Daily Herald : December 17, 2005

Oak Brook developer to sell high-rise condos

By Kimberly Pohl

An Oak Brook company is doing its part to contribute to the ever-expanding Chicago skyline.

Renaissant Development Group recently acquired the rights to a residential and retail project at 1000 S. Michigan Ave. for nearly $44 million.

The deal includes city approval for three condominium towers, architectural plans and sales contracts on 240 units. Renaissant will open a sales office on the site in January and expects construction to begin in October.

Phase I calls for a 40-story building housing 350 luxury condominiums. The tower will total 765,000 square feet and include about 10,000 square feet of retail space.

Ultimately, Renaissant hopes to develop three towers totaling 1.5 million square feet.

The 1.6-acre site is located within the Historic Michigan Boulevard District, an area between Randolph and 11th Streets dubbed a landmark by the city of Chicago in 2002.

Renaissant said the buildings will keep in harmony with the district’s early 20th century architecture.

Renaissant has been involved in six major developments in Evanston and the South Loop since President and Chief Executive Warren Barr founded the company two years ago.

The Riverside resident said his company is also developing property in Milwaukee, where Renaissant is involved in a $115 million project along the lakefront called Park Lafayette.

Shopping center sale: The Rolling Meadows Shopping Center at the intersection of Kirchoff Road and Meadow Drive is under new ownership. The 130,909-square-foot complex was sold to a joint venture between New Plan Excel Realty Trust, which has operations in Naperville, and an investment fund advised by J.P. Morgan Investment Management on behalf of TIAA CREF.

The retail center is anchored by a Jewel-Osco grocery store and features 14 retailers including five restaurants, a U.S. Postal Service branch and a Blockbuster Entertainment.

When the deal closed at the end of November, the center was about 82 percent leased.

Jones Lang LaSalle’s Mark De Riemer, Tom Beneville and Ashley Fitzgerald arranged the deal on behalf of the private seller.

Terms of the transaction were undisclosed.

Low prices in Crystal Lake: O&S Development recently paid a high cost to bring low prices to the people of Crystal Lake. The company acquired 131 acres for $23 million with plans to develop a Wal-Mart Supercenter, a car dealership and residences.

The land is at the southeast corner of Route 31 and Three Oaks Road.

Keith Puritz, Tony Gange and Brett Kroner of CB Richard Ellis represented the private trust that sold the land.