PBR Mansion Sold For A Loss the Second Time In 17 Years

A mansion in Glencoe built for a former Pabst Brewing Co. executive in the 1930s has sold for $4.8 million. The 26-room, 14,364-square-foot Georgian mansion was designed by architect William Pereira and built for Pabst executive Harris Perlstein in 1936.

But there isn't as much of a market for ginormous testaments to personal wealth on the North Shore as there used to be. Public records show Jeffrey S. Lange bought the mansion, which was originally listed at $6.95 million last year before the price was cut to $5.95 million, then $4.95 million. The mansion has frequently been on the market over the past 17 years and has had five owners (and depreciating values) in that span and the Lange purchase is the second time the mansion sold at a loss. Full Article

West Loop Manufacturing Plant Converted to Innovation Lab

Morgan MFG, a six-building, 88,000-square foot campus comprised of a 19th-century manufacturing complex, opens in the West Loop next month. It will feature more than just a massive event space, a restaurant and a whiskey distillery: this project, developed by real estate entrepreneur Marc Bushala, will also feature an “innovations lab” incubator with its partner, the Innovators Connection.

“In today’s knowledge-driven economy, there is an increasing need for flexible new spaces that can accommodate unpredictability and enable information and collaboration to flow freely,” Bushala said in a press release. “My goal for Morgan Manufacturing is to be a resource center devoted to fostering the collaborations that lead to successful innovation.”

The former production plant will now offer a fitness center, outdoor dog run and open-air rooftop, featuring cabanas alongside sun-shaded workspaces after a $19 million adaptive re-use refurbishment. The renovation also gives the Innovators Connection, born out of the Chicago Innovation Awards two years ago, a permanent space to continue its mission of bridging the gap between corporations and innovative small businesses. Read full article

courtesy of builtinchicago.org 

Blackstone looking to sell Downers Grove-based Burger King operator

The majority owner of the second-largest Burger King franchisee, Heartland Food Corp., is looking to sell the Downers Grove-based restaurant operator, a source confirmed on Friday.

Blackstone Group LP is seeking a buyer for Heartland, according to one person with knowledge of the situation, Bloomberg reported earlier in the day.

Heartland has a track record of acquiring and turning around distressed Burger King franchises.   

Full article

Downers Grove eyes $594,877 sewer and streets project on Forest Avenue

By ED MCMENAMIN - emcmenamin@shawmedia.com

DOWNERS GROVE – The Downers Grove Village Council is considering a $594,877 project to improve drainage and reduce flooding for buildings on Forest Avenue.

The council heard the plan’s first reading at its meeting Aug. 12 and was expected to approve the plan Aug. 19.

The project would replace the existing sewer system on Forest Avenue from 41st Street to Herbert Street, “which is currently in very poor condition and needs to be replaced,” Downers Grove Public Works Director Nan Newlon said.

Additional work would include the installation of permeable pavers and native plantings, along with road resurfacing on Forest venue from 41st Street to 39th Street, according to village staff.

The pavers and plantings would correspond with two low points in the road to help with drainage and slow neighborhood traffic, Newlon said.

She said those improvements were added to the project after meetings with neighbors.

“The residents are all very much in favor of this, they think it’ll be a benefit to their neighborhood, help reduce [traffic] speed and be an amenity for their street,” she said.

full article

Downers Grove 12 Percent Higher High School Graduation Rate

Talk about a misnomer—Downers Grove is anything but a downer, as recently ranked No. 8 in Forbes’ list of America’s Friendliest Towns. In fact, unless you’re talking about their incredibly low crime rate compared to the rest of the state, Downers Grove ranks pretty high in most things.

It is among the top in Illinois education, with a 12 percent higher high school graduation rate than the rest of the state and an annual household income of over $78,000—35 percent higher than average in these parts.

It has also been named one of CNN’s best places to retire, for its abundance of parks, nature, and, of course, stellar hospitals. full article

Millennials Keep Current

Millennials Keep Current on Mortgage More Than Other Ages

DAILY REAL ESTATE NEWS | WEDNESDAY, AUGUST 20, 2014

Mortgage borrowers under the age of 30 have the lowest mortgage delinquency rate of any other age group, according to a newly released TransUnion mortgage report. However, the age group also makes up the smallest share of all mortgage accounts at 4.16 percent, TransUnion notes.

“It is encouraging to see younger borrowers perform well, since their generation was significantly impacted by the recession and their loans are among the newest,” says Steve Chaouki, head of financial services for TransUnion. read full story

Homebuilders Pick Up Pace

Homebuilders Pick Up Pace to Meet Shortages, Demand

DAILY REAL ESTATE NEWS | WEDNESDAY, AUGUST 20, 2014

Construction of new homes surged to its highest level since November, rising 15.7 percent in July to a seasonally adjusted annual pace of 1.09 million units, the Commerce Department reports. The gain followed two consecutive months of declines in the new-home sector.

"A return to production levels over 1 million confirms that consumer confidence continues to improve," says Kevin Kelly, chairman of the National Association of Home Builders. "Propelled by a healthier economy, more and more people are feeling ready to buy a home."

read full story here