News Archive

August 2010

South Works Revisted
25-Aug-10 - Even as the real-estate boom has gone bust and the economy struggles to recover, Chicago's moving to address one of its greatest development opportunities. Yes, the timing hardly could be worse. But the potential — wow, there is potential at the huge vacant tract on the city's South Side where the U.S. Steel South Works once operated.
Chicago Plans $4B Urban Village
25-Aug-10 - A planned two-mile relocation of Chicago’s South Shore Drive, about 10 miles south of the city’s downtown, is spurring a $4-billion megaproject to turn the vacant 530-acre site of a former U.S. Steel mill on Lake Michigan into a new community with nearly 14,000 housing units.
Alexandria Approves Potomac Yards Redevelopment to Include Construction of a New Metrorail Station
12-Aug-10 - News Highlights: • The plan provides the framework to transform the Potomac Yard Retail Center into a 69-acre, 7.5 million square feet, mixed-use, transit-oriented development • The redevelopment will occur in conjunction with the construction of a new Metrorail station and high-capacity transit
Chicago Sun-Times: Choosy renters shop for sites with best amenities
05-Aug-10 - BY CELESTE BUSK Today's apartment hunters are looking for plenty of cool amenities, says one rental expert. "Renters want luxuries like a balcony, hardwood flooring and kitchens with granite countertops and stainless steel appliances," said Justin Elliott, founder and chief executive officer of Chicago Apartment Finders, which has four branches in the city.
Mayor Richard Daley supports plan to use nearly $100 million in bonds to build a new development on the former U.S. Steel site
02-Aug-10 - July 28, 2010 (CHICAGO) (WLS) -- Chicago Mayor Richard Daley is proposing a plan to use nearly $100 million in bonds to build a new development on the former U.S. Steel site in the city's 7th Ward.

June 2010

Alexandria to rezone Potomac Yard around new Metro stop
14-Jun-10 - The Alexandria City Council voted Saturday to rezone the 69-acre North Potomac Yard area in an effort to convert the big-box retail center into a mixed-use development, complete with a new Metro stop on the Blue and Yellow lines. Read more: Alexandria to rezone Potomac Yard around new Metro stop - Washington Business Journal
Downtown Chicago rental market soaring
13-Jun-10
Flair Tower: MHN Online - Mixed-Use Tower, Containing 198 Luxury Apartments Opens in Chicago
04-Jun-10 - By Eugene Gilligan, Contributing Writer Chicago–A mixed-use, 26-story high-rise building, Flair Tower, featuring 198 luxury apartments and 9,500 square feet of retail, celebrated its grand opening with a VIP reception and public open house on Thursday evening.
Press Release: Flair Tower Grand Opening
03-Jun-10 - Today, McCaffery Interests, Inc., (www.mccafferyinterests.com) a privately held commercial real estate company, celebrates the official Grand Opening of Flair Tower (www.flairtower.com), a mixed-use 26-story high-rise building featuring 198 luxury apartments and 9,500 square feet of retail located in Chicago’s artsy River North District. The occasion of the Grand Opening will be marked with a VIP Reception and Public Open House scheduled for this evening, June 3, 2010 from 6- 8 pm.
Major development at old South Works site gets thumbs up from aldermen
03-Jun-10 - Posted by John Byrne at 2:30 p.m. A massive lakefront housing and shopping development pegged for a former South Side steel mill took another step toward becoming reality today when the City Council Zoning Committee signed off on it.

May 2010

Flair Tower: Chicago Business Today - Appetite for Apartments
26-May-10 - Downtown landlords are smiling this spring. The occupancy rate for top-tier apartment buildings rose to 93.6% in the first quarter, up from 90.9 percent a year ago. This is according to Appraisal Research Counselors. A key gauge of demand is rising at its fastest pace in the past decade. The number of occupied downtown apartments rose by almost 2,200 units from a year ago. It’s surprising, with the high unemployment rate. Apartment demand is usually low when the jobless rate climbs, as would-be tenants try to save money with roommates or living with mom and dad. On top of a lousy job market, there also has been a wave of new construction. Developers have added more than 4,000 units to downtown since the beginning of 2008 and will add another 800 by the end of the year. Flair Tower opened in March. General Manager Lauren Dolan says there was some nervousness about the market before construction of the 200-unit River North building was completed. But traffic and leasing has met and even execeeded her expectations.
Panel OKs $96-million TIF subsidy for South Works project
11-May-10 - By: Gallun A rendering of the proposed South Works project, which would eventually have 13,575 residential units, 17.5 million square feet of commercial space and a 1,500-slip marina. (Crain's) — A city panel on Tuesday approved $96 million in tax-increment financing to help pay for a major shopping center and nearly 1,000 homes on the massive South Works property on the south lakefront.
Press Release: Expansion of Third Party Property Management Services
03-May-10 - McCaffery Interests, Inc., (www.mccafferyinterests.com) a privately owned commercial real estate company, announces today the appointment of Mr. Carlton Diehl as Vice President of Property Management. Mr. Diehl will be responsible for managing the expansion of the third party management business. In particular he will focus on asset and property management opportunities for residential, retail, and office properties with an emphasis on premium properties in the Midwest and Eastern half of the United States.

April 2010

Press Release: The Morgan at Loyola Tricoci University
20-Apr-10 - McCaffery Interests, Inc. announces today that Tricoci University of Beauty Culture® will open a new location at The Morgan at Loyola Station, a McCaffery Interests mixed-use development. Tricoci University is a privately-held company based in Chicago that is redefining the beauty education industry.
Press Release: The Market Common SouthShore Zoning Approvals
20-Apr-10 - McCaffery Interests, Inc. (www.mccafferyinterests.com) announced today that its affiliated development company, Chicago Lakeside Development, LLC a public-private partnership between U.S. Steel Corporation and McCaffery Interests, has received the approval of the Chicago Plan Commission for the Chicago Lakeside Development Master Plan and the enactment of a Planned Development Ordinance providing Phase 1 of the site with the required land use entitlements required to move forward with the project.
Press Release: Carlton Diehl Joins McCaffery Interests
01-Apr-10 - Carlton Diehl has accepted the position of Vice President of Property Management and will be located in the Washington, DC office of McCaffery Interests.

December 2009

McCaffery Interests Wins ICSC "US Design & Development Award" for the Market Common, Myrtle Beach
10-Dec-09 - The Market Common, Myrtle Beach (www.marketcommonmb.com), a signature McCaffery Interests (www.mccafferyinterests.com) mixed-use development located in Myrtle Beach, South Carolina (www.cityofmyrtlebeach.com) has been named “Silver Winner” in the 2009 “US Design and Development Awards” by the International Council of Shopping Centers in the category of Innovative Design & Development of a New Project.

May 2009

Urban Land Institute awards The Cork Factory 2009 Award of Excellence: The Americas McCaffery Interests Wins Again!
15-May-09 - The Cork Factory, a signature McCaffery Interests, Inc. (www.mccafferyinterests.com) mixed-used development located in Pittsburgh, PA has been named the winner of the "2009 Award of Excellence: The Americas" by the Urban Land Institute (www.uli.org).

April 2009

The Chicago Sun Times: The Morgan
29-Apr-09 - Renters looking for a brand new apartment development in the Rogers Park neighborhood can head to the Morgan at Loyola Station. The luxury 5.4-acre development, at 1209 W. Arthur, will welcome the first renters in May.
The Chicago Reader: The Market Common SouthShore
29-Apr-09 - One of the biggest challenges in trying to rebuild the economy of the industrial midwest is to find new uses for property that once housed factories and mills and now sits idle, yielding no tax revenue or jobs.
Chain Store Age: The Morgan
01-Apr-09 - Loyola University’s new neighbor has a green thumb. The $54.5-million the Morgan at Loyola Station will not only feature 152 residential apartments and 33,000 sq. ft. of retail, but, should it achieve the LEED-NC (Leadership in Energy and Environmental Design — New Construction) certification it seeks, it will be the first certified mixed-use residential building in the Rogers Park area of Chicago.

February 2009

AIA Press Release: The Market Common SouthShore
16-Feb-09 - The former site of United States Steel Corporation’s South Works located on the Southside of Chicago has won national recognition from the American Institute of Architects (AIA). Under consideration for redevelopment, the more than 600 acre site has been awarded the prestigious American Institute of Architects (AIA) 2009 Honor Award for Regional and Urban Design.