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Old December 12th, 2005, 01:19 AM   #541
ChicagoLover
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I don't think anyone has posted a rendering of 1 East 8th, now a vacant lot with a temporary sales center structure.

This building appears to address the street superbly. Lots of glass and two-story "bank-like" columns.


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Old December 12th, 2005, 01:25 AM   #542
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Not bad. Not bad at all.
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Old December 12th, 2005, 07:19 AM   #543
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The website for the building at 1 E. 8th is www.oneplacecondos.com by the way. There is an ad in the November 4th Gazette for it... 2BR, 2BA from $249,000. The units come with balconies too. Sounds like a good deal... The floorplan looks like approximately 32' x 22' with an 11' x 5' balcony (Approximately 800 SF). That puts it at about $315 a SF. It is kind of a weird setup (10' x 11'-4" bedrooms, 12'x21'-4" kitchen/living room). You have to walk through the kitchen which is a corner of the great room once you get in and then through the bedrooms to get to the bathrooms.
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Old December 12th, 2005, 07:30 AM   #544
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That corner REALLY needs to get filled in. I hope 1 East 8th starts construction soon. Any word on sales?
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Old December 12th, 2005, 07:48 AM   #545
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Well, I looked up units at www.realtor.com. They do not show a lot of listings. It looks like the lister is www.cacciatoreharper.com. They list 7 units of the 96 unit building (not sure if that means 89 are sold). They had a couple 1BRs around $207,000 and 5 2BRs starting from $259. But the date shown in their listings is 2007. Sounds encouraging.
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Old December 12th, 2005, 07:56 AM   #546
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Speaking of that intersection, when is the Pacific Garden Mission's planned move and when is Jones going to develop the lot at the Northwest corner of State and 8th?
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Old December 12th, 2005, 05:52 PM   #547
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NEW CONSTRUCTION

Published December 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--Superior Street residential building, 110 W. Superior St., 117,500-square-foot residential complex, January, $9.4 million.

Chicago--Bebe Sport, 835 N. Michigan Ave., 3,000-square-foot tenant improvement, January, $150,000.

Chicago--Sheridan Road apartment complex, Sheridan Road and Pratt Boulevard, 6-unit apartment complex, January, $450,000.

Chicago--La Estancia, 2753 W. Division St., 70,000-square-foot mixed-use development, March, $17 million.

Cicero--Kerasotes Theaters, Ogden and Cicero Avenues, 64,500-square-foot movie theater, January, $3 million.

Northbrook--Bocce-Bowling Center, Willow and Landwehr Roads, 3,000-square-foot recreational building, April, $300,000.

Streamwood--Rydin Decal Manufacturing Facility, East Avenue and Buttitta Drive, 50,000-square-foot manufacturing facility, March, $1.1 million.

Tinley Park--National City Bank, 80th Avenue and 160th Street, 5,500-square-foot bank branch, December, $600,000.

DUPAGE COUNTY

Bloomingdale--Jameson's Charhouse, Schick Road and Gary Avenue, 8,442-square-foot restaurant, February, $900,000.

Lombard--St. John's Church & School, 215 S. Lincoln Ave., 47,000-square-foot elementary school, February, $5 million.

Villa Park--Wildfire Harley Davidson, 120 W. North Ave., 1,000-square-foot retail store addition, December, $85,000.

LAKE COUNTY

Kildeer--Carter's, Quentin Connection, 4,401-square-foot clothing store, January, $250,000.

Lake Barrington--Industrial Avenue Auto Works, 28155 W. Industrial Ave., 1.85-acre auto dealership, January 2007, $300,000.

Long Grove--The Studio of Long Grove, 360 Historical Lane, 100-seat restaurant addition, February, $500,000.

MCHENRY COUNTY

McHenry--Patriot Estates Townhouses, Crystal Lake and Bull Valley Roads, 4-unit townhouse development, February, $400,000.

Woodstock--Woodstock Station, First and Clay Streets, 197-unit mixed-use development, January, $30 million.
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Old December 12th, 2005, 11:10 PM   #548
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http://www.nearwestgazette.com/1205-Update.htm

Riverside Park bought by Japanese firm

(12/5/05) - Silence now shrouds the once highly touted Riverside Park residential and retail complex in the South Loop involving 62 acres bounded by Roosevelt Road on the north, 16th Street on the south, Clark Street on the east, and the Chicago River on the west.
Rezmar Corp. unveiled detailed plans for the complex in late 2003 and early 2004, with Ikea expected as an anchor with a 330,000 square foot store. Ikea management later decided not to open a store at the site, however.
At the time, the City was working on issues such as parking and traffic flow and ways of alleviating traffic congestion. Riverside Park was to be built in phases, according to Rezmar Corp. plans, starting with the retail portion followed by approximately 4,000 residential highrises and mid-rises.
Rezmar recently sold its interest to a Japanese conglomerate, and City and Rezmar spokespersons suddenly are tight-lipped about the development.
“There are no plans pending or any definite information at the City of Chicago Department of Planning and Development,” stated Constance Buscemi, spokesperson for the department.
Alderman Madeline Haithcock’s office also has no information about the status of this project or the property. Numerous calls to Rezmar were not returned.
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Old December 13th, 2005, 12:40 AM   #549
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Quote:
Originally Posted by PrintersRowBoiler
when is Jones going to develop the lot at the Northwest corner of State and 8th?
"Northwest" corner of State and 8th? Which development are you referring to here?
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Old December 13th, 2005, 01:09 AM   #550
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Quote:
Originally Posted by BVictor1
http://www.nearwestgazette.com/1205-Update.htm

Riverside Park bought by Japanese firm

(12/5/05) - Silence now shrouds the once highly touted Riverside Park residential and retail complex in the South Loop involving 62 acres bounded by Roosevelt Road on the north, 16th Street on the south, Clark Street on the east, and the Chicago River on the west.
Rezmar Corp. unveiled detailed plans for the complex in late 2003 and early 2004, with Ikea expected as an anchor with a 330,000 square foot store. Ikea management later decided not to open a store at the site, however.
At the time, the City was working on issues such as parking and traffic flow and ways of alleviating traffic congestion. Riverside Park was to be built in phases, according to Rezmar Corp. plans, starting with the retail portion followed by approximately 4,000 residential highrises and mid-rises.
Rezmar recently sold its interest to a Japanese conglomerate, and City and Rezmar spokespersons suddenly are tight-lipped about the development.
“There are no plans pending or any definite information at the City of Chicago Department of Planning and Development,” stated Constance Buscemi, spokesperson for the department.
Alderman Madeline Haithcock’s office also has no information about the status of this project or the property. Numerous calls to Rezmar were not returned.
this only makes my point stronger in my thread--> thread
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Old December 13th, 2005, 02:14 AM   #551
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Sorry... 8th Street is Polk Street West of State... The Northwest corner of State and Polk. Right now there is an empty parking lot, followed by the Mission and then Jones College Prep running North to Congress. North of Congress is Library Tower condominiums to be opened in 2008. The Mission is planning a move to 14th and Canal (I am pretty sure) to much opposition of that community. Jones College Prep is planning $20M in renovations including a pool, gym, and new library. I know there is a lot of politics involved right now. I had not heard anything in a while though and I know the Mission residents are still hanging around State Street.
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Old December 13th, 2005, 02:17 AM   #552
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I had read somewhere that a European invester bought the land and that the plans were still proceeding. I also read that Rezmar was still involved in the development somehow. I cannot imagine the plans changing because of the amount of money I heard was paid to Rezmar. Interesting...
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Old December 13th, 2005, 02:26 AM   #553
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Sale near for South Loop project site
Development stalled amid O'Hare scandal

By Thomas A. Corfman
Tribune staff reporter
Published September 30, 2005


A European conglomerate headed by a controversial Iraqi-born billionaire is close to buying a 62-acre South Loop site whose owners include developer Daniel Mahru and prominent Democratic fundraiser Antoin "Tony" Rezko.

About 4,600 residential units and 670,000 square feet of retailing have been proposed for the site at Roosevelt Road and Clark Street.

But it has been stalled after Chicago officials found that a Rezko-owned company improperly operated Panda Express restaurants at O'Hare International Airport that were supposed to be controlled by a minority-owned firm under the city's set-aside program.

The sale could set the stage for the development, called Riverside Park, to move forward again.

The buyer is General Mediterranean Holding SA, whose chairman and chief executive is Nadhmi Auchi, sources said.

Auchi is a British businessman who in 2003 was convicted in a French court in connection with an oil company kickback scheme. Auchi, fined more than $1 million, filed an appeal of the case, according to published reports. The status of the appeal could not be determined.

That same year, the U.S.-led Coalition Provisional Authority in Iraq awarded a cellular phone service contract to Orascom Telecom Holding SAE, an Egyptian company in which Auchi has a stake. U.S. officials are investigating allegations of impropriety and Auchi's role in the bid process. Orascom and Auchi have denied any wrongdoing.

General Mediterranean Holding is based in Luxembourg, with offices in London, and has business interests in banking, hotels, construction and real estate.

A company spokesman said he was unaware of the Chicago transaction. In an e-mail message, Charles Panayides said General Mediterranean "has always sought to make investments predicated on the principle that they not only bring GMH a fair return but effectively and transparently contribute to the well-being of the people of the host countries."

Rezko is chairman and Mahru is chief executive of Chicago development firm Rezmar Corp. A spokesman for the company declined to comment.

Rezko, a Syrian immigrant, has significant business holdings aside from Rezmar, including a restaurant company that operates fast-food franchises. The controversial Panda Express restaurant contracts were canceled in July.

Three years ago, a Rezmar partnership acquired the site, paying $67 million.

In 2003, Ikea dropped plans to be the anchor retailer for the project, a sharp setback for Rezmar. Instead, Ikea opted for a Bolingbrook location, where it just opened its second Chicago-area store.

Rezmar had been seeking a tax increment financing grant of up to $140 million from the Daley administration.

Discouraged about prospects of winning the subsidy, Mahru has been urging Rezko to sell the project for several months, sources said. But Rezko apparently believed that the City Hall logjam would eventually be broken.

The project has been a financial drain. Earlier this year, Rezmar's principals used money from General Mediterranean to pay off a lender on the project, New York investment bank Lehman Brothers, sources said.

The sale of the South Loop site to General Mediterranean is expected to be completed in stages, but would leave Rezko and Mahru without any ownership interest, sources said. Mahru may stay on as a consultant, sources said.



I suppose this sale may have gone poo-poo and it was sold to the Japanese firm. I'm glad that the city would rather force the hand to give the project to foreigners instead of our own, despite their track record.
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Old December 13th, 2005, 03:57 AM   #554
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CHICAGO, Dec. 12 /PRNewswire/ -- Last week's sale of 1000 S. Michigan, a
development site approved for 656 luxury condominiums across from Grant Park,
is believed to be the largest single-asset sale in downtown Chicago ever
brought to market via real estate auction, according to Steven L. Good,
chairman and CEO of Sheldon Good and Company Auctions LLC, which brokered the
sale.
A pre-auction bid by Oak Brook-based Renaissant Development Group forced
the cancellation of the sealed bid auction, which had a deadline of Dec. 14.
Ultimately, Renaissant paid nearly $44 million for the 1.6-acre
development site, which includes city approval for three condominium towers of
40, 32 and 32 stories; architectural plans; and sales contracts for 240 of the
301 units in Phase I. The seller was an investment group led by Chicagoan Guy
Gardner.
"Preemptive auction sales occur about 20 percent of the time. But with an
opportunity as rare and desirable as this, and with the national interest
generated by this auction, it's not surprising that a buyer wanted to step up
and take this property off the market rather than facing the challenges of
other competitive bidders," said Good.
"By using the auction process to market 1000 S. Michigan, we were able to
create a very competitive environment and a deadline that forced an aggressive
move on the part of the buyer. In this case, the race ended before the
deadline, but the seller was happy with the result, the buyer was happy with
the result, and the process confirmed that real estate auctions are an
extremely effective way to sell one-of-a-kind and difficult-to-value
properties," added Good.
Headquartered at 333 W. Wacker Drive in Chicago, Sheldon Good & Company is
the nation's largest real estate auction firm for residential and commercial
properties, having sold some 40,000 properties approaching $9 billion in
value.
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Old December 13th, 2005, 08:23 PM   #555
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^-- that is pretty wild. I hope the plans for the site move forward as they were originally intended.
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Old December 14th, 2005, 12:15 AM   #556
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1000 S. Michigan is 2 1/2 blocks away from my condo. Some people say that there is too much development in the South Loop, is say the more development in the South Loop the better!
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for the Pelasgians, too, were a Greek nation originally from the Peloponnesus
The Roman Antiquities of Dionysius of Halicarnassus
http://penelope.uchicago.edu/Thayer/...assus/1B*.html

Macedonia, of course, is a part of Greece". Strabo, VII, Frg. 9
http://penelope.uchicago.edu/Thayer/...ragments*.html

But north of the gulf, the first inhabitants are Greeks called Epirotes....
Procopius
http://books.google.com/books?id=9m6...page&q&f=false
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Old December 14th, 2005, 01:13 AM   #557
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I never understand why people get afraid of development in Chicago's centre.

Can someone explain it to me?

... anyone?
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Old December 15th, 2005, 11:32 PM   #558
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It's simple. People are concerned about their investments. The more supply, the less demand. They figure the more condos that go up near them, the less theirs is worth - and to some extent, that is true. But, what they're forgetting is that density also increases desirability. People want to live in a vibrant neighborhood, so, the more permanent residents and the more permanent businesses that are in a neighborhood, the more desirable that neighborhood becomes.

I think most people fail to look that closely at it and simply see the surface effects of more units = less demand.
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Old December 15th, 2005, 11:56 PM   #559
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^
Agreed.
Think positive!
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for the Pelasgians, too, were a Greek nation originally from the Peloponnesus
The Roman Antiquities of Dionysius of Halicarnassus
http://penelope.uchicago.edu/Thayer/...assus/1B*.html

Macedonia, of course, is a part of Greece". Strabo, VII, Frg. 9
http://penelope.uchicago.edu/Thayer/...ragments*.html

But north of the gulf, the first inhabitants are Greeks called Epirotes....
Procopius
http://books.google.com/books?id=9m6...page&q&f=false
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Old December 17th, 2005, 12:19 AM   #560
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From yesterdays plan commission meeting.

618-630 West Washington (350')




Flair Tower


Michigan Avenue Tower II
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