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Progress on Michael Reese Hospital redevelopment and Obama Presidential Center

There has been significant progress made this week on two transformative developments for the southern lakefront in Chicago. The latest redevelopment plan for the former Michael Reese Hospital site in Bronzeville, which is anticipated to cost upwards of $4 billion and create thousands of new jobs, has moved forward after the Chicago City Council approved the sale of the property to developers and a big zoning change to allow for the project. Additionally, the first three construction permits for the Obama Presidential Center in Jackson Park were issued, finally making way for the project that was first announced five years ago.

Colliers: Signs of normalcy returning to West Michigan commercial real estate
Commercial real estate markets across the West Michigan region are firmly in recovery mode today, according to the latest research from Colliers.

The power of real estate preferred equity
Risk is an inherent and inevitable aspect of any real estate investment. But the devolution of that abstract risk into very real losses, exposure and liability is not, even in the most highly leveraged and speculative transactions. Let’s talk real estate preferred equity.

Minneapolis office of Cushman & Wakefield adds senior managing director
Laurie Paquette has joined Cushman & Wakefield as senior managing director of asset services, leading the firm’s Minneapolis/St. Paul Asset Services team.

CRE entrepreneurs complete $70 million renovation of Detroit’s Albert Kahn Building
The joint venture formed by Adam Lutz of Lutz Real Estate Investments and Matthew Sosin of Northern Equities Group has completed its $70 million renovation of The Albert Kahn Building in Detroit and its conversion into 206 apartments. The property is now named The Kahn Apartments.

SparrowHawk Real Estate acquires 272,882-square-foot industrial property in Kansas
After entering the Kansas City market 90-plus days ago, SparrowHawk Real Estate has acquired another building, the just-completed first building in the Heartland Logistics Park in Shawnee, Kansas.

Officials gather for Houbolt Road Extension’s Groundbreaking Ceremony in Joliet
On Tuesday, July 20, 2021, government and corporate officials gathered a short walk from the Des Plaines River for a groundbreaking ceremony for the Houbolt Road Extension Project, a public-private partnership bringing a host of infrastructure improvements to Joliet, IL.

Brown Commercial Group announces seven suburban industrial transactions
Brown Commercial Group negotiated seven industrial transactions throughout Chicago’s suburban market.

NAI Partners arranges sale of 77-acre site for new subdivision in Braunfels, TX
NAI Partners—the commercial real estate services business of Partners Real Estate Company—recently arranged a 77.149-acre land purchase for Scott Felder Homes on Weltner Rd. in New Braunfels, Texas.

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