With buyers lined up to purchase 33 of the 86 luxury condominiums to be developed as the Ritz-Carlton Residences at 664 N. Michigan Ave., construction is scheduled to start in September, Bruce Schultz, a principal at Prism Development Co., said Tuesday.
The Ritz-Carlton Hotel Co. of Chevy Chase, Md., will provide services to residents and manage the $235 million, 40-story property. Rubloff Residential Properties of Chicago is selling the units.
REIT FORGES AHEAD: Inland American Real Estate Trust Inc., a member of the Oak Brook-based Inland Real Estate Group of Cos., has raised $3.98 billion in the past 18 months to fund investment and development projects nationwide.
The real estate investment trust acquires and manages industrial, retail, hotel, medical, government and office properties, often through joint ventures or partnerships with other investors and real estate operators, said a company spokesman.
In the past three months, Inland American has invested $465 million to fund $2.3 billion worth of projects being done by other entities.
In the past, Inland American purchased and managed properties themselves. Now that property sale prices have soared, squeezing profits, Inland American is providing capital for others to develop and operate real estate.
"Inland American is finding new ways to forge relationships with experienced specialists," said George Pandaleon, who negotiated some recent deals for the company.
AMA BUILDING MANAGER: Earlier this month, U.S. Equities Realty, a full-service real estate firm based in Chicago, started to manage and lease the American Medical Association office building at 515 N. State St.
U.S. Equities is also advising the landlord, a partnership between UBS, The John Buck Co. and KGAL Group, a financial-services firm based in Gruenwald, Germany, said a source with knowledge of the arrangement.
If the AMA, a longtime tenant in the building, follows through on talks to move to a new office project being developed at Union Station, there will be a lot of leasing to do: The AMA leases 323,550 square feet in the 622,487-square-foot tower, according to CoStar Group Inc.
CHILDREN'S SHOWS DESIGN: On Tuesday, Children's Memorial Hospital held its first public meeting with Streeterville residents and businesses to show the preliminary design and get feedback for its new facility, said Bruce Komiske, who is directing the project.
The approximately $850 million, 1.2 million-square-foot medical building will replace Children's current home in Lincoln Park.
Two months ago, Children's closed on the 1.8-acre site it bought from Northwestern University. It is bounded by Chicago Avenue on the north, Superior Street on the south and is just west of the Prentice Women's Hospital that is scheduled to open next year.
"We aren't enamored with the design yet," Komiske said. "It's just a first step."
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