CHICAGO — The NFL’s Chicago Bears have released their plans for the development of a new fixed-roof stadium along Chicago’s lakefront. Local media reports state that the project cost is $3.2 billion. Plans call for a publicly owned multipurpose stadium located just south of the organization’s current Soldier Field. The proposal boasts year-round use for recreational and community events and an increase in open and green space, including 14 acres of athletic fields and park space for use by public and youth sports programs. The plan features a three-acre promenade and plaza area, which could include year-round food-and-beverage outlets, retail shops, and a cultural attraction focused on sports and Soldier Field history. A publicly owned hotel could also be included in this portion. The stadium would be capable of hosting large-scale sporting events year-round, including Super Bowls and NCAA Final Fours, as well as entertainment acts. Additional project features include a pedestrian mall and pavilion, a wider variety of food-and-beverage options, more public restrooms, and the preservation of Soldier Field’s historic colonnades, which will remain accessible to fans and continue to honor military personnel. The Bears have pledged to contribute more than $2 billion to the project, representing over 70 …
Midwest
SCHAUMBURG, ILL. — Skender has broken ground on a new 75,000-square-foot outpatient center for Ann & Robert H. Lurie Children’s Hospital of Chicago. Formally named Lurie Children’s Outpatient, Primary Care and Infusion Center, the project will be located at 1895 Arbor Glen Blvd. in Schaumburg. The center will offer primary care, ancillary and diagnostic services, orthotics and prosthetics, laboratory and pharmacy services, as well as an ambulatory infusion center. In addition to its main hospital in downtown Chicago, Lurie Children’s maintains 17 outpatient services locations, six primary care facilities and 10 partner hospitals throughout the Chicago area. The new center in Schaumburg will replace smaller locations in Arlington Heights, Hoffman Estates and Huntley. The project, which will total 40 exam and treatment rooms, is slated for completion in summer 2025. The project team includes architect HKS, structural and mechanical engineer IMEG Corp. and civil engineer V3 Cos.
COON RAPIDS, MINN. — JLL Capital Markets has arranged the sale of Oakmont Apartments in Coon Rapids, a northern suburb of Minneapolis. The sales price was undisclosed. Built in 1974, the 48-unit multifamily property features an onsite laundry facility, garage parking and access to the neighboring Pheasant Ridge Park. Josh Talberg and Bill Mork of JLL represented the seller, Gaughan Cos. The asset was part of Gaughan’s Minnesota Legacy Apartment Portfolio, which consists of nearly 800 units. The buyer was a local private investor.
TROY, MICH. — Colliers Detroit has brokered the sale of Maple Commerce Center, a 39,058-square-foot office and industrial asset in Troy. The sales price was undisclosed. Located at 950 W. Maple Road, the property was originally built as a truck repair facility in 1962. In the 1980s, Maple Commerce Center underwent significant renovations to serve an automotive engineering company. Later, Colliers worked with developer Cooke Management on a repositioning strategy to transform the property into multi-tenant use. Tenants include Superior Ambulance, Krav Maga, Italmoda, F.A.S.T. and R&B Dance Studio. The asset is fully leased. Gary Grochowski and Bryan Barnas of Colliers represented the seller, Cooke Management. Berge Avesian of Colliers represented the buyer, Barbat Group.
ELMHURST, ILL. — Hummingbird Pediatric Therapies has signed a 10,523-square-foot office lease at 501 W. Lake St. in the Chicago suburb of Elmhurst. The transaction marks the third location for Hummingbird in suburban Chicago. Renovation of the space is underway. Named the Hummingbird Therapy & Enrichment Elmhurst Center, the facility is slated to open this summer. Aubrey Englund of NAI Hiffman represented Hummingbird, while Norm Murdoch of Bradford Allen represented the undisclosed landlord. Hummingbird offers a wide variety of speech, feeding, occupational, physical and developmental therapies.
NEW CARLISLE, IND. — Amazon Web Services (AWS), the web hosting division of Amazon (NASDAQ: AMZN) has announced plans for an $11 billion data center campus in New Carlisle, a town of roughly 1,600 people located near the Michigan-Indiana border. The exact location of the site was not disclosed, but the campus will be situated within the Indiana Enterprise Center, a master-planned development in St. Joseph County that spans nearly 3,000 acres. The Indiana Economic Development Corp. has committed to several incentives for the project. These incentives include up to $18.3 million in employment-based tax credits, up to $5 million in training grants, up to $55 million in Hoosier Business Investment tax credits and up to $20 million in redevelopment tax credits. These incentives are performance-based, meaning the company is eligible to claim state benefits once investments are made. In addition to its community investment and engagement activities, AWS will also contribute up to $7 million to support road infrastructure improvements in and around the site. Details on the development timeline were not immediately available. Amazon claims the project will create at least 1,000 new jobs. “Amazon has long been an important economic partner in Indiana, and we are excited …
By Mandi Backhaus, The Lerner Co. As we finish out the first quarter of 2024, we reflect on the Omaha retail real estate market with consideration to the internal and external factors of trends, challenges, opportunities and the state of the economy. It can be said that the Omaha metropolitan area remains steadfast throughout difficult times. With its robust and diverse nature, anchored by industries such as healthcare, technology and finance, Omaha, although sometimes called a “flyover city,” remains a hidden gem for those looking for a steady yet vital lifestyle at an attractive cost. This favorability trickles down to how real estate is valued and utilized in the area. According to a Merrill Lynch article, approximately $84 trillion in assets is set to change hands over the next 20 years, from baby boomers onto their children and so on. While the various generations may invest differently, one constant remains: real estate. From a national standpoint, the unstable scenario results from a blend of factors, with inflation, interest rates and the collapse of banks in early 2023 being particularly prominent. This perfect storm had left the industry in a precarious position. The Mortgage Bankers Association revealed a 56 percent drop …
HASLETT, MICH. — REDICO has opened American House Meridian, a 132-unit independent living community in Haslett, an eastern suburb of Lansing. The project team included Cunningham-Limp Development Co. and Banko Design. The four-story property is located at 1673 Haslett Road. Amenities include a fitness center, movie theater room, café, game room and Paul Mitchell salon. The Therapy Institute, a physical, occupational and speech therapy company, is moving into the lower-level retail space in June. Prior to opening, 50 of the community’s units were leased.
WASHINGTON, MO. — Contegra Construction Co. has completed a 220,000-square-foot production facility for AZZ Precoat Metals in Washington, about 50 miles west of St. Louis. The tenant is currently installing equipment and expects to begin production at the facility in 2025. The property at 901 Waterman Drive is the first within the 115-acre Oldenburg Industrial Park. The new plant will augment AZZ’s current production capabilities for customized steel, aluminum and galvanized metal coils used in containers, buildings, housing, automobiles, product storage, appliances and HVAC. The facility features a 212,000-square-foot production zone and 8,000 square feet of office space. The production zone is served by three 30-ton overhead cranes and advanced equipment for preparing, coating, slitting and packaging aluminum coils. The property features eight loading dock bays and six drive-through bays. Joining Contegra on the project team were Vision Electric (electrical), Jarrell Mechanical Contractors (HVAC), O.J. Laughlin Plumbing Co. Inc. (plumbing) and Musselman & Hali Contractors (concrete). Contegra served as the designer and builder.
INDIANAPOLIS — The Picklr, an indoor pickleball franchise, is slated to open its first Indiana location this summer. The Picklr Indianapolis Keystone Crossing club, located at 3810 E. 82nd St., will be the first of more than five locations to open in the greater Indianapolis area. The 30,000-square-foot facility will feature 10 indoor courts, a full pro shop, private event space, unlimited league play, tournaments, youth academies and open play. Dave Gilreath and Ron Brock, local Indianapolis businessmen, are managing partners of Pickle Indy LLC and franchise owners of The Picklr Indianapolis Keystone Crossing.