CHICAGO | General Developments

[Remy_Bork]

Thanks for the info on the Cold Storage building.

I happened to be by the amber building on Chicago and Ashland and took a few pictures. I always thought it was a beautiful building and assumed that it would be torn down since it looked so dilapidated. I was pleasantly surprised when I saw that somebody cleaned it up and put in new windows. I was even more surprised when I found out that my former landlord is behind the rehab, being a guy who takes years to fix a broken door and never mowed the lawn. Maybe this is where his attentions were focused.

[ardecila]

Odd that the upper floors are so beautifully restored while the first floor is still a shitty mid-century storefront.

[jbrady3324]

Originally Posted by ardecila

Odd that the upper floors are so beautifully restored while the first floor is still a shitty mid-century storefront.

My guess is they are waiting for someone to lease the space before making final decisions on the storefront

[Rizzo]

360 N. Michigan inches further along towards hotel conversion

http://www.suntimes.com/news/2160913...l-planned.html

[wierdaaron]

Originally Posted by Hayward

360 N. Michigan inches further along towards hotel conversion

http://www.suntimes.com/news/2160913...l-planned.html

The riverfront revitalization continues?

[chris08876]

Retail-apartment tower planned at busy Lakeview intersection

A relative newcomer to the local real estate market wants to put its stamp on Lakeview.
BlitzLake Capital Partners plans to build a retail-and-apartment building as tall as 12 stories at the busy intersection of Clark Street and Belmont Avenue.
The Chicago-based firm paid $5.5 million for the 23,000 square feet of retail and mixed-use buildings at 850-856 W. Belmont Ave. and 3200-3226 N. Clark St., which includes a Dunkin' Donuts and lingerie shop Taboo Tabou, said Mitch Goltz, vice president at Chody Real Estate who brokered the sale for the buyers.
The purchase gives BlitzLake, founded by Winnetka natives David Blitz and Jeffrey Lake, an opportunity to enhance an underused corner a few blocks from the Belmont el stop, the fourth-busiest station in the city. The developers plan to tear down the existing structures to make way for an eight- to 12-story building that would include two levels of retail, two floors of parking and several stories of apartments, Mr. Lake said. The pair hopes to secure a grocer as an anchor tenant for the estimated $50 million project, Mr. Blitz said.
The acquisition comes as BlitzLake's only other Chicago-area development, a proposed 20-story high-rise in Oak Park, faces a $4.9 million foreclosure lawsuit from Pittsburgh-based PNC Bank N.A. The development venture failed to pay off a $4.5 million mortgage when it came due in March 2012, according to a complaint filed in July in U.S. District Court in Chicago. The project at Lake Street and Forest Avenue would include 270 apartments, 25,000 square feet of retail space and a 588-space indoor parking garage.
Mr. Blitz declined to comment on the suit but said construction on the development will likely begin in early fall.
While it tries to solve that problem, BlitzLake must also run the gantlet with neighborhood groups as it seeks city approval for the Lakeview project.
"The size might get some backlash," said James Letchinger, president of Chicago-based JDL Development Corp. "That would be a tough corner to get eight to 12-stories . . . but it is a great mixed-use location."

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http://www.chicagorealestatedaily.co...441F5850923A1T , Alison Burdo , 2013

[marothisu]

^ You are a few days late on that one..

[denizen467]

A new era begins for the Cabrini Green area on October 13 - that is the opening date for the new Target (according to signage on site). They'll probably use the "Old Town" moniker or something, but either way this neighborhood is crossing a milestone in becoming one people flock to instead of one they flee from or rush through.


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A bit north, precast has sprung up faster than weeds at Weed and Kingsbury. It already gives the area a different feel.

[UKVGuy]

Originally Posted by jbrady3324

My guess is they are waiting for someone to lease the space before making final decisions on the storefront

According to their blog (http://amberbldg.com/blog/), that's exactly the case. Surprised it hasn't been leased yet -- could be an amazing space.

[BB 1871]

Originally Posted by denizen467

A bit north, precast has sprung up faster than weeds at Weed and Kingsbury. It already gives the area a different feel.

I noticed this as well yesterday. Please remind me- what is this going to be?

[marothisu]

Originally Posted by BB 1871

I noticed this as well yesterday. Please remind me- what is this going to be?

Isn't it supposed to be Nordstrom Rack, or am I thinking of something else?

[i_am_hydrogen]

Originally Posted by BB 1871

I noticed this as well yesterday. Please remind me- what is this going to be?

Chase Bank branch with a drive-thru.

[wierdaaron]

A little progress on Maggie Daley Park/Parking Garage Rehab:



Click for big.

[jbrady3324]

Originally Posted by UKVGuy

According to their blog (http://amberbldg.com/blog/), that's exactly the case. Surprised it hasn't been leased yet -- could be an amazing space.

Same here. It is in the "dead zone" of the block so interested parties could see the area as a risk, not to mention being a little far from the train. Although, I do expect that stretch of Chicago to turnover quickly and a brewery would be a great anchor for Chicago ave

[tintinex]

I'm intrigued. Especially since this is my train stop. As much as I love the current business, this area sure needs the help

Argyle To Become City's First With 'Shared Street' Concept

City officials presented initial designs for the Argyle Streetscape project Monday. Janet Attarian, complete streets director at the Chicago Department of Transportation, said the design concept eliminates curbs, forces cars below 15 miles per hour and creates a shared space without hierarchy between road users.

http://www.dnainfo.com/chicago/20130...street-concept

[the urban politician]

^ Wow, that indeed is interesting. Hope to see this happen in more pedestrian-oriented shopping strips in the neighborhoods.

Milwaukee/Damen, 18th St, Clark/Diversey/Broadway, Southport, Belmont between Clark and the L stop, and Lincoln Ave in Lincoln Square are strips that immediately come to mind as potential followup candidates.

I'd love to see some renderings

[marothisu]

In some smaller news, I see that there will be a few pedestrian walkways (skyways?) added between 259 E Erie and a few other building which is on the Northwestern Memorial Campus. Also, a restaurant/cafe type of thing is going to be added to Saks Fifth on the 7th floor (700 N Michigan) which I don't believe has hit the news yet...but there's a building permit for it ;-)

[the urban politician]

Did anyone know that 100 W Monroe was going to be converted into a Hyatt hotel? I don't recall hearing that news. Either way, in today's Crains it is reported that that project has just received financing.

Another historic Loop tower being converted from office to other uses. We had the discussion before that the space needs of companies, due to downsizing, has decreased. But still, at some point all of this lost office space must be generating demand for more office space (beyond what can be offered by 444 W Lake). Is the boutique-y office space being created by smaller projects in the West Loop (conversions of vintage cold storage and meat-processing facilities) going to be enough to fulfill this demand?

[Rizzo]

Originally Posted by the urban politician

Did anyone know that 100 W Monroe was going to be converted into a Hyatt hotel? I don't recall hearing that news. Either way, in today's Crains it is reported that that project has just received financing.

Another historic Loop tower being converted from office to other uses. We had the discussion before that the space needs of companies, due to downsizing, has decreased. But still, at some point all of this lost office space must be generating demand for more office space (beyond what can be offered by 444 W Lake). Is the boutique-y office space being created by smaller projects in the West Loop (conversions of vintage cold storage and meat-processing facilities) going to be enough to fulfill this demand?

I've said this before, but turning over these vintage buildings to residential or hotel uses does justice to these buildings. It's sad walking into these old pre-war buildings and seeing some ragged conditions or outdated office interiors. Some are stuck in the 70's. From a preservation standpoint, I'd rather see demand for office space shift elsewhere in the loop so we can see older buildings converted to alternative uses as opposed to demolition for larger office towers in the same spot.

With the exception 100 W. Monroe deep in teh loop, I'd like to see everything East of State Street transition primarily to hotel, shopping, residential, and educational uses.

[wierdaaron]

I was wondering if the decline in office space and their replacement by hotels could be considered good/bad, but it could just be a factor of modern companies needing modern amenities in an office space that these old buildings can't easily provide. Newer developments like River Point and 150 N Riverside can attract companies needing the latest tech, wiring, amenities, and super-fast elevators, while aging buildings like 360 N Michigan can take advantage of their prime locations and historic status by catering to hotel guests, who have much simpler needs from an infrastructure standpoint.