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Old May 25th, 2006, 01:06 AM   #801
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And another "at last":

Commercial Real Estate News


Avenue East Gets $69M Construction Loan

By Mark Ruda of GlobeSt.com

Friday, May 19, 2006 - CHICAGO-With pre-sales at 80%, Residential Homes of America has landed a $69-million construction loan from three participating lenders for its 133-unit Avenue East condominium tower. The Lake Forest-based developer has hired Power Construction Co. of Schaumburg to build the 27-story tower at 160 E. Illinois St.

LaSalle Bank, Bank of America and National City Bank are putting up the money for the project, which will rise near Michigan Avenue. Equibase Capital Group, LLC, a Chicago-based lender, is providing equity and mezzanine financing.

Residential Homes of America president Ann Danner says prices at Avenue East are “surprisingly reasonable.” Studios, one-, two- and three-bedroom units range from $399,900 to $949,900, with sizes ranging from 1,071 sf to 1,716 sf. In addition to 10,000 sf of ground-floor retail space, the building will include a fitness center and three-level “green” roof in addition to a sundeck. Completion is expected next year.

Located north of Tribune Tower and east of the InterContinental hotel, Avenue East is replacing an industrial building, which was sold in 2004 for $800,000, according to documents on file at the Cook County Recorder of Deeds office. Strategic Hotels & Resorts, which owns the InterContinental, is considering a condominium tower of its own.
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Old May 25th, 2006, 01:08 AM   #802
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And the beat goes on:

Condo Sales Hot While Converters Cool

By Mark Ruda of GlobeSt.com

Friday, May 19, 2006 - CHICAGO-While Downtown condominium conversions are returning to normal levels, 2006 could be a record year for new multifamily construction, according to Appraisal Research Counselors. The multifamily sages report marketing efforts have begun on 14 projects, involving 3,382 units, through the first four months of the year.
Sales also are running at a record pace, with 1,624 units going under contract or reserved during the first quarter. It is the largest number Appraisal Research Counselors has seen since it began tracking sales in 1997. “Consistently, the bulk of the sales velocity tends to fall within the $300 to $399 per sf range, along with an increasing trend toward higher prices in very well located, more luxurious buildings,” vice presidents Ron De Vries and Gail L. Lissner say in their most recent “Residential Benchmark” report. “Newly announced developments with product below $300 per sf was non-existent in the market.”

After a year that saw 4,000 rental units become condominiums in 2005, De Vries and Lissner predict conversions will return to more normal levels, which typically has meant about 1,150 units per year. So far this year, they note, no rental buildings have undergone conversion. Also, the 396 units sold in the first quarter is the slowest pace since the end of 2004. “Sales also appear to be value-driven, with buildings offering product priced below some of its competition outselling the others,” they add.

Operators of Downtown multifamily rental buildings have seen occupancy rise nearly four percentage points from the same period last year, to 95.7%. Concessions have dropped by more than half, Appraisal Research Counselors reports, while rents for class A units have cracked the $2 per sf barrier again.
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Old May 25th, 2006, 01:11 AM   #803
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http://www.suntimes.com/output/roede...-roeder24.html

New condo production coming to Kingsbury
May 24, 2006
BY DAVID ROEDER SUN-TIMES COLUMNIST



The investment team of former stateSen. William Marovitz and Bud Cataldo, who have been active in River North condo projects, are moving a shade west with their next big deal. It's at 660 N. Kingsbury, between Erie and Huron, where today they are starting to market a 26-story, 166-unit building.

Marovitz said the building is designed by well-known Chicago architect Lucien Lagrange, who has completed two other projects in the booming residential corridor near the old Montgomery Ward complex. The Marovitz-Cataldo venture is at the site of Ronsley Special Events, a prominent florist and production company that expects to relocate in the city.

Prices for the condos will range from about $350,000 to more than $1 million for penthouses, Marovitz said. Ronsley owner Michael Leventhal started planning the project in 2004, but Marovitz said he and Cataldo have acquired most of his interest. Rizzo Realty Group in Chicago is marketing the new building, called Park Kingsbury.

COLLEGE LIFE: Developer David Dewey and partners who own the old 59 E. Van Buren office building have opted to convert it to student housing. The rechristened Buckingham Building, a nationally registered landmark, will have 129 units, enough for around 400 students, Dewey said. He said one or two of the South Loop schools might sign a master lease for the rooms, thus reserving them for their students.

The project puts its own twist on dorm living, including an almost unheard-of amenity: in-unit laundries. Dewey said students will pay $900 to $1,100 per month. A restoration of the landmark has started, and leasing will begin in August. It is next door to the blueblood Chicago Club, and I can just see those CEOs complaining about student parties.
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Old May 25th, 2006, 01:12 AM   #804
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Last and least:

Commercial Real Estate News


McHugh Lands $112M Blackstone Renovation

By Mark Ruda of GlobeSt.com

Thursday, May 18, 2006 - CHICAGO-Denver-based Sage Hospitality Resources has hired James McHugh Construction Co. to renovate the historic Blackstone Hotel at 636 S. Michigan Ave. The $112-million project is expected to bring 330 hotel rooms to the South Loop next fall, eight years after the last guests checked out.
In the intervening years, plans were announced for a condominium conversion, which failed to materialize. Maharishi Royal Residences, LLC sold the Blackstone Hotel in December for $18 million. The hotel will reopen as a Marriott Renaissance property, with a restored lobby, ballroom and second-story restaurant overlooking Grant Park. The restaurant will be built in space that was part of the old Mayfair Theatre.

Because of its landmark status, the Blackstone Hotel project will include restoring the terra cotta facade and mansard roof. The city is committing up to $18 million in tax increment financing to Sage Hospitality Resources as an incentive.

McHugh has established itself in the hotel sector, building or renovating 4,000 rooms during the last 10 years. Its projects include the Crowne Plaza Chicago Metro, Hotel 71, Hotel Monaco and Hotel Allegro.

Commercial Real Estate News


Palmer House Owner Books $150M Makeover

By Mark Ruda of GlobeSt.com

Thursday, May 11, 2006 - CHICAGO-New York-based Thor Equities, which paid $215.4 million for the Palmer House less than a year ago, is taking the initial steps in a $150-million renovation of the landmark hotel at Monroe and Wabash streets. Although plans are expected to be unveiled by early fall, the makeover of the 1,000-room property has received an early endorsement from the city’s Commission on Chicago Landmarks.
The Monroe Street entrance will be redesigned, fire escapes on the State Street side of the hotel will be replaced with interior fire escapes and storefronts on the Monroe and State street sides will be renovated. An indoor parking garage also is being created. One major interior renovation is creating a 4,000-sf penthouse at a cost of $9 million, according to company officials.

“The Palmer House needs to be competitive, and our new owner’s exciting and innovative plans over the next three years will return the Palmer House to its rightful place as one of the world’s great hotels, and most assuredly one of the top hotels in Chicago,” says Palmer House Hilton general manager J. Peter Lynn. He adds the Palmer House renovations are coming as plans for new hotels are being announced, in addition to renovations at other Downtown hotels.

The sale by Hilton Hotels Corp. last year set a high-water market in the Downtown market. However, this year has seen DiamondRock Hospitality Co. pay $295 million for the Chicago Marriott Downtown and LaSalle Hotel Properties acquire the Westin Michigan Avenue for $214.7 million.
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Old May 25th, 2006, 01:12 AM   #805
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Quote:
Originally Posted by BVictor1
Here's a rendering for 555 West Kinzie. It looks a lot like Michigan Avenue Tower to me. It is a Pappageorge/Haymes design.



Michigan Avenue Tower III???
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Old May 25th, 2006, 09:18 PM   #806
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Quote:
Originally Posted by spyguy
http://www.suntimes.com/output/roede...-roeder24.html

New condo production coming to Kingsbury
May 24, 2006
BY DAVID ROEDER SUN-TIMES COLUMNIST



The investment team of former stateSen. William Marovitz and Bud Cataldo, who have been active in River North condo projects, are moving a shade west with their next big deal. It's at 660 N. Kingsbury, between Erie and Huron, where today they are starting to market a 26-story, 166-unit building.

Marovitz said the building is designed by well-known Chicago architect Lucien Lagrange, who has completed two other projects in the booming residential corridor near the old Montgomery Ward complex. The Marovitz-Cataldo venture is at the site of Ronsley Special Events, a prominent florist and production company that expects to relocate in the city.

Prices for the condos will range from about $350,000 to more than $1 million for penthouses, Marovitz said. Ronsley owner Michael Leventhal started planning the project in 2004, but Marovitz said he and Cataldo have acquired most of his interest. Rizzo Realty Group in Chicago is marketing the new building, called Park Kingsbury.

COLLEGE LIFE: Developer David Dewey and partners who own the old 59 E. Van Buren office building have opted to convert it to student housing. The rechristened Buckingham Building, a nationally registered landmark, will have 129 units, enough for around 400 students, Dewey said. He said one or two of the South Loop schools might sign a master lease for the rooms, thus reserving them for their students.

The project puts its own twist on dorm living, including an almost unheard-of amenity: in-unit laundries. Dewey said students will pay $900 to $1,100 per month. A restoration of the landmark has started, and leasing will begin in August. It is next door to the blueblood Chicago Club, and I can just see those CEOs complaining about student parties.

Old rendering


Updated renderings
North Elevation


East Elevation
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Old May 26th, 2006, 04:37 AM   #807
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Very attractive. Is that a Lucien Lagrange design Victor? The rendering style makes it seem as such.
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Old May 27th, 2006, 10:02 PM   #808
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Old May 27th, 2006, 10:33 PM   #809
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Old May 28th, 2006, 10:06 AM   #810
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Quote:
Originally Posted by Chi_Coruscant
• Updating the Central Area Plan. The city is hiring a consultant to re-examine growth projections, create a lighting plan for Michigan Avenue buildings between Washington Street and Congress Parkway, and "explore potential funding mechanisms" for the Carroll Avenue line and other transit projects, according to a summary the city sent to potential bidders.
Hey - that seems like a minor improvement, but it will totally change the image of Millennium/Grant Park, as well as changing dramatically the most commonly-photographed angle of the skyline (the Planetarium).

As for the Park Kingsbury, I hope they don't do anything to the row of older buildings along W Ontario. It's a pretty sweet little canyon there, and I'd hate to see it ruined by some new skinny towers with pedestals.
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Old May 31st, 2006, 02:34 PM   #811
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A blurb from INSIDE COMMERCIAL REAL ESTATE
http://www.chicagotribune.com/busine...i-business-hed

by SUSAN DIESENHOUSE
Published May 31, 2006

Student apartments: The art deco Buckingham Building at 59 E. Van Buren St. is undergoing what industry sources estimate is an approximately $30 million transformation from offices into student apartments by Buckingham LLC, a joint venture of Brownstone Realty & Development Co. and L&H Real Estate Group.

The 227,000-square-foot, 27-story terra cotta and granite building will be ready for occupancy by May 2007 and leasing will start this August, said Brownstone principal David Dewey.

The studio to four-bedroom apartments will rent for about $900 to $1,100 a bedroom fully furnished to some of the approximately 60,000 students who attend colleges in the South Loop.

Action on Kingsbury: Construction won't start until the end of the year on the $70 million Kingsbury Plaza condominium tower designed by Lucien LaGrange Architects, but the developer, Cataldo/Marovitz Partners, already has $5,000 deposits on 135 of the one- to three-bedroom units.

The old warehouse on the half-acre River North site will be demolished and residences in the new modernist structure at 660 N. Kingsbury St. should be ready for occupancy by mid-2008.

Prices will range from $350,000 to $1 million, said developer William Marovitz.

He expects the sleek, bluish 60-story structure to be populated by a wide range of buyers, from first-timers to investors and former suburbanites.
--------------------------
I don't think it references to Park Kingsbury.
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Old May 31st, 2006, 06:27 PM   #812
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edited
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Old May 31st, 2006, 08:44 PM   #813
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SOUTH LOOP MOVES: The developer Smithfield Properties LLC is about to close on the purchase of adjacent buildings at 626 and 642 S. Clark, said David Crawford, partner in D2 Realty Services Inc., which was part of the sale with partners.

Crawford said Smithfield, headed by W. Harris "Bill" Smith, plans student housing on the site, with the two-story building at 642 to be demolished and the 10-story building at 626 to be renovated. Smithfield executives could not be reached.

Meanwhile, Dwinn-Shaffer & Co. said it has negotiated $78 million in construction and second-stage, or mezzanine, financing for a 31-story condo tower being built at 601 S. Wells. The project is the work of Evanston-based architect and developer Thomas Roszak.

Sales are under way for the 233-unit building, which goes by the name Vetro, the Italian word for glass. Prices range from $170,000 to $830,000.

The property is across Wells from the old CSX railroad property, part of which the real estate team of Frankel & Giles has under a long-term option for future residential development. The railroad still has the rest.




The building they want to knock down - Is that Pat's Pizza? The stretch of Clark starts with a parking garage at Harrison followed by a taller building (626), 2-story (642), taller building, and then the car wash/garage. Also, does anyone know if Burnham Pointe will take out that car wash/garage?

Also, I noticed signs at the SEC of Harrison and Clark across from the subject buildings for request in variances. I believe they asked for a larger driveway and the allowance for a bank pull-up window. Does anyone have any information about this?
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Old June 1st, 2006, 05:04 AM   #814
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Ok is that a typo about the new kingburys building? 60 stories?
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Old June 1st, 2006, 11:23 PM   #815
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http://www.pioneerlocal.com/cgi-bin/...06-938559.html

Highrise plan irks neighbors
BY FELICIA DECHTER|STAFF WRITER


Some neighbors around Columbus Hospital are gearing up for another fight with the site's former project manager, this time over the filing of a Planned Development application for the property next door to the shuttered hospital at 428 W. St. James Place.

Kevork Derderian said he filed a Planned Development application with the city in April to build a 16-story highrise on the site now occupied by Cabrini Hall.

Yet with the fate of the Columbus property still up in the air, Derderian's plan is receiving a chilly reception from both nearby residents and Alderman Vi Daley, 43rd.

The alderman said she suggested to Derderian that he might be better off not pursuing his plan.

"I'm concerned about how such a small street like St. James would be affected by a large building like the one proposed, especially with the traffic from the proposed building coming in and out of the driveway onto St. James," Daley said.

She added that during the Columbus negotiations, American Invsco said that the Missionary Sisters would retain Cabrini Hall as their home convent and spirituality center. "Cabrini Hall was not included in the Columbus PD," Daley said, "and no proposal for redevelopment as residential was ever discussed.

"If Derderian did pursue a project at this location, he should consider renovating the existing building which is a significant structure. The existing building could possibly be used to develop affordable units which the church has been strongly advocating, or possibly senior citizen housing. If the building must be demolished, the replacement would ideally be consistent with the scale of St. James, three and four story-story buildings."

Derderian is seeking to build a 16-story, 201-foot tall Lucien Lagrange-designed, 41-unit building with 62 parking spaces. If the plan is approved, he said, he will make a $240,000 donation to help refurbish Sun Shine Park across the street from the Columbus site, and to help continue efforts to "naturalize and reinvigorate" the North Pond.

Derderian also said he had a study done by traffic engineers KLOA, and the study "shows very little traffic impact by this development as we have designed it."

"Our plan as submitted is very fair and substantially in keeping with the zoning, the height and the building bulk of this block," Derderian said. "The building height should not be an issue as the mid- and high- rise buildings on the west are almost as tall and to the east are dramatically taller than this building. We have put in extra parking so there will be no parking from this development on the street. We have the traffic study to prove there will be very little impact on traffic from this new development."

Derderian said he submitted a Planned Development application after attending a meeting where neighbors from the 2500 N. Lakeview building complained, and downzoning of the site was mentioned. Had that not happened, he said, he would have waited to submit his application.

Yet those living at 2500 N. Lakeview do have several complaints.

According to Nick Berberian, the community representative from the building, the entire 2500 building opposes the proposal, "as well as many others who worked very hard on the Columbus Hospital project. This on the heels of that, has people concerned."

Berberian said he has a few concerns with the project, one being that St. James is very narrow, a one-way street with parking on both sides. "It is a mess," he said, "and with the Columbus project of 325 units and 700 cars...adding Columbus Hospital and another 60 cars to this project is a real problem."

The traffic situation, he said, is always of great concern, and people spent an enormous amount of time debating the Columbus Hospital site. "Now the same associated developer is coming in...this really violates the spirit of what was agreed to in respect to Columbus Hospital," Berberian said. "It's a public betrayal, a betrayal of what was reached on a community-wide basis."

Another issue, Berberian said, is the proposed building's character, as there are low-rise, stone buildings around. "There is pretty resounding opposition," he said, referring to the plan's traffic, height, and character.

Darlene Chansky, treasurer of the 2500 Lakeview Condo Association, also has concerns.

She said plans for the St. James site were not mentioned when negotiating the Columbus property, and the only high-rises allowed with that plan were to front Lakeview. Chansky also has issue with the increased number of cars, and, she said the design of the proposed high-rise "does not fit the traditional three-story family dwellings in the neighborhood."

"I would like to see a structure more in line with the architecture of the neighborhood," Chansky said. "Traffic and congestion would be a nightmare. The proposed building would also block sunlight to the surrounding buildings."

Cabrini Hall was originally a Single Room Occupany hotel, turned convent and medical offices. Owned by the Missionary Sisters of the Sacred Heart, it has been vacant more than three years.

Any development planned for St. James Place requires city approval, and will be scrutinized since it falls under the purview of the Lakefront Protection Ordinance. According to Connie Buscemi, spokesman for the city's Department of Planning and Development, Derderian's application is under review.
-----------------

Renderings:


From BVictor:
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Old June 8th, 2006, 03:16 AM   #816
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http://www.chicagosuntimes.com/outpu...-roeder071.htm

Office users find room to grow in River North
June 7, 2006
BY DAVID ROEDER SUN-TIMES COLUMNIST


"Build-to-suits," real estate lingo for buildings designed for a specific occupant, usually happen in the suburbs. But an unlikely market for these projects has emerged in bustling River North.

Alter Group Ltd., pending the city's zoning OK, plans a 12-story building on the south side of Illinois between Clark and La Salle for the Erikson Institute, which teaches about child development. And another build-to-suit is in the works by one of Chicago's most active speculators, Centrum Developers. The client is itself.

A Centrum partnership has a contract to buy 213 W. Hubbard, the southwest corner of Hubbard and Wells, where a parking lot has a close brush with the Chicago Transit Authority's elevated tracks. Centrum Partner John McLinden said an eight-story, 90,000-square-foot building will go up that will become his company's headquarters.

Centrum is moving from next door, 225 W. Hubbard. McLinden said other tenants will be the architecture firm Hirsch Associates LLC, which will design the building, and the Roche BoBois furniture store on the ground level. They're aiming for completion in late 2007.

McLinden said he's negotiating to deed the eastern 50 feet of the property to the CTA, with Centrum promising to make it a landscaped plaza at its own expense.

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Old June 8th, 2006, 04:28 AM   #817
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Ooooh - VERY cool.
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Old June 8th, 2006, 06:31 AM   #818
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..

Last edited by Loopy; June 16th, 2010 at 11:23 PM.
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Old June 8th, 2006, 06:40 AM   #819
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I dig it. Reminds me of a bigger version of the Shure Tech Center in Skokie (or whatever 'burb that is).
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Old June 8th, 2006, 08:44 AM   #820
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I probably should have clarified that the rendering is of the Alter Group project (designed by SBC), not the Centrum HQ.
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