Each week, The Elevator Speech summarizes news related to some of the key industry trends, buildings, deals and dealmakers that shaped headlines. Below are articles that caught our attention the week of November 5.
- President Obama was re-elected as President of the United States this week in one of the closest elections in history. The President, who launched his political career in Chicago, hosted the election rally at McCormick Place this year, a change from the site of the 2008 rally, held in Grant Park. Although President Obama departed his hometown once again for Washington D.C., his re-election dramatically affects the City of Chicago. The video below contains President Obama’s re-election speech at McCormick Place late on Tuesday night.
- The City of Chicago approved the construction of 625 W. Adams St., a 20-story, 490,000-square-foot Class A office building in the West Loop. The building is being developed by The Alter Group in partnership with White Oak Realty Partners, LLC, and is the first CRE tower constructed in downtown Chicago in two years.
- A venture of CIM Group acquired the rights to develop hotel and apartment units above Block 37 for $5.8 million. Under current zoning, the site could contain as many as 400 residential units and 500 hotel rooms. Additional density on Block 37 would provide a boost to the retail portion of four-story, 305,000-square-foot shopping center, which has struggled to attract tenants, especially to its upper floors.
- The ongoing debate over what to do with the former Prentice Women’s Hospital at 333 E. Superior St. is over. The Commission on Chicago Landmarks voted not to protect Prentice from demolition by vetoing its application for landmark status. The commission’s vote reflected Mayor Rahm Emanuel’s position, which supports building owner Northwestern University’s plan to replace the former hospital with a medical research center.
- A ceremonial groundbreaking took place at 111 W. Wacker Dr. this week. The hulking, unfinished structure was a casualty of the real estate recession for the past four years. Development of the building was halted in 2008. The $180 million project will turn the structure into a 60-story luxury rental tower with 504 units along the Chicago River.
And finally, thank you to all of our members who attended our 2012 Annual Meeting last night at the JW Marriott Chicago Hotel. We’re delighted to welcome George Kohl as BOMA/Chicago president for the next two years! Kohl is Senior Managing Director, Asset Services, at CBRE, Inc.
What CRE or Chicago news headlines from the past week captured your interest? Leave us a comment and let us know.