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They spent a few months doing environmental work to the soil, now they have dug a basement and they're forming up the foundations. I'll try to snap some photos this weekend. I agree, glad to finally see some renderings! And some indication of what retail tenants they're seeking (even if those are hypothetical). I would LOVE a Foxtrot-style business or a full-service restaurant right there. |
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https://www.wsj.com/articles/in-euro...ion-1525080604 Germany and the UK are the largest markets for Amazon outside of the US. But they are about a tenth of the sales compared to the US, and the rest of Europe barely uses Amazon. |
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Per the info on the IRS page you linked to, Illinois chose the sites, so it looks like it's on them for not designating an area that's truly in need. All that is happening here is that an established (and likely cash-flush) development company is getting a hand-out to build a project that would have been perfectly market-viable on its own. Quote:
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Europhiles (including actual European Europhiles) probably would say it's all cultural ("Europeans are just more community-minded and less consumerist!") but in reality, lots of things aren't cultural... until they are. I bet if you asked the average Italian 20 years ago about Ikea they would have scoffed at the idea of furnishing their home from a big box store selling cheap furniture from Scandinavia, but then it's introduced and everyone flocks there because it's convenient and affordable. The same thing happened with drive thrus, my brother in law used to (condescendingly) awe at the drive thrus here ("That's so great! Italians could never eat in their cars, though") but once they built a drive thru McDonald's in their town (dubbed McDrive by the locals) the line is always around the corner. |
^^But it's not "perfectly" market-viable on its own. It's a surface lot and has been for who knows how long. Perhaps it would have been 'naturally' developed in 20 years, but thanks to the President's Opportunity Zone incentive, it's being developed now. It will liven up a gloomy stretch of town, and for that we can be thankful to the Opportunity Zone incentive. :cheers:
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Looks like Cedar St came in with a more sensible proposal for a mid-rise with half the number of units proposed before the recession, and the Opportunity Zone incentives helped close the gap. Also keep in mind that the Opportunity Zone boundary was drawn this way specifically because of the former ABLA homes/Roosevelt Square. There's still a huge number of public housing residents in this area and lots of undeveloped land (although virtually all of it is controlled by Related/CHA or the IMD). If the Opportunity Zone helps Related get off the damn dime with even one of their vacant parcels, it will be worth it IMO... |
Sure, but my point is that no one designated this as an "economically-distressed" area because they knew that there was a prior PD overlay that created an over-valuation of the land. It's simply not a "distressed" area, leading me to believe that this specific application of the program is disingenuous.
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Blommer's Store
I'm not sure if this is the right place for this news, but Blommer's corner store on Kinzie and Desplaines is closing the 3rd week of February. I was in there today talking to a couple of employees. I'm pretty bummed but it is what it is. Just to be clear, this is just the store, not the factory itself.
The employees I spoke with said the new Japanese parent company (Fuji Oil) is going to put a new lobby on the corner and make some other investments in the building. I'll be interested to see what happens in the future as I've heard talk of both expanding the plant to nearby vacant lots and closing it all together. |
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Nobu Hotel Chicago - 155 N Peoria
January 6, 2020
January 10, 2020 Their website is now accepting reservations starting May 1 this year. https://chicago.nobuhotels.com/ |
436 N Clark - Formerly The Baton Show Lounge
January 8, 2020
The public notice caught my eye while walking past the building. It's "to establish an adult use cannabis dispensary in an existing commercial space." I didn't realize the history of the building until I looked it up. Quote:
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1100 W Randolph
January 10, 2020
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1100 W Fulton
January 10, 2020
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1040 W Fulton
January 10, 2020
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1001 W Fulton Market
January 10, 2020
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However there were plans for a condo development at that same 612 address, aka the 'The Blanc' https://chicago.curbed.com/2018/2/15...nt-blanc-condo So given the developer's wishy washy commitment in the article Quote:
River North Cannabis locations https://chicago.suntimes.com/cannabi...s-recreational |
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Sun Times has an article this morning about renewed interest in capping the Kennedy. Apparently the 725 Randolph development is part of the catalyst, Burnett sounds pretty motivated. I know that rendering isn't real, but I would like to see it more north a block or two — start at Fulton or Lake and deck south as far as budget allows.
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