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Value Place, Holladay Properties JV Plans 15 New Hotels in the Chicago Area

26 Nov 2014, 5:04 pm

By Ioana Neamt, Associate Editor

Value Place, the largest extended-stay hotel brand in the U.S. recently announced plans to build multiple hotels in the Chicago area within the next 60 months, in partnership with South Bend, Indiana-based Holladay Properties. The two companies signed a long-term development agreement for a number of 15 new hotels, with the option for additional properties.

According to a news release, Value Place and Holladay will break ground on the first property in spring 2015. Holladay Properties’ Indiana office will handle site selection and will also be in charge of the architecture and design of the new hotels.

“This development group has the stamina and resources to aggressively grow with us in this area of the country,” says Ron Burgett, executive vice president of development at Value Place. “Partnering with Holladay in a big way in Chicago is exactly what this brand needs in the upper Midwest.”

Value Place currently owns almost 200 locations in 32 countries, and was founded in 2003 by Jack DeBoer, the creator of renowned brands such as Residence Inn, Candlewood Suites and Summerfield Suites (now Hyatt House). The company was recently named one of Forbes’ Best Franchises in America.

“Value Place represents a strategic expansion of Holladay’s hotel portfolio,” says Tim Healy, senior vice president and partner at Holladay Properties. “We were attracted to the Value Place brand based on its strong executive leadership and our shared core values.”

Holladay Properties, founded in 1952 as the Grant-Holladay Construction Group, is one of the largest medical office management companies in the country, and was named the 2013 Developer of the Year by NAIOP-Indiana earlier this year.

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Chicago Officials Debut Art-Centered Mixed-Income Community in the City’s Grand Crossing Neighborhood

24 Nov 2014, 6:46 pm

By Ioana Neamt, Associate Editor

Dorchester Art + Housing Collaborative

Chicago Mayor Rahm Emanuel, together with the Chicago Housing Authority (CHA) and artist Theaster Gates, recently announced the grand opening of the Dorchester Art + Housing Collaborative, a 32-unit mixed-income community in the Greater Grand Crossing area on Chicago’s South Side.

The Dorchester Art + Housing Collaborative is the result of a collaboration between Theaster Gates’ Rebuild Foundation, the CHA, Brinshore Development, and Landon Bone Baker Architects. Located at South 70th Street between Dante and Harper, the community provides affordable residential and long-term rental opportunities, featuring 32 two- and three-bedroom townhomes on the city’s south side. The project was built on vacant CHA land and includes a CHA investment of $3.5 million, according to a news release.

The centerpiece of the Dorchester Art + Housing Collaborative (DAHC) is the 1,500-square-foot Art Center, complete with a dance studio, public meeting space and community garden. Scheduled for completion in early 2015, the Art Center offers artistic and cultural activities for residents and community members interested in the arts.

“For years, this was an abandoned housing project but thanks to Theaster’s vision, this land has been reimagined, reinvented, and revitalized as a place for residents to live and artists to create,” Emanuel says. “The Dorchester Art + Housing Collaborative proves that investing in art and culture can bring both economic revitalization and a sense of community to every neighborhood.”

Five artists have been selected to live in five of the townhouses and contribute to the Rebuild Foundation’s vision by volunteering 10 hours per month. This year’s selection includes make-up artist Jill Mitchell, photographer/videographer Edward Steave, poet/rapper Justin Booker, potter/ceramics artist Jordan Taylor, and Nakia Mosby, mother of a promising teenage artist.

“This exciting project will work to meet the affordable housing needs for low-income residents while supporting cultural arts in the city,” says CHA CEO Michael R. Merchant.

Image courtesy of the Rebuild Foundation

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Canyon Capital Realty Expands Portfolio with the Purchase of Two Apartment Communities in Suburban Chicago

20 Nov 2014, 4:32 pm

By Ioana Neamt, Associate Editor

Canyon Capital Realty Advisors, the real estate direct investing arm of Canyon Partners, LLC, a Los Angeles-based investment and management company with roughly $24 billion in assets, recently announced the purchase of two suburban Chicago-area apartment communities, the Preserve at Carol Stream and Eagle Creek in Westmont, Ill. Canyon made the purchase through its Canyon Multifamily Impact Fund (CMIF), a joint venture established in 2013 between Canyon Capital Realty Advisors and Citi Community Capital. The CMIF was created in order to address the need for affordable, quality rental living options in underserved communities across the U.S. The fund currently owns 1,624 units in the Chicago market, according to a news release.

“These two communities are a good fit for the investment criteria and the social and environmental initiatives we prioritize in CMIF,” Marti Page, director at Canyon Capital Realty said in a press release.

Managing Director Gerald Goldman added: “Canyon Capital Realty will focus on enhancing both properties through physical upgrades and the implementation of community services, focusing on education and healthcare that will enhance the quality of life for its residents.”

Preserve at Carol Stream

The Preserve at Carol Stream garden-style community features 285 one- and two-bedroom units across 5 buildings, situated within the Wheaton School District in the city of Carol Stream. Located at 535 E. Thornhill Dr., the 15-acre community includes an executive business center, racquetball court, fitness center, sand volleyball court, pool and spa, covered parking, 24-hour maintenance service, picnic areas, soccer and baseball courts, and is close to major expressways and Metra train. Each residential unit features wall-to-wall carpeting, high-speed internet access, walk-in closets, private balconies or patios and air conditioning, among other amenities.

The Eagle Creek apartment community located at 1128 S. Williams in

Eagle Creek

Westmont features 346 one- and two-bedroom units across seven buildings. Amenities include a courtyard, grilling area, playground, two swimming pools, 24-hour maintenance, air conditioning, private balconies and patios, spacious floor plans, and private entrances. According to a news release, Canyon also intends to build a clubhouse on the property which will feature fitness facilities and community spaces. Eagle Creek provides residents easy access to I-88, I-355 and Route 83, and is situated in close proximity to the Oakbrook Shopping Center. The property was acquired by Canyon in joint partnership with Odessa Realty Investments, LLC.

With the purchase of the two multifamily communities, Canyon has doubled the number of properties it owns in the Chicago area. The company’s portfolio also includes the York Terrace apartment complex in Bronzeville and Woodfield Crossing in Rolling Meadows.

Images courtesy of www.preserveatcarolstream.com/  and www.apartmentsateaglecreek.com/

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90 North Completes Purchase of The Reserve at Deer Park Office Building in Chicago

12 Nov 2014, 6:50 pm

By Ioana Neamt, Associate Editor

21440 W. Lake Cook Rd

London-based 90 North Real Estate Partners recently announced it has arranged the acquisition of The Reserve at Deer Park, a 351,425-square-foot, Class A office building in suburban Chicago, RealEstateJournals.com reports.  90 North entered the U.S. real estate market only recently, with plans to invest $750 million over the next couple of years. The company completed the purchase at a cost of roughly $40 million, according to GlobeSt.

Located at 21440 W. Lake Cook Road in Deer Park, the property is part of a larger, 58-acre office campus developed by Motorola in 2002 and later acquired by Continental AG. Continental Automotive currently occupies roughly 200,000 square feet of The Reserve, while the remaining space, approximately 135,000 square feet, will be marketed for lease in 2015.

According to RealEstateJournals.com, Jason Streepy, Jason Wurtz and Michael Flynn of NAI Hiffman have been selected to market the property, which offers a 300-auditorium, a 500-person cafeteria, and a 1,209-space parking garage, among other amenities.

Dubai-based Arzan Wealth (DIFC) Limited acted as Strategic Advisor in the acquisition of the property by a consortium of international investors, according to a news release.

“The Continental asset is expected to provide a secure income stream, equating to an average of 7.75 percent per annum, payable monthly, from only the 60 percent occupied area, hence providing the investors in the deal with a clear value add opportunity that can enhance their total returns,” says Muhannad Abulhasan, CEO of Arzan Wealth.

Image courtesy of RealEstateJournals.com

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Chicago Spire Project Dead, Site Deed Goes to Related Midwest

7 Nov 2014, 5:52 pm

By Ioana Neamt, Associate Editor

Chicago Spire

The site of the former Chicago Spire supertall skyscraper is now in the hands of developer Related Cos., after investor Atlas Apartment Holdings, LLC failed to make a $22 million payment to the creditors by October 31st. Reports indicate that Related’s Midwest unit will now take over the 2.2-acre site at 400 N. Lake Shore Drive, which currently consists of  nothing but a massive hole in the ground.

The Spire project, located in Chicago’s upscale Streeterville neighborhood, was spearheaded by Irish developer Garrett Kelleher and Shelbourne North Water Street LP, and designed by world-famous architect Santiago Calatrava. If completed, the 150-story, 2,000-foot-tall luxury apartment tower would have become the second tallest building in the world, surpassed only by the Burj Khalifa, and the tallest building in the Western Hemisphere. Construction on the tower stopped in the late 2000’s due to the financial crisis and major debt.

In early 2014, Atlas Apartment Holdings, LLC announced a partnership with Shelbourne and an investment of up to $135 million in the Spire project. However, the developer failed to pay off the project’s creditors in time, and the site went to Related Midwest. Curt Bailey, president of Related Midwest, told the press that the company intends to bring an “architecturally significant and thoughtful development” to the Lake Shore Drive location. The former Spire development will be an important addition to the company’s portfolio in the area, which includes the 840 Lake Shore Drive condominium tower and the luxury rentals at 500 N. Lake Shore Drive.

Rendering courtesy of Shelbourne Development

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One Response to Chicago Archive

  1. Joselyn Overley

    Sep. 26, 2011 at 12:58 pm

    I just think it’s too hard for small businesses to try to purchase a property, renting or leasing is their only real option

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