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Old February 9th, 2010, 05:46 PM   #1
BVictor1
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Harper Court (53rd & Lake Park) Development News

Height:
Floor count: ~30 / 11 / 6
Location: 53rd & Lake Park
Neighborhood: Hyde Park
Construction end:
Architect: N/A
Developer: Vermilion Development



Phase 1
Office building - 11 floors



Hyatt Hotel - 6 floors


Residential Building (Phase 2)





Phase I

Future phases




115k sf of retail (no movie theater/ multistory retail center now)
150k sf of office
157 apartments
264 condos
150 room hotel
Parking is now partly underground

Planned groundbreaking for phase one in late 2011

TIF request: $23.4m
Total project cost: $114m


Quote:
Originally Posted by spyguy View Post
http://fiftythird.uchicago.edu/?q=node/21

Meet the Harper Court Developer on Feb. 8

The City and the University have selected a developer for Harper Court: Vermilion Development, which put together the best mix of ideas, team and resources to see this ambitious project through to success. Read the official announcement here.

Now you have the chance to hear from Vermilion representatives first-hand. The 53rd St. TIF Council is holding a special meeting at 7 pm Feb. 8, in the gym of Canter Middle School, 4959 S. Blackstone Ave. The only agenda item for the meeting is Vermilion’s presentation of the proposal the developers made to the City and the University.
---

A bit excited and nervous about what they'll present. Vermilion's past projects seem unremarkable, but I believe they've partnered with JFJ so maybe that'll help. The McCaffery/Taxman proposal almost certainly would've been some Antunovich junk so we might be lucky in that regard. Hopefully they'll release the losing proposals as well.

* * * * *


Previous Plans:

And the results are in... :tup:

I must say that I was totally suprised by what was presented this evening on the redevelopment of Harper Court.

Here are some images from the meeting.




















Okay, now that I have you all panting like dogs, here are a few details. The development is planned to be 2 phases. The first phase could hopefully begin in late 2011 and be completed in 2013.

Phase 1: $150 million
It would consist of a roughly 12 story office building (150,000 sq ft) on the corner of 53rd and Lake Park of approximately the same height as the Hyde Park Bank across the street. There would also be a 5 story retail building of about 146,900 sq ft. The would/could also be a hotel (200 rooms) of about 12-16 stories.

Phase 2: $90 million
This would consist of 3 residential buildings. There is no time frame as of yet other that to wait for market conditions to improve. There would be 2 midrise rental buildings consisting of about 74 units. There would also be 1 condo tower of about 170 units that would be 20+ stories.

Hartshone+Plunkard are the architects.

Shawn can give more information.

Last edited by i_am_hydrogen; September 6th, 2011 at 10:08 PM. Reason: Added project info.
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Old February 9th, 2010, 08:50 PM   #2
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Holy sweet jesus. I only know Harper Court from 2003-2007 with its concomitant suburban strip mall style, and this completely blew the top off my expectations. With the university behind it, I hope this essentially guarantees its success.

I'm psyched.
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Old February 9th, 2010, 10:36 PM   #3
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Not bad... maybe a little too heavy on the glass, but not bad. Its nice to see some density being added inland of the lake in that area.
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Old April 4th, 2010, 04:32 AM   #4
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What's the matter with Hyde Park?

A really great series in Time Out that I've been meaning to post for a while and that I suggest you read. The most fascinating part is the response from various local restaurateurs when asked if they have ever considered opening in Hyde Park.

---






Last edited by spyguy; April 28th, 2010 at 05:50 PM.
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Old April 4th, 2010, 05:27 AM   #5
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^ WOW.

I really like that development. Nice find!
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Old April 4th, 2010, 06:51 PM   #6
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I feel like Hyde Park could have a building boom independent of the city, and I hope it does.
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Old April 5th, 2010, 09:56 PM   #7
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Maybe it's just me, but it seems like Hyde Park has a microeconomy independent of the city, thanks to the university and the hospital (the same could also be said of Evanston). So I hope they have a tiny real estate boom.
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Old July 15th, 2010, 06:03 AM   #8
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Revised plans


Phase I

Future phases




115k sf of retail (no movie theater/ multistory retail center now)
150k sf of office
157 apartments
264 condos
150 room hotel
Parking is now partly underground

Planned groundbreaking for phase one in late 2011

TIF request: $23.4m
Total project cost: $114m
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Old July 15th, 2010, 08:45 PM   #9
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Quote:
Originally Posted by spyguy View Post
Total project cost: $114m
^ For the whole thing? Something seems off..
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Old July 15th, 2010, 09:19 PM   #10
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Quote:
Originally Posted by The Urban Politician View Post
^ For the whole thing? Something seems off..
Maybe with the economy, GC's are willing to work for peanuts?

Seriously, though, given the diagram, that sounds like a price for just phase 1 (without the tower).
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Old July 16th, 2010, 05:11 AM   #11
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Quote:
Originally Posted by The Urban Politician View Post
^ For the whole thing? Something seems off..
The $114 MM only includes phase 1 which has 100K retail, 150K office building, 150 key hotel and 333 parking spaces (278 underground and 55 street level). The residential condo tower and other apartments will come in a later phase when the market improves.
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Old September 16th, 2010, 03:27 AM   #12
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http://www.cityofchicago.org/city/en...evelopmen.html

CDC Recommends TIF Assistance, Land Sale For Neighborhood Development Projects

In a move that aims to reinvigorate the heart of Hyde Park, the Commission recommended City Council designate Harper Court, LLC as the successful respondent to the RFP and designate it as developer, while approving the sale of land to Lake Park Associates, a wholly owned entity of the University of Chicago. The University and the City are working together to create a mixed-used development at the northeast corner of Lake Park Avenue and 53rd Street. This site, which will contain commercial, hospitality and residential development, is the future “commercial core” of the Hyde Park community. Roughly half the site is now owned by the University and the other half is a City-owned parking lot. The city is selling its land to the University for $1, for a land write-down of $3,402,000. The CDC also recommended that City Council approve of $20,045,615 in TIF assistance for the project. The development is located in the 53rd Street TIF district.
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Old September 21st, 2010, 07:14 PM   #13
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Some interesting pieces of information from the TIF report:
  • The University is going to lease the entire office building, as expected. The building will house ~500 full time employees.
  • The University is providing a debt guarantee to make sure the hotel is built in phase one. The hotel will either be a Hotel Indigo, Hyatt Place, or Hilton Garden Inn and 8-10 floors.
  • Anchor tenants with advanced letters of intent: Whole Foods (30k sf), XSport or LA Fitness (both ~40k sf)
  • Advanced discussions with: Chipotle, Panera, Trader Joe's, Fresh Market, Marshalls, Second City, Boulevard Blu, Park 52.
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Old September 22nd, 2010, 03:15 AM   #14
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Quote:
Originally Posted by spyguy View Post
Some interesting pieces of information from the TIF report:
  • The University is going to lease the entire office building, as expected. The building will house ~500 full time employees.
  • The University is providing a debt guarantee to make sure the hotel is built in phase one. The hotel will either be a Hotel Indigo, Hyatt Place, or Hilton Garden Inn and 8-10 floors.
  • Anchor tenants with advanced letters of intent: Whole Foods (30k sf), XSport or LA Fitness (both ~40k sf)
  • Advanced discussions with: Chipotle, Panera, Trader Joe's, Fresh Market, Marshalls, Second City, Boulevard Blu, Park 52.
^ GREAT NEWS!

It's good to hear that at least one dense, urban project is progressing in the otherwise dismal south side of the city.
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Old October 24th, 2010, 01:14 AM   #15
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http://www.chicagomaroon.com/2010/10...o-harper-court

Developer: Restaurants, retail coming to Harper Court
By Ella Christoph


...“It’s safe to say that all the Paneras, the Chipotles in the world are sold on Hyde Park,” he said.

However, the prospect of a 24-hour-diner—an idea that had earlier gained traction among both students and project developers—is less certain, he said. While Vermilion has reached out to diners, there has yet to be any serious discussion of a 24-hour diner.

Another earlier vision, of a movie theater in the development, is no longer on the table, due to the financial environment, Dillion said.
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Old October 25th, 2010, 05:51 PM   #16
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^ a movie theater would've been great...
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Old November 3rd, 2010, 06:23 PM   #17
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^No movie theater but maybe an Urban Outfitters.



http://www.hpherald.com/

Harper heads to City Council
By Sam Cholke


There is only one remaining legislative hurdle for developers of the Harper Court Shopping Center: the City Council.

...Four restaurants have signed on for the project and a fitness center and hotel operator will likely be finalized soon, according to Dillion.

The developer is still interested in a gourmet grocer to fill 25,000 square feet of the development, but Dillion said reports that they were in discussions with Whole Foods were not accurate.
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Old November 3rd, 2010, 06:55 PM   #18
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Thanks as always spyguy. Do you have any inkling as to how the City Council will vote, if that hasn't already been discussed?
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Old November 4th, 2010, 02:10 AM   #19
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Its about time hyde park got something going like this
they are kindof like evanston,
this will put the area more on par with downtown evanston.

I agree a movie theatre wouldve been great.
I think this will also make hyde park more of a destination
to stay in the city and to hang out in.
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Old December 15th, 2010, 06:42 AM   #20
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Quote:
Originally Posted by spyguy View Post
...Four restaurants have signed on for the project and a fitness center and hotel operator will likely be finalized soon, according to Dillion.
Looks like it will be a Hotel Indigo.
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