CHICAGO | General Developments

[the urban politician]

Originally Posted by EarlyBuyer

Del Frisco's opening high-end steakhouse at old Esquire Theater building
Crain's Chicago Business
2/6/12

"Steakhouse operator Del Frisco's Restaurant Group LLC plans to open a Del Frisco's Double Eagle Steak House in the old Esquire Theater building owned by trader Don Wilson's Chicago-based DRW Holdings LLC."

"The restaurant is said to be planned for 23,000 square feet, including a street-level entry and all of the second and third floors, and will include private dining. That leaves another 10,000 square feet of retail space on the ground floor."

"The former theater space has been heavily shopped by clubs and restaurateurs, and even a Playboy Club, according to area real estate executives. The high-end shopping destination has very little dining competition in the immediate area."

http://www.chicagobusiness.com/artic...eater-building

^ Another steakhouse?

I like steak and all, but sheesh--Chicago has plenty of options already

[EarlyBuyer]

Tup:

Agreed, not much room left in that cuisine genre.

[BWChicago]

So what was the use of removing the marquee, slightly better visibility for the storefronts? Bet they could have used some of the lobby too.

[ardecila]

Originally Posted by Young & Egotistic

I thought all the space in Esquire was going to be retail.

No, the second/third floor spaces are pretty big, cavernous spaces that would be tricky to reuse for small boutiques due to visibility concerns. Del Frisco seems to like big, open spaces for its restaurants, so this seems like a good match.

[Rizzo]

Originally Posted by BWChicago

So what was the use of removing the marquee, slightly better visibility for the storefronts? Bet they could have used some of the lobby too.

Yeah I liked it. Also the marquee for some reason was conducive to everyone doing U-Turns and driving on the sidewalk (everyone did that and it was allowed). Can't do that now once the trees and street furniture arrive.

[trvlr70]

It sounds as if the steakhouse will have a minimal presence on the ground floor. The open second and third floors will comprise the majority of the dining space...and they are traditionally more challenging to lease to retailers. The remainer of the Esquire's ground floor space is indeed being developed for retail.

[tyler1]

Crain's is reporting today that CIM Group is the new owner of Block 37.

[aic4ever]

Originally Posted by Young & Egotistic

I feel all of Esquire should be retail since retail is in demand off Mag Mile.Downtown has enough steak houses, the restaurant should pick another location.

Except there's more to it than just the steakhouse.

The developer is going to maximize its leasing opportunity here. 2nd floor space on Oak goes for far less than ground floor space. Retailers will pay the higher ground floor rates for smaller spaces, so why would the developer want to put them upstairs one little retailer at a time, for what might be half of what they can can get by making the retailers take the ground floor, when they can fill a huge portion of the less desirable second floor space with one tenant all at once?

23,000 square feet is also enough space to help them anchor that building, no matter what floor it's on. It also reduces the remaining sale-able square footage, which might actually (theoretically anyway) drive the ground floor rates even higher for whatever retailers they're looking at.

[emathias]

Originally Posted by EarlyBuyer

...
The high-end shopping destination has very little dining competition in the immediate area."
...

What?! Only if by "immediate area" they mean within 3 storefronts.

I mean there's Spiaggia and Spiaggia Cafe on the east end of the block. There's Gibsons 1/2 block north from the west end of the block, Fred's at Barney's at the west end of the block, Ria and Balsan 1 short block south and 1/2 block west from the end of the block, all those Rush Street places a block north of the west end of the block (including Morton's), Cafe les Architectes 3 short blocks south, Le Colonial on the other side of the block, Feast a couple bocks south, Pane Caldo on the other side of the block, the Cape Cod Rood, the Grill on the Alley, there's even a Rosebud over on Walton, and a McCormick and Schmick's a five minute walk away.

I don't doubt the area can absorb another steakhouse, but a lack of existing dining options is hardly the case.

[Nowhereman1280]

^^^ Yeah, if anything the reason they are moving there is because there are other options in the area. Economies of agglomeration are a powerful force and they draw competitors to locate in the same area. This is why things like shopping malls exist. You'd think JCrew would want to be as far away from Banana Republic as possible, but they actually want to be close together because customers like patronizing stores where they have multiple options in the same location.

Same goes with restaurants, if you like to eat out and are coming to town, you are going to choose to stay in an area with the most options available. This increases business for all the restaurants in the area as they all have a shot at the customers who are coming specifically because they have options.

[lawfin]

Originally Posted by emathias

What?! Only if by "immediate area" they mean within 3 storefronts.

I mean there's Spiaggia and Spiaggia Cafe on the east end of the block. There's Gibsons 1/2 block north from the west end of the block, Fred's at Barney's at the west end of the block, Ria and Balsan 1 short block south and 1/2 block west from the end of the block, all those Rush Street places a block north of the west end of the block (including Morton's), Cafe les Architectes 3 short blocks south, Le Colonial on the other side of the block, Feast a couple bocks south, Pane Caldo on the other side of the block, the Cape Cod Rood, the Grill on the Alley, there's even a Rosebud over on Walton, and a McCormick and Schmick's a five minute walk away.

I don't doubt the area can absorb another steakhouse, but a lack of existing dining options is hardly the case.

I was scratching my head at that too. In terms of steak houses the areas not exactly sparse either....the aforementioned Gibsons, tavern on rush just to name two

[lawfin]

I just wish there was a way they could have kept the Marquee in place. I just loved that Marquee..When I was a child I knew I was "downtown" whenever I saw it

[lawfin]

Development on Morse in RP

http://chicago.curbed.com/archives/2012/02/08/morse.php


Also a nice cafe just opened up at Pratt / Sheridan as well called Pillars. Nice to see

[Rizzo]

Originally Posted by lawfin

I just wish there was a way they could have kept the Marquee in place. I just loved that Marquee..When I was a child I knew I was "downtown" whenever I saw it

Probably to make it less of a cave. I think the idea was for the building to appear open and airy...possibly even support double height retail entries depending on the tenant. Now it seems it could have remained.

[BWChicago]

Weren't the lights on the bottom there for the explicit purpose of not making it seem cave-like? Stick the signs on the marquee - much better visibility. At least the facade's still there.

[denizen467]

LOL, that comprehensive list all the way down to Chestnut - yet how could you leave out "Dikka's"? Da Coach is fumin'.

Does all this mean the Viagra Triangle is going to get renamed the Strip Steak Triangle?

[Rizzo]

Originally Posted by BWChicago

Weren't the lights on the bottom there for the explicit purpose of not making it seem cave-like? Stick the signs on the marquee - much better visibility. At least the facade's still there.

I agree, but seems like people in the area have a different opinion. I dont care either way. I envy those who live in a neighborhood that fits their personality. 3 years at Oak and Rush and I haven't gone into a single store or restaurant around here except Starbucks and Walgreens. But I'm happy the neighborhood is doing well. Any new growth or improvement benefits the whole city IMO

[denizen467]

So, we have now got ourselves a Waldorf Astoria. All in all I am okay with this. I thought the Elysian building would have made a good St Regis, but maybe someday the Carley-Destefano shard concept can get resurrected (obviously with a different developer and different firm) as a St Regis, or Shangri-La or Mandarin, somewhere downtown.


http://www.chicagotribune.com/travel...,5621470.story

Elysian offically becomes Waldorf Astoria
By Josh Noel
5:40 p.m. CST, February 7, 2012

... Beginning today, the Elysian became the Waldorf Astoria. The new signage reflecting the change will be put up Feb. 15, a hotel spokesperson said this afternoon.

[bnk]

Remember the Elysian Hotel? It met near universal acclaim as one of the nation's finest hotels. Well, as previously announced would happen, it's gone.

I only stayed there once but it was one of the best hotel / spa I have been to. I will miss the Elysian Hotel and hope the Waldorf Astoria can at least come close to what the Elysian was. Somehow I doubt that it will, Hilton, Old school ... NYC centric. The Elysian was a younger version of the Peninsula and a more or less less bombastic Trump in your face hotel, not to slam Trump but at Elysian you were treated like a Peninsula guest 10-15 years ago. All of that is lost until I find otherwise, but if the major Hilton chain will operate it from a corporate HQ somewhere else in NYC than the Hotel cannot and I expect it not to rank as high over then next few years. I did not read the whole article but I wonder how much they paid a premium for the location, exterior view, new construction [yes the court yard concept too], and name recogniton when it was aquired and how much they paid for the site instead of building a stand alone project along the ideas of a Shangri-La or Mandarin type projects?

[Vlajos]

Originally Posted by lawfin

Development on Morse in RP

http://chicago.curbed.com/archives/2012/02/08/morse.php


Also a nice cafe just opened up at Pratt / Sheridan as well called Pillars. Nice to see

I like it!