November 23, 2005

BY DAVID ROEDER SUN-TIMES COLUMNIST Advertisement

Developer Christopher Carley, he of the 2,000-foot-tower-on-the-lakefront plan, has made progress with the deal since announcing it in July. But he's racing the clock.

The 115-story building with the drill-bit profile would go on the 400 block of East North Water Street. Carley has a contract to purchase the property from LR Development Co. LLC. Sources said the deal expires in March and that LR isn't inclined to extend it.

Carley, chairman of Fordham Co., said the expiration is later next spring, and he insists he'll have his financing nailed down by then. But he also said he's about 30 days away from introducing his plan to the city. Since zoning approval is a prerequisite for loan commitments, the timing leaves Carley little room for delay.

He said his project has taken longer than expected to get to the city because of the busy schedule of his celebrity architect, Santiago Calatrava. Carley also said the base of the building has undergone some design changes based on comments made in community meetings.

People have been positive in those sessions, Carley said, because they respond to the argument that a thin, 115-story building will block less sunlight and views than what the site already is zoned for, two buildings in the 35- to 50-story range. "They like the building and think it would be great for Chicago," he said.

Carley also said more than 1,000 people have registered for information about the building's condo and hotel units. We'll see if they get a chance to put down hard cash.

NO BLARNEY: A new developer on the scene hopes for a little Irish luck in its first large undertaking in Chicago. That's because the developer, Chieftain Construction Ltd., hails straight from Limerick, Ireland, where it's a big name. It has gained control of the north side of Cermak from Michigan to Indiana, where city officials have approved a two-building plan for 336 condos.

Chieftain may be a newcomer, but it's covered its Irish bases in Chicago, hiring the firm of Daley & George as its zoning lawyers. Partner Jack George said the project consists of a 34-story building at the northwest corner of Indiana and Cermak and a seven-story structure that includes some retail space at the northeast corner of Michigan and Cermak.

If the site rings a bell, it's because it is the old location of Al Capone's Lexington Hotel, which was torn down in 1995, some nine years after TV reporter Geraldo Rivera found nothing but glass bottles after covering the live opening of Capone's "vault."

CHEW ON THIS: Wm. Wrigley Jr. Co. sold 148 acres at 191st Street and 88th Avenue in Mokena to TCB Development of Tinley Park for $7.8 million. TCB plans a mix of retail, office and industrial projects on the site, which fronts on Interstate 80. Daniel Leahy and C.L. Botthoff, executive vice presidents of NAI Hiffman, represented Wrigley in the deal.

ON THE MOVE: Thirty-year real estate veteran Roger Knigge has sold his interest in Real Estate Consultants Inc. and joined HSA Commercial Real Estate as a senior vice president. He has represented many companies in office and industrial transactions.

CALENDAR NOTES: The Friends of Downtown annual meeting features new planning Commissioner Lori Healey as guest speaker. It's on the evening of Nov. 30 at 325 N. Wells. Call (312) 458-9454 to RSVP.

The real estate school at DePaul University and the International Council of Shopping Centers co-sponsor a discussion about redevelopment of suburban Chicago's downtowns Dec. 1. The program starts at 8:30 a.m. at the Harris Bank auditorium, 115 S. La Salle. Go to www. realestate.depaul.edu for details.

DOING THE DEALS: A source reports that Georgia Pacific Corp. has closed on a $35 million purchase of its building in CenterPoint Properties Trust's huge business park in Elwood, outside Joliet. CenterPoint built a 1-million-square-foot distribution center for the paper manufacturer. CenterPoint has a contract to build a Wal-Mart distribution center in the park, and some of the discounter's suppliers want to be nearby. . . . The Lakeshore East development downtown has signed the Treasure Island supermarket to anchor a retail center planned near Randolph and Columbus Drive. . . . In a move from Rolling Meadows and 122 S. Michigan, engineering firm URS Corp. consolidated into 51,000 square feet at 100 S. Wacker. Studley Inc. represented URS. . . . Mid-America Real Estate Corp. handled the sale of the 158,000-square-foot Hoffman Village Shopping Center on the southeast corner of Golf and Barrington. A California investor bought the Dominick's-anchored development for more than $23 million. . . . Zifkin Realty & Development was named the leasing agent for the 30-acre Randall Crossing shopping center under construction at Randall and Orchard in North Aurora.