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Related Midwest puts the “park” in One Bennett Park, city switches up affordable housing policy: Daily Digest

 

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This page was last updated at 5 p.m. CST

 

Related Midwest debuts new green space next to One Bennett Park. On Tuesday, the developer unveiled its Bennett Park, the green space adjacent to its One Bennett Park condo tower. The two-acre park next to one of Chicago’s hottest residential towers includes two dog runs, a playground, a “climbing forest” and a shaded grove with seating. [Curbed]

 

Barneys’ Chapter 11 filing will shutter two local stores. Upscale department store Barneys New York is filing for Chapter 11 bankruptcy, and has plans to close its Gold Coast and Rosemont locations. In its bankruptcy filing, Barneys’ executives said the company has been hampered by the difficulties facing the retail industry. [Crain’s]

 

Mayor changing rules for affordable housing tax credit allocation. To address the city’s massive affordable housing gap, Mayor Lori Lightfoot’s administration is changing the guidelines for how it will disperse $60 million in federal low-income housing tax credits. The new rules will reward developers with plans in Chicago’s most needy communities, and gives developers more concrete steps on how to be awarded the tax credits. [Sun-Times]

 

Massive industrial lease inked in DuPage County. One of the year’s biggest industrial leases was inked this week, with furniture company Wholesale Interiors taking 551,000 square feet in an Aurora warehouse owned by Duke Realty. With the lease, the DuPage area remains one of the hottest industrial submarkets, thanks to its proximity to O’Hare Airport and its number of new warehouse developments. [TRD]

 

Trump pal Tom Barrack has billions of dollars in Middle East real estate ties. The Colony Capital boss, an Arabic speaker of Lebanese descent, first established links with Saudi royalty as a lawyers in the 1970s. His firm has raised more than $7 billion in investments from the Gulf since Trump’s nomination, but his political ties and the Saudi-Qatari spat have sometimes put him in a difficult position. [TRD]

 

The trade war’s impact on real estate, by the numbers. From rising construction costs to the sharp decline in Chinese investment, the escalating multibillion-dollar trade war between the United States and China has impacted real estate in many ways. And that’s not counting the impact of an overall economic slowdown. [TRD]

 

Airbnb acquires corporate extended-stay platform Urbandoor. In addition to boosting Airbnb’s supply of corporate-friendly properties, the acquisition will also allow Airbnb to take advantage of Urbandoor’s established relationships with multifamily owners. The terms of the transaction were not disclosed. [Techcrunch]

 

Marriott took a $126M hit from last year’s data breach. The hotel company announced Monday that it had booked a $126 million charge in its second quarter earnings, in connection with a database security breach that exposed 383 million guest records for years. Marriott acquired the compromised database along with Starwood Hotels & Resorts Worldwide in 2016, and has since phased it out. The company is also facing a possible $120.5 million fine in the UK because of the breach. [WSJ]

 

Tech firm doubles Downtown office footprint. Online business review aggregator ReviewTrackers will double its employee count as well as its office footprint in Chicago. The company will move from its River North location to a 25,000-square-foot office at 1 North State Street. [Crain’s]

 

“Chicago P.D” star Jason Beghe shelled out $1.65 million on a four-bedroom, 6,200-square-foot condo in the Near West Side. The new construction home at 1217 West Monroe Street measures 28-feet-wide and was listed in March for $1.9 million before a few price chops. [Chicago Tribune]

 

Shuttered golf course redevelopment stalls in Bloomingdale. Village of Bloomingdale officials are waiting to hear if K. Hovnanian Homes will move forward with its plans to redevelop a closed golf course into housing for empty nesters. The developer is nearing a deadline to tell officials if plans for the 535 ranch-style homes for those 55 and older will seek a zoning change to allow for the project. [Daily Herald]

 

Housing fair seeks to connect Logan Square, Humboldt Park residents with affordable housing. State Rep. Dalia Ramirez on Saturday will host a housing fair to connect Northwest Side residents with affordable housing. Logan Square and Humboldt Park have seen property values skyrocket as investors and developers look to the neighborhoods.

 

Cboe selling South Loop HQ. With an eye towards leasing in the redeveloped Old Main Post Office, Cboe Global Markets will list for sale its headquarters at 400 South LaSalle Street. The stock exchange has fully occupied the 350,000-square-foot building since 1984. [TRD]

 

DL3 inks Blue Cross to lease vacant South Side big box. Neighbors and area politicians reacted harshly when Target decided to shutter two South Side locations, but one of those vacant big boxes will soon be filled. Local developer DL3 Realty has signed Blue Cross to a 10-year lease at its Morgan Park Center, bringing 550 jobs to the area. [TRD] Recommend0 recommendationsPublished in Real Estate

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