AdvertisementBy Chicago TribuneApr 12, 2021 at 2:56 pmAfter decades at the center of Chicago’s retail, hospitality and real estate worlds, North Michigan Avenue faces one of its greatest challenges.More than a year into the COVID-19 pandemic, the Magnificent Mile has a large number of vacant and boarded-up storefronts, at a time when the economy is struggling to rebound.AdvertisementThe biggest hole is 323,812 square feet that mall.This creates the largest retail vacancy in the city and one of the biggest spaces ever to come available on the Mag Mile.AdvertisementIn addition to the effects...…AdvertisementBy Chicago TribuneApr 12, 2021 at 2:56 pmAfter decades at the center of Chicago’s retail, hospitality and real estate worlds, North Michigan Avenue faces one of its greatest challenges.More than a year into the COVID-19 pandemic, the Magnificent Mile has a large number of vacant and boarded-up storefronts, at a time when the economy is struggling to rebound.AdvertisementThe biggest hole is 323,812 square feet that mall.This creates the largest retail vacancy in the city and one of the biggest spaces ever to come available on the Mag Mile.AdvertisementIn addition to the effects...WW…

AdvertisementBy Chicago TribuneMar 12, 2021 at 12:22 pmDowntown Chicago has a record amount of unwanted office space, the equivalent of about five Willis Towers, and the situation could get a whole lot worse in the next two years.Last year ended with 15.5% of downtown office space, or about 21.4 million square feet, unleased, according to commercial real estate firm CBRE. That’s up from 12.8% a year earlier.AdvertisementThe vacancy rate could climb to 18% by the end of next year, even if tenants begin to move into unused space following COVID-19 in a manner that emulates bounce-backs from...…AdvertisementBy Chicago TribuneMar 12, 2021 at 12:22 pmDowntown Chicago has a record amount of unwanted office space, the equivalent of about five Willis Towers, and the situation could get a whole lot worse in the next two years.Last year ended with 15.5% of downtown office space, or about 21.4 million square feet, unleased, according to commercial real estate firm CBRE. That’s up from 12.8% a year earlier.AdvertisementThe vacancy rate could climb to 18% by the end of next year, even if tenants begin to move into unused space following COVID-19 in a manner that emulates bounce-backs from...WW…

AdvertisementBy Chicago TribuneMar 02, 2021 at 3:42 pmAmazon plans to buy the sprawling Central Steel & Wire plant on the city’s Southwest Side, agreeing to pay about $45 million to add to the e-commerce giant’s vast network of warehouse space in Chicago.Ryerson Holdings Corp., which owns the more than 70-acre site in the Gage Park neighborhood, has a contract to sell it to Amazon and lease it back for about two years, according to people familiar with the deal.AdvertisementIt would become one of the largest sites controlled by Amazon in the Chicago area.AdvertisementThe deal has not...…AdvertisementBy Chicago TribuneMar 02, 2021 at 3:42 pmAmazon plans to buy the sprawling Central Steel & Wire plant on the city’s Southwest Side, agreeing to pay about $45 million to add to the e-commerce giant’s vast network of warehouse space in Chicago.Ryerson Holdings Corp., which owns the more than 70-acre site in the Gage Park neighborhood, has a contract to sell it to Amazon and lease it back for about two years, according to people familiar with the deal.AdvertisementIt would become one of the largest sites controlled by Amazon in the Chicago area.AdvertisementThe deal has not...WW…

AdvertisementBy Chicago TribuneJan 26, 2021 at 6:54 amChicago on Monday night got another peek at one of the biggest developments ever proposed in the city, in a public meeting held during an uncertain real estate market because of the COVID-19 pandemic.Landmark Development’s $20 billion One Central project envisions skyscrapers as tall as 89 stories over train tracks, a transit center and 9,050 residential units near Soldier Field.AdvertisementSome changes to project have been made in response to earlier community feedback. But the developer appears to have work to do to persuade Gov. J.B....…AdvertisementBy Chicago TribuneJan 26, 2021 at 6:54 amChicago on Monday night got another peek at one of the biggest developments ever proposed in the city, in a public meeting held during an uncertain real estate market because of the COVID-19 pandemic.Landmark Development’s $20 billion One Central project envisions skyscrapers as tall as 89 stories over train tracks, a transit center and 9,050 residential units near Soldier Field.AdvertisementSome changes to project have been made in response to earlier community feedback. But the developer appears to have work to do to persuade Gov. J.B....WW…

AdvertisementBy Chicago TribuneDec 07, 2020 at 2:26 pmCOVID-19 has slowed Chicago’s economy, but two bullish developers have drawn up ambitious plans that would bring a combined 1,200 apartments to two city neighborhoods.The plans would add three new towers downtown, the tallest reaching 47 stories, plus more than 300 hotel rooms and retail space. They were disclosed by 42nd Ward Ald. Brendan Reilly in an email to constituents Friday.AdvertisementThose big proposals, from Northfield-based Eterra Plus and Miami-based Crescent Heights, come at an , which has been battered since March by the...…AdvertisementBy Chicago TribuneDec 07, 2020 at 2:26 pmCOVID-19 has slowed Chicago’s economy, but two bullish developers have drawn up ambitious plans that would bring a combined 1,200 apartments to two city neighborhoods.The plans would add three new towers downtown, the tallest reaching 47 stories, plus more than 300 hotel rooms and retail space. They were disclosed by 42nd Ward Ald. Brendan Reilly in an email to constituents Friday.AdvertisementThose big proposals, from Northfield-based Eterra Plus and Miami-based Crescent Heights, come at an , which has been battered since March by the...WW…

AdvertisementBy Chicago TribuneDec 08, 2020 at 4:48 pmThe Gap is closing its two-decade home on the Magnificent Mile, leaving a big space to fill on Chicago’s best-known retail street.Signs in the North Michigan Avenue flagship’s windows announce the upcoming closure, but the store remained open for business Tuesday.AdvertisementThe store will close at the end of January, Gap spokeswoman Justine Jordan said in an email.“As part of our company strategy to adapt to the changing needs of our customer and growth of our online business, we are looking thoughtfully at our real estate to support...…AdvertisementBy Chicago TribuneDec 08, 2020 at 4:48 pmThe Gap is closing its two-decade home on the Magnificent Mile, leaving a big space to fill on Chicago’s best-known retail street.Signs in the North Michigan Avenue flagship’s windows announce the upcoming closure, but the store remained open for business Tuesday.AdvertisementThe store will close at the end of January, Gap spokeswoman Justine Jordan said in an email.“As part of our company strategy to adapt to the changing needs of our customer and growth of our online business, we are looking thoughtfully at our real estate to support...WW…

AdvertisementBy Chicago TribuneNov 30, 2020 at 2:45 pmAfter receiving a dozen real estate development proposals for the initial three sites in Mayor Lori Lightfoot’s , the city is seeking developers for four more properties.Lightfoot and the city’s planning department on Monday announced the second round of sites on the city’s South and West sides where they want private development dollars to create housing, retail and other amenities.AdvertisementThree are on the South Side — in Bronzeville, South Chicago and New City. The one West Side site is in North Lawndale.The city had planned to...…AdvertisementBy Chicago TribuneNov 30, 2020 at 2:45 pmAfter receiving a dozen real estate development proposals for the initial three sites in Mayor Lori Lightfoot’s , the city is seeking developers for four more properties.Lightfoot and the city’s planning department on Monday announced the second round of sites on the city’s South and West sides where they want private development dollars to create housing, retail and other amenities.AdvertisementThree are on the South Side — in Bronzeville, South Chicago and New City. The one West Side site is in North Lawndale.The city had planned to...WW…

AdvertisementBy Chicago TribuneDec 01, 2020 at 8:09 amProfessional video game players could compete in front of large crowds on the Near South Side if a local real estate developer’s unique, post-pandemic vision comes to fruition.Scott Greenberg, best known for Chicago hotels such as the Wit in the Loop and the EMC2 hotel in Streeterville, wants to build a $30 million esports venue called Surge near the Stevenson Expressway.AdvertisementThe 106,000-square-foot venue at 2500 S. Wabash Ave. would serve food and drinks from three large kitchens, and include an arena large enough for 800...…AdvertisementBy Chicago TribuneDec 01, 2020 at 8:09 amProfessional video game players could compete in front of large crowds on the Near South Side if a local real estate developer’s unique, post-pandemic vision comes to fruition.Scott Greenberg, best known for Chicago hotels such as the Wit in the Loop and the EMC2 hotel in Streeterville, wants to build a $30 million esports venue called Surge near the Stevenson Expressway.AdvertisementThe 106,000-square-foot venue at 2500 S. Wabash Ave. would serve food and drinks from three large kitchens, and include an arena large enough for 800...WW…

AdvertisementBy Chicago TribuneNov 25, 2020 at 5:01 amVista Tower is getting a new name, just weeks before the first residents move into Chicago’s third-tallest skyscraper.The tower’s new moniker, The St. Regis Chicago, comes as the project’s developer brings aboard a new luxury hotel brand and one of Chicago’s best-known restaurant operators to the designed by .AdvertisementThe 101-story tower at 363 E. Wacker Drive is changing its name after signing St. Regis Hotels & Resorts, which is part of Marriott International, to manage the 191-room hotel on the bottom 12 floors, said. St....…AdvertisementBy Chicago TribuneNov 25, 2020 at 5:01 amVista Tower is getting a new name, just weeks before the first residents move into Chicago’s third-tallest skyscraper.The tower’s new moniker, The St. Regis Chicago, comes as the project’s developer brings aboard a new luxury hotel brand and one of Chicago’s best-known restaurant operators to the designed by .AdvertisementThe 101-story tower at 363 E. Wacker Drive is changing its name after signing St. Regis Hotels & Resorts, which is part of Marriott International, to manage the 191-room hotel on the bottom 12 floors, said. St....WW…

AdvertisementBy Chicago TribuneOct 29, 2020 at 1:27 pmMcDonald’s headquarters building has sold for more than $412 million, in the highest-price property sale ever in Chicago’s Fulton Market district.The sale of the building at 110 N. Carpenter St. was completed Thursday, seller Sterling Bay said.AdvertisementThe Chicago firm developed the 575,000-square-foot building on the , where the fast-food giant from west suburban Oak Brook in June 2018.The price, $412.5 million, is a record for the just west of the Kennedy Expressway.AdvertisementIt is the highest sale price for any property in...…AdvertisementBy Chicago TribuneOct 29, 2020 at 1:27 pmMcDonald’s headquarters building has sold for more than $412 million, in the highest-price property sale ever in Chicago’s Fulton Market district.The sale of the building at 110 N. Carpenter St. was completed Thursday, seller Sterling Bay said.AdvertisementThe Chicago firm developed the 575,000-square-foot building on the , where the fast-food giant from west suburban Oak Brook in June 2018.The price, $412.5 million, is a record for the just west of the Kennedy Expressway.AdvertisementIt is the highest sale price for any property in...WW…