Bad news for home sellers in latest report
Home prices in the Chicago area in April rose just 1.8 percent year over year, which represented the fourth consecutive month of declining prices. S&P CoreLogic reported more meager growth in Chicago last month than any month since October 2015, when prices were up 1.2 percent year over year. Nationwide, prices were up 3.7 percent year over year in April. [Crain’s]
Centennial kicking off Hawthorn Mall overhaul
Centennial Real Estate plans to launch its $200 million transformation of Hawthorn Mall in Vernon Hills next month. Work will begin with efforts to replace the two-level interior center court with a multi-use “central park” environment. Subsequent work will involve tearing down the vacant Sears and Carson’s anchor stores and building free-standing restaurants, a grocery store, outdoor gathering space, hundreds of luxury apartments and more. [Daily Herald]
Developer secures incentives to finish Oak Park projects
Oak Park officials awarded a developer financial incentives to finish two projects on North Avenue. Craig Volpe’s CMV Development LLC is building a mixed-use project at 6555 North Avenue that will have 10 apartments over 2,000 square feet of retail space, along with a 15-unit apartment building at 6545 North Avenue. The village recently gave Volpe $25,000 for each project in order to cover “unanticipated costs” rather than risk him walking away. [Oak Leaves]
Bradford Allen pitching big Arlington Heights complex
A Chicago-based real estate firm is working with the village of Arlington Heights on a plan to develop a mixed-use district on 17 acres at the corner of Arlington Heights and Algonquin roads. Bradford Allen’s project could include apartments, plaza space for entertainment, restaurants, offices and possibly a hotel. The firm in recent years bought several properties in the area, including the five-story former Daily Herald office complex. The project would require several zoning changes. [Daily Herald]
A Topgolf Swing Suite is set to debut in the historic Chicago Athletic Association hotel at 12 South Michigan Avenue in July. The space will feature two indoor golf simulator lounges and will be the first Topgolf location in Chicago. Another is set to open later this year at the 900 North Michigan Shops, joining existing locations in Wood Dale and Naperville, and one planned in Schaumburg. [Chicago Tribune]