A century-old school building along Chicago’s lakefront is set for a major overhaul into a high-tech new development, a 437-unit residential project backed by cryptocurrency.
Chicago Lakefront
The American Islamic College is partnering with London-based Neem Capital on the project, called Immaculata Living, which will feature 235 apartments for young professionals and 192 units for senior living. Amenities will include on-site dining, wellness programs, tiered care services and opportunities for residents to attend lectures or mentoring sessions at the college.
Investors will be able to purchase stakes in the development using cryptocurrency, with stakes corresponding to apartment ownership. The project is structured under a Wyoming-based decentralized autonomous organization for added security. Tenants will also be able to pay rent with crypto.
K Giles was tapped to build the project, and construction is expected to wrap within three years.
PEOPLE
Lee & Associates tapped Colin Sons to join its industrial brokerage group as an associate. Sons will work on industrial brokerage services, including tenant and landlord representation, buyer and seller advisory and sale-leaseback transactions. He will work alongside Lee & Associates principal Mike Plumb.
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Justin Kessler has joined Cresa as a senior vice president, bringing more than a decade of tenant-focused expertise to the firm. Kessler will be based in the Chicago office and focus on the professional services and legal industries.
SALES
Prairie Hill Holdings paid $17.4M for a fully occupied industrial property at 199 Shepard Ave. in Wheeling. JV Global Services sold the 97K SF property, and IPA Capital Markets, a division of Marcus & Millichap, secured $11.4M in financing. Marcus & Millichap’s Zach Orzel, Adam Abushgur and Tyler Sharp marketed the property on behalf of the seller, while Sharp, Abushagur and Clayton Isacson secured the buyer.
THIS AND THAT
AIA Chicago will honor Adrian Smith, founding partner of Adrian Smith + Gordon Gill Architecture and former partner at Skidmore, Owings & Merrill, with the 2025 AIA Chicago Lifetime Achievement Award. Smith has designed over 20 projects in Chicago, including Neiman Marcus on Michigan Avenue, Olympia Center and NBC Tower.