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 March 11.
- It’s no surprise that Magnificent Mile commercial real estate values have skyrocketed in recent years. In the most recent example, Acadia Realty Trust purchased 664 N. Michigan Avenue, an 18,000 square foot two-level retail space for more than $86 million or approximately $4,800 per square foot. Check out this Crain’s Chicago Business video on how Magnificent Mile commercial retail real estate values have increased over the years.
- Commercial real estate properties across the U.S. have made great strides in implementing energy saving measures in recent years. The top U.S. cities for the most ENERGY STAR buildings were announced this week, and we’re proud to report that Chicago came in at number three with 353 ENERGY STAR buildings, behind only Los Angeles (528 buildings) and Washington, D.C. (462).
- The historic Wrigley Building at 410 Michigan Avenue is in the middle of a $70 million revamp, and the year-long project is expected to wrap up this summer. Crain’s Chicago Business has a photo slideshow of the historic Wrigley Building and its renovations through the years, from the 1920s to present.
- On Monday, the Chicago Transit Authority (CTA) held a public hearing on the proposed Ventra fare payment program, where CTA riders voiced concerns about the $3 disposable single-ride paper ticket for the train (up from $2.25 today). Despite the objections, the CTA board voted on Wednesday to approve the new Ventra system, which will launch this summer.
- The primary lender for the proposed Chicago Spire development has now hired a broker to sell nearly $93 million of debt on the high-profile site. Crain’s Chicago Business article recaps the foreclosure saga on the development that was to be the tallest skyscraper in the Western Hemisphere.
What CRE or Chicago news headlines from the past week captured your interest? Leave us a comment and let us know.