Rachel Herzog

Chicago

Commercial Real Estate Reporter at Crain's Chicago Business

Reporter covering commercial real estate for @crainschicago / [email protected]

Articles

Chicago developer lists West Loop apartment building for sale

2 days ago | chicagobusiness.com | Rachel Herzog

Four years after completing an apartment building in one of Chicago’s hottest downtown neighborhoods, a local developer sees an opportunity to cash out of the supply-constrained market. Tandem has hired brokers at CBRE to seek a buyer for Avra West Loop, a 20-story, 198-unit property at 1125 W. Van Buren St. that the firm built in 2021.
Developer buys River North site for office-to-apartments conversion

3 days ago | chicagobusiness.com | Rachel Herzog

A local developer plans to turn a vacant office building in River North into about 90 apartments, another midsize addition to the pipeline of office-to-residential projects planned for downtown Chicago. A joint venture of Honore Properties and Peerless Development has acquired the development site at 50 E. Superior St., which holds an empty seven-story building, according to Cook County property records and Honore founder Michael Shenouda.
Developers land financing for One Winnetka project

3 days ago | chicagobusiness.com | Rachel Herzog

A Chicago developer has landed financing for a project to transform a long-fallow downtown Winnetka site with luxury rentals and retail. The team behind One Winnetka, a joint venture of Murphy Development Group and Harrison Street CEO Christopher Merrill, has closed on a construction loan from ACRES Capital for the development, which will include 59 luxury apartments and more than 20,000 square feet of retail space, according to an announcement.
Developers propose residential conversion of former Salesforce offices

4 days ago | chicagobusiness.com | Rachel Herzog

Another residential conversion is on tap for unused workspace in downtown Chicago, with a local development team announcing plans to convert the upper stories of Salesforce’s former office to apartments. A joint venture between Path Construction and WindWave Real Estate said it has acquired floors five through 10 of 111 W. Illinois St., which it plans to turn into 153 apartments.
California lender aims to offload State Street retail building

4 days ago | chicagobusiness.com | Rachel Herzog

A California lender is looking to offload a vacant State Street retail property at a discounted price that reflects the corridor’s struggles but sets it up for a possible redevelopment play. California-based commercial real estate lender Calmwater Capital has hired brokerage SVN Chicago Commercial to seek a buyer for the eight-story, 112,495-square-foot retail and office building at 213-227 S. State St., according to a brochure.
Local investor tees up retail development in Hawthorn Woods

2 weeks ago | chicagobusiness.com | Rachel Herzog

A local investor is teeing up a new retail center in the northern suburbs, after clearing some obstacles that have deterred development on the site. A private real estate investment group led by Berger Asset Management owner Jonathan Berger has obtained village zoning approval for a project they’ve dubbed Hawthorn Woods Town Center at the intersection of Old McHenry and Midlothian roads.
Golub seeks buyer for 1 E. Delaware Place in Gold Coast

2 weeks ago | chicagobusiness.com | Rachel Herzog

A venture of developer Golub & Co. is seeking a buyer for a Gold Coast apartment tower it’s put millions into renovating, testing whether the repositioning play and downtown Chicago’s supply shortage will help the property overcome market challenges. A joint venture between Golub and Boston-based real estate private equity firm Alcion Ventures has hired Jones Lang LaSalle brokers to seek a buyer for the 37-story, 304-unit high-rise at 1 E. Delaware Place, according to marketing materials.
Developer proposes residential redevelopment at Blue Man Group's longtime Lakeview home

2 weeks ago | chicagobusiness.com | Rachel Herzog

You can’t see the Blue Man Group in Chicago anymore, but you might one day be able to rent an apartment at their longtime home in Lakeview. Local developer JAB Real Estate has proposed a redevelopment plan that would preserve the Briar Street Theater at 3133 N. Halsted St. while adding 66 apartments, according to a zoning application submitted to the City Council and information on 44th Ward Ald. Bennett Lawson’s website.
Formula One racing arcade coming to River North

2 weeks ago | chicagobusiness.com | Rachel Herzog

A new gaming and restaurant concept that simulates Formula One racing is coming to River North, one of the latest experiential retailers to set up shop in downtown Chicago. F1 Arcade plans to open a location at 1 W. Grand Ave., McCaffery Interests CEO Dan McCaffery confirmed. The company is redeveloping the property in partnership with the owner. The building at the high-profile corner of Grand Avenue and State Street is the former home of Rock Bottom Brewery, which closed there in early 2023.
Developer pitches 29-story apartment tower in Fulton Market

2 weeks ago | chicagobusiness.com | Rachel Herzog

A local developer has pitched a 29-story residential tower on a Fulton Market site where Sterling Bay had previously planned an office building. Thomas Roszak’s real estate firm, TR Management + Consulting, has proposed a 398-unit apartment building at 1200 W. Carroll Ave., according to a zoning application submitted to the City Council. The Roszak affiliate is under contract to buy the site from Sterling Bay, Roszak confirmed.