Megadevelopments are being regenerated in Chicago and Arlington Heights.
In the city, Jim Letchinger’s local firm JDL is on the verge of stepping into Sterling Bay’s shoes to give the stalled Lincoln Yards project a second try with a deal to acquire the entire 53-acre site at a major discount from the sellers’ investment into the property. JDL is being financially backed by Los Angeles-based Kayne Anderson, which first explored entering the project over a year ago when Sterling Bay was searching for rescue capital.
In the northwest suburb, Tom Scott, the CEO of embattled development firm CA Ventures, surrendered to lenders two vacant land parcels that neighbor the Chicago Bears’ planned stadium site on the former Arlington International Racecourse property.
That move came just before the Bears this week announced they’ve shifted their focus into building a $5 billion stadium and entertainment campus there, as opposed to staying in Chicago on the lakefront.
Willis Tower’s appraisal provided the latest evidence of how far office market values have dropped, as it was revealed the 110-story skyscraper is worth about $300 million less than Blackstone’s $1.3 billion loan balance. Suburban office blows keep coming, too: the real estate arm of Alden Global, the controversial owner of local newspapers including the Chicago Tribune, took a $1 million loss on a sale of a midsize building in Warrenville.
The landlord of Chicago’s second-tallest skyscraper also made a move. Trump Tower’s long-vacant retail space is getting a leasing push, with a Newmark team hired to fill 70,000 square feet in the base of 401 North Wabash Avenue.
In the residential market, luxury broker Carrie McCormick is coming to the small screen with “The Listing” to get Chicago in on the controversial real estate reality TV boom.
Finally, you could be the owner of the pontiff’s boyhood home. After previously being listed and pulled from the market after the election of the high priest, Pope Leo XIV’s former home in Dolton is going up for auction with a minimum bid of $250,000.