CHICAGO | General Developments

[Ch.G, Ch.G]

Originally Posted by Nowhereman1280

In any case, looks like my bets on the Milwaukee/Diversey intersection are going to pay off. I own two properties within 4 blocks of there and have another two under contract. Gentrify, Gentrify, Gentrify! We are on our way to being the next Milwaukee/Damen!!!

I can't remember if I (or anyone else) mentioned, but the Logan Theater had a huge re-opening weekend. I heard their shows were all sold out. (One dollar ticket, one dollar popcorn, one dollar soft drink; four retro movies.)

[Nowhereman1280]

Originally Posted by Ch.G, Ch.G

I can't remember if I (or anyone else) mentioned, but the Logan Theater had a huge re-opening weekend. I heard their shows were all sold out. (One dollar ticket, one dollar popcorn, one dollar soft drink; four retro movies.)

Yeah, myself and two other forumers (Aic and Buckman) took a walk around Logan Square last week and stopped in here to check out the renovations. It's pretty fantastic. The details in the new bar they added are pretty much spot on for the time frame and the entire place had a wonderful historic, yet modernized, feel to it. I'll definitely be a regular patron once they are showing something other than "The Lorax" and "John Carter" Lol...

[Rizzo]

Originally Posted by Nowhereman1280

^^^ That is an outrage. The existing terra cotta facade of that building is in fantastic shape. The city needs to landmark this one right away if these morons so much as think about going forward with this bull shit.

Edit: I made the same brain fart as Buckman. This building is not the gem at the corner, but the building at Milwaukee and Spaulding. They should still restore the facade on this building as it is a hidden gem that spent 50 years under corrugated metal and is perfectly preserved as a result. All they need to do is bust out the cinder blocks and they are on their way.

Also, FYI Crains, neither of those buildings is 4 stories, the Gap is 3 stories and the one they want to mutilate is 2 stories...


In any case, looks like my bets on the Milwaukee/Diversey intersection are going to pay off. I own two properties within 4 blocks of there and have another two under contract. Gentrify, Gentrify, Gentrify! We are on our way to being the next Milwaukee/Damen!!!

I wonder what's under that aluminum. The facade beneath can't be that bad to justify an entire modification. They'd be better off repairing and restoring the existing building.

[Nowhereman1280]

Originally Posted by Hayward

I wonder what's under that aluminum. The facade beneath can't be that bad to justify an entire modification. They'd be better off repairing and restoring the existing building.

I know what's under the aluminum. Take a look at the facade that is exposed just to the right on Spaulding. Now imagine that with windows that have been bricked over with cinder block. That's what it all looks like including excellent bas-relief looking medallions above the windows. They just tore all of the corrugated metal off of it about a month ago and you can see almost everything right now. The first floor has been completely mutilated, but I'm sure they would prefer to update that anyhow because of the obvious aversion tenants have to old-style storefronts now-a-days.

[denizen467]

April gets going with a bang:

(For comparison, I understand the huge Whole Foods around the corner is 70000sf.)


Bucksbaum, Structured close deal for New City Y site
By: Ryan Ori
April 04, 2012
http://www.chicagorealestatedaily.co...ew-city-y-site

... Mr. Bucksbaum and the project's original developer, Structured Development LLC, have formed a new venture to develop the 8.2-acre parcel just south of the bustling intersection of Halsted Street and Clybourn and North avenues. In a deal that closed last week, an undisclosed investment by Mr. Bucksbaum and a $31 million loan from J. P. Morgan Asset Management helped settle a foreclosure case against the site, confirms J. Michael Drew, a principal in Chicago-based Structured.

On Monday, a Structured joint venture also closed on the sale for more than $30 million of a retail center formerly anchored by a Borders store, 755 W. North Ave. ...

The Bucksbaum-Structured venture is moving ahead with a slightly smaller plan, which includes 370,000 square feet of retail, 280 apartments and more than 1,000 parking spaces.

Milwaukee-based Roundy's Supermarkets Inc. already has signed on as the anchor tenant to operate an 80,000-square-foot Mariano's Fresh Market grocery store. Mr. Drew says a deal is being finalized for a 14-screen, 1,800-seat movie theater. ...

[aic4ever]

That's a lot of retail that's going to be happening relatively soon, particularly if McCaffery's list of retailers for Roosevelt is accurate. I hope it is. Higher end stuff coming down to the south side can only help spur further south side development and expansion.

[the urban politician]

Good to know that the New City Y project is finally going forward.

Interestingly, has anybody else noticed that they brought residential back into the project? I thought they had eliminated it altogether.

[Via Chicago]

Originally Posted by Buckman821

For a moment I thought that rendering was for the gap store. I was ready to strap myself to the building.

Edit: I can't tell what building this rendering is for.

Is it this one?
http://maps.google.com/maps?q=milwau...68.35,,0,-3.59

Because if so that is equally upsetting. There's an art deco gem of a facade behind that. If this new owner screws up either of these buildings I'm going to be furious.

haha. That place used to be known as The Mopery a couple years ago....good times were had
http://www.yelp.com/biz/the-mopery-chicago

[k1052]

Originally Posted by denizen467

Milwaukee-based Roundy's Supermarkets Inc. already has signed on as the anchor tenant to operate an 80,000-square-foot Mariano's Fresh Market grocery store. Mr. Drew says a deal is being finalized for a 14-screen, 1,800-seat movie theater. ...

Theater is going to be tricky. The proximity to Webster Place theater is problematic, this is what eventually killed Piper's Alley and why the Logan can't get first run film.

[the urban politician]

^ Plus this development will have parking.

The problem in Chicago is that all the new retail developments have their own parking, and that always puts the older prewar stuff at a disadvantage. This sets up a domino effect where you simply HAVE to have parking to compete.

Hence all the strip malls

[Dirt Lawyer]

Originally Posted by k1052

Theater is going to be tricky. The proximity to Webster Place theater is problematic, this is what eventually killed Piper's Alley and why the Logan can't get first run film.

Don't worry too much; I think it is a good plan that will work. That's all I can say for now.

[lawfin]

Originally Posted by denizen467

April gets going with a bang:

(For comparison, I understand the huge Whole Foods around the corner is 70000sf.)


Bucksbaum, Structured close deal for New City Y site
By: Ryan Ori
April 04, 2012
http://www.chicagorealestatedaily.co...ew-city-y-site

... Mr. Bucksbaum and the project's original developer, Structured Development LLC, have formed a new venture to develop the 8.2-acre parcel just south of the bustling intersection of Halsted Street and Clybourn and North avenues. In a deal that closed last week, an undisclosed investment by Mr. Bucksbaum and a $31 million loan from J. P. Morgan Asset Management helped settle a foreclosure case against the site, confirms J. Michael Drew, a principal in Chicago-based Structured.

On Monday, a Structured joint venture also closed on the sale for more than $30 million of a retail center formerly anchored by a Borders store, 755 W. North Ave. ...

The Bucksbaum-Structured venture is moving ahead with a slightly smaller plan, which includes 370,000 square feet of retail, 280 apartments and more than 1,000 parking spaces.

Milwaukee-based Roundy's Supermarkets Inc. already has signed on as the anchor tenant to operate an 80,000-square-foot Mariano's Fresh Market grocery store. Mr. Drew says a deal is being finalized for a 14-screen, 1,800-seat movie theater. ...

This is awful. North / Clybourn continue their march into suburban style autocentric hell. What could have been if the design was simply more urban in form. This whole area is a massive missed opportunity.

[spyguy]

70+ unit apartment building with a daycare and retail on Division (City Farm site)


Remember a long time ago when a developer proposed a ~20 story condo building across the street from where the new Cabrini-Green Target store is supposed to go? Of course not. That's when Lagrange actually produced decent towers. Anyway, that site is now for sale.

[Via Chicago]

Originally Posted by lawfin

This is awful. North / Clybourn continue their march into suburban style autocentric hell. What could have been if the design was simply more urban in form. This whole area is a massive missed opportunity.

Its really kind of staggering just how poorly this entire area was re-developed...and yet it continues unabated. Does nobody in the upper echelons of city government give a shit about this stuff? You're talking about the built environment that is likely going to be sticking around for at least 2 generations, and its like a monkey scribbled some lines on a piece of paper and got it stamped. Whats the point of all these master plans if nobody follows them or is held accountable?

[the urban politician]

Originally Posted by lawfin

This is awful. North / Clybourn continue their march into suburban style autocentric hell. What could have been if the design was simply more urban in form. This whole area is a massive missed opportunity.

^ Actually, the design of the New City site is pretty good.

Besides, there is no way you are going to fit all of the retail & apartments and over 1,000 parking spots onto that site unless you go vertical with the parking.

[the urban politician]

A few updates:

1. I drove by the shell of a condo building on Belmont just west of the Chicago river today. If any of you recall, it was bought by an apartment developer about a year or year and a half ago. I saw a bunch of workers at the site with hard hats. Looks like they are about to restart renovation into apartments. I didn't see a permit on the site, though.

2. There is a condo building proposed for the triangle just north of the Chinatown Square shopping center, called "Windfall square". It looks nice. Problem is, I don't know how old the proposal is and I cannot find a website for it. I don't recall seeing that sign last time I was in Chinatown, though (about 2 years ago), and I don't think it's that See Wong guy either.

3. The Webster Square development seems to be in pause mode. I was just there and looking around. The permits are all there, the equipment is there, but there is nobody inside. They are in the middle of demo/renovation of the garage (which was supposed to be the grocery store) but, again, I saw nobody working.

4. I think that UNO school near the Belmont Blue Line stop is about to begin construction, unless I am incorrect. The white industrial buildings just east of the Kennedy (just as you enter it from Kimball) are under demolition. Isn't that the site where the school is supposed to go?

That is all. Even for an economic downturn, construction in Chicago (outside of a handful of towers downtown) seems to be at an all time low in the neighborhoods, at least as far as I can remember. Pretty much nothing going on. Perhaps everybody is too busy enjoying what the city has to offer--all over town the streets are seem to be teeming with people. Must be the improved weather.

[ardecila]

The site planning for New City is great. The garage can be torn down and redeveloped in the future without touching the retail/residential buildings, which makes it infinitely superior to a typical strip mall.

TUP, I don't think they ever eliminated residential from New City, but they did axe the flatiron building on the corner after the condo market tanked. Now the res. units are in mid-rises above the retail.

[ardecila]

Originally Posted by k1052

Theater is going to be tricky. The proximity to Webster Place theater is problematic, this is what eventually killed Piper's Alley and why the Logan can't get first run film.

I think the opposite is more likely; New City theaters kill Webster Place. It will have more screens and be right at a Red Line stop, plus it will be state-of-the-art with contemporary design.

[k1052]

Originally Posted by ardecila

I think the opposite is more likely; New City theaters kill Webster Place. It will have more screens and be right at a Red Line stop, plus it will be state-of-the-art with contemporary design.

All things being equal I'd agree but there are some industry specific issues that could cause a problem. There is an arcane practice called "clearing" which means that two theaters in close proximity run buy different operators can't run the same titles, at least at time of release. This starved the Piper's Alley theater of film for years and also the Logan (City North in that case). Logan has finally managed to go mid-run after their renovation...opening films a few weeks after the City North. I am doubtful that Regal is going to roll over and die in the face of a new possible first run competitor recently after they bought the units.

[Nowhereman1280]

Originally Posted by the urban politician

4. I think that UNO school near the Belmont Blue Line stop is about to begin construction, unless I am incorrect. The white industrial buildings just east of the Kennedy (just as you enter it from Kimball) are under demolition. Isn't that the site where the school is supposed to go?

It's not an UNO School, it's a satellite campus of Northeastern Illinois University and yes, the demo is just about complete. There were only a few walls remaining last night and I expect they will be gone when I ride by it on the train (you get a view of the site right before you go into the tunnel for Belmont) in a few minutes here.

I can't imagine the developers would be tearing down what looked to be fairly modern warehouse buildings unless the deal was sealed and the property sold or leased to Northeastern for construction of their new school. Hope this means that sweet design is signed and sealed and in the process of being delivered.