Page 4 - Chicago Cooperator Spring 2020

4 THE CHICAGOLAND COOPERATOR —SPRING 2020 CHICAGOCOOPERATOR.COM Wednesday, May 13, 2020 The Cooperator Expo Spring Chicagoland Donald E. Stephens Convention Center, 555 N. River Rd., Rosemont, IL 10:00 a.m.–3:30 p.m. Please join us for this must-attend event for all Chicagoland condo, HOA and co-op board members, property managers, and decision makers. Learn about the latest in build- ing services from more than 150 exhibitors. Attend educational seminars, network with your peers, and get free advice from industry experts. This expo is the largest event of its kind in Chicago, and we’re offering new ven- dors, new seminars, and an opportunity to earn CAMICB credits. For more information and to register, visit www.spring.ilexpo.com. Saturday, March 21, 2020 KSN Brainy Board—Board Member Boot Camp The iO Theater, 1501 N Kingsbury St, Chicago, IL 8:30 a.m.–12:30 p.m. Kovitz Shifrin Nesbit’s (KSN’s) knowledgeable and experienced attorneys will review guide- lines, expectations, and qualifications for being on the condominium, homeowner, or town- home community association board. Some of the topics that will be discussed include: board member roles, governing documents, board operations, budgeting, and recreational can- nabis use in associations. Breakfast, snacks, and refreshments will be provided. This boot camp is for board members only. Registration is limited to one member per association. Visit www.ksnlaw.com/brainyboard to sign up today! Thursday, April 16, 2020 IREM Chicago Chapter April Luncheon—212°, The Extra Degree Drake - Oak Brook, 2301 York Road, Oak Brook, IL 11:00 a.m.–1:30 p.m. The temperature at which water boils—212 degrees—also describes a basic theory of how taking one step, one extra degree, can yield larger results than one would think possible. Attend this dynamic and engaging session to learn more from Ryan Huffman, CPM, about the relevance of 212 degrees to the real estate management industry and its application to effective management. Tickets are $50.00 for IREM members, $62.00 for non-members and guests, and $80.00 for non-member vendors. Register at iremchicago.org Friday, April 17, 2020 CAI-Illinois Chapter Legal Forum Navy Pier, 600 E. Grand Avenue, Chicago, IL 8:00 a.m.–4:00 p.m. Board members, homeowners, and property managers—don’t miss this opportunity to learn the latest legal updates, ask legal questions, and interact with attorneys and community association colleagues. Law firms will pres- ent “Hot Legal Topics Affecting Community Associations.” Earn up to 8 Community Association Institute (CAI) Continuing Education Credits. Visit www.cai-illinois.org/ event/community-association-legal-forum/ for more information and to register. CAL EN D AR Industry Pulse Mar-May Climate Lake Michigan Surge Threatens Lake- front Real Estate The Chicago Tribune and Curbed Chi- cago are two outlets to report on the shore- line damage inflicted by rising water levels and repeated storm surges coming from Lake Michigan. Two of Chicago’s beloved beaches went the way of Atlantis this fall, and many more are threatened as the lake approaches record heights, say both out- lets. Chicago’s lakeshore provides its inhabit- ants and visitors with recreation, outdoor exercise, and opportunities for interac- tion with nature and with each other. But more extreme and unpredictable weather brought by climate change is threatening those assets and the lake-adjacent prop- erties that have historically reaped value from their proximity. Even large-scale in- terventions and recent assistance from the U.S. Army Corps of Engineers have been no match for the lake’s powerful waves, some of which reached over 20 feet high this winter, per the Tribune and Curbed. As the city and its assisting local and federal agencies struggle to replace beaches with boulders and protect roadways with “More than 5,000 feet of jersey barriers and 1,000 feet of sandbags,” according to the Trib , flooding and erosion along Lake Shore Drive continue to batter existing re- vetements. Parks and buildings along its borders feel the effects of the flooding and damage. “After the first major storm this year,” Curbed reports, “...there was significant damage and flooding on the lakefront. The new pedestrian and bike trail was torn up into large chunks of broken pavement. The parks and underpasses were flooded. More than 5,000 homes and businesses lost pow- er. Plus, the water creeped up to the front yards of lakefront bungalows and condo buildings.” This type of “lake effect” is having im- pacts on home purchasing decisions as well. In its report, the Trib cites a couple whose early courtship took place at Rogers Beach. They subsequently rented nearby with the intent of someday buying in their condo building, where now “first-floor res- idents have put up materials like plexiglass and plywood to keep windows from break- ing and water from coming in.” Today they are rethinking that plan. Development Megadevelopments Emerge in Chicago Curbed Chicago runs down 13 giant de- velopment projects that will forever trans- form Chicago’s skyline, as well as where and how Chicagoans live, work, shop, eat, and play. Of those 13, the 10 that include multifamily housing are Lincoln Yards, the River District, Lakeshore East, Wolf Point, Riverline and Southbank, The 78, One Central, Southbridge, Bronzeville Lake- front, and South Works. Lincoln Yards is developer Sterling Bay’s $6 billion transformation of 55 acres of in- dustrial wasteland between Lincoln Park and Bucktown into 14 million square feet of mixed-use high-rise buildings, 21 acres of parkland, three new bridges, and an ex- tension of The 606 trail. The entire Lincoln Yards development is expected to take 10 years to build, according to Curbed. The River District will eventually turn 30 acres of Tribune Media-owned land in River West into up to 14 mixed-use build- ings. The 8.5 million-square-foot project will be completed in phases, with phase 1— two residential high-rises between Grand Avenue and the Ohio-Ontario feeder ramp—beginning construction soon, per the outlet. Construction on downtown master- planned community Lakeshore East has been underway for decades. The 28-acre campus includes the recently completed supertall hotel and residential Vista Tower, a 47-story condo building known as Cirrus, and a 37-story apartment tower called Cas- cade. Zoning is in place for an additional 80-story residential building at Parcel I, and Magellan Development has proposed a 650-foot-tall apartment and hotel tower for Parcel O, says Curbed. Wolf Point converts an unsightly park- ing lot at the confluence of the main, south, and north branches of the Chicago River into a trio of glassy skyscrapers: 485-foot Wolf Point West apartments (already com- pleted), 660-foot Wolf Point East rental tower (near completion), and 813-foot Wolf Point South office tower (breaking ground in 2020 with an early 2023 project- ed opening). Once a single $2 billion development, Riverline and Southbank have become two separate projects transforming 14 acres of vacant land along the Chicago River into eight waterfront towers and blocks of townhouses between Harrison Street and Roosevelt Road. Curbed indicates that the plan also calls for new commercial retail spaces, a riverwalk, and water taxi stops. The 78 is Related Midwest’s south branch answer to Sterling Bay’s north branch Lin- coln Yards, suggests Curbed. Between the South Loop and Chinatown, the 62-acre site will become a masterplanned develop- ment of 13 million square feet of buildings, a University of Illinois-affiliated innova- tion center, and 12 acres of open space. To obtain its tax increment financing (TIF), Related Midwest will have to make infra- structure improvements such as realigning the existing Metra tracks, constructing a new riverwalk, extending Wells Street, and building a proposed $300 million Red Line station at Clark and 15th Street. One Central is a $20 billion proposal for mixed-use development on 34 acres west of Soldier Field, including a new transit center connecting Metra, CTA, and Am- trak trains as well as a proposed “Chi-Line” tramway utilizing the sunken bus lanes be- tween Millennium Park and McCormick Place. Financing and required approvals have yet to be obtained. The redevelopment of the demolished Harold L. Ickes public housing complex near the corner of State Street and Cermak Road—dubbed Southbridge—is zoned for 972 mixed-income residences to spread across 13 acres of townhome clusters, mid- rise buildings, and a 22-story residential tower. It will also include 65,000 square feet of retail, new public plazas, and at least 270 on-site parking spaces, according to Curbed. Plans to redevelop the long-vacant Michael Reese Hospital just south of Mc- Cormick Place are in their early stages. If the development team closes on the prop- erty as expected and achieves required city approvals, a multiphase project called Bronzeville Lakefront will put a mix of af- fordable and market-rate housing, a life sciences campus, a data center, dedicated community spaces, and a new 31st Street Metra station on the site. The build-out of the proposed 10 to 14 million-square-foot development is anticipated to take up to 12 years to complete. On the Far South Side, a long-closed U.S. Steel manufacturing plant is rumored to become a mixed-use entertainment des- tination helmed by a development part- nership that includes rapper Common. The South Works plan reportedly includes a film production studio, a performance venue, a climbing wall, and a skate park. Curbed says the site could also include a Greg Norman-affiliated golf practice facil- ity and social club and is a potential loca- tion for Chicago’s first casino. Transactions Highest Priced Condo Sales of 2019 In Gary Lucido’s blog Chicago Now, he reports that 29 condos sold for $4 million or above in 2019, a number three times as high as single-family-home sales in that price range for the same period, but also lower than the 37 condos sold at such pric- es in 2018. Two new condo buildings account for 19 of those 29 sales: No. 9 Walton (8 sales) and One Bennett Park (11 sales). No. 9 Walton boasted both the first and second most expensive units sold last year. 2020 PULSE/CALENDAR continued on page 15