Commercial Real Estate
Chicago

Chicago Cheat Sheet: SOM will design new O’Hare terminals, manufacturer planning HQ in Hoffman Estates…& more

The famed architecture firm will build two standalone terminals as part of the $8.5 billion O’Hare expansion plan

SOM Managing Partner Jonathan Stein

SOM Managing Partner Jonathan Stein

Skidmore, Owings & Merrill will design new satellite concourses at O’Hare
Chicago-based architecture firm Skidmore, Owings & Merrill has been chosen to design two satellite concourses planned as part of the $8.5 billion expansion of O’Hare International Airport. Plans call for two new terminals to be erected west of the existing airport complex with a tram connecting the structures. SOM missed out on the larger O’Hare international terminal redesign, a project that was awarded to Chicago architect Jeanne Gang. The new concourses should open by 2022. [Chicago Tribune]

Popular Ravenswood restaurant up for sale
A neighborhood favorite Ravenswood diner on a commercial stretch of Montrose Avenue is up for sale, but the property might not be ripe for redevelopment just yet. Owner Larry Jones has listed for sale Glenn’s Diner at 1820 West Montrose Avenue, but only the property is for sale, not the land. Jones is looking for someone to continue operating the business as he seeks to retire. SVN Chicago Commercial’s Marcus Sullivan has the listing. [Block Club] 

Manufacturer eyes Hoffman Estates for North American HQ
An unknown manufacturing company is seeking the village of Hoffman Estates’ approval to building a 200,000-square-foot office and manufacturing build that would serve as the company’s North American headquarters. The company is eyeing a 15-acre site in the Fountain Crossings commercial development and wants the village to O.K. a set of tax incentives before it moves forward with a land purchase. The company remains secret to even city officials but is publicly traded, in operation for over 200 years and is involved in over 30 countries. [Daily Herald] 

Trump Tariffs causing strain for U.S. steel production
Tariffs levied by the Trump administration have not had the intended impact of revitalizing the American steel industry. The tariffs on foreign steel caused domestic companies to ramp up production, but a stalling global economy undercut demand and dropped prices to their lowest point since 2016. U.S. Steel has lost $5.6 billion, or 70 percent of its market share, since the tariffs were announced. [Crain’s]

Divvy bikes finally coming to Far South Side
Bike-sharing program Divvy is coming to the Far South Side, and the city wants residents to weigh in on where bike terminals should go. The expansion is planned to include previously Divvy-free neighborhoods like Pullman, Beverly, Rosedale and even Edison Park on the Northwest Side. The Divvy system faced criticism when it launched in 2013 without services on the West and South Sides. [Curbed]

COMPANIES AND PEOPLE

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Commercial Real Estate
Chicago

Chicago Cheat Sheet: SOM will design new O’Hare terminals, manufacturer planning HQ in Hoffman Estates…& more

The famed architecture firm will build two standalone terminals as part of the $8.5 billion O’Hare expansion plan

SOM Managing Partner Jonathan Stein

SOM Managing Partner Jonathan Stein

Skidmore, Owings & Merrill will design new satellite concourses at O’Hare
Chicago-based architecture firm Skidmore, Owings & Merrill has been chosen to design two satellite concourses planned as part of the $8.5 billion expansion of O’Hare International Airport. Plans call for two new terminals to be erected west of the existing airport complex with a tram connecting the structures. SOM missed out on the larger O’Hare international terminal redesign, a project that was awarded to Chicago architect Jeanne Gang. The new concourses should open by 2022. [Chicago Tribune]

Popular Ravenswood restaurant up for sale
A neighborhood favorite Ravenswood diner on a commercial stretch of Montrose Avenue is up for sale, but the property might not be ripe for redevelopment just yet. Owner Larry Jones has listed for sale Glenn’s Diner at 1820 West Montrose Avenue, but only the property is for sale, not the land. Jones is looking for someone to continue operating the business as he seeks to retire. SVN Chicago Commercial’s Marcus Sullivan has the listing. [Block Club] 

Manufacturer eyes Hoffman Estates for North American HQ
An unknown manufacturing company is seeking the village of Hoffman Estates’ approval to building a 200,000-square-foot office and manufacturing build that would serve as the company’s North American headquarters. The company is eyeing a 15-acre site in the Fountain Crossings commercial development and wants the village to O.K. a set of tax incentives before it moves forward with a land purchase. The company remains secret to even city officials but is publicly traded, in operation for over 200 years and is involved in over 30 countries. [Daily Herald] 

Trump Tariffs causing strain for U.S. steel production
Tariffs levied by the Trump administration have not had the intended impact of revitalizing the American steel industry. The tariffs on foreign steel caused domestic companies to ramp up production, but a stalling global economy undercut demand and dropped prices to their lowest point since 2016. U.S. Steel has lost $5.6 billion, or 70 percent of its market share, since the tariffs were announced. [Crain’s]

Divvy bikes finally coming to Far South Side
Bike-sharing program Divvy is coming to the Far South Side, and the city wants residents to weigh in on where bike terminals should go. The expansion is planned to include previously Divvy-free neighborhoods like Pullman, Beverly, Rosedale and even Edison Park on the Northwest Side. The Divvy system faced criticism when it launched in 2013 without services on the West and South Sides. [Curbed]

COMPANIES AND PEOPLE

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