Page 5 - Magellan Development Group News Today

The new owner of the Carbide & Carbon Building plans to open a rebranded hotel in the North Michigan Avenue landmark by this spring, offering a rare vote of confidence to a downtown Chicago tourism market that has been pummeled by COVID-19. The Pendry Chicago will replace the former the St. Jane Hotel.

Lakeshore East’s developer is chopping the height and eliminating one of two hotels from a skyscraper planned for near Millennium Park, after nearly a year of devastation to the travel industry caused by the COVID-19 pandemic. Magellan Development Group also is proposing a decrease in the number of apartments in the project at 193 N. Columbus Drive. In a plan approved by the Chicago Plan ...

Lakeshore East’s developer is chopping the height and eliminating one of two hotels from a skyscraper planned for near Millennium Park, after nearly a year of devastation to the travel industry caused by the COVID-19 pandemic.

Pulling off the developer's original proposal for an apartment tower with two hotels would be tough even in a healthy market.

Clockwise from top left: Stanley Chera, Sheldon Solow, Peter Hauspurg, Gerald Hines, Jerry Wolkoff, and Bianca Yankov In a year when so many lives were lost, real estate was not spared. The industry mourned both legendary figures and those who died too soon. But it was the death of Stanley Chera, the 77-year-old patriarch of Crown Acquisitions, that epitomized the year. The real estate titan had decamped New York City for Deal, New Jersey, early in the pandemic at the behest of his longtime fri...

Email Address These 15 are all on the lower floors of the 95-story tower, on floors 13 to 26, and thus are among the lower-priced units in the development.  All together, the 15 condos sold for an average of $726 per square foot, according to Crain’s analysis. The sale prices averaged 20 percent below the original asking prices.  They sold for between $1.24 million and $2.47 million.  The per-square-foot figure is “about where I expected to see them selling,” said Phil Skowron, an @pro...