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The Biggest News Jason Rosenberg
Oct 17, 20242 min read

Who's Buying & Who's Bailing? Chicagoland's Real Estate Rundown

The Chicagoland real estate scene is constantly evolving, with new developments and trends emerging daily. Here's a look at some of the most significant stories making headlines today, October 17, 2024:

Suburban Shifts and City Center Changes

  • Magna Hospitality's Suburban Hotel Sell-Off: After riding the wave of post-pandemic recovery in downtown Chicago, Magna Hospitality is now divesting from suburban hotels in Skokie and Evanston. This move could signal a shift in the hospitality market or simply a strategic repositioning for the company.

  • Gidwitz's Pivot from Multifamily to Retail in Skokie: Developer Gidwitz has abandoned plans for a 500-unit apartment complex in Skokie, opting instead for a retail development anchored by Cava Mediterranean, First Watch, and Chase Bank. This decision highlights the evolving dynamics of suburban development and the enduring appeal of retail in certain areas.

Downtown Developments and High-Profile Deals

  • TPG Angelo Gordon Surrenders Gold Coast Apartments: In a significant deed-in-lieu of foreclosure, TPG Angelo Gordon has handed over a Gold Coast apartment building to lender ACORE. This $130 million deal represents one of the biggest multifamily takeaways of the year in Chicago, potentially indicating challenges in the high-end rental market.

  • Commonwealth's Mag Mile Residential Conversion:  Amidst ongoing office vacancies, Commonwealth is forging ahead with its plan to convert a Magnificent Mile office building into residential units. This reflects a broader trend of repurposing underutilized office space in downtown Chicago.

  • Ken Griffin Finds Buyer for $11M Penthouse:  As he continues to divest from Chicago, Ken Griffin has reportedly found a buyer for his $11 million penthouse. This sale adds fuel to the ongoing discussions about the city's luxury market and the impact of high-profile departures.

What These Stories Tell Us

These developments paint a picture of a dynamic real estate market in Chicagoland. We see shifts in suburban development strategies, potential softening in the high-end rental market, and ongoing efforts to revitalize downtown Chicago by converting office space to residential use.



Stay Informed

To stay abreast of the latest news and trends in Chicagoland real estate, be sure to check out these resources:

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