CHICAGO | General Developments - Page 998

the urban politician · #**19941** Posted **Aug 13, 2013, 2:09 AM**

Crains is reporting that a commercial development will be going up on the 5200 block of N Broadway.

It's likely to be a strip center, I suspect. Stay classy, Chicago developers...

emathias · #**19942** Posted **Aug 13, 2013, 2:37 AM**

Quote:

Originally Posted by PKDickman

...
Bike psychos come in all income brackets.
...

Indeed. I'm not exactly sure what a "bike psycho" is, per se, but out of the several dozen people in my office, nearly all of us who bike on a regular basis (including one guy who bikes from Andersonville to our offices in the West Loop) are earning six figures. Maybe some aren't but I'd say the clear majority do. These aren't guys riding vintage Schwinns and dressing like messengers, though. Of course since some of them own single family homes, they're not exactly the ones paying rent in new buildings.

Baronvonellis · #**19943** Posted **Aug 13, 2013, 2:45 AM**

What? I think 25%-33% of income is a standard rate for renting. I wouldn't want to be saddled with more than than for a rental as an individual. Also, no one lives in a pre-tax world. At $45K after taxes $1500 a month is half of their income going to rent. I don't see how someone making $45K - $50K as an individual could be looking at luxury apartments in pricey hoods. If you have roommates that's a different story but this a studio we are talking about. The two bedrooms there are much more.

I'm paying $0.90 a square foot in Lincoln Square btw. I know a lawyer in Roscoe Village who pays $0.90 a square foot too. Not everyone needs luxury finishes, and an in building gym, game room ect to live comfortably in.

Quote:

Originally Posted by untitledreality

A lot. Look at lease rates for other new construction buildings in the city, and look at newly renovated apartments in Wicker Park... $1500 is reasonable.

Woah. Hold up.

In what world do you 'need' to be earning $80-$100K to afford a $1500-$1700/month apartment? A the most that is 25% of your pretax income. That is a pretty cushy percentage for most renters. I guarantee you will have people making $45K scoping out this building without even blinking.

marothisu · #**19944** Posted **Aug 13, 2013, 4:01 AM**

Quote:

Originally Posted by the urban politician

Crains is reporting that a commercial development will be going up on the 5200 block of N Broadway.

It's likely to be a strip center, I suspect. Stay classy, Chicago developers...

I hope not. Reading the article it sounds like a case of the NIMBYs. Five stories is too tall?

Quote:

Vacant since 2003 when Piser Weinstein Menorah Chapel moved to Skokie, the building has been in limbo for the past seven years. A venture led by local developer Stuart Miller acquired the property, along with a three-story apartment building at 5200 N. Broadway, for $7.0 million in 2005 with plans to build a five-story retail and condominium project, according to Cook County records.

Residents of the Lakewood-Balmoral community opposed the project's height and in 2009 the venture was hit with a $7 million foreclosure suit.

http://www.chicagorealestatedaily.co...retail-project

emathias · #**19945** Posted **Aug 13, 2013, 4:21 AM**

Quote:

Originally Posted by Baronvonellis

What? I think 25%-33% of income is a standard rate for renting. I wouldn't want to be saddled with more than than for a rental as an individual. Also, no one lives in a pre-tax world.
...

Yeah, I agree the ratios in the post you responded to were not realistic, but you have to use pre-tax numbers as point of comparison because taxes are quite malable for many people. I pay less in taxes now than I did when I earned half as much. Yes, I agree that in theory that's totally f-ed up, but it's the reality I live in. Learning the tax code and how to structure your income and expenses to fit within it is a key skill in today's economy.

Rizzo · #**19946** Posted **Aug 13, 2013, 5:37 AM**

Quote:

Originally Posted by Baronvonellis

What? I think 25%-33% of income is a standard rate for renting. I wouldn't want to be saddled with more than than for a rental as an individual. Also, no one lives in a pre-tax world. At $45K after taxes $1500 a month is half of their income going to rent. I don't see how someone making $45K - $50K as an individual could be looking at luxury apartments in pricey hoods. If you have roommates that's a different story but this a studio we are talking about. The two bedrooms there are much more.

I'm paying $0.90 a square foot in Lincoln Square btw. I know a lawyer in Roscoe Village who pays $0.90 a square foot too. Not everyone needs luxury finishes, and an in building gym, game room ect to live comfortably in.

I think the 20% range applies to car ownership and possibly some other debt. Realistically 30%-40% post-tax is okay if you don't have a car and want to streamline your life biking to work or taking transit. And the utilities are usually included along with Internet and cable in ammenity or luxury buildings.
So that $700 studio in a house in LS begins to look terribly expensive to that $1100 downtown building where you can ditch the CTA pass, and have all utilities and services covered in your rent.

Regardless, it's all pointless discussion. Everyone has preferences and your priorities and tastes chance. The great news is there's a market for everyone in all sorts of safe and interesting neighborhoods.

the urban politician · #**19947** Posted **Aug 13, 2013, 12:46 PM**

Quote:

Originally Posted by marothisu

I hope not. Reading the article it sounds like a case of the NIMBYs. Five stories is too tall?

http://www.chicagorealestatedaily.co...retail-project

Near an L stop, no less. The NIMBY ass-clown parade continues its march..

Seriously, though, in 2013 it's an outrage that a strip mall will be getting built on Broadway so close to an L stop. The city just doesn't have a handle on this issue as far as I'm concerned.

LouisVanDerWright · #**19948** Posted **Aug 13, 2013, 1:22 PM**

^^^ I don't understand which plot at Foster and Broadway they are talking about?

In less depressing news, I drove by the site of that smallish new building that we saw a while ago proposed for Cleveland and Division this weekend. The whole lot is torn up and it looks like they are ready to pour the foundation. Nice to see some finer grained development there to not only chew up some of the open lots, but also to counter balance the mega developments like Target that are popping up all over.

killaviews · #**19949** Posted **Aug 13, 2013, 1:50 PM**

^^It’s an abandoned funeral home on Broadway that takes up the whole middle of the block.

I went to the developer’s website (Chody Real Estate Corp), it’s all so awful. Worst retail developer in the world. And they are responsible for the horrible shopping center across the street.

If they need a zoning change, I will be at that meeting. There are far too many parking lots in that area.

Vlajos · #**19950** Posted **Aug 13, 2013, 3:02 PM**

Quote:

Originally Posted by killaviews

^^It’s an abandoned funeral home on Broadway that takes up the whole middle of the block.

I went to the developer’s website (Chody Real Estate Corp), it’s all so awful. Worst retail developer in the world. And they are responsible for the horrible shopping center across the street.

If they need a zoning change, I will be at that meeting. There are far too many parking lots in that area.

I was afraid to look up the developer. Now I don't need to. This is really bad news for that area.

SamInTheLoop · #**19951** Posted **Aug 13, 2013, 4:28 PM**

Quote:

Originally Posted by the urban politician

Near an L stop, no less. The NIMBY ass-clown parade continues its march..

Seriously, though, in 2013 it's an outrage that a strip mall will be getting built on Broadway so close to an L stop. The city just doesn't have a handle on this issue as far as I'm concerned.

This truth is nothing short of absolute, and it's a source of deep embarrassment for Chicago as an urban place of supposed global stature. This type of nonsense needs to start to be uniformly rejected for zoning approval so it's clear for all market players that such form doesn't belong in this city and officials have zero tolerance for such....

lakeviewer · #**19952** Posted **Aug 13, 2013, 5:13 PM**

More good news for Lakeview: Developer looking to redevelop entire block across from former Hotel Chateau which was bought by BJB for market rate apts.

http://lakeview.patch.com/groups/bus...-chateau-hotel

Jibba · #**19953** Posted **Aug 13, 2013, 5:22 PM**

Quote:

Originally Posted by the urban politician

Crains is reporting that a commercial development will be going up on the 5200 block of N Broadway.

It's likely to be a strip center, I suspect. Stay classy, Chicago developers...

This will be shitty. No doubt about it. I live right at Winona and Broadway. Every time I walk to and from that Jewel at Berwyn, it's like I'm drowning in a sea of asphalt (and Broadway, for whatever reason, promotes very hostile driving too). It's an awfully dispiriting stretch of road (that has drawn surprise and criticism from out-of-town guests, too...).

I'm going to make an appeal to Alderman Osterman, but there's probably not much he can do about it. He's the one championing protected bike lines down Broadway, and those would work great with the constant ingress and egress into the myriad strip centers...

Chicago Shawn · #**19954** Posted **Aug 13, 2013, 6:04 PM**

^Agreed on Broadway. Given the width of the street, buildings alongside it should be higher, at least 5 stories or more to offset the width and make it feel visually like an enclosed boulevard. Right now it looks like a suburban thoroughfare, probably part of the reason as to why people drive so fast on it. Remove the curb cuts and push the parking out with cycle tracks is the best way forward.

Quote:

Originally Posted by lakeviewer

More good news for Lakeview: Developer looking to redevelop entire block across from former Hotel Chateau which was bought by BJB for market rate apts.

http://lakeview.patch.com/groups/bus...-chateau-hotel

I can't believe what a catalyst closing down the Chateau was. Some good building stock on that block, I hope most of the facades at least stay if full scale demo is to come.

Link N. Parker · #**19955** Posted **Aug 13, 2013, 6:30 PM**

Quote:

Originally Posted by marothisu

I hope not. Reading the article it sounds like a case of the NIMBYs. Five stories is too tall?

http://www.chicagorealestatedaily.co...retail-project

NIMBY's gonna NIM

Vlajos · #**19956** Posted **Aug 13, 2013, 6:32 PM**

Quote:

Originally Posted by Chicago Shawn

^Agreed on Broadway. Given the width of the street, buildings alongside it should be higher, at least 5 stories or more to offset the width and make it feel visually like an enclosed boulevard. Right now it looks like a suburban thoroughfare, probably part of the reason as to why people drive so fast on it. Remove the curb cuts and push the parking out with cycle tracks is the best way forward.

I can't believe what a catalyst closing down the Chateau was. Some good building stock on that block, I hope most of the facades at least stay if full scale demo is to come.

At least there is some good news in Lake View to offset the horror in Edgewater.

Kenmore · #**19957** Posted **Aug 13, 2013, 6:49 PM**

As a resident of the 48th I had to send the alderman a quick message about the 5200 Broadway development. I'm not sure what if any zoning changes are required and how much of a done deal this is but a strip mall in that location is worst case scenario and a failure on many levels.

Vlajos · #**19958** Posted **Aug 13, 2013, 8:00 PM**

Quote:

Originally Posted by Kenmore

As a resident of the 48th I had to send the alderman a quick message about the 5200 Broadway development. I'm not sure what if any zoning changes are required and how much of a done deal this is but a strip mall in that location is worst case scenario and a failure on many levels.

Harry is a good guy, but my guess is that this is a done deal. As awful as it is.

tintinex · #**19959** Posted **Aug 13, 2013, 8:39 PM**

Quote:

Originally Posted by Vlajos

Harry is a good guy, but my guess is that this is a done deal. As awful as it is.

After the LA Fitness opening up on that old building, the Sterile office to Apartment conversion by Argyle and other projects on Broadway I thought we were finally turning the corner on this section of Edgewater...Considering this area and Andersonville is where all the gays are currently moving to from Lakeview

marothisu · #**19960** Posted **Aug 13, 2013, 9:25 PM**

I was going to say too that it really depresses me that strip malls could be placed so close to a transit station. I REALLY, REALLY hope that if this is indeed going to be a strip mall, it gets absolutely blocked. The last thing that area needs is another big parking lot type of development. It's really sad this could happen, especially since these buildings in question existing are higher density already than what may very well be developed.

The Chateau Hotel block news is pretty cool though. Amazing how one thing can lead to so much more. That 7 story proposal right there, this, the gut rehab of the former SRO, the possible rehab of the park nearby, and Halsted Flats down the street going up....if the 7 story building happens along with the owner of all these buildings rehabbing, I wonder what else might happen up there.