April 22, 2015

14 of Chicago's Greenest Apartment Towers

Illinois tops the USGBC's list of states with buildings that meet LEED environmental standards with good reason. Chicago in particular is teeming with new building projects and recently completed developments that make sustainability their goal.

Alta at K Station

In honor of Earth Day 2015, we've rounded up 14 of Chicago's greenest apartment towers. Click here to begin the slideshow.

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ML Realty (PatTim) CHI
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Block 37 Developers Facing Federal Fraud Charges

CoStar

Block 37 developer Laurance Freed is facing fraud charges over a Schaumburg shopping mall formerly owned by his company. Laurance, the president of Joseph Freed & Associates, and VP Caroline Walters are facing a 16-count indictment on federal fraud charges regarding Schaumburg's Streets of Woodfield mall. They are accused of defrauding several banks, the City of Chicago, and a JV partner by providing false information, Crain's reports. They pleaded not guilty to a previous 14-count indictment in January 2014. They are due back in court this week after a special grand jury on April 16 produced a superseding indictment. Laurance is best known for developing Block 37, a mall in downtown Chicago, and the previous indictment was related to a redevelopment project in Uptown. [CCB

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NAI Hiffman (Calumet2) CHI
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$150M Uptown Redevelopment Project Announced

Imperial Realty Co.

Cedar Street has purchased an Uptown building for $16.1M, with plans to spend $150M on redevelopment. The Chicago-based developer will turn the former Combined Insurance office building at 5050 N Broadway into a residential building with retail space. The firm currently owns about 2,500 apartment units on Chicago's North Side, which it manages as Flats Chicago. The project could include a mid-rise apartment tower with a gym incorporated into the already-existing 11-story office building and parking garage, which has about 625 parking spaces. The financial breakdown puts the costs of redeveloping the existing building at upwards of $100M, while the new mid-rise could cost $50M to build, according to Cedar Street officials. Cedar Street considers the location an underdeveloped pocket of Uptown, not far from the Argyle Street Red Line station. This move comes on the heels of an announcement that Waterton Associates has paid $66M for the nearby Pensacola Place. [CCB]

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Arent Fox (REI2) CHI
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Aurora Outlet Mall Expands With 20 New Stores

Aurora Outlet Mall

An Aurora, IL, outlet mall has announced 20 shops that will be added to an expansion set for this summer. Chicago Premium Outlets has made deals with the clothing line Robert Graham, the skin care shop Clarins, Abercrombie & Fitch Outlet, American Eagle Outfitters and bebe, among others. A Saks Fifth Avenue Off 5th will anchor the 290k SF expansion, the Daily Herald reports. With the addition, the mall will have about 170 stores. The expansion is estimated to cost $110M and will include public art, seating and lighting, a pond and fire pits. It will also add 2,200 new parking spaces to the outlet mall, which is operated by Simon Premium Outlets. Simon officials say it could create as many as 500 permanent jobs after the new stores open. The City of Aurora and Batavia are slated to give the mall about $24M in tax incentives. [DH]

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Bisnow (Writers-Stop)
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