Chicago Cheat Sheet: Wedding party gone wild prompts push for short-term rental rules…& more

News

Tinley Park considering short-term rental rules after wild party

A raucous wedding party that featured drums, bagpipes and a horse trotting down the street is prompting officials in southwest suburban Tinley Park to examine tightening rules on short-term rentals. The Nov. 25 party in the 19700 block of Summerhill Court was the second time a short-term rental at the home had drawn a police response. Village officials are now considering how to regulate Airbnb-style arrangements, including applying the Tinley Park hotel/motel tax to the transactions. [Daily Southtown]

Industrial demand remains at record high; positive outlook for 2019: report

As demand for industrial space continues to outpace supply, the outlook for 2019 looks positive for landlords and developers, according to a report from Brown Commercial Group. Space is particularly tight in the O’Hare submarket, where the vacancy rate hit a new record low of just above 3 percent, according to the report. [REJournals]

Firefighters rescue people from a stuck elevator again

The Chicago Fire Department over the weekend had to rescue people from a stuck elevator for the second time in less than a month. More than 10 people were stuck Sunday on an elevator near the fourth floor of 819 South State Street in the South Loop for more than an hour. No one was seriously hurt. Last month firefighters had to cut through a wall to free people from a stuck elevator at the former John Hancock Center. [Chicago Tribune]

Park District closer to moving to Brighton Park

Chicago city officials have approved a plan to use $8.6 million to acquire property at 4800 South Western Avenue in Brighton Park for the home of the new Chicago Park District headquarters. The park district is buying the 17-acre site from Lexington Homes for a new complex that would include administrative offices, sports fields, a playground, pool, field house and parking lot. [Block Club]

Mansueto finalizes $105M deal for Lincoln Park apartments

Billionaire Joe Mansueto closed on his deal for the historic 297-unit Belden-Stratford apartments at 2300 North Lincoln Park West in Lincoln Park. Published reports earlier this year said the Morningstar founder was adding the complex to a portfolio that until then included only the historic Wrigley Building. Sources told Crain’s he paid roughly $105 million for it.[Crain’s]

Owners of classic Chicago bungalows honored with annual awards

The Chicago Bungalow Association honored eight homeowners for projects that rehabbed or restored versions of the classic Chicago home. The 14th Annual Richard H. Driehaus Foundation Bungalow Awards selected winners from among 78 nominees. The association was created 18 years ago to help preserve the roughly 80,000 bungalows left in the Chicago area.

Sourced by The Real Deal