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Old November 24th, 2005, 06:09 PM   #501
The Urban Politician
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Quote:
Originally Posted by Frumie
Agreed, but is that not retail at the base of this tower? There appears to be display windows at street level.
^Yeah, there is. The entire ground floor will probably be devoted to retail.

South of Roosevelt, it is safe to say that a new Mag Mile is being developed. It should be interesting to see this area evolve
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Old November 25th, 2005, 05:12 PM   #502
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Japan investors buy 181 W. Madison tower
Money flow into U.S. assets more diverse

By Thomas A. Corfman
Tribune staff reporter
Published November 25, 2005


Japanese investors and financial institutions became a symbol of the free-spending follies of the commercial real estate market of the late 1980s, paying top-dollar for prominent properties whose values collapsed just a few years later.

They're back again, just as downtown office prices once more appear to be peaking.

In what could be the first high-profile Japanese investment in downtown Chicago in nearly 15 years, a fund managed by a newly formed company called DECT Corp. has a contract to acquire 181 W. Madison St., a premier Central Loop office skyscraper, according to people familiar with the transaction.

The exact sources of Japanese capital for the deal could not be determined, but DECT has agreed to pay a top-dollar price of about $307 million for the 50-story tower, sources said.

The 940,000-square-foot building, which was designed by architect Cesar Pelli, is owned by a German fund that is managed by Prudential Real Estate Investors, a unit of the New Jersey financial-services giant.

Representatives of Prudential and real estate firm Jones Lang LaSalle Inc., which is handling the sale, declined to comment. Executives in DECT's New York office could not be reached for comment.

DECT, which is virtually unknown within real estate circles, is being advised by Toronto-based Redcliff Realty Group Inc., which manages a $1 billion portfolio for a variety of investors, including Canadian pension funds, sources say. Executives at Redcliff could not be reached for comment.

Real estate experts see the transaction as another sign of the diverse flow of foreign money into the American commercial real estate market, where Australian and Irish investors have recently joined longtime players from countries such as Germany, England and the Netherlands.

"We're getting capital from all sides now," said Robert White Jr., president of Real Capital Analytics, a New York research firm.

Although Japanese investment in U.S. real estate is predicted to rise, experts say it won't come close to the heady 1980s, when Japanese real estate firms, insurance companies and banks spent an estimated $300 billion nationwide snapping up prominent properties such as Rockefeller Center in New York and Pebble Beach Resorts in California.

Not a rerun

And despite some concerns about real estate prices, experts don't predict a rerun of the early 1990s, when a downturn in both the Japanese and American economies, combined with a crash in the real estate market here, produced a particularly painful result.

"It has taken them 12 to 13 years to get over that hangover," said Mark Grinis, a real estate partner in the New York office of Ernst & Young LLP who specializes in the Far East.

Despite the scarcity of new acquisitions, Japanese firms are still one of the largest overseas owners of commercial real estate in the U.S.

For example, Chicago-based Orix Real Estate Capital Inc., a unit of the U.S. subsidiary of Tokyo financial-services firm Orix Corp., is a well-established developer, having completed projects totaling more than 16 million square feet of space. And many Japanese financial institutions have remained active lenders on large properties.

But this time around Japanese investors are more cautious in making deals, Grinis notes. And like many investors Japanese buyers are banking on the increased sophistication since the late 1980s of the commercial real estate market, which avoided a downturn after the 2001 recession.

"With the evolution of real estate as a much more institutional asset class, you can come in at many different levels of the risk curve," Grinis said.

Most Japanese investors have preferred to invest in funds that in turn buy stock in real estate investment trusts, including American REITs, he said.

Several factors also are contributing to the growth of investment here, including Japan's strengthening economy. And a 2004 tax agreement has provided additional encouragement. Although prices here are at relatively high levels, average yields are higher than on similar transactions in Japan, experts say.

Total Asian investment in top-quality, so-called core real estate assets in the U.S. this year has more than doubled, to $1.3 billion, compared to all of 2004, according to Real Capital.

Inflated total

But this year's total is inflated by a $1 billion deal involving San Francisco's Bank of America Center. A Hong Kong group acquired the trophy property to reinvest its portion of the proceeds from a $1.76 billion sale of a New York site. Some observers say the quick reinvestment was driven by tax considerations.

Yet even including that unusual deal, Asian investment in 2005 is far below the $7.6 billion spent this year by Australian companies, or the $3.6 billion spent by Germans.

Although the deal involving 181 W. Madison would be the first Japanese purchase of a major downtown Chicago property in years, seasoned observers say the deal isn't a sign that the market will be flooded by new capital.

"This is a unique twist to the foreign interest in our real estate market here, but I don't see it as a paradigm shift, where Germans and the Dutch and the Australians all go away," said Tony Smaniotto, senior vice president in the investment properties group of CB Richard Ellis Inc., which is not involved in the transaction.

The 181 W. Madison deal is not the first acquisition of a downtown office building by an Asian investor in recent years, experts note.

Last year, on behalf of an unidentified client, New York-based Loeb Partners Realty acquired Michigan Plaza, 205 and 225 N. Michigan Ave., for a reported $280 million. The investor was Sir Joseph Hotung, a former director of the parent company of Hong Kong Shanghai Banking Corp., sources say.

The largest tenant at 181 W. Madison is Northern Trust, which has 344,000 square feet, or nearly 37 percent of the building, under a lease that expires in 2020, according to research firm CoStar Group.

But 181 W. Madison is an example of the rise, fall and potential rise of Japanese real estate interests here.

DECT's price of about $325 a square foot is substantially more than the roughly $267 a square foot that the German investment fund paid for it just three years ago. But DECT's price is less than the $385 a square foot, including fees and bonuses, that a Japanese insurance company paid for the 50-story tower in 1990 when it was completed. In 2001 Yasuda Mutual Life Insurance Co. unloaded the building for just $255 a square foot to billionaire investor Marvin Davis. He held it for about a year before selling to the Germans.

In 1988 Tokyo real estate company Shuwa Corp. paid $318 a square foot for 123 N. Wacker Drive, according to a report by real estate firm NAI Hiffman. That same year Meiji Mutual Life Insurance Co. acquired a majority interest in Three First National Plaza, 70 W. Madison St., in a deal that valued the property at $291 a square foot.

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Old November 25th, 2005, 05:34 PM   #503
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Quote:
Originally Posted by The Urban Politician

South of Roosevelt, it is safe to say that a new Mag Mile is being developed. It should be interesting to see this area evolve
I also wonder what sort of affect it'd have on neighboring (less affluent) neighborhoods (North Kenwood, etc). Hopefully all those express ways won't keep progress from moving south.

Last edited by pottebaum; November 25th, 2005 at 05:57 PM.
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Old November 25th, 2005, 05:54 PM   #504
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^If the effects of Mag Mile needs to be roll on South Michigan Ave, there must have "Starbuck effects". The concept is when the Starbuck outlets are set up there, other retailers with good reputations will follow.

Other types of retailers should never be established at all are liquor stores, discount electronic stores, currency exchanges, bank branches with 24-hours ATM, any store that sell Lotto tickets, fast-food places, auto dealership, and loan predatory offices.
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Old November 25th, 2005, 06:38 PM   #505
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I really wonder what kind of stores a South Michgan Ave would have. Probably Gap, Express, White Hen Pantry, a Starbucks, Walgreens, maybe a Banana Republic and H&M and Old Navy. Probably the kind of stuff cluttering State Street now.
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Old November 26th, 2005, 02:26 PM   #506
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This building is (or will be?) at 1025 N. Dearborn. It seemed like a pretty interesting project architecturally, but may have flown under the radar due to its relatively small size. Does anyone know about this project? I found this at realtor.com. Very expensive units -- $2 million or so.
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Old November 26th, 2005, 05:32 PM   #507
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Yes, they're luxury townhomes I believe. I might have posted larger images of it before. It will be next to 30 W. Oak.


Last edited by spyguy999; November 26th, 2005 at 05:47 PM.
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Old November 26th, 2005, 07:36 PM   #508
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^ Do you know who is the architect? Are they at the proposal stage or under construction?
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Old November 26th, 2005, 08:37 PM   #509
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I can't say that I'm entirely thrilled with this. There's no room, in my opinion, for there to be four-story structures located in the middle of downtown Chicago.
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Old November 26th, 2005, 11:04 PM   #510
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There better be a 30+ story tower on top of that thing.
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Old November 26th, 2005, 11:04 PM   #511
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Geoff: I would tend to disagree. I like the idea of streetscape that includes buildings of varying heights and varying densities. Sure, skyscraper canyons like LaSalle Street can be wonderful, but variegated heights are probably preferable generally. First, there's the issue of light. The densest parts of Midtown Manhattan are covered in shadows. Second, there's the issue of the skyline. I'm not crazy about the Midtown Manhattan skyline because its just too dense; without a little space between buildings, the composition of the skyline lacks sufficient balance. I think one of the reasons Chicago's skyline is the best in the world is the fact that it is fairly spread out.

Also, one must consider the views from the towers themselves. From towers in canyons, its difficult to see very much.

Now, I would prefer that most new buildings in River North (aside from, say, religious bulidings like the proposed Orthodox Jewish center) be at least 7 floors, with retail frontage on the street and other uses above. But these townhouses look architecturally interesting so I'm giving them a bye on that.

Edit: I just realized that I'm probably arguing against a straw man here, as you were not arguing that buildings need to be, say, 20 + floors high, only that you'd rather not see 4-story buildings. Point taken.
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Old November 27th, 2005, 01:46 AM   #512
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I agree with you Chicagolover. I think contrast of heights and diversity are a plus not a minus. Vacent parking lots or stand alone parking decks are much more of a conern to me then any low rise resendtial. I would actually think it would be cool if more scrapers downtown had more residential/retail wrapped around their bases (of course to be downtown they would have to be of the best quality).

Even though it is impossiable now I would like it no building downtown was more then 4 blocks away from a small park or plaza that is at least a half block or half acre long. In many cases we have that now but I think it only adds to vibe of downtown and pleasentness of it if the more small outdoor refuge areas people have that are a very short walk from their office or home. Grant Park does this for much of the east loop but the west loop and some areas of river north could use a few plots like that. Real highly developed street level gardens or very developed art squares that breaks up the continuity of the street. Places like that can give even the most vibrant and buzzing areas a sense of neighborhood and distictness.
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Old November 27th, 2005, 02:15 AM   #513
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What's currently occupying this space?
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Old November 27th, 2005, 07:15 AM   #514
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From Chicago Crain's webpage:
Crane crunch crimps contractors
by Abby Gallum (issued 11/24/2005)

Soaring skyline squeezes supply, pushing rental fees to new heights
John Martello has the toy that nearly every high-rise builder wants this Christmas: a 300-foot tower crane.
Without tower cranes, developers couldn't complete many of the condominium and office buildings they've planned for downtown Chicago. After five years of booming construction, and with nearly 30 new high-rise projects on the drawing board, the pace of building has raced past the supply of cranes, sending rental rates up as much as 25% in the past year. That's good news for Mr. Martello, who rents cranes for a living.
"It's almost like shooting fish in a barrel," says Mr. Martello, general manager of Cleveland-based Central Contractors Service Inc., which expects to have about 20 tower cranes up in Chicago by yearend.
CRITICAL ISSUE
A medium-sized, 22-ton-capacity tower crane that cost $12,500 a month in 2003 now rents for about $22,000, Mr. Martello says. And with the tight supply, some contractors are leasing cranes two to three months before they use them and eating the extra cost, just so they don't get caught without a crane when construction begins. That cost is especially painful as contractors deal with rising material expenses and try to ward off a slowdown in condo sales.
"It is a very critical issue right now," says Pierre Cowart, project executive for Leopardo Construction, a Hoffman Estates-based contractor that's building two South Loop condo projects. "There's a lot of pressure on the (condo) market in general to keep sale prices at the same level. You can't pass along price increases."
The crane shortage isn't likely to get less critical anytime soon. Condo developers started marketing 28 new downtown buildings this year, up from 24 in 2004, according to Appraisal Research Counselors, a Chicago consulting firm that tracks the condo market.
Making matters worse for builders, the crane market is national — equipment rental companies move the giant machines around the country — and is sure to feel the effects of massive reconstruction projects in Louisiana and Mississippi. Already, Chicago contractors must compete with other thriving construction markets, especially Florida.
"If you can get $20,000 (a month) for a crane in Florida or you can ship it here (and get) $12,000, everybody's going to send it to Florida," says Paul Urbanski, Central's sales manager.
TALL CRANE COMING
Unlike boom cranes that move on crawlers, a tower crane is fixed to the ground or to the building being constructed. As a project rises into the sky, the crane will rise with it, as construction crews add additional sections. In early December, for instance, Morrow Equipment Co. LLC, a Salem, Ore.-based company that rents out about 500 tower cranes worldwide, will erect its second tower crane at the Trump International Hotel & Tower construction site on the Chicago River. That crane will eventually rise to 1,386 feet.
With projects like that under way all over town, it's no wonder that Central Contractors says its revenue is up about 30% this year. Five years ago, Central didn't rent tower cranes. Today, cranes are the company's fastest-growing business.
And while the price increases have stung contractors, crane rents still generally remain a small percentage of a project's total cost. The bigger problem is availability. Most contractors used to be able to line up a crane in 60 days, but that's not possible anymore, says Michael Regal, Morrow Equipment's Midwest sales manager.
"If you want to rent a crane for April, you should be signing it up in November," he says.

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Old November 27th, 2005, 03:38 PM   #515
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Hotel condos' value hard to figure at ground floor
Projects with rental options are all around, but future is uncertain

By Kathy Bergen
Tribune staff reporter
Published November 27, 2005


Luxury hotel proposals are popping up in Chicago like so many desert flowers after a long drought, and it seems almost every developer is betting on the same virtually untested concept: hotel condominiums.

At least 12 downtown projects will include hotel condominiums, which are rooms or suites sold to individuals, who have the option of placing them in rental pools when they aren't using them.

More than 2,100 of these pricey dens will be marketed here over the next five years, mostly to affluent Baby Boomers looking for a second or third home.

None of the units have come to market yet, so there is no test case. And looking elsewhere in the nation doesn't help much, either.

"There is very little track record," said Pat Ford, president of Lodging Econometrics in Portsmouth, N.H.

And so a grand gamble is getting under way.

For the trend to succeed long-term, there will need to be a winnowing out of the weaker contenders, a deep and renewable pool of well-heeled buyers, as opposed to short-term speculators, and a sustained recovery in downtown luxury-hotel business.

Other factors could derail the vision as well, among them rising interest rates or a pullback of tax deductions allowed on second homes.

"I have my doubts that all the projects will be built or that all will be successful," said Arthur L. Buser Jr., managing director at Jones Lang LaSalle Hotels. "There will be some that are winners, and some that are last-to-the-party, or not as well done, or only half sold out. ... There will be some failures."

The proliferation of proposals stems from hotel developers' continuing difficulties in obtaining more traditional financing.

"Occupancy and room rates have not recovered sufficiently," noted Ford.

With a condo-hotel project, the developer "gets an opportunity to use other people's money," he said.

And those other people, namely the hotel condominium purchasers, generally don't have the same expectations for return on investment as would a typical financier, noted Buser.

"An individual owner would like a profit, but doesn't necessarily need one," he said. "But he does want a place."

Willing to be patient

It's certainly true that some buyers are willing to take the long view on investment return. Attorney James M. Duggan is buying a one-bedroom suite at the proposed Elysian Hotel, primarily as a weekend getaway spot to share with his wife and secondarily as an investment.

"Up front, I'll be in the red, but I'll be having a great time downtown," said Duggan, a Lake Forest resident who is a principal at Handler Thayer & Duggan LLC. "I think I'll be cash-flow positive within five years."

And he expects the value of the unit to appreciate over time.

Other prospective buyers in the Chicago market view the transactions strictly as moneymaking opportunities.

Real estate broker Viju Patel is paying $389,550 for a one-bedroom unit at Hotel 71 at 71 E. Wacker, which is being redeveloped as the Solis Chicago Hotel Condominiums.

Because she is an early buyer, she hopes to see substantial appreciation in the value of her unit, enabling her to sell within three years or so.

She likes the proximity of two luxury hotel-condominium projects: the Trump International Hotel & Tower, under construction across the river, and the Shangri-La Hotel, proposed for 111 W. Wacker.

Those properties will add cachet to the Solis, whose room rates will be a little less stratospheric, said Patel, a South Barrington resident who is a partner with Keller Williams Success Realty.

"Some of the Trump units have doubled in value over the last two years," she noted.

"I think the Solis property will appreciate a lot initially, once the facelift is done," she said, adding that a high-end, brand-name spa may be among the amenities.

The companies selling hotel condominiums generally steer clear of touting their investment potential, said attorney David Neff, co-chairman of the lodging and time-share practice at Piper Rudnick Gray Cary.

"If they are viewed as investments, then you have to register the offerings as securities," he said. Most companies prefer to avoid this extra layer of administration and expense.

Still, many hotel condo buyers have dual financial goals: to recoup most, if not all, of their mortgage and maintenance costs from rental income, and to see price appreciation whenever they choose to sell their units.

Realizing the first goal may be difficult, some observers say, given hefty monthly condo assessments and fees layered atop mortgage payments and real estate taxes.

Monthly assessments and fees could run as high as $2,000 at the Trump project, at the ultra-luxurious end of the spectrum.

Hotel condominium operators "will need to get pretty aggressive on room rental rates and occupancy levels in order for buyers to come out whole on these deals," said Gail Lissner, vice president with Appraisal Research Counselors.

"With the more expensive units, it will take a while until Chicago reaches room rates high enough to provide a return on the investment," said Ted Mandigo, a hotel consultant based in Elmhurst.

The greater potential, Lissner believes, lies in price appreciation on the units over time.

Two have seen growth

In fact, prices for units at the Trump or the Elysian have appreciated significantly in the two years since these early-bird projects were announced.

At the Trump, units are priced between $815,000 and $3 million-plus, compared with $559,000 to $1 million-plus two years ago. At the Elysian, asking prices top out at $925,000, compared with $700,000 in 2003.

Whether prices remain on an upward trajectory in Chicago remains to be seen.

Consumer choices will be expanding, as more newly announced projects begin marketing. So far, only six of 12 downtown projects have been actively selling.

And some of the existing upward momentum is likely attributable to speculators, who typically comprise an estimated 25 percent of hotel condo buyers.

"When they feel the party is over and stop buying, 25 percent of the buyers disappear, and it's a much thinner market," Buser said.

Other experiences

One of the few cities with any extended history in this niche is Vancouver, which saw overbuilding in the 1990s.

"People bought on projections that properties would continue to ramp up, and it didn't happen," said Buser, of Jones Lang LaSalle. Prices fell, leaving unit owners in limbo until the market recovers.

In contrast, Miami has seen torrid price appreciation lately, so much so that some developers have broken contracts with potential buyers in order to resell units at higher prices, leaving some irate former customers on the sidelines, noted Mandigo.

"To me, the units in Chicago are not quite as strong an investment," he said, citing weaker room rates, the bitter winters and a substantial supply of hotel rooms in the suburban market.

"The hotel condominium flurry really has been at the luxury end of the market," said Scott Steilen, principal at Warnick & Co., a hotel advisory firm. "And I think there is a legitimate question of whether this market is deep enough to absorb all that luxury lodging supply,"

That said, some projects will pan out better than others.

"This is still location-driven," Steilen noted.

And investors should remember they are buying a piece of a hotel.

"Look at how the chain is doing, find out about the management company and its track record," said attorney Neff.

For Patel, who is buying a unit at the Solis, this was key.

She likes the fact that West Paces Hotel Group LLC, which will manage the hotel condominiums, is headed by Horst Schulze, a Ritz-Carlton veteran.

And buyers should keep in mind that ownership and management companies can change, and that new regimes can institute new ways of operating.

In 2003, the Grand Traverse Band of Ottawa and Chippewa Indians purchased the 660-unit Grand Traverse Resort and Spa in Acme, Mich., and later that year announced plans for an extensive renovation program.

For the first time, owners of the resort's 234 hotel condominiums were asked to participate in a uniform refurbishment plan, with costs ranging as high as $40,000, a hefty sum given that many units are valued at around $100,000.

"There was a complete owner revolt in October 2003," recalls David Boyer, a Chicago attorney who owns one of the units.

Two years and many hard feelings later, the two sides appear to be approaching the possibility of detente.

The owners have "agreed the initial plan was too ambitious and are allowing the condo board to be part of the think tank," said Michael Mysliwiec, a Michigan lawyer who is president of one of the condo associations.

"Rather than a divorce between the owners and the condo association, I'm working to patch things up," he said. "I don't know if I'll succeed, but I'm trying."
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Old November 27th, 2005, 05:52 PM   #516
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Oh how much fun it will be when we see that tower crane up in the sky. And then next door another one for Waterview. And hopefully a few more for Intercontinental, Mandarin, Lakeshore East, and Fordham Spire
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Old November 30th, 2005, 03:12 PM   #517
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From Chicago Sun-Times' David Roeder
Letter has club members exercised
November 30, 2005

Could owners of the Lakeshore Athletic Club at 441 N. Wabash be planning to bow out to make room for a new high-rise? That's what some club patrons thought after they got a letter from club management inviting them to take their business to another location.

General Manager Laurence Kaiser told members they are now free to use the Lakeshore club at 333 E. Ontario in addition to the Wabash location. Described as a "dual membership" benefit, it also could be a way to clear out customers and make the Wabash site easier to close.

The letter produced a buzz that spread to the real estate community. Near North developer William Marovitz said he's heard from several callers asking about the site's potential availability. He said a residential high-rise, not hotel or office, makes the most sense for the site, which is a few doors north of the Trump Tower project.

The club sits on land leased from Wm. Wrigley Jr. Co. "I would certainly like to talk with them," Marovitz said. Kaiser did not return calls.

Wrigley spokesman Christopher Perille said the lease on the property runs "at least a couple more years, and there have been some discussions about extensions or renewals" for the club. Some real estate executives speculated Wrigley could use the site to build its own modern office space to hold what can't fit into the famous Wrigley Building.


THE BEITLER BEAT: While J. Paul Beitler's proposed 2,000-foot tower for TV antennas on Chicago's lakefront spurs debate and speculation, he's involved in a smaller-scale project that appears to be far more certain. Beitler has issued sketches of what he calls his North Avenue Gateway project just west of the Kennedy Expressway.

Touted as setting a new standard in commercial design for Bucktown and Wicker Park, the estimated $100 million project calls for separate buildings anchored by a bank and a car dealership. The third building would be a seven-story, 23-unit condo project. Beitler hired architect Daniel Coffey to produce a flashy modern design.

Construction is due to start in the fall. While Beitler hasn't announced tenants, he has been negotiating with the Fletcher Jones chain to install a Mercedes-Benz dealership. All the parking for the complex will be underground.


WHAT'S BEING BUILT: There's a building under construction at 3800 S. King that represents a case of religious faith in action. The planned eight-story building will be a 122-unit supportive living center for seniors. Its backer is South Park Baptist Church, 3722 S. King, whose reverend, E.R. Williams, is acting on a vision of affordable housing for seniors.

Called Pioneer Gardens, the project is across the street from a 20-story building for seniors developed by Williams' late father. A spokeswoman for Pioneer Gardens said about 20 of the 122 units have been reserved. Plans call for an opening in February.

Meanwhile, visitors to the United Center are noticing construction on land a couple of blocks away. It's the start of what's envisioned as 764 mixed-income housing units on the former site of the Henry Horner Homes public housing complex, bounded by Hermitage, Lake, Oakley and Washington.

Sixty units are being built in what's billed as the project's City Flats phase. They'll be grouped as seven, three-story walk-ups. Developer Richard Sciortino, president of Brinshore Development LLC, said more than 75 percent of the units have been sold. Prices on what's left range from $248,800 to $310,800.

Also under construction at the site is a 113-unit mid-rise building that includes subsidized and market-rate units. The aim of the project is to bring professionals side-by-side with former tenants of the Horner project.

HOT PILLOW JOINT: The marketing agents for the condo units at the Amalfi Hotel, 20 W. Kinzie, are promising something, but I'm not sure what. The Web site for the sales effort includes these words emblazoned on a section about the building's amenities: "We don't ask. We won't judge and most importantly, we never tell." So should somebody call the sales office or the cops?

CALENDAR NOTE: Thursday's brown bag lunch program sponsored by Friends of Downtown is about architecture of Chicago's churches. The free event starts at 12:15 p.m. at the Cultural Center, 78 E. Washington.

DOING THE DEALS: Represented by CB Richard Ellis Inc., Inforte Corp. leased 16,000 square feet at 500 N. Dearborn in a relocation and expansion of its corporate headquarters. Currently at 150 N. Michigan, Inforte expects to be in the new space in January. ... Morton's Restaurant Group leased 8,100 square feet at 707 Skokie Blvd., Northbrook, which by next fall should be home to the sixth Morton's restaurant in the Chicago area. Baum Realty Group represented Morton's. ... A 25-unit apartment building at 3045 W. Fullerton sold for $3.1 million in a deal brokered by Marcus & Millichap Real Estate Investment Brokerage Co.
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Old November 30th, 2005, 04:17 PM   #518
LA1
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Interesting about the club. I would rather see Wrigley expand its office space, instead of a new residential. There is (and will be more) residential in that area, but new office space wont be as in demand.
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Old November 30th, 2005, 11:35 PM   #519
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That was a great article. Lots of information. I agree with LA1. It'd be nice for Wrigley to have a nice new and fancy office building for expansions BUT they shouldn't move out of their HQ building no matter what. I'd hurt someone before I see the best skyscraper in Chicago gutted for condos.
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Old December 1st, 2005, 12:52 AM   #520
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Quote:
Originally Posted by spyguy999
That was a great article. Lots of information. I agree with LA1. It'd be nice for Wrigley to have a nice new and fancy office building for expansions BUT they shouldn't move out of their HQ building no matter what. I'd hurt someone before I see the best skyscraper in Chicago gutted for condos.
Yeah, remember that Tribune article over the summer? It actually hurt me to read that... Imagine balconies on the Wrigley Building.
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