What’s New in Chicago:
As 2024 approaches, Chicago’s commercial real estate market is finally seeing an uptick, with commercial office, multifamily, and industrial opportunities continuing to pop up. Here’s a look at this month’s major market trends and development updates:
Mixed-Use Development Plans Submitted for 1016 W. Lake
West Lake Chicago Investors LLC has submitted a zoning application for a mixed-use hotel development at 1016 W. Lake. The firm will clear the current 3-story building for this new development. The building will rise 220 feet, with the hotel tower standing 15 floors high and housing 143 rooms. This project is awaiting approval and has yet to have a timeline for completion.
Grand Development Ventures LLC Mixed-Use Proposal for 1701 W. Grand
Grand Development Ventures LLC has proposed a zoning application for a mixed-use development at 1071 W. Grand. It will be a 4-story mixed-use building rising 52 feet. The ground floor will be 1,650 square feet of retail space, with the upper three floors being residential. Awaiting city approval, this project has no timeline for completion.
Zoning Application Filed for CTA Training and Control Center
Clayco and Lamar Johnson Collaborative recently filed a zoning application for the Chicago Transit Authority’s new Training and Control Center. The building will stand three stories tall, rising 56 ft. The building will include ~64,000 square feet of high bay training space on the ground floor, wrapped with 17,000 square feet of office space and 15,000 square feet of utility space. The top two floors will be more office and control center training space. Construction is set to begin as early as April 2024 and continue through April 2026.