Commercial Real Estate
Chicago

Chicago Cheat Sheet: Developer chosen to lead Obama library neighborhood initiative & more

Also, Oak Brook business leaders no fans of proposed hotel/motel tax increase

Ghian Foreman and a Renderings of Obama Center

Ghian Foreman and a Renderings of Obama Center

Ghian Foreman chosen as Obama library-related economic booster

Longtime South Side developer Ghian Foreman was chosen to lead an effort to help neighborhoods around the proposed Obama Presidential Center benefit from it. The former executive director of Greater Southwest Development Corporation will now be the first CEO of the Emerald South Economic Development Collaborative. He also is managing partner of Washington Park Development Group. The Emerald South group was created in 2017 to find ways for local businesses and residents to benefit from the influx of tourists expected once the Obama center is built in Jackson Park. [Chicago Tribune] 

Oak Brook officials oppose hotel/motel tax hike

A proposed increase in DuPage County’s hotel/motel tax has been challenged by the Greater Oak Brook Chamber of Commerce and one Oak Brook hotel owner. The new DuPage County Coalition for Tourism is pushing for lawmakers to increase the tax by 2.5 percentage points to generate about $3.5 million for tourism efforts. But Jim Nagle, owner of The Drake Oak Brook Hotel said “the last thing we need in Illinois” is another tax. And chamber head David Carlin said hotel guests in Oak Brook and Oakbrook terrace already pay a total of 9 percent and 12 percent, respectively, in state and local taxes. [The Doings]

Nicholas & Associates OK’d for $110M Mount Prospect development

Mount Prospect officials approved the controversial $110 million Maple Street Lofts development along Prospect Avenue near the downtown Metra station. The project from Nicholas & Associates calls for a six-story, 192-unit apartment building with 14,000 square feet of retail space; a seven-story, 65-unit apartment building; 56 row homes and a 268-space parking deck. Opponents spoke out against the height of the buildings and potential for traffic and congestion, but supporters said the project would attract younger residents to the downtown. [Daily Herald]

Another condo project going up in River North

Ascend Real Estate Group has launched a new 12-story condominium building in River North. The Superior House project at 366 West Superior Street will have 34 luxury condos when it opens early next year. [REJournals]

Logistics firm taking space in Elk Grove Village industrial complex

Lion Logistics signed a 25,000-square-foot lease in an industrial building in Elk Grove Village. The third-party logistics company’s new space at 1260 Lunt Avenue will feature 3,000 square feet of new office space. Avison Young’s Chris Lydon and Chris Tecu represented owner CenterPoint Properties. Chicago-based Main Street Real Estate Group represented Lion Logistics. The lease brings the 50,000-square-foot building to full occupancy. [Daily Herald]

COMPANIES AND PEOPLE

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Commercial Real Estate
Chicago

Chicago Cheat Sheet: Developer chosen to lead Obama library neighborhood initiative & more

Also, Oak Brook business leaders no fans of proposed hotel/motel tax increase

Ghian Foreman and a Renderings of Obama Center

Ghian Foreman and a Renderings of Obama Center

Ghian Foreman chosen as Obama library-related economic booster

Longtime South Side developer Ghian Foreman was chosen to lead an effort to help neighborhoods around the proposed Obama Presidential Center benefit from it. The former executive director of Greater Southwest Development Corporation will now be the first CEO of the Emerald South Economic Development Collaborative. He also is managing partner of Washington Park Development Group. The Emerald South group was created in 2017 to find ways for local businesses and residents to benefit from the influx of tourists expected once the Obama center is built in Jackson Park. [Chicago Tribune] 

Oak Brook officials oppose hotel/motel tax hike

A proposed increase in DuPage County’s hotel/motel tax has been challenged by the Greater Oak Brook Chamber of Commerce and one Oak Brook hotel owner. The new DuPage County Coalition for Tourism is pushing for lawmakers to increase the tax by 2.5 percentage points to generate about $3.5 million for tourism efforts. But Jim Nagle, owner of The Drake Oak Brook Hotel said “the last thing we need in Illinois” is another tax. And chamber head David Carlin said hotel guests in Oak Brook and Oakbrook terrace already pay a total of 9 percent and 12 percent, respectively, in state and local taxes. [The Doings]

Nicholas & Associates OK’d for $110M Mount Prospect development

Mount Prospect officials approved the controversial $110 million Maple Street Lofts development along Prospect Avenue near the downtown Metra station. The project from Nicholas & Associates calls for a six-story, 192-unit apartment building with 14,000 square feet of retail space; a seven-story, 65-unit apartment building; 56 row homes and a 268-space parking deck. Opponents spoke out against the height of the buildings and potential for traffic and congestion, but supporters said the project would attract younger residents to the downtown. [Daily Herald]

Another condo project going up in River North

Ascend Real Estate Group has launched a new 12-story condominium building in River North. The Superior House project at 366 West Superior Street will have 34 luxury condos when it opens early next year. [REJournals]

Logistics firm taking space in Elk Grove Village industrial complex

Lion Logistics signed a 25,000-square-foot lease in an industrial building in Elk Grove Village. The third-party logistics company’s new space at 1260 Lunt Avenue will feature 3,000 square feet of new office space. Avison Young’s Chris Lydon and Chris Tecu represented owner CenterPoint Properties. Chicago-based Main Street Real Estate Group represented Lion Logistics. The lease brings the 50,000-square-foot building to full occupancy. [Daily Herald]

COMPANIES AND PEOPLE

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