CHICAGO | General Developments

[nomarandlee]

http://www.suntimes.com/news/metro/9...IDGE26.article

Bridging riverwalk gaps
WACKER DRIVE |
City to spend $10 mil. on walkways beneath Michigan and Wabash, connect path for 'second lakefront'

April 26, 2008

BY FRAN SPIELMAN City Hall Reporter fspielman@suntimes.com

Mayor Daley's ambitious but stalled plan to create a San Antonio-style riverwalk along Wacker Drive will take two giant steps forward this summer.

The city plans to build walkways beneath bridges at Michigan and Wabash avenues that will connect paths already built along the Chicago River. The new connections will allow pedestrians to stroll along Chicago's "second lakefront" -- as Daley calls it -- without running up a set of stairs, crossing the street and going back downstairs.........................

More info in link

[BVictor1]

http://www.chicagotribune.com/news/l...4558993.column

GETTING AROUND WITH JON HILKEVITCH

Chicago Riverwalk extension to begin in July

Path involving 'under-bridges' will eventually extend to Lake Street
Jon Hilkevitch | Getting Around
7:29 PM CDT, April 27, 2008

Chicagoans have a vital connection to the waterfront, whether it is the shoreline of Lake Michigan or the banks of the Chicago River.

That link will become stronger—and longer—by the end of the year when the riverwalk trail downtown is extended.

Construction is scheduled to begin in July to literally bridge the riverwalk beyond the Wabash Avenue bridge to State Street.

It's an intermediary step toward eventually extending the riverwalk promenade west to Lake Street along the south bank of the river, according to the Chicago Department of Transportation.

[aaron38]

There's some sweet news. It'll be great to be able to walk the entire river canyon down at water level. Let's just hope it doesn't take 10 years to do all the bridges.

[NYC2ATX]

Originally Posted by aaron38

There's some sweet news. It'll be great to be able to walk the entire river canyon down at water level. Let's just hope it doesn't take 10 years to do all the bridges.

Word. Man, this is amazing for me. In the year that I've lived in Chicago, I've found the riverwalks to be one of my favorite places in the city.

[woodrow]

FINALLY -
When they announced the Wacker Drive redo back in the 1990's a big part was going to be the river walk. Never happened. No money, Dept. of Trans. hadn't signed off, etc etc. I wish they were doing all of the sections now, but at least this is something. I hope they focus next year on the section between Lake and Wells. It is supposed to be a very nice, very large, tiered, riverfront walk and landing.

[Via Chicago]

I'm not sure where else to post this. If theres a better place feel free to move it:

http://www.chicagotribune.com/busine...,4619744.story

Wrigley to be sold to Mars for $23 billion
By James P. Miller | Tribune reporter
9:44 AM CDT, April 28, 2008

Wm. Wrigley Jr., in a move it said will provide "enhanced prospects for growth," confirmed this morning that it has agreed to be acquired by privately held candy-industry giant Mars Inc. for a hefty $80 a share, or nearly $23 billion.

The Chicago chewing-gum company said its board has already approved the all-cash offer, although the transaction still will require clearance from regulators and Wrigley stockholders.

Thats a whole lot of billions. And another Chicago company bites the dust.

[simcityaustin]

It really depends on whether jobs are taken from the area or not. To bad though, that's quite a well known Chicago company. Hopefully things will operate as normal, which I think is a good chance seeing as Wrigley wasn't in any deep financial problems or anything.

[cbotnyse]

Originally Posted by simcityaustin

It really depends on whether jobs are taken from the area or not. To bad though, that's quite a well known Chicago company. Hopefully things will operate as normal, which I think is a good chance seeing as Wrigley wasn't in any deep financial problems or anything.

I agree. I think this makes the company stronger. The only difference I see is the headquarters isnt technically here anymore. I dont see major layoffs or anything. Buffett isnt known for doing that to companies, I hope I'm right.

EDIT: actually just heard the news conference. The Wrigley headquarters will stay in Chicago, and they might actually add jobs. So this looks like a good thing for the city.

[aic4ever]

Originally Posted by aic4ever

New Retail in Bucktown

http://www.chicagobusiness.com/cgi-b...29058&seenIt=1

Intermix Bucktown

Interiors done in Five Weeks as the core & shell construction was finished, which itself was a total of 18 weeks for three retail spaces, pending still one tenant's finalization of their storefront design. Very cool space.

Intermix Signage & Awning should go up tomorrow. Store to open on Wednesday. Check it out for yourselves at 1627-1633 N. Damen.

**Photos deleted to avoid you having to hit cancel a million times**

Photos by Jim Newberry (www.newberryphotography.com)

[mcfinley]

Originally Posted by simcityaustin

It really depends on whether jobs are taken from the area or not. To bad though, that's quite a well known Chicago company. Hopefully things will operate as normal, which I think is a good chance seeing as Wrigley wasn't in any deep financial problems or anything.

Of all the possible scenarios for Wrigley to get bought out, this seems pretty optimal from the standpoint of maintaining the company's economic presence in Chicago. Mars is a well run, privately owned company, so there's no reward in consolidating the brands or moving operations to bring a short-term surge in shareholder value.

From what I've read this morning, it seems like the operations of Wrigley will functionally stay the same as an independent subsidiary, and the CEO will continue to run the division as he always has.

Wrigley's presence may actually grow after this, as I believe Mars is considering moving Starburst and Skittles under Wrigley.

As an aside, there was an amusing moment in a CNBC conference call this morning when one of the Chicago native anchors was pressing Buffett on whether he'd consider buying Wrigley Field's naming rights from Sam Zell. Buffett pretty much dismissed the idea from a business standpoint, but I doubt that he'd really have any influence in the decision anyway.

[killaviews]

Originally Posted by aic4ever

Intermix Bucktown

Interiors done in Five Weeks as the core & shell construction was finished, which itself was a total of 18 weeks for three retail spaces, pending still one tenant's finalization of their storefront design. Very cool space.

Intermix Signage & Awning should go up tomorrow. Store to open on Wednesday. Check it out for yourselves at 1627-1633 N. Damen.

We can't see the pics, they are private. That is pretty quick delivery. Any word on other retail tenants?

[aic4ever]

Originally Posted by killaviews

We can't see the pics, they are private. That is pretty quick delivery. Any word on other retail tenants?

Ah sorry about the pics not working...they showed up on my comp on the preview so I figured they would work. Will see about getting them posted as they are sweet, or else will see about posting my own.

Delivery for Intermix was indeed very aggressive. Very good subs and very well managed. Hit the developer's needed goal of the store opening by 4/30 when we only got permit for the building itself in December. Fantastic teamwork across the board.

The other tenants are slated to be Bebe and LuLuLemon Athletica. Bebe is under construction by a different contractor while their storefont is being finished, and LuLuLemon is still working out their storefront as well as awarding their buildout contract.

We also did the core & shell with storefronts for 1727 N. Damen up the street, which has Club Monaco and LeSportSac in the process of buildout, also by other interiors contractors. Not quite as aggressive a schedule but still quick.

[killaviews]

Bucktown/Wicker Park retail market has been explosive, I guess you have to thank Mr. Jacobs for that. I'm hoping we get some more names that are completely new to the city - Paul Smith, A.P.C.

[VivaLFuego]

I wonder if the Bucktown retail explosion is sustainable, there really isn't a great deal of pedestrian traffic on Damen, nor significant walk-in density potential from the surrounding neighborhood. Some boutiques, of course, are to be expected, but it's getting insane up there on Damen from about 1600-2100 north.

[ardecila]

Sustainable? What do you mean? Wicker/Bucktown is a destination because it has those boutiques, so it draws from all over the city and suburbs. It has Blue Line access, fairly good bus coverage, and several nearby interchanges on the Kennedy.

No, the surrounding neighborhood can't support it by itself at this point - but I don't see the Chicago retail scene shifting significantly in the next decade or so. What's gonna be the next hot area? Logan Square maybe, but that's only a slight shift. Pilsen is another possibility, but there are some strong anti-gentrification attitudes down there, from what I hear, that would seem to prevent the neighborhood from changing too fast.

[Nowhereman1280]

^^^ I actually think the next area that has a chance to make it big is the andersonville/lakeview to rogers park area. It just seems to be ripe for renewal. I think the trigger for that will be a combination of the coming Red Line rebuilding and the continued expansion of Loyola into some of the less desirable areas. Gentrifying them as it goes. Roger's park from the standpoint of existing housing stock has so much potential. Combine that with its proximity to Evanston as well as the city of Chicago and I can see it becoming a future Lincoln Park.

I know people have been saying that for years now, but I think the rebuilding of the northern Redline stations will trigger it.

[Marcu]

^ From what I understand the areas you're referring to are Edgewater and Rogers Park. I don't see it changing in the same way you might. It's just too far from the loop time wise. Even with reconstruction it'll take a good 40 minutes to get to the loop from Granville/Morse/Bryn Mawr compared to 20 minutes from Evanston via Metra. Plus there are problems with the Alderman (Joe Moore) who seems to be an anti-business union hack that will go out of his way to stop any kind of large scale high density development. Not to say the neighborhood can't become more gentrified, but I just don't see it becoming like Lincoln Park or East Lakeview. Not sure that's a bad thing either. The working class immigrant character of Rogers Park is one of its best features.

[Ch.G, Ch.G]

Originally Posted by Marcu

^ From what I understand the areas you're referring to are Edgewater and Rogers Park. I don't see it changing in the same way you might. It's just too far from the loop time wise. Even with reconstruction it'll take a good 40 minutes to get to the loop from Granville/Morse/Bryn Mawr compared to 20 minutes from Evanston via Metra. Plus there are problems with the Alderman (Joe Moore) who seems to be an anti-business union hack that will go out of his way to stop any kind of large scale high density development. Not to say the neighborhood can't become more gentrified, but I just don't see it becoming like Lincoln Park or East Lakeview. Not sure that's a bad thing either. The working class immigrant character of Rogers Park is one of its best features.

I'm not so sure. Andersonville is becoming the new gay epicenter as the Boystown/Wrigleyville area prices out the younger generation who hadn't secured real estate in East Lakeview that area exploded, and, as everyone probably knows, a rising gay population is a good harbinger for general development success. I imagine the northward trend will continue. Coupled with pressure from the opposite direction as Evanston continues to clean up its Chicago frontier, it's really only a matter of time. I just hope the area isn't totally sanitized; the grittiness, more than tolerable, is, you know, kind of charming.

[i_am_hydrogen]

Mars to buy Wrigley Co.
Chicago icon being sold for $23 billion

By Mike Hughlett | Tribune reporter
April 29, 2008

There will still be candymakers occupying the fabled Wrigley Building on Michigan Avenue, and the name on the chewing gum will remain Wrigley, but one of America's most famous business families is selling control of its empire in a stunning $23 billion deal that reshapes the world's confectionary industry.

The Wm. Wrigley Jr. Co., a Chicago institution, will be acquired by candy giant Mars Inc. with financial help from legendary investor Warren Buffett, Wrigley announced Monday. And for the first time since Wrigley started selling gum in 1892, the Wrigley family will no longer have an ownership stake in the company.

Wrigley hadn't put itself up for sale when Mars, one of the world's largest candymakers, came courting earlier this month. But in a global confectionary business there is little room for medium-size players, and publicly traded Wrigley is hooking up with a company that analysts say is a great fit.

http://www.chicagotribune.com/news/c...,2990644.story

[VivaLFuego]

Originally Posted by ardecila

Sustainable? What do you mean? Wicker/Bucktown is a destination because it has those boutiques, so it draws from all over the city and suburbs. It has Blue Line access, fairly good bus coverage, and several nearby interchanges on the Kennedy.

No, the surrounding neighborhood can't support it by itself at this point - but I don't see the Chicago retail scene shifting significantly in the next decade or so. What's gonna be the next hot area? Logan Square maybe, but that's only a slight shift. Pilsen is another possibility, but there are some strong anti-gentrification attitudes down there, from what I hear, that would seem to prevent the neighborhood from changing too fast.

I mean in a few years, whether or not all these boutiques can actually move enough product to pay the rent. Honestly the area just doesn't have high pedestrian activity the way Lincoln Park or Lakeview do, so I'm just skeptical of the economics is all. Clearly right now agglomeration is in play, as each incremental boutique is trying to co-locate to get the same shoppers as the others, I'm just unconvinced that the volume is there in that location.