{"id":1004053657,"date":"2011-09-09T06:41:23","date_gmt":"2011-09-09T14:41:23","guid":{"rendered":"https:\/\/synd.yardi.com\/?p=16580"},"modified":"2022-12-08T04:18:19","modified_gmt":"2022-12-08T12:18:19","slug":"joliet-church-goes-residential-aba-to-extend-operations-on-200k-sf","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/joliet-church-goes-residential-aba-to-extend-operations-on-200k-sf\/","title":{"rendered":"Joliet Church Goes Residential; ABA to Extend Operations on 200K SF"},"content":{"rendered":"<p>By Veronica Grecu, Associate Editor<\/p>\n<p>The Diocese of Joliet has approved a redevelopment project proposed by Celadon Holdings. A diocese official quoted by <em>The Herald News<\/em> revealed that the Chicago-based developer plans to transform the St. Mary Carmelite Church into a senior housing complex, preventing the 19<sup>th<\/sup>-century limestone church, which closed almost 20 years ago for lack of parishioners, from being demolished.<\/p>\n<p>Scott Henry, a Celadon Holdings principal, told the <em>Chicago Tribune<\/em> that the company wants to renovate the church and convert it into a 60-unit residential complex. He added that the construction could break ground in six to 12 months. The company has already started finding a name for the senior housing complex\u2014ideally it would include both \u201cSt. Mary\u201d and a reference to Route 66 since the church was built on this historic highway. The $20 million redevelopment concept was approved by the Joliet Land Use Committee in July, and it will be financed with federal tax credits.<\/p>\n<p>In commercial real estate news, a new lease contract was closed last week by the American Bar Association (ABA), informs C<em>hicagoRealestateDaily.com<\/em>. After returning one floor, or 25,000 square feet, at a River North office building owned by Hines REIT, ABA signed a much larger and profitable lease for 201,000 square feet of space within the same property. The company had signed a 10-year lease back in 2004 when it first moved into the building but decided to go for a new deal that stipulates significantly reduced rental prices and tenant-improvement money. ABA was represented in this transaction by John Goodman, executive vice president of the Chicago subsidiary of Studley Inc., a commercial real estate service company specializing in tenant representation.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>By Veronica Grecu, Associate Editor<br \/>\nThe Diocese of Joliet has approved a redevelopment project proposed by Celadon Holdings. A diocese official quoted by The Herald News revealed that the Chicago-based developer plans to transform the St. Mary Carmelite Church into a [&#8230;]<\/p>\n","protected":false},"author":258,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[1491,21742],"tags":[],"class_list":["post-1004053657","post","type-post","status-publish","format-standard","hentry","category-chicago","category-latest"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v23.4 (Yoast SEO v24.6) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Joliet Church Goes Residential; ABA to Extend Operations on 200K SF - Commercial Property Executive<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.commercialsearch.com\/news\/joliet-church-goes-residential-aba-to-extend-operations-on-200k-sf\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Joliet Church Goes Residential; ABA to Extend Operations on 200K SF\" \/>\n<meta property=\"og:description\" content=\"By Veronica Grecu, Associate Editor The Diocese of Joliet has approved a redevelopment project proposed by Celadon Holdings. 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