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Old November 21st, 2005, 06:19 PM   #481
The Urban Politician
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From Columbia College Chronicle:

South Loop’s coming attraction
New theater could break ground as early as 2008
By James Ewert
Assistant City Beat Editor

Eric Davis/The Chronicle
A movie theater is scheduled as part of a new development near the intersection of Clark Street and Roosevelt Road by 2008.
With the recent closure of the Burnham Plaza Theater, South Loop residents wanting to see a movie have had to trek across town to see one, until now that is.

According to Dean Kerasotes, chief operating officer of Kerasotes Theatres, the company planning on opening a new theater in the South Loop, 2008 could be a rough estimate for year of the theater’s construction. Kerasotes said the theater company has been trying to finalize plans with a developer and is in the design process for a 14 to 18 screen theater that would go up between Roosevelt Road and Polk Street.

The developer, Chicago-based Centrum Properties, is also planning to build a 500,000-square-foot, mixed-use development that would incorporate the new theater into its design.

“It’s a big, huge, mixed development that includes way more than just a theater,” said Lisa Balis, vice president of retail development for Centrum Properties. “It’s several hundred thousand square feet of property and they’re just one tenant.”

Balis said since the project is still in the early stages of development, Centrum is not yet naming retail tenants, and many things in the plan still need to be worked out with the city.

“There are a lot of moving pieces, and the theater deal is very far along to the point where they feel comfortable announcing it, but we haven’t finalized the exact layout of their space,” Balis said. “There’s details that are still in the works, and it’s going to take a few months to finish that.”

Balis declined to comment on exactly what details need to be worked out, but said Centrum Properties is working with the city on the architectural plan.

“We’re working with [Centrum Properties] to tailor a movie theater inside of the development, which is a much larger-scale development besides just us,” Kerasotes said. “The developer has to go through the process with the city and get all their approvals in place before construction can start.”

Kerasotes said he has received numerous e-mails and inquiries from residents of the area who would like to see a new theater in the South Loop.

Bonnie Sanchez-Carlson, president of the Near South Planning Board—a nonprofit, community-based organization established to help improve the surrounding areas through retail and residential development—said that although South Loop residents haven’t formally made an effort for a theater, it has been talked about for some time.

“Nobody has gone out and really pushed for [a theater], but it has been suggested by residents at recent meetings that they would like to see a theater in the area,” Sanchez-Carlson said. “I haven’t reviewed the whole piece yet, but I wouldn’t be opposed to it, because right now we are lacking a theater in the area.”

From 2000 to earlier this year, South Loop had one movie theater, the Burnham Plaza Theatre, but it closed down this September. The closest commercial theater to Columbia, which is known for its film and video program, is the AMC River East 21, which is almost two miles away from campus.

Columbia film and video majors Chris Hyatt and Von Bilka both said they would be interested and pleased to see a theater in the South Loop.

Bilka, a freshman from Indiana, said he sees an obvious lack of theaters in the area, and if one were to go up and play movies all day, it could become a place for students to go when they have time between classes.

“It’d be a good idea, especially around here,” Bilka said. “Of all the things going up here, you would think there would be a theater, but there isn’t at all.”

Hyatt, a freshman living in the University Center, said he would see movies at least once a week if the South Loop had a theater.

“It would be a lot easier to have a theater around. Usually I have to go to the AMC if I want to see a movie,” Hyatt said.

Both students said they would like to see a theater that plays more than just big-name movies and new releases. They would like to see more independent films, which most large movie theaters don’t offer.

Kerasotes said the theater would play mostly first-run movies, but considers independent films to be in that same category.

Although Kerasotes and Balis said it is still too early to definitively say when construction will start on the new theater, Kerasotes said the story will be developing over time.

“Hopefully it can start as early as late 2006, but there’s a lot that has to get built before we can do our portion,” Kerasotes said.
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Old November 21st, 2005, 08:29 PM   #482
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cool , now they need to build one on block 37 and well be good to go
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Old November 21st, 2005, 11:06 PM   #483
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I think its so weird that there is such a lack of theaters in the loop, the historic movie theater central of Chicago.
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Old November 22nd, 2005, 02:09 AM   #484
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^ An added bonus here is that Kerasotes is essentially a locally based chain. Given that most theaters are now owned by large out-of-state chains, including even most art houses (e.g. the SF-based Landmark chain with theaters in Lakeview and Evanston), I like seeing a local chain like this fill in the gaps. That neighborhood is hungry for a theater. Daley is crazy not to want one in the Loop.
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Old November 22nd, 2005, 02:39 AM   #485
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we all know his reason but what i think he fails to realize is that the loop was a very dif. place than it is today .
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Old November 22nd, 2005, 05:09 AM   #486
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Kick ass! I love Kerasotes Theaters, I used to live near one out in the outer burbs. The theater had stadium seating, nice seats and steep discounts for students, it was only $3.25 to see a first run movie!
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Old November 22nd, 2005, 05:22 AM   #487
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Yeah... I think this is one of the first things that I've ever seen Daley miss the boat on. The Loop is, indeed, a very different place with very different visitors than it was the last time there was a movie theater there.

Oh... and when in the hell did Burnham Plaza close?!
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Old November 22nd, 2005, 05:46 AM   #488
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Quote:
Originally Posted by geoff_diamond
Yeah... I think this is one of the first things that I've ever seen Daley miss the boat on. The Loop is, indeed, a very different place with very different visitors than it was the last time there was a movie theater there.

Oh... and when in the hell did Burnham Plaza close?!
^yeah, theaters on Block 37 would be an easy way to fill up so much vacant retail space. Surely cinema operators would see this as an ideal place to set up shop--high pedestrian traffic, lots of downtown workers, increased residential population, lots of tourists and hotels, a LACK of other cinemas, and the neighboring theatre district
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Old November 22nd, 2005, 05:52 AM   #489
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Maybe in a future announcement...
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Old November 22nd, 2005, 05:54 AM   #490
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Quote:
Originally Posted by spyguy999
Maybe in a future announcement...
^hmmm....

Do you know something that we don't?
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Old November 22nd, 2005, 06:01 AM   #491
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Not necessarily. I see it as either they are not having much luck with the retail section or they will wait until groundbreaking of the other phases before revealing their complete list of retail tenants and what new entertainment ideas they've come up with, which could include a theatre.
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Old November 23rd, 2005, 07:43 AM   #492
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Some demo pics from last Thursday the 17th...

State-Lake One floor has already been scalped from the top....



old substation next door....




Shit Box Walgreens at the MoMo Site








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Old November 23rd, 2005, 01:35 PM   #493
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^Great shots, ChicagoShawn! They should delay tearing down the building on State/Lake site until the rendering is shown to the public.
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Old November 23rd, 2005, 01:37 PM   #494
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http://www.suntimes.com/output/roede...-roeder23.html
Selected news from our guy at Sun-Times:
The meter's running on Carley's Calatrava

November 23, 2005

BY DAVID ROEDER SUN-TIMES COLUMNIST Advertisement

Developer Christopher Carley, he of the 2,000-foot-tower-on-the-lakefront plan, has made progress with the deal since announcing it in July. But he's racing the clock.

The 115-story building with the drill-bit profile would go on the 400 block of East North Water Street. Carley has a contract to purchase the property from LR Development Co. LLC. Sources said the deal expires in March and that LR isn't inclined to extend it.

Carley, chairman of Fordham Co., said the expiration is later next spring, and he insists he'll have his financing nailed down by then. But he also said he's about 30 days away from introducing his plan to the city. Since zoning approval is a prerequisite for loan commitments, the timing leaves Carley little room for delay.

He said his project has taken longer than expected to get to the city because of the busy schedule of his celebrity architect, Santiago Calatrava. Carley also said the base of the building has undergone some design changes based on comments made in community meetings.

People have been positive in those sessions, Carley said, because they respond to the argument that a thin, 115-story building will block less sunlight and views than what the site already is zoned for, two buildings in the 35- to 50-story range. "They like the building and think it would be great for Chicago," he said.

Carley also said more than 1,000 people have registered for information about the building's condo and hotel units. We'll see if they get a chance to put down hard cash.

NO BLARNEY: A new developer on the scene hopes for a little Irish luck in its first large undertaking in Chicago. That's because the developer, Chieftain Construction Ltd., hails straight from Limerick, Ireland, where it's a big name. It has gained control of the north side of Cermak from Michigan to Indiana, where city officials have approved a two-building plan for 336 condos.

Chieftain may be a newcomer, but it's covered its Irish bases in Chicago, hiring the firm of Daley & George as its zoning lawyers. Partner Jack George said the project consists of a 34-story building at the northwest corner of Indiana and Cermak and a seven-story structure that includes some retail space at the northeast corner of Michigan and Cermak.

If the site rings a bell, it's because it is the old location of Al Capone's Lexington Hotel, which was torn down in 1995, some nine years after TV reporter Geraldo Rivera found nothing but glass bottles after covering the live opening of Capone's "vault."

DOING THE DEALS: . . . . The Lakeshore East development downtown has signed the Treasure Island supermarket to anchor a retail center planned near Randolph and Columbus Drive. . . .
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Old November 23rd, 2005, 07:25 PM   #495
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Some good news for the downtown office market --


INSIDE COMMERCIAL REAL ESTATE
Blue Cross Blue Shield nears deal for space in nearby tower

THOMAS A. CORFMAN
Published November 23, 2005

Already outgrowing its headquarters overlooking Millennium Park, Blue Cross Blue Shield of Illinois is in advanced negotiations to lease about 200,000 square feet of space at nearby One Illinois Center.

The deal would give the health insurer time to ponder an upward expansion of its 912,000-square-foot building at 300 E. Randolph St., which it built in 1997 to move from another building in the Illinois Center complex.

In the meantime, Blue Cross is about to sign a lease at One Illinois Center, 111 E. Wacker Drive, according to people familiar with the negotiations. Designed by Mies van der Rohe and built in 1970, the 32-story building is co-owned by Dallas-based Lincoln Property Co.

A spokesman for Blue Cross confirmed that the building was one of the company's options for expansion but said a lease had not been signed. John Grissim, executive vice president in Lincoln's Chicago office, could not be reached for comment.

The Blue Cross building was designed for construction of a 24-story addition on top of the existing 30-story structure, according to research firm CoStar Group. The insurer's real estate adviser, CB Richard Ellis Inc., has presented the expansion plans to potential tenants who would divide the additional space with Blue Cross. Now, that plan is being put on hold in favor of a quicker, more economical alternative.

The lease at One Illinois Center is a 10-year deal but includes early termination options, should Blue Cross' needs change, sources said.

Fulcrum to buy tower: Barrington-based Fulcrum Asset Advisors LLC has emerged as the new buyer of 33 N. Dearborn St., after a deal to sell the 25-story structure to Chicago-based Golub & Co. collapsed, sources said.

Fulcrum would pay about $48 million, a couple of million dollars more than the Golub bid, sources said.

Two months ago, Chicago-based Golub had a non-binding agreement to acquire the 334,000-square-foot building, which was quietly marketed by Vornado Realty Trust without a real estate broker.

But the deal fell apart after questions arose about financial projections for the building provided by Vornado, sources said.

A spokeswoman for Vornado's Merchandise Mart Properties division declined to comment. A Fulcrum executive could not be reached for comment.

Apartments planned: Developer Steven Fifield, who already is proposing a 432-unit rental tower on the southeast corner of Halsted and Kinzie Streets, is working up long-range plans for a 375-unit apartment building for an adjacent site a half-block south.

The latest tower would be on 1.24-acre site that stretches east from Halsted along a rail line to Union Avenue, plans show. The 30-story building would include parking for 300 cars and up to 30,000 square feet of retail space, said Richard Cavenaugh, president of Chicago-based Fifield Realty Corp.

In April, the company signed a contract to buy the land from Gray Cardiff & Co. The Danville, Calif., investment firm runs a self-storage operation on the property, with an address of 360 N. Union Ave., using large freight containers.

TA acquires buildings: In a $58 million deal, Boston-based investment firm TA Associates Realty LLC has purchased 19 buildings totaling nearly 752,000 square feet in Yorkbrook Park, an industrial/office complex in Lombard, property records show.

With the sale, Trammell Crow Co. took over management of the properties, confirmed David Petersen, a principal in the firm's Chicago office.

The buildings are 80 percent leased.

The seller was a fund operated by the investment management unit of Chicago real estate firm Jones Lang LaSalle Inc., which paid about $50 million for the development five years ago.
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Old November 23rd, 2005, 08:23 PM   #496
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Quote:
Originally Posted by The Urban Politician
This is 1720 S. Michigan, which is supposed to begin sales this week, developed by CMK Development. It was posted by Sentinel at SSP:


They've got the website up for this one now:

http://www.1720michigan.com/
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Old November 23rd, 2005, 09:04 PM   #497
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They've really got to start putting more retail space in new designs.
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Old November 23rd, 2005, 09:12 PM   #498
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We are just one month away to year-end. I hope to see any renderings for the following projects: Mandarin Oriental, Gang Tower, 830 S. Mich, State/Lake site, and the Sunbelt Co-owned vacant lot designed by Jahn.

Last edited by Chi_Coruscant; November 23rd, 2005 at 09:55 PM.
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Old November 23rd, 2005, 11:23 PM   #499
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Thanks for the news on Blue Cross. I always wondered where that was going.
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Old November 24th, 2005, 02:07 AM   #500
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Quote:
Originally Posted by UrbanSophist
They've really got to start putting more retail space in new designs.
Agreed, but is that not retail at the base of this tower? There appears to be display windows at street level.
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