Habitat Moves Forward With Plan To Build Townhomes On Former Solo Cup Site: The Chicago Deal Sheet
The Habitat Co. announced a joint venture with M/I Homes of Chicago that is moving forward to develop The Bowery of Highland Park, a community of 227 for-sale townhomes on the former Solo Cup Co. site in Highland Park.
The firms are set to close on the property at 1700 Old Deerfield Road this spring and start construction in the second half of this year. The plan for the site includes 227 townhomes, more than 9 acres of open space, a resident clubhouse, landscaping, and other traffic and infrastructure improvements.
"Ever since Solo Cup vacated the area almost 20 years ago, it has seemed like the best use of this site was to redevelop it as a residential neighborhood," Habitat President Matt Fiascone said in a statement. "It just took the right team with the right experience to shape a viable plan for a townhome development."
Of the 227 townhomes, 34 will be offered to qualifying individuals and families in compliance with Highland Park’s inclusionary housing plan.
PEOPLE
Draper and Kramer promoted Martha Gaitan-Manning from property manager to regional property manager. She will oversee five Chicago-area assets in the firm’s national multifamily portfolio. She will also execute the operational plan and manage budgeting for properties under her supervision to optimize performance and financial results.
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CRG appointed data center veteran Rohit Kinra as senior vice president and partner to bolster the firm's data center development platform. Kinra brings more than two decades of real estate and technology experience, including in the data center sector, and will lead the platform’s strategic growth.
SALES
Ideal Bakery purchased a 34K SF industrial building and the Oak Mill Bakery business at 2480-2490 S. Wolf Road in Des Plaines for an undisclosed price. Ideal Bakery recently acquired other Oak Mill Bakery retail locations in Niles, Arlington Heights and Harwood Heights. Brown Commercial Group's Trinity Scurto represented Ideal Bakery, while the company's Candace Scurto represented Oak Mill Bakery.
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Eastham Capital, in partnership with Bender Cos., paid $30.4M for Park Towers Apartment Homes, a 270-unit community in Richton Park. The acquisition was facilitated through the Eastham Capital Fund VII, and the property was 94% occupied at the time of sale. To date, Eastham and Bender have co-invested in 13 projects.
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Interra Realty brokered three multifamily deals in southwest suburban Chicago. The deals included the $2.3M sale of 9822 Nottingham Ave. in Chicago Ridge, the $1.7M sale of 10821 S. Keating Ave. in Oak Lawn, and the $1M sale of a two-building portfolio in Midlothian. Interra Managing Director Michael Duckler represented the confidential buyers and sellers in all three off-market transactions. All buildings were fully occupied at the time of sale.
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An undisclosed buyer scooped up a five-building, 100-unit multifamily portfolio in Budlong Woods for $18.5M. Essex Realty Group's Steven Livaditis, Matt Feo and Rick Ofman represented all parties.
LEASES
Ames Watson, owner of global accessories retailer Claire’s, signed a 248K SF lease at 1100 Tollgate Road in Elgin. The lease represents a significant investment in Claire’s supply chain infrastructure. RCS’ Spence Mehl represented Ames Watson and Claire’s in partnership with JLL’s Sam Brashler, Seth Geldzahler and Sharon Kariampuzha.
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A global asset manager signed a 29K SF lease for the 39th floor at 320 S. Canal with Riverside Investment & Development. Riverside's Christy Domin, Daniel Heckman and Drew Nieman negotiated on behalf of the building, while JLL’s Patrick Schenk, Matt Carolan and Ronnie Deyo represented the tenant.
CONSTRUCTION AND DEVELOPMENT
The Resurrection Project, in partnership with Chicago Commons, will develop 76 affordable apartments and a new early childhood education center at 18th and Peoria streets. The development is one of 15 the city is investing more than $300M in to spur affordable housing creation throughout Chicago.
