CHICAGO | General Developments

[lawfin]

Originally Posted by Nowhereman1280

^^^ I just heard from a friend last night that the McDonalds is already closed, is this true? That is a fairly handsome building they are proposing there, glad it's not too Pomo.

That plaza should be fine as it will be constantly filled with (normal, non bum) people. In fact, they probably need it to be there as, during peak class times, the entire sidewalk is usually filled with people waiting for a light to cross to Loyola.

I have heard that from multiple sources as well, have not verified it myself by walking by, though I was at Bruno's last sat night for hawks game, didn't think of checking it out

[the urban politician]

Originally Posted by lawfin

Loyola l redevelopment / rehab
http://www.ward49.com/site/files/322...evelopment.pdf

The 4 story building would replace an empty single story structure, formerly becks books, and an empty lot. Not too bad it seems at first glance. Not sure how I feel about the plaza, plaza seems to be magnets for homeless and pigeons

^ Great news, I love what Loyola is doing with this area. Any idea about the timing of this next phase?

Also, is that a new street being created or an existing one?

[Nowhereman1280]

Originally Posted by the urban politician

^ Great news, I love what Loyola is doing with this area. Any idea about the timing of this next phase?

Also, is that a new street being created or an existing one?

From what I understand construction is imminent at least for the plaza. They've evicted basically everyone in the buildings that will be torn down (McD's and Becks).

That is not quite a street, but rather an improved alley Loyola is extending that will run along the embankment. I believe it will be improved to allow access to parking behind the stores. Now that is how urban retail parking should be handled: stores fronting the street, small parking lot behind the building.

[scottxxon]

Originally Posted by lawfin

I have heard that from multiple sources as well, have not verified it myself by walking by, though I was at Bruno's last sat night for hawks game, didn't think of checking it out

The McDonald's is definitely closed. The sign outside says to visit the one near Broadway and Rosemont instead. I have seen it with my own eyes. And the Harris Bank in the plaza also closed, right after they just finished changing all of the signs out for BMO ones. Waste of money...

EDIT: In response to the alley/street debate, east of Sheridan this is Loyola Avenue. There currently is no right of way west of Sheridan. It is just gravel. So this will be an entirely new alley or street or whatever you want to call it.

[emathias]

Based on that construction photo, must gonna be a ginormous Chipotle ...

Originally Posted by spyguy

The news everybody has been waiting for: Chipotle is officially coming to Hyde Park.


Harper Court/ Facebook

[Rizzo]

Originally Posted by emathias

Based on that construction photo, must gonna be a ginormous Chipotle ...

5000 different Margarita flavors too!

[ardecila]

[the urban politician]

Originally Posted by scottxxon

The McDonald's is definitely closed. The sign outside says to visit the one near Broadway and Rosemont instead. I have seen it with my own eyes. And the Harris Bank in the plaza also closed, right after they just finished changing all of the signs out for BMO ones. Waste of money...

EDIT: In response to the alley/street debate, east of Sheridan this is Loyola Avenue. There currently is no right of way west of Sheridan. It is just gravel. So this will be an entirely new alley or street or whatever you want to call it.

^ McDonald's is not a company that gives up prime real estate.

I wonder if we'll see a reincarnation, perhaps as the anchor retail tenant for that 4 story apt building?

[scottxxon]

I know the BMO Harris Bank moved to the Granada Center/Fordham Hall on Sheridan but as far as I know, the owner of the McDonald's has no plans to move back in. Loyola wanted better options for students than two McDonald's within a two block radius. I think I heard they were trying to get a Potbelly to move in, but I just don't see it happening.

[spyguy]

Even though the Bulls might be done for the playoffs (let's hope not), at least Reinsdorf is finally set to take advantage of the excitement surrounding the Hawks/Bulls. LA Live Lite.

http://www.chicagobusiness.com/artic...s-retail-space

United Center plans retail space
By Ryan Ori and Micah Maidenberg

Not far from the Michael Jordan statue, the United Center's owners hope a $75 million to $85 million retail development soon will take flight.
Chicago Bulls owner Jerry Reinsdorf is leading a venture that plans to build 260,000 square feet of restaurants, bars, a team store and event space in the sprawling parking lot east of the arena, according to documents obtained by Crain's. Chicago Blackhawks owner Rocky Wirtz would be part of the venture, which could include team offices, parking, a terrace and a green roof.

[ardecila]

Neat-looking building, but it seems questionable. Nobody will comment, the plans have been around for years with no progress, etc.

Crain's does mention a potential Pink Line station, which is a no-brainer.

[denizen467]

^ Maybe it's perking up now because they want to piggyback off interest in the same thing happening at Clark & Addison (and off the opening of the Morgan station)?

^^^^^ Burritos as big as your (strikethrough: head) car!

[denizen467]

Originally Posted by scottxxon

The McDonald's is definitely closed.

Also, there are 2 identical four-plus-ones on Sheridan (at North Shore Avenue) that are currently being rehabbed. Nowhereman, are those the ones that Loyola purchased to use as new dorms?

Giant construction site at Kenmore and Devon too. Lots of exciting stuff going on in Loyolaland.

[ardecila]

You look at this stuff long enough, you begin to sense trends...

Any one of us probably knows enough about markets and trends to be reasonably successful as a real estate investor. (obviously financials are the other half)

Nowhereman is spot on when he bets on Avondale... Blue Line gentrification is an unstoppable force that will only slow when the travel time to the Loop becomes too great (and Metra offers much faster trips than CTA, which extends the range).

The next neighborhood Id bet on is East Garfield Park... It's contiguous with the "favored quarter" of the North/Northwest Sides, the Ike and the park itself provide a bulkhead against more impoverished areas to the south and west, and it has great building stock with strong transport links to the Loop.

[Baronvonellis]

I'm skeptical about east Garfield now. Even if the park is really nice. Houses there are worth practically nothing now. The market doesn't seem to have to much faith in the area. West of Western Ave. there's a giant rail yard separating it from the northside so it not exactly contiguous. Plus, its been pretty bombed out. There's hardly anything left on madison ave or fifth ave. to work with. Most gentrified areas have intact buildings that just needed to be fixed up a little. You would have to build a commercial stretch from scratch since the commercial streets there are pretty much vacant lots. I'm mean when has there ever been an area that's gentrified in a bombed out neighborhood before.

[ardecila]

^^ Bronzeville is slowly getting there. I think East Garfield Park is actually a stronger candidate, though, since it's not chopped up by giant anti-urban housing projects and culdesacs. Plus, it has numerous contiguous blocks that aren't bombed out... the destruction did not happen uniformly.

I'm also impressed by the progressive institutions that are moving into the area, esp. around Sacramento and Franklin Blvd. The Center for Neighborhood Technology, various creative companies, designers, etc.

[VivaLFuego]

Originally Posted by Baronvonellis

I'm mean when has there ever been an area that's gentrified in a bombed out neighborhood before.

In terms of commercial strips, arguably Madison in the west loop from about Peoria west to Ashland. Very rough until the 1990s and lots of vacant lots, but definitely not as decimated as the commercial streets in East Garfield.

[Kippis]

Originally Posted by simon07

Looks like demolition has begun on the retail and 8 story/4 building apartment project. Yesterday there were comed crews on site and today there was a bobcat and crews in the parking lot and a giant hole blown through the brick wall. Looks like this one is going. So much for south loop land being worthless.

I live near this one (Roosevelt & Canal), so I'll be keeping a close eye on this project. Maybe I can even get in a shot or two.

[Nowhereman1280]

Originally Posted by ardecila

You look at this stuff long enough, you begin to sense trends...

Any one of us probably knows enough about markets and trends to be reasonably successful as a real estate investor. (obviously financials are the other half)

Nowhereman is spot on when he bets on Avondale... Blue Line gentrification is an unstoppable force that will only slow when the travel time to the Loop becomes too great (and Metra offers much faster trips than CTA, which extends the range).

The next neighborhood Id bet on is East Garfield Park... It's contiguous with the "favored quarter" of the North/Northwest Sides, the Ike and the park itself provide a bulkhead against more impoverished areas to the south and west, and it has great building stock with strong transport links to the Loop.

I was hot on Garfield Park for a while, but I'm much more intrigued by Little Village/South Lawndale right now. Pilsen is already booming and it's just a single rail viaduct separating the two. Additionally you have direct proximity to the IMD and it's not far from UIC. Most importantly there is MASSIVE private investment going on already with the Cinespace and Lagunitas projects in the old Ryerson plant.

However it is very similar to Garfield Park in that it is centered around Douglas Park. I have a feeling we are going to see Hulbolt Park, Garfield Park, Douglas Par,k and the connecting bolevards explode over the next 20 years.

I'm actually buying properties in Little Village now as I already have several in Avondale and want to diversify and add some riskier investments.

[Nowhereman1280]

Originally Posted by denizen467

Also, there are 2 identical four-plus-ones on Sheridan (at North Shore Avenue) that are currently being rehabbed. Nowhereman, are those the ones that Loyola purchased to use as new dorms?

Giant construction site at Kenmore and Devon too. Lots of exciting stuff going on in Loyolaland.

I believe Loyola does own them, but I'm pretty certain they aren't going to become dorms. Someone started renovating the complex during the boom and went under. I believe Loyola bought them after several incidents took place inside involving bums. I believe the notorious bum/crackhead known as "Froggy" overdosed and died in there. Anyhow, Loyola took over because they don't want that shit happening so close to their interests and are converting it to apartments a la the Morgan.

Kenmore and Devon is the construction of dorms and some building for their green sciences courses or something. They are basically rebuilding the entire block.

Originally Posted by spyguy

United Center plans retail space
By Ryan Ori and Micah Maidenberg

Not far from the Michael Jordan statue, the United Center's owners hope a $75 million to $85 million retail development soon will take flight.
Chicago Bulls owner Jerry Reinsdorf is leading a venture that plans to build 260,000 square feet of restaurants, bars, a team store and event space in the sprawling parking lot east of the arena, according to documents obtained by Crain's. Chicago Blackhawks owner Rocky Wirtz would be part of the venture, which could include team offices, parking, a terrace and a green roof.

YES. Hope this goes somewhere and the parking lots start disappearing.