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 April 1.
- The City of Chicago received a $100 million federal loan to turn the proposed Chicago Riverwalk into a reality. Mayor Emanuel has said that the transformed Riverwalk will be Chicago’s next great public space, on par with Millennium Park.
- Although large development proposals continue to dominate the downtown Chicago commercial real estate market, there is an increasing trend toward smaller-scale proposals, such as the proposed 23-story, 400,000 square foot building at 200 W. Randolph St. Crain’s Chicago Business examined the next wave of downtown Chicago commercial real estate developments, which range in size from 400,000 to 1.2 million square feet.
- The Chicago Transit Authority’s new Ventra prepaid debit account program, set to launch in summer 2013, continued to draw controversy this week as concerns were raised surrounding the card’s assorted fees as the Illinois House Mass Transit Committee hearing on Monday.
- Walgreens is planning a new flagship-style store covering 30,000 square feet at the iconic Wrigley Building at 400-410 N Michigan Ave. The new retail tenant will be part of the building’s expanded 50,000 square foot plaza retail arcade, as part of the ongoing $70 million building renovation.
- And finally, congratulations to all of our BOMA/Chicago building members that received 2012-2013 North Central Region TOBY (The Outstanding Building of the Year) Awards this week: 300 South Riverside Plaza (Over 1,000,000 SF); 191 North Wacker Drive (500,000 to 1,000,000 SF); 303 West Madison (250,000 to 499,999 SF), 515 North State Street (Earth Award) and the LaSalle Wacker Building (Historical Building Award).
What CRE or Chicago news headlines from the past week captured your interest? Leave us a comment and let us know.