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Old September 7th, 2005, 04:30 AM   #241
The Urban Politician
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Quote:
Originally Posted by urbanqueen
That's what's so great about this city. They no a good piece of architecture when they see one.
^They "no" a good piece of architecture?

Know way!
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Old September 7th, 2005, 04:57 AM   #242
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oops! I can't believe I did that. Well you know what I meant.
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Old September 7th, 2005, 02:26 PM   #243
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Buyer Plans Fine Dining At Landmark LaSalle St. Building
By Mark Ruda (www.globest.com)
Last updated: September 7, 2005 05:58am

CHICAGO-The next owner of a River North building plans to open a “three- or four-star restaurant” on the ground floor, with office tenants likely to be sought for the upper two stories. Jonathan Lee hopes to close on his purchase of the Veseman Building at 442-44 N. LaSalle St., which has been marketed at $2.25 million, later this month.
Built in 1880 and renovated in 1930, the 7,000-sf building was one of seven Chicago structures on Preservation Chicago’s “endangered buildings” last year, says group president Jonathan Fine. The façade is in the relatively short-lived Art Deco style, Fine says, as well as terra cotta. With new owner Lee’s support, the commission on Chicago landmarks recommended its designation to the city council Thursday.

“One of the reasons we liked the building was its Art Deco style,” Lee tells GlobeSt.com after the commission on Chicago landmarks recommended landmark status for the building. Another reason was more financial, but already appears to be a sticking point. The building comes with a rooftop sign, which will continue to provide an income stream, notes architect Lonn Frye.

“I think this is a very unusual building. You won’t find very many like it,” says 42nd Ward Alderman Burton Natarus. “But I’d like to get rid of that hideous sign.”

However, the revenue from the billboard atop the building was factored into his purchase price, Lee tells GlobeSt.com. “It’s difficult for that sign to go away,” he adds.

The building has been vacant while his company has been marketing it, says Millennium Properties Inc. associate Gregory O. Block, but most recently was occupied by a photographer and a spa. Previous users included an asbestos products operation, according to the department of planning and development.
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Old September 8th, 2005, 03:39 AM   #244
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Quote:
Originally Posted by urbanqueen
oops! I can't believe I did that. Well you know what I meant.
yeah, I know what you meant. Meri ladoo
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Old September 9th, 2005, 08:08 AM   #245
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Took a couple of snapshots this afternoon; thought I'd share.

Prentice (topped out) as seen looking east from Chicago and Wabash.


Loyola student center looking east down Pearson.


Looking up at the Loyola building from Wabash and Pearson.
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Old September 9th, 2005, 09:50 AM   #246
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^Thanks for the pics!

That's a nice little highrise urban streetwall forming along East Chicago Avenue.

I just wish there would be more of one west of State St, where there are still a few parking lots
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Old September 13th, 2005, 02:20 AM   #247
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NEW CONSTRUCTION

Published September 12, 2005

The following construction projects are coming up for bid. Listings include project city, name of project, address, description, start date and project value. Complete bidding details and contact information can be found at BidClerk.com.

COOK COUNTY

Chicago--Staples, 700 W. Jackson Blvd., 23,539-square-foot retail building, November 2005, $1.5 million.

Chicago--North Clybourn Avenue affordable housing, 1234-54 N. Clybourn Ave., 96-unit mixed-use building, November 2005, $13.8 million.

Chicago--North LaSalle Street office tower, 300 N. LaSalle St., 60-story office tower, April 2006, $400 million.
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Old September 13th, 2005, 02:23 AM   #248
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Trains, jobs on the way

New CSX depot — or two — could employ 1,000 south of the city

By Bob Tita



CSX Transportation Inc. is planning a major expansion of its freight operations in the Chicago area, a move that could mean hundreds of new jobs in the industrial belt south of the city.

"There are active talks with developers to do something," says Thomas Livingston, vice-president of state relations for the railroad operator.

Mr. Livingston says Florida-based CSX is eyeing possible sites in either the far south suburbs, Northwest Indiana or both.

Depending on the scope of the project, the railroad could decide to build two freight centers — one in Indiana to serve CSX's main route to New York and one in the south suburbs to serve its routes to the Southeast and Florida. Or the company may opt to build a single massive hub for all its routes.

'BIG DEAL' FOR THE REGION

Illinois may have given itself an advantage with a new tax-increment financing program for rail yards. The legislation, signed by Gov. Rod Blagojevich at a CSX rail yard in Riverdale last month, allows developers to divert property tax increases on new yards to cover their infrastructure costs.

Each new intermodal terminal would create an estimated 200 to 300 railroad jobs, plus perhaps 500 to 800 additional jobs in equipment leasing, maintenance, trucking and other businesses. Giant warehouses are often built next to intermodal yards. The CenterPoint Logistics Park in Elwood, one of the area's largest intermodal centers, has 1,086 workers in railroad, warehousing and other jobs.

"It's a big deal for the entire region," says Lee Clair, a senior partner at Massachusetts-based transportation consultancy Norbridge Inc. "The impact on the local economy would be significant no matter which side of the state line it's on."

CSX already has about 1,000 employees spread around rail yards in south suburban Riverdale and Bedford Park and at 59th Street on the Southwest Side. The Bedford Park intermodal terminal is one of the largest in the area, lifting as many as a million semitrailers and shipping containers on and off trains in a year. The company doesn't plan to close any of its existing rail yards.

SITE CHOICE IMMINENT

Mr. Livingston says the company might choose its new site this month, as well as a developer, although he declines to say with whom the railroad is talking. Industry sources say Oak Brook-based CenterPoint Properties Trust and Indianapolis-based Duke Realty Corp. are the likely developers. Neither company would comment.

CSX isn't revealing specific locations its considering. But the project is expected to take up several hundred acres. Mr. Livingston says the railroad is focusing on the south suburbs where CSX has a track right-of-way that leads to an ocean port in Jacksonville, Fla. Among the sites being scouted in Indiana is a former arsenal south of LaPorte.

http://chicagobusiness.com/cgi-bin/n...09-12&id=17729
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Old September 13th, 2005, 02:27 AM   #249
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New Field addition opening, but you may never see it

September 12, 2005

BY ANDREW HERRMANN Staff Reporter



The Field Museum opens a $65million addition today -- but most folks will never see it.

Not from the outside: It's buried underground to preserve the look of the 84-year-old neo-Classical Field building.

Nor from the inside: the 186,000-square-foot expansion will serve as the museum's storage closet, housing 2 million off-display artifacts.

There may be nothing sexy about the Collection Resource Center -- even its name seems as dry as dust -- but the CRC has Field employees feeling A-OK. Along with miles of shelves and drawers, the center includes 10 new state-of-the-art laboratories for Field researchers and visiting scientists.

"They're champing at the bit to get in here,'' said Scott Demel, navigating the labyrinthine space recently. Demel, a 42-year-old anthropologist, archeologist and former Schaumburg village planner, heads the project that included not only construction of the building but also inventorying, cleaning, cataloguing and moving the 2 million pieces.

Relocation could take four years

Unlike your typical homeowner, who, before a move might weed through the attic and toss out the old lamps and the 64k computers, Field scientists kept everything -- and were pleasantly surprised to find things they didn't know they had. Nothing earth-shattering, said Demel -- Pacific island bracelets and turtle shell combs collected in the late 1800s, for example, were shoved in the back of a drawer.

Field employees are doing most of the moving -- a relocation that could take as long as four years. "It'll be a daily march for some time to come,'' said Demel.

Using specially designed carts with pneumatic shock absorbers, workers in recent days could be seen ferrying small items like fossils and dinosaur bones. A professional moving company lugged the larger jewels, such as the 2,000-pound, 2,500-year-old burial vaults from ancient Etruria and the thick, heavy Indian totem poles.

Philip Willink, collections manager for the fish division, carefully placed bottles of specimens on shelves in the new facility -- careful not to drop them but also to put them exactly where they belong. With 130,000 jars of fish, "if we put one on the wrong shelf, we may never find it again.''

Skeletons of fish were quick frozen to kill any microscopic bugs that may have been lingering before being moved to new drawers, Demel added.

Currently, the fish collection is in three different spots in the original museum. Now, they'll be consolidated and in a safer place: the fish are "pickled' in a highly flammable 70 percent ethyl alcohol solution. Sensors in the floors will detect any leaks and specially sealed lights make the room "spark proof.''

Portion may open to public

Elsewhere, a fire-suppression system can drop the temperature in some rooms low enough to snuff flames rather than use water, which would damage the artifacts.

While the two-story CRC is mostly off limits to the public, a portion of it will be open for tour groups, said Demel. A small exhibit area will be available to display favorite items of curators that don't quite fit into exhibits.

"It might be cannons or spears or shrunken heads or whatever,'' said museum spokesman Greg Borzo.

With 23 million objects at the Field, "whatever" is an understatement.
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Old September 13th, 2005, 04:55 PM   #250
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IBM tower set for an upgrade
$130 million may help retain tenant Jenner

By Thomas A. Corfman
Tribune staff reporter
Published September 13, 2005


Prime Group Realty Trust is planning a massive $130 million renovation of One IBM Plaza, a critical part of its bid to retain the riverfront icon's largest tenant, Jenner & Block LLP.

The Chicago-based real estate investment trust hopes to inject new life into the 52-story tower, which was designed by Mies van der Rohe and built in 1971. Jenner has been testing the market for a possible move and is expected to make a decision sometime this month, when it could become the latest large Chicago law firm to opt for a new tower.

"IBM Plaza has qualities you can't get in a new building," said Jeffrey Patterson, Prime Group's president and chief executive, citing its large plaza and classic design. "And we can make it better than a new building."

Prime Group's renovation plans come after talks broke down with Mesirow Financial, which had considering participating in the redevelopment by taking IBM Plaza's lower floors and the building's naming rights.

Ironically, many rival landlords, ordinarily fierce competitors, are rooting for Prime Group, seeing another new office skyscraper as the last thing the downtown market needs.

"How do we get any traction in the rest of the market if all of these buildings keep getting built?" said Samuel Delisi, senior managing director of assets services with real estate firm CB Richard Ellis Inc.

Donald Resnick, the Jenner partner handling the search, declined to comment on the final choices. But sources say that in addition to renewing its lease, Jenner's options are:

- Co-anchor with Mesirow a new office tower that the Chicago financial-services firm would develop. That tower would be on a vacant lot at Clark and Kinzie Streets, across the street from Mesirow's existing headquarters at 350 N. Clark St.

- Become the lead tenant in a new skyscraper on a site at 155 N. Wacker Drive proposed by John Buck Co. Sources say the Chicago development firm has already held talks with New York investment bank Morgan Stanley about financing the tower, which would replace an antiquated office building.

"Key factors for us are economics, location and the quality of the building," Resnick said. "There are certainly differences in the economics between the three [options], but that in and of itself will not be determinative."

Jenner has about 340,000 square feet under a lease that runs until 2010. The firm pays about $40 a square foot in total rent, including taxes and operating expenses, according to a Prime Group filing with the Securities and Exchange Commission. Base rent, the portion that goes into the landlord's pocket, is about $25 a square foot.

Renewing at IBM Plaza would likely be the lowest-cost option for the law firm, though the extent of the savings could not be determined. But Jenner would have to move, floor by floor, to temporary space in the building, a potential drawback.

Resnick said Jenner will not be influenced by its rivals, many of whom have opted for new towers. They include Mayer, Brown, Rowe & Maw LLP, Sidley Austin Brown & Wood LLP and Kirkland & Ellis LLP.

But recruiting is a key issue for law firms, said tenant representative Steven Stratton, who advised Kirkland in its plans to move to a proposed tower at 300 N. LaSalle St. from Aon Center, 200 E. Randolph St. "The three big dogs are all going to have brand-new space," he said.

Mesirow initially presented its plans for a new River North tower to Jenner before considering moving to IBM Plaza. But the financial-services firm has nearly eliminated that option.

"There are all kinds of mechanical and renovation issues," said Mesirow Chief Executive James Tyree.

His proposed tower is "a much more personal building," he said.

At IBM Plaza, about half of Prime Group's $130 million renovation budget would go toward replacing some of the structure's basic building systems, such as elevators and heating/air conditioning, as well as asbestos removal, Patterson said. With landscaping, the building's ample plaza would be made more pedestrian friendly.

But a renovation will not help IBM Plaza's lake views, which will be mostly obstructed by Donald's Trump 92-story condominium/hotel tower that is under construction across the street at 401 N. Wabash Ave. Even so, those views are better than the ones in new towers on the drawing boards, Prime Group says. The costly project would target about 40 percent of the office space in the 1.4 million-square-foot structure, with the remaining space renovated in later stages.

The first phase would include the upper floors, where Jenner is located, and the lower floors, now occupied by the namesake computer company. IBM Corp. is downsizing and moving to 71 S. Wacker Drive, a new tower.

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Old September 13th, 2005, 05:36 PM   #251
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cool! , i like the IBM building alot ! its one of my favs.
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Old September 13th, 2005, 06:55 PM   #252
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One way or another the IBM building will make it. Personally, I'm pulling for the Buck tower at 155 Wacker to be built.
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Old September 13th, 2005, 09:20 PM   #253
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A new retailer on State Street

Men's Warehouse to open State Street store
Retailer signed 10-year lease for 112 S. State St.



By Shruti Date Singh (www.chicagobusiness.com)
Men’s Warehouse Inc. is moving to State Street.
Stone Real Estate Corp. of Chicago has signed a 10-year lease with the men’s clothing retailer to open a 4,800-square-foot store at 112 S. State Street, said Joshua Levy, vice president for Stone Real Estate. The site has been vacant for almost a year but previously housed a Burger King and two other small retailers.

Men’s Warehouse had a location at Washington St. and Wabash Ave. from 1995 to earlier this year but moved to a temporary location in the Palmer House Hilton for the last few months. The new store will open on State Street by Feb. 2006, says Tom Jennings, senior vice president of real estate for Men’s Warehouse Inc.
Mr. Jennings says the Texas-based retailer, which sells tailored men’s clothing, likes its downtown stores to be close to local businessmen. He says the State Street location puts it close to offices and new residential developments in the Loop.

“We believe this location on State Street will afford us more presence in the marketplace and increase our awareness and in the future will be more of a shopping area,” he says.

Men’s Warehouse has 22 stores in Illinois and one other Chicago location on Clybourn Ave.

Mr. Jennings says he expects sales at the new location to “significantly exceed our store average.”

Men’s Warehouse stores on average bring in more than $400 per square foot, he says. The Wabash and Washington location brought in less than the average, he said.

Mr. Levy says retailer’s arrival on State Street is a sign that quality retailers are starting to come back to State Street.

“This is a place that’s been plagued by low-quality retail. We are replacing a fast food restaurant, beeper store and wig shop with a quality apparel retailer,” Mr. Levy says. “Other retailers will follow suit.”

Men’s Warehouse will make improvements to the façade and storefront but will not tap city tax-increment finance district funding, Mr. Levy says.
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Old September 13th, 2005, 11:28 PM   #254
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^Even though I don't care for the Men's Warehouse, it's a sure sign that things are starting to pick up on State Street. But I really hope this isn't the end of it. I don't want State Street to become littered with Old Navy and Jamba Juice stores. The stores that line State should be from international markets that are not represented in Chicago. We should try and get some of those smaller European stores here (as well as the big ones for Michigan Avenue) as well as some that we lost, like Harrods or FAO Schwarz.
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Old September 14th, 2005, 05:38 AM   #255
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I'll take whatever I can get. Hell, I'd rather have 10 McDonalds' than 10 vacant storefronts. Gimme Men's Warehouse. Gimme a ******* store dedicated to tampons... I don't care. Just fill up State!
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Old September 14th, 2005, 11:03 AM   #256
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Have any of you considered joining Friends of Downtown? It seems to be a very active pro-development group.

They have several regular meetings called "Brown Bag Luncheons" where, in detail, they discuss a lot of developments coming to the downtown area. For example, they even discussed designs for the new Target planned for Lakeshore East--stuff like that.

Please check out all of these topics they have discussed (and the ones they are planning to discuss in the future) in these meetings. Here's the link:

http://www.friendsofdowntown.org/events.html

One of our forumers needs to join this group and attend these luncheons--they'll probably be VERY informative
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Old September 14th, 2005, 02:14 PM   #257
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Broker with a past had designs on Boul Mich:koko: :koko: :koko:

September 14, 2005

BY DAVID ROEDER SUN-TIMES COLUMNIST


byline:

The saga of John Thomas, who built a busy brokerage office in Chicago after getting a felony fraud conviction in New York, gets curiouser and curiouser.

Thomas, of Carnegie Realty Partners LLC, tried in recent weeks to acquire every building on the fabled Michigan Avenue streetwall between Madison and Monroe. Three real estate insiders said Thomas approached the property owners saying he had signed purchase contracts with others on the block. The aim was to put together a development, perhaps a condo high-rise on top of the existing structures.

He has no such agreement with the owners, which include the University Club of Chicago at 76 E. Monroe, the Chicago Athletic Association at 12 S. Michigan and Marc Realty, which controls the Willoughby Tower office building at 8 S. Michigan. Thomas said he made no representations that contracts were signed but that he had submitted letters of intent, a nonbinding agreement on basic terms, to three owners. "They were never signed, but I thought they would be,'' said Thomas, who explained that he has his own cash to close the deals but would have needed equity to pursue a development. Eager to support his claim, he faxed me copies of the letters.

Thomas said one owner jacked up the asking price at the last minute. Sources said the owners never contemplated a deal with him and that, in any case, city approval of new construction in the landmark district would be a longshot.

Carnegie partner Louis Giordano and Thomas pleaded guilty in 2004 to fraud charges in connection with leasing billboard space they did not control. Both men are awaiting sentencing. Prosecutors haven't said what's taking so long, and Thomas wouldn't comment.

Thomas said he's been honest with clients about his past, and has built his Chicago business from scratch. After working high-profile deals as a broker, he's trying the ownership and development ends of the business. His firm is turning the 318 W. Adams building into office condos, and Thomas said he's a partner in a residential condo complex planned for the Near West Side.:koko: :koko: :koko:



OFFICE TALK: Mesirow Financial Chairman James Tyree said he's within days of signing a deal with owner Friedman Properties Ltd. to anchor an office building of around 40 stories on the south side of Kinzie between Dearborn and Clark. He hopes another big tenant, such as the law firm Jenner & Block, will join him. Jenner is in the IBM building, 330 N. Wabash, which now has no IBM. Tyree may want to consider the dictum, "Nobody ever made money on offices north of the river,'' once stated by John Buck, who tried.
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Old September 14th, 2005, 05:25 PM   #258
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Golub's $50 million bid wins 33 N. Dearborn

THOMAS A. CORFMAN
Published September 14, 2005


Chicago real estate developer Golub & Co. has emerged as the winning bidder for a Dearborn Street office building across the street from Block 37.

Golub has agreed to pay $50 million to buy 33 N. Dearborn St. from Vornado Realty Trust, which solicited offers for the 25-story building earlier this summer, sources said. The exact status of the deal with the New York real estate investment trust could not be determined.

In 2000 Vornado paid $35.4 million for the 334,000-square-foot building, which includes 14,000 square feet of retail space and is nearly fully leased. Representatives of Vornado's Merchandise Mart Properties division and Golub could not be reached for comment.

Seyfarth sues Tishman: Seyfarth Shaw LLP, the second-largest tenant at 55 E. Monroe St., has filed suit against Tishman Speyer Properties LP and the venture that owns the East Loop tower, alleging that the law firm was systematically overcharged since 1992 for after-hours heating, air conditioning and ventilation.

The New York real estate company declined to comment.

Seyfarth says it was supposed to be charged just 110 percent of the actual cost. Instead, it paid, on a per-floor, per-hour basis, $147 for cooling, $106 for heat and $73 for ventilation, according to a complaint filed late last month in Cook County Circuit Court. The charges were five times the actual cost, resulting in a "multimillion-dollar windfall," the complaint says.

Seyfarth, with five floors at 55 E. Monroe, has agreed to move next year to Bank One Center, 131 S. Dearborn St.

Earlier this year a joint venture of GlenStar Properties LLC and Walton Street Capital LLC had a contract to buy the 50-story tower. For reasons unrelated to the lawsuit the deal has stalled, though negotiations continue, sources said.

Regents Park sold: Miami developer Crescent Heights Inc. has purchased Regents Park, a 1,000-unit complex at 5020 and 5050 S. Lake Shore Drive in Hyde Park.

The transaction closed Sept. 1, confirmed Bruce Clinton, chairman and chief executive of Chicago-based Clinton Cos., who won control of the two-tower development in 1993 from the federal government after a lengthy court battle. He declined to comment on the price, which sources said was more than $120 million.

Motorola sets auction: Motorola Inc. has hired Jones Lang LaSalle Inc. to conduct a sealed-bid auction of a shuttered 1.5 million-square-foot office and manufacturing facility in Harvard, the Chicago real estate firm said.

Bids are due in late October. The marketing comes a year after the collapse of a redevelopment plan that included an indoor water park for the 300-acre site in McHenry County.

Prime Group adds exec: Skilled broker Daniel J. Nikitas has joined Prime Group Realty Trust as executive vice president in charge of leasing for the Chicago real estate investment trust, which has an office portfolio of 2.6 million square feet.

Since 2001 the Chicago native, 46, has headed leasing in the Chicago office of San Francisco-based real estate investment firm Shorenstein Co.

Smith Barney consolidates: In a consolidation of downtown retail offices, Smith Barney has signed a lease for 22,100 square feet at 190 S. LaSalle St., said tenant representative Studley Inc., which advised the stockbroker.

Reznick moves offices: Maryland accounting firm Reznick Group is moving its local offices from the Northwest Side to the Concourse Office Plaza, where it is leasing more than 33,000 square feet of space, said real estate firm Podolsky Northstar, which is redeveloping the Skokie office tower.

Reznick, which opened a local office in January after merging with a Chicago firm, currently leases about 10,000 square feet at in Chicago.
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Old September 15th, 2005, 05:04 PM   #259
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Business
Aldermen want to limit heights on Near West Side


September 15, 2005

BY DAVID ROEDER Business Reporter


Two aldermen Wednesday proposed rezoning key properties on the Near West Side in an attempt to restrict the height and size of potential development.

The proposals by Aldermen Madeline Haithcock (2nd) and Walter Burnett Jr. (27th) would still allow projects to go forward at the affected sites. But they send a clear signal to developers about the limits the aldermen and the community will tolerate.

"This will help us stop bumping heads with the community,'' Burnett said. "We're just trying to keep things consistent with what everybody's agreed on previously.''

The Near West Side has been one of the city's top condominium markets, and developers have grown bolder about proposing buildings of 20 stories and more in what used to be an area of industries and single-family homes.

But the dominant neighborhood group, the West Loop Community Organization, has mobilized against high-rises, holding out for standards that keep them east of Halsted Street.

The five ordinances introduced at a City Council meeting include two by Haithcock that would downsize a condo complex planned for the site of Carmichael's Steak House, 1052 W. Monroe. Developer Bob Horner has proposed two buildings at the site, the tallest of which would be 19 stories.

But the Haithcock ordinances would hold that height to 130 feet, or about 13 stories. Horner could try for an exception, but it would have to come through a special zoning request Haithcock would be unlikely to support.

Other parcels that would get similar restrictions are at 1030 W. Van Buren, 833 W. Jackson and 2 S. Halsted. The Halsted site, the former headquarters of MB Financial Bank, is for sale and has been the subject of past development ideas.

Eric Sedler, president of the West Loop organization, said the group favors the restrictions. He said they would set clear standards for "everybody in the real estate food chain," from developers and brokers to property owners wondering if they could sell at a huge price.

Not covered by the ordinances are two other prime development sites, the former Fannie May factory at 1137 W. Jackson and the Chicago Christian Industrial League at 123 S. Green. Investors plan a retail-oriented complex at the Fannie May site, while the industrial league's warren of old buildings is under contract to condo and commercial interests.

Sedler said he hopes Haithcock and Burnett will support more restrictive zoning at other Near West hot spots.

The full council is expected to vote on the ordinances after they get a hearing by the Zoning Committee.
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Old September 15th, 2005, 05:49 PM   #260
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From my own limited perspective, Halsted seems a reasonable line to draw; concentrating high rises to the east and low rises to the west. Where the occasional isolated high rise looms over a neighborhood it is uncomfortably disruptive of the sight line and typically of a Moscow aesthetic. Each kind of structure belongs in its own neighborhood to achieve a sense of unity and identity IMHO.
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