This Week's Chicago Deal Sheet
The north suburban village of Wilmette gave final approval on Optima’s plans for a mixed-use development of 109 apartments and street-level retail at 1210 Central Ave. Optima plans to break ground in late 2021 at the site, which is occupied by a bank and is across the street from the Metra commuter train station at Green Bay Road.
Optima has offices in nearby Glencoe and a long history of developing North Shore projects. In 2010, it completed the 660-unit Optima Old Orchard Woods condominium building in Skokie, one of 20 North Shore projects by the company. According to Optima officials, their new Wilmette project will include environmentally friendly features and design elements that help it blend with the rest of downtown.
“As with each project we design and build, we’re very careful to ensure the buildings respect their environment and have a positive impact on the surrounding neighborhood,” Optima CEO David Hovey said in a press release. “This development will be no different, as not only will it deliver the size of homes and amenities residents in Wilmette want, but the exterior design will feature our signature vertical landscaping system and public art component that will enhance the downtown community’s energy and aesthetic.”
Hovey designed the new Wilmette development, which will have one-, two- and three-bedroom rental units and more than 8K SF of street-level commercial space. Floors one through three will use bird-friendly glass, and the 173 parking spaces will include some electric vehicle charging stations.
SALES
A 1920s-era synagogue on the Northwest Side was transformed into an apartment building and sold for $5.3M. A joint venture between Ranquist Development Group, New Era Chicago and Campbell Coyle sold the 14-unit adaptive reuse project at 3228 West Palmer St. in Chicago’s Logan Square neighborhood to a local investment group. Essex Realty Group’s Jim Darrow, Jordan Gottlieb and Jordan Multack were the brokers.
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A California-based buyer paid $5.1M for a 13K SF retail building in northwest suburban Schaumburg, according to JLL, which marketed the property on behalf of the seller, a New York-based high net worth individual. CVS Pharmacy leases the property at 1855 West Irving Park Road, which was completed in 2005. The JLL team was led by Alex Sharrin and Alex Geanakos.
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Diamond Realty Holdings paid $2.58M for a 20K SF industrial/flex building at 424 North Wood St. in Chicago’s Kinzie Industrial Corridor. Interra Realty’s Colin O’Malley represented seller 424 North Wood LLC. The new owner plans to modernize the single-story, bow-truss building with upgrades similar to those it has made at several nearby properties. The property was built in 1930.
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The 1319 West Sherwin Condominium Association sold its 28-unit Rogers Park building for $3.5M through a Section 15 deconversion sale. Andy Friedman, Jake Parker, Danny Logarakis and Rick Ofman of Kiser Group represented the buyer, a private investor, and the association. The three-story building was built in 1962 as apartments. Kiser Group also brokered the sale of the building in 2008 to the developer that converted the units to condominiums.
LEASES
Logical Position, a Portland-based digital marketing agency, occupied all 42K SF on the seventh floor of The Reserve at Deer Park. The seven-story development at 21440 West Lake Cook Road in suburban Deer Park is owned by 90 North Real Estate Partners. JLL is the property’s leasing agent, and NAI Hiffman is the manager.
CONSTRUCTION AND DEVELOPMENT
The pandemic continues to depress new construction in the Chicago metro area. In October, nonresidential starts totaled $399M, a 43% decline from the previous October, according to Dodge Data & Analytics’ monthly report. Residential construction also faltered, sliding from $606M in October 2019 to $549M last month. Overall construction starts year-to-date in the Chicago region, both nonresidential and residential, totaled $8.9B, a 23% decline from $11.6B in the first 10 months in 2019.
THIS AND THAT
Magellan Development Group reached agreements with St. Regis Hotels & Resorts and The Alinea Group to rebrand its Vista Tower project as The St. Regis Chicago. The St. Regis Chicago will offer 191 guest rooms and several dining options, including a fine dining restaurant with private rooms and an outdoor terrace. The 393 Vista condominiums will become The Residences at The St. Regis Chicago and include resident-only amenities on the 47th floor.
Designed by architect Jeanne Gang of Studio Gang, the 101-story tower will be the third-tallest building in Chicago. The Residences at The St. Regis Chicago will welcome its first residents next month, and The St. Regis Chicago is scheduled to be completed in Q3 2021.
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CEDARst Cos.’ latest project, The Duncan at 1515 West Monroe St., won a 2020 Chicago Landmark Award for Preservation Excellence from the city of Chicago. The award, selected by the Commission on Chicago Landmarks, honors projects that improve Chicago landmarks or buildings within landmark districts.
Established by the YMCA/YWCA as a regional headquarters in 1907, the complex held recreational facilities and dormitories for young people until 1976. The Duncan was added to Chicago’s list of landmarked buildings in 2019. CEDARst purchased the property and renovated it into a 260-unit apartment building.
