Chase searches for new skyscraper, downtown rentals rebound + more news

Chase shopping downtown sites for possible new office skyscraper: "JPMorgan Chase is looking at development sites where it could lease as much as 1 million square feet in what could lead to one of the largest office leases in Chicago history... [The company] recently toured several sites and listened to pitches from developers looking for an anchor tenant to kick off construction of a new skyscraper... Those making pitches include Tishman Speyer for a vacant site at 130 N. Franklin St., and Hines for a site south of Willis Tower at 401 S. Wacker Drive. John Buck Co. proposes a site at 655 W. Madison St., along the east side of the Kennedy Expressway. Other options include multiple sites in the Fulton Market district, including the longtime Bridgford Foods site at 170 N. Green St. owned by Clayco real estate development arm CRG." (Chicago Tribune)

Chicago apartment rents keep pushing back up: "The chance to get a deep discount on rent on a Chicago apartment appears to be all but over at this point as rents continue to rise back towards pre-pandemic levels. However, those who were able to ink a lease over the winter and get one, or sometimes even two or three, months of free rent certainly came out on top. Rent concessions have all most burned off as the summer heat has moved into the Windy City, and a new report from Apartmentlist.com offers the latest insight into where rents currently are, and where we could expect to see them go in the coming months." (RE Journals)

Alderman backs five-story development with 77 apartments and 36 parking spots near Berwyn Red Line stop in Edgewater: "MCZ Development's proposal to replace the retail building at 1101 W. Berwyn Ave. with a five-story apartment complex has the support of Ald. Harry Osterman (48th). The aldermen endorsed the project after MCZ incorporated neighbor feedback from a recent community meeting and made key changes to the design... Previously, MCZ planned a building that would have five affordable units on the ground floor, with a retail storefront nearest the neighboring Red Line stop. After some neighbors said it was unfair to segregate all the affordable units at street level, MCZ has changed its plans to have affordable units throughout the building." (Block Club Chicago)

Mixed-use esports competition venue proposed for suburban Orland Park: "A three-story, nearly 100,000-square-foot amphitheater that would host concerts, civic events and esports competitions is a possibility in Orland Park's Main Street Triangle. Plans by Edwards Realty outlined this week also show plans for restaurants and commercial space along with a park, said Ramzi Hassan, president of the Orland Park-based real estate development firm... [The plan could include] nearly 200,000 square feet of residential units ... and as much as 90,000 square feet of office space." (Chicago Tribune)

Restaurant reservation platform Tock and a jet-maintenance company sign office leases in Fulton Market: "Tock is finalizing a lease for more than 50,000 square feet on two floors in a new 13-story building recently completed at 320 N. Sangamon St., according to sources familiar with the agreement. Three blocks away at 167 N. Green St., Chicago-based Jet Support Services leased about 25,000 square feet in a 17-story office building finished this year, the company confirmed." (Crain's Chicago Business)

If Auburn Gresham residents don't want affordable housing development, they could end up with nothing, officials say: "Auburn Gresham residents pushed back against the city's attempts to create affordable housing on vacant land at 838-58 W. 79th St. saying they want more resources and businesses. But at a recent meeting, officials told them they can have the affordable housing project—or they might not get a development at all. The affordable housing complex is part of the Invest South/West plan, an initiative created by Mayor Lori Lightfoot to bring development to West and South side neighborhoods." (Block Club Chicago)

After Florida collapse, a look at condo building safety in Chicago: "The collapse in Surfside has left some Chicagoans wondering whether any local condo buildings are at risk, and what sorts of inspections they face. The Chicago Department of Buildings said there are too many unknowns for it to comment directly on the Surfside collapse, but touted the city's strict building codes. 'All plans for high-rise development undergo multiple reviews from all relevant disciplines, especially structural, to help ensure long-term safety. As further protection, owners must obtain a certificate of occupancy, which has its own set of requirements, prior to allowing any occupants in the building,' the department said in a statement." (WTTW Chicago)

Historic Lake Shore Drive mansion sold by International College of Surgeons will be turned back into a single-family residence: "The buyers of a historical Lake Shore Drive mansion owned since the early 1950s by the International College of Surgeons will convert it back into a single-family home. J. Michael and Julie Whitted paid $4.25 million for the mansion at 1516 Lake Shore Drive... 'Our plans are to restore this historic home, protecting the craftsmanship and priceless historic details,' Whitted told Crain's, 'while updating it with modern conveniences so a family of today can enjoy it.'" (Crain's Chicago Business)

The New York Times explores how urban downtowns—including Chicago—are vulnerable for being too reliant on office space: "In some downtown business districts, 70 percent to 80 percent of all real estate is dedicated to office space, according to an Upshot analysis with CoStar, a company that tracks real estate down to the individual building. That means there are few residents to support restaurants at night or to keep lunch counters open if office workers stay away, and few reasons for visitors to spend time or money there on the weekend." (New York Times)