Midwest

Vermilion Tops Off Luxury Condo Building in Chicago’s Wicker Park

by Kristin Harlow June 29, 2020

CHICAGO — Vermilion Development has topped off Alcove Wicker Park, a 43-unit, luxury condominium building set to deliver this fall in Chicago’s Wicker Park neighborhood. Hirsch MPG Architecture designed the seven-story building and @properties Developer Services is the sales and marketing firm. Floor plans range from 1,365 to 2,430 square feet, and each condo unit features its own balcony or terrace measuring at least 8 feet. The first condo buyers are expected to take occupancy in early October. Prices range from $600,000 to $1.1 million. The project also features 12 adjacent townhomes that range in size from 2,895 to 3,475 square feet. The for-sale, four-level townhomes range from $1.1 million to $1.4 million. The townhomes are slated for completion in late November and each feature their own bonus room and private roof deck.

June 29, 2020

Development Illinois Midwest Restaurant Retail

Principle Construction Completes Conversion of Auto Dealership into Brewery in Huntley, Illinois

by Kristin Harlow June 29, 2020

HUNTLEY, ILL. — Principle Construction Corp. has completed the conversion of a former Chevrolet auto dealership in Huntley into a brewing facility and full-service restaurant for More Brewing. The property is located at 13980 Automall Drive within metro Chicago. The 25,302-square-foot building includes 11,302 square feet of beer production space and a 14,000-square-foot restaurant with two private dining rooms that will double as barrel-aging rooms. Guests dining at the restaurant will be able to view the brewing area through 12-foot glass walls. The property features four drive-in doors for the distribution of More’s products and 114 car parking spaces for customers and employees. Harris Architects provided architectural services. Dominic Carbonari of JLL provided brokerage services on behalf of More. A timeline for opening was not disclosed.

June 29, 2020

Kansas Loans Midwest Multifamily Seniors Housing

Boston Capital Invests in 24-Unit Affordable Seniors Housing Expansion Near Wichita

by Kristin Harlow June 29, 2020

MULVANE, KAN. — Boston Capital has invested in the development of Homestead Senior Residences Mulvane II, a 24-unit affordable seniors housing community in Mulvane, approximately 16 miles southwest of Wichita. The partner is Homestead Affordable Housing Inc. The property will be located adjacent to Homestead Senior Living Mulvane Phase I, a 40-unit development built in 2012. The amount of Boston Capital’s investment was not disclosed. LK Architecture LLC designed the community, which will be restricted to residents age 62 or older and who earn up to 80 percent of the area median income (AMI). More specifically, 12 units are reserved for seniors earning 60 percent or less of the AMI and eight units are for seniors earning 30 percent or less of the AMI. One unit will feature a preference toward homeless and special needs populations. Located in six one-story, four-plex buildings, the apartment community will feature 12 one-bedroom and 12 two-bedroom homes. The apartment community will be built with tax credit equity from the low-income housing tax credit (LIHTC) program. To date, Boston Capital has invested in nearly 2,500 affordable apartments in Kansas.

June 29, 2020

Indiana Michigan Midwest Retail

Judge Orders Simon, Taubman to be Trial-Ready by Mid-November

by Kristin Harlow June 26, 2020

OAKLAND COUNTY, MICH. — The dispute between Simon Property Group Inc. (NYSE: SPG) and Taubman Centers Inc. (NYSE: TCO) over a planned merger will move to a mediation phase. James Alexander, a circuit court judge with the state of Michigan, has ordered that the mediation phase be completed by July 31 and that the companies must be ready for a trial by mid-November. On Thursday, Taubman shareholders voted to approve and adopt the previously announced merger agreement dated Feb. 9 and says the company is “ready, willing and able to close the transactions with Simon.” As previously announced, Simon delivered a notice purporting to terminate the merger agreement, which was valued at $3.6 billion, on June 10. The mall owner also commenced a lawsuit in Michigan state court on the grounds that Taubman hadn’t responded effectively to the coronavirus pandemic. Taubman says it continues to believe that Simon’s termination is “invalid and without merit.” On June 17, Taubman filed a counterclaim in the lawsuit, rejecting Simon’s allegations. Given the pending litigation, “it appears Simon will not consummate the transactions on June 30, despite its contractual obligation to do so,” according to a statement from Taubman.

June 26, 2020

Development Indiana Midwest Multifamily

Milhaus Opens $30.4M Apartment Project in Downtown Indianapolis

by Kristin Harlow June 26, 2020

INDIANAPOLIS — Milhaus has opened Grid, a $30.4 million apartment project located at 520 E. Washington St. in downtown Indianapolis. Grid includes 175 apartment units and 175 car parking spaces. Amenities include coworking spaces, multiple fitness areas, an outdoor courtyard, bark park, pet spa, coffee bar and resident lounge. The property serves as Milhaus’ first opportunity zone investment in the U.S. Milhaus says that Grid’s prominent location in the Cole Noble neighborhood served as inspiration for the property name. Indianapolis was originally plotted on a grid structure upon its founding in 1820. Local artist Jackie Head created a mural for the northwest corner of the building. The project team included KTGY Architecture + Planning, Civil & Environmental Consultants Inc. and DkGr.

June 26, 2020

Development Illinois Midwest Multifamily Seniors Housing

High Street Residential Completes 169-Unit Active Adult Community in Evanston, Illinois

by Kristin Harlow June 26, 2020

EVANSTON, ILL. — High Street Residential, a subsidiary of Trammell Crow Co., has completed Avidor Evanston, a 169-unit active adult community in Evanston. The community, reserved for residents 55 years of age or older, offers a mix of one- and two-bedroom units. Amenities include a bistro bar, business center, activity center, pet spa, dog run, fitness center, theater room and chef’s kitchen. On the 18th floor, residents have access to a rooftop deck with a pool and fire pits. Daily activity offerings include fitness classes, game nights, cooking classes and community happy hours. Allegro Management Co. operates the property.

June 26, 2020

Affordable Housing Development Midwest Multifamily Ohio

NRP Group to Build 52-Unit Affordable Housing Project in Cleveland

by Kristin Harlow June 26, 2020

CLEVELAND — The NRP Group will develop a 52-unit affordable housing project on the site of the former Harry E. Davis Elementary School, which has been vacant since 2006. Located at the corner of East 105th St. and Churchill Road in Cleveland’s Glenville neighborhood, the four-story project will include 48 apartments and four townhomes. The project is the first phase of a larger development known as Churchill Gateway. The units will be designated affordable to residents earning at or below 60 percent of the area median income. NRP is also developing a 2,500-square-foot community outreach center at the site. The center will focus on health education and workforce training. Project partners include the City of Cleveland, Cuyahoga Metropolitan Housing Authority, Cleveland Metropolitan School District and University Hospitals. The Ohio Finance Housing Agency allocated housing tax credits for the project. Churchill Gateway is expected to be complete in fall 2022.

June 26, 2020

Development Industrial Midwest Wisconsin

Zilber Property Group Breaks Ground on 23,359 SF Spec Industrial Building in Kenosha

by Kristin Harlow June 26, 2020

KENOSHA, WIS. — Zilber Property Group has broken ground on a 23,359-square-foot speculative industrial building within the Business Park of Kenosha in Southeast Wisconsin. Known as Zilber Industrial 4, the facility will feature a clear height of 24 feet, two dock positions, one drive-in door and 26 car parking spaces. Completion is slated for this fall. The project team includes Partners In Design Architects, Riley Construction and Pinnacle Engineering Group. Sergio Chapa and Michael Prost of Newmark Knight Frank will market the building for lease.

June 26, 2020

Development Midwest Missouri Multifamily

Belton City Council Approves NorthPoint Development’s $44M Apartment Project in Missouri

by Kristin Harlow June 25, 2020

BELTON, MO. — The Belton City Council has approved NorthPoint Development’s $44 million redevelopment of a long-vacant site at 163rd St. and Turner Road in Belton, about 20 miles south of Kansas City. Plans call for a six-building, 322-unit luxury apartment property. Amenities will include a kitchen, coffee bar, fitness room, cycling studio, massage studio, conference room, outdoor patio and pool. Construction is expected to begin in 2021. Monthly rents are projected to range from $850 to $1,600. On June 8, the Belton Planning Commission voted to approve rezoning of the 11.6-acre site from commercial use to residential. The project is to receive tax abatement with issuance of Chapter 100 bonds to finance the cost of the project.

June 25, 2020

Acquisitions Industrial Iowa Midwest

National Asset Services Brokers Sale of 731,169 SF Warehouse Portfolio in Des Moines

by Kristin Harlow June 25, 2020

DES MOINES, IOWA — National Asset Services (NAS) has brokered the sale of a three-property warehouse portfolio totaling 731,169 square feet in Des Moines for an undisclosed price. The NAS team assumed asset management responsibilities for the properties in 2016 after ownership faced an impending 10-year loan maturity with no viable exit strategy. Paul Rubenstein, an attorney based in Los Angeles, represented the seller.

June 25, 2020

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