Historic Loop office building hits the market for more than $100M
A Pennsylvania investor is selling its leasehold interest in a landmark Loop office building, reportedly seeking more than $100 million. Alliance HSP bought the 22-story Burnham Center at 111 West Washington Street in 2012 for $94.6 million and later split the land from the building itself. A venture controlled by Alliance Managing Partner Jay Shidler owns the land beneath the building, while the Alliance venture that owns the building has 95 years remaining on its ground lease. [Crain’s]
Fulton Market redevelopment claims two longtime businesses
Two long-time Fulton Market businesses are closing, casualties of redevelopment in the booming neighborhood. Indie coffee shop Jupiter Outpost closed last week, and Mars Gallery will join it next month. The two businesses are located in a cluster of buildings at Fulton Street and Racine Avenue acquired in recent months by Chicago-based private equity firm Domus Special Situations Group. Ald. Walter Burnett Jr. (27th) said there are no formal plans yet for the site. [Block Club]
Rolling Meadows townhome plans moves on to formal votes
Ryan Homes is moving forward with plans for a 106-unit townhome development in Rolling Meadows despite some calls for it to be scaled back. Two city officials this week suggested the developer lessen the density of the project planned for the former Dominick’s site at Kirchoff Road and Meadow Drive in favor of more green space. But the project, which calls for 54 three-story homes and 52 two-story homes, will advance as is, and is up for formal votes by the city council in coming weeks. [Daily Herald]
Big win for Zillow as court tosses $4M copyright verdict
A federal appeals court threw out a $4 million award for Rosemont real estate photography firm VHT in its copyright infringement suit against Zillow. VHT sued Zillow in 2015, alleging that it violated copyright laws by using VHT listing photos on its Zillow Digs home design site. A jury in 2017 awarded VHT $8.3 million, which was later reduced to $4 million. The appeals court, though, overturned the jury’s verdict this month, citing several problems with it. [Crain’s]
Landmark home with floor that has historic backstory could face demolition
Preservationists are trying to stop a developer from demolishing a landmark Highland Park home to make way for an assisted living and memory care facility. Capital Seniors Housing asked the city to remove some of the historic woodwork in the William Walter Witten house near Central Avenue and Deerfield Road, which some believe was used as a dance floor in the World’s Columbian Exposition of 1893. Once the woodwork is removed the developer plans to pursue demolition of the building. [Highland Park News]