Foundry Park Nabs Key City Backing For $201M TIF Ask: The Chicago Deal Sheet
The Foundry Park megadevelopment on a portion of the former Lincoln Yards site got closer to securing a $201.6M tax increment financing subsidy after a city agency gave its approval Tuesday.
The Chicago Community Development Commission approved a proposal to help finance infrastructure improvements at the 31-acre site. The cost of the infrastructure build includes about $71M for roadways, $69M for public parks and about $21.4M for an extension of the 606, among some of the expenses.
The commission unanimously approved the proposal and gave the city’s planning agency authority to work out terms with the project's investors, according to the Chicago Sun-Times. The development, with an estimated $3B price tag, is slated to feature over 3,000 housing units.
JDL Development expects to start the first phase of the project this year, but full completion isn't anticipated before 2034.
PEOPLE
KBS rehired Katy Grober as vice president, investment manager for its mid-Atlantic region. Grober previously served in several roles within KBS’ investment management team. In her role, she oversees a portfolio of office assets, including KBS’ largest asset in Chicago, Accenture Tower.
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Aigentless appointed Jesus Machuca Jr. as head of revenue. The newly created role will focus on the continued growth of the company through sales, marketing and account management. Machuca brings more than 25 years of experience in revenue-driving roles, with a decade specifically in the multifamily industry.
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Chicago-based Government Investment Partners hired Andrew Pulliam as executive vice president, investments and principal. Pulliam brings more than 20 years of experience in sourcing, underwriting and executing investments. In his new role, Pulliam will help lead GIP's acquisition activities nationwide.
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JLL added a five-person industrial team to its Chicago O’Hare office, expanding its capabilities across the area’s most active industrial corridors. Adam Haefner joins as managing director, Marty Mikaitis and Zeke Rowan joined as executive vice presidents, Nick Fazio was added as vice president and Anne McGrath as sales coordinator.
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HNTB Corp., a firm involved in planning, designing and delivering transportation infrastructure projects throughout the state, named Anne Sheahan the Illinois office leader and vice president. Sheahan brings more than two decades of public-sector experience helping shape infrastructure, transportation and city operations across Chicago. In her new role, she will oversee operations, strategic growth and client service for HNTB's Illinois practice.
SALES
Logistics Property Co. closed on a 9.8-acre site at 2349 W. Lake St. in Addison for a new development. Construction is expected to start this month, and when complete, the building will total 140K SF. Morgan/Harbour Construction is the general contractor on the project, Architects Plus Design Studio is the architect, and Jacob & Hefner Associates is the civil engineer.
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Urban Commercial Property Group bought the 70K SF office property at 915 Harger Road in Oak Brook for an undisclosed price from KMMRD Enterprises. The property was 48% vacant at the time of sale, with law firm Godoy occupying the largest portion of the building. Lee & Associates' Tony Russo represented the seller.
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A publicly traded real estate investment trust acquired a 246K SF logistics facility at 2770 Alft Court in Elgin from Venture One. The facility was built in 2015 and is fully leased to FleetPride. Colliers’ Jeff Devine, Steve Disse and Tyler Ziebel represented Venture One in the sale.
LEASES
Quill signed a 60K SF lease renewal at 300 Tri State International Drive in Lincolnshire. The office is within a 560K SF, five-building Class-A office complex owned by Bradford Allen. Bradford Allen’s Dan Fernitz negotiated the lease on behalf of the ownership.
CONSTRUCTION AND DEVELOPMENT
RMK Management Corp. announced renovations are underway at the Bristol Station rental community in Naperville. The company will renovate all 348 apartments, and the revamp is being conducted on a rolling basis. To date, RMK has renovated 40 units, with a target of three apartments per month.
