and Bronzeville neighborhoods for $8.6 million. The buildings, which feature a combined 70 units, are located at 6625 S. Drexel Ave., 4901 S. Michigan Ave. and 4725 S. Michigan Ave. The units have updated kitchens and bathrooms, but current rents are about 30 percent below market rents, according to Kiser. The brokerage firm’s Birk | Sklar team brokered the transaction. Buyer and seller information was not provided.

May 1, 2023

Affordable Housing Development Illinois Midwest Multifamily

McShane, Powers & Sons Complete Construction of 206-Unit Mixed-Income Community in Chicago

by Kristin Harlow April 28, 2023

CHICAGO — McShane Construction Co. and Powers & Sons Construction have completed 23rd Place at Southbridge, a 206-unit mixed-income community located on Chicago’s Near South Side. The Community Builders and McCaffery Interests developed the project, which is situated on the former Harold Ickes Homes site. The two-building development features 15,000 square feet of ground-floor retail space. Approximately 50 percent of the units are affordable to households earning up to 80 percent of the area median income. The project features amenity space on the first and sixth floors, including lounges, terraces and a fitness center. A new public right-of-way, 23rd Place, connects the two buildings and can be closed off to create public gathering space for community activities. The transit-oriented development is located adjacent to the Cermak-McCormick Place Green Line L stop. Nia Architects and Antunovich Associates provided architectural services.

April 28, 2023

Acquisitions Illinois Midwest Restaurant Retail

Kiser Group Brokers $6M Sale of Retail, Residential Building in Chicago’s Loop

by Kristin Harlow April 27, 2023

CHICAGO — Kiser Group has brokered the sale of 701 S State in Chicago’s Loop for $6 million. The building features 36 apartment units as well as a bar on the first floor. The residences are renovated studio apartments, all of which are occupied. Kiser Group’s Birk | Sklar team represented the seller, Nicholas Vranas, who had owned the building for over 40 years. A local restaurant operator purchased the asset. According to Kiser, the buyer was drawn to the property because of its 4 a.m. liquor license, which was transferred upon sale.

April 27, 2023

Development Illinois Leasing Activity Midwest Restaurant Retail

Big Fish Hospitality to Open The Prospect Restaurant at Apartment Complex in Mount Prospect, Illinois

by Kristin Harlow April 27, 2023

MOUNT PROSPECT, ILL. — Big Fish Hospitality has unveiled plans to open a new restaurant named The Prospect in suburban Chicago. The upscale eatery will be situated at 20West, a luxury apartment building located at 20 W. Northwest Highway in Mount Prospect. Big Fish expects to begin construction on the two-story restaurant this summer, with a soft opening planned for late fall and a grand opening toward the end of the year. Chef Mauro Berruti and General Manager Garrett Supples will lead The Prospect. Nicholas & Associates, which completed construction of 20West on behalf of developer Wingspan Development Group, will oversee the build-out of the restaurant space. The Prospect will be able to accommodate 90 to 100 people on the first floor and 50 to 75 people on the second level. A full bar will be situated on each level. The upstairs area will also serve as private event space.

April 27, 2023

Illinois Loans Midwest Multifamily Seniors Housing

Greystone Provides $13.7M HUD-Insured Loan for Refinancing of Supportive Living Facility in Crestwood, Illinois

by Kristin Harlow April 26, 2023

CRESTWOOD, ILL. — Greystone has provided a $13.7 million HUD-insured loan for the refinancing of The Pointe at Kilpatrick in Crestwood, about 24 miles southwest of Chicago. Built in 2003, the 122-bed supportive living facility features amenities such as a community room, living room, therapy room, barber shop, courtyard, children’s play area, private dining room and resident laundry rooms. Eric Rosenstock of Greystone originated the financing on behalf of the undisclosed borrower. The fixed-rate loan features a 35-year term.

April 26, 2023

Illinois Leasing Activity Midwest Restaurant Retail

Sancerre Leases 7,000 SF in Chicago’s Fulton Market for New Restaurant

by Kristin Harlow April 25, 2023

CHICAGO — Sancerre Hospitality has signed a 7,000-square-foot, ground-floor retail lease at 1045 On Fulton in Chicago’s Fulton Market. The space will serve as the Chicago-based restaurant group’s newest establishment in the city. Fulton Street Cos. and Intercontinental Real Estate Corp. own 1045 On Fulton, which is a 150,000-square-foot office building with 7,000 square feet of retail space. The property opened in 2021. Sancerre recently named Joe Flamm as culinary director and he will oversee culinary affairs for the new restaurant, whose concept is yet to be determined. Sancerre, which expects to open the new restaurant in early 2024, also operates Rose Mary and BLVD Steakhouse, which are located down the street from 1045 On Fulton. Cal Wessman represented ownership on an internal basis.

April 25, 2023

Development Illinois Midwest Office

Skender Completes 81,000 SF Office Headquarters Build-out for Avant at Chicago’s Merchandise Mart

by Kristin Harlow April 24, 2023

CHICAGO — Skender has completed an 81,000-square-foot office headquarters build-out for Avant at the Merchandise Mart in Chicago. The financial technology company’s new office features open workstations, multiple cafes and a mix of collaboration, conferencing andfocus spaces. The new workspace doubles Avant’s presence in Chicago. The firm relocated from 222 N. LaSalle St. The project team included CBRE as tenant representative, Gensler as architect and Syska Hennessy Group as engineer. Skender is currently working with Merchandise Mart owner Vornado Realty Trust on a repositioning initiative for the property.

April 24, 2023

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