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Old October 21st, 2006, 08:23 PM   #921
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Venerable club eyes sale of buildings
Chicago Athletic Association wraps up talks with developers for hotel-club project

By Susan Diesenhouse

Tribune staff reporter
Published October 21, 2006

With mixed emotions, members of the venerable but financially strapped Chicago Athletic Association this week completed negotiations with two developers to sell their landmark home, a vital element of the historic South Michigan Avenue streetscape.

On Monday, club members will review the proposals from the developers, who likely will pay about $22 million for the 265,000-square-foot, two-building property at 12 S. Michigan Ave. and 71 E. Madison St.

In what will probably be an approximately $75 million project, the chosen company will transform the stately turn-of-the-century structures into a hotel and athletic club, said association board member Michael Raimondi.

Club members will probably decide on the winning proposal by mid-November, he said.

The association hopes to purchase or lease back about 55,000 square feet of the property overlooking Millennium Park for its own use.

While happy that the complex, built in 1890 (12 S. Michigan Ave.) and 1907, will be refurbished, the association is bitter to realize that the club where city leaders such as Marshall Field, Potter Palmer and Cyrus McCormick once dallied can no longer endure in all its former glory.

"One must be an optimist, but it's a challenge to watch a great club deteriorate," Raimondi said of the facilities, where members dined, boxed, played basketball and swam. "It has the usual ailments of a 100-year-old club in a society that now values cocooning themselves at home more than exchanging ideas with other people.

"Times have changed. We can't go to our members and say, `Remember when Granddad had a grand time here? Can you give us $50 million?'"

The club now has about 800 members, Raimondi said, but was filled to its 3,000-person capacity when it opened its doors in 1890 and had a 10-year waiting list.

The association's decision to sell the property now, he added, "was driven by pure economics. It's difficult for a declining membership to maintain such a large facility."

Bidding for the project are developers Songy Partners LLC of Atlanta and Snider-Cannata Interests of Cleveland. Another developer dropped from contention is Chicago-based HSA Commercial Real Estate, whose plan entailed demolishing one building to put up a residential condominium high-rise, Raimondi said.

"It was an interesting idea, but not one in favor with preservationists or City Hall," he noted.

Songy, which would team up with architect Gensler and contractor Walsh Group, has proposed retaining both buildings.

The exteriors would be restored. At the 18-story Madison Street building, the interior would be gutted for an approximately 200-room hotel, ballroom and athletic club. Part of the 10-story Michigan Avenue structure, with its ornate mosaic, marble, stained glass and mahogany features, would be retained for the association's use. The rest of the interior also would be gutted and rebuilt with hotel facilities, said Chief Executive David Songy.

Snider-Cannata did not return a call seeking comment.

The association hopes that the portion of the Michigan Avenue building that it retains will include some plaster ceiling medallions, carved mahogany staircase, wood-paneled walls, fencing salon and squash court, said Raimondi.

But as a realist, he added, "once we sell it, we can't say, `Would you mind not demolishing this or that?'"
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Old December 7th, 2006, 03:39 AM   #922
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121 North LaSalle Street
City Council Chambers -City Hall
Chicago, Illinois 60602
December 14, 2006
1:00 P.M.

A proposed Residential-Business Planned Development Application submitted by DAGS Desplaines, L.L.C. for the property generally located at 659 West Randolph Street. The applicant proposes to construct an 18-story building containing approximately 230 dwelling units, 300 off-street parking spaces and ground-floor retail/commercial space.
(27th Ward)

A proposed Residential-Business Planned Development Application submitted by Fairbanks Development Associates, L.L.C. for the property generally located at 530-548 North Fairbanks Court. The applicant proposes to construct a 58-story mixed-use building containing approximately 191 hotel rooms, 176 dwelling units, ground-floor retail, and 318 off-street parking spaces. (42nd Ward)
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Old December 7th, 2006, 03:50 AM   #923
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Bvic are these new proposals or old proposal going for approval???
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Old December 14th, 2006, 04:14 AM   #924
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Jupiter Gets Nod for $162M Apartment Asset

By Robert Carr of GlobeSt.com

Thursday, December 07, 2006 - CHICAGO-Don Smith, chief executive officer with Jupiter Realty, says plans for his $162-million apartment tower at 215 W. Washington were recently approved by the city Planning Commission. He presented the plans for the project Dec. 6 at the first Real Estate Lenders Association Inc. meeting to be held in Chicago.

Smith says he’s optimistic about the class A rental market in the city. Though a record number of units are planned for delivery by 2010, about 4,000 units were dropped from the charts when developers went conversion crazy in the past few years, evening out, and even creating, demand. “Rent spikes are back, concessions have been dropped, and the former hold time of 10 years has been shattered,” Smith says. The only uncertainty, he says, rests with increasing construction costs.

New apartment construction is everywhere in the city, Smith says. He listed projects in various stages of development, including: the Streeter at 345 E. Ohio, with 40% of its units preleased; Sky55 in the South Loop, 511 units and senior apartments at 1255 S. Michigan Ave.; 300 S. Canal, 451 units by Fifield; Kingsbury Plaza, next to the East Bank Club, with 421 units expected to be delivered by mid-2007; the Tides, with 607 units ready for delivery in early 2008; 1401 S. State, also in the South Loop, with 278 units expected by 2008; and 900 S. Clark, with 400 units coming online within months. More than 4,000 more units are in the planning stages, he says.

The 215 project, at Washington and Wells, is a little odd, he says, because very few apartment projects are done in the heart of the Loop. The company worked for three years to put the project together, he says, including assembling three parcels of land. One parcel featured the oldest parking garage in the city, but Jupiter convinced the city to allow the demolition, Smith says.

In its place, Smith says the building will have 38 floors, with the first floor being storefront retail (“Required of every building Downtown, these days,” Smith says) and the next 11 floors being a parking garage. The entire project will cost about $162 million, but the garage and retail will be sold to Interpark to run for $40 million, Smith says.

“We view our market as the 120 million sf of office tenants and corporate tenants nearby, as well as some expectation of student interest,” Smith says. He says the project will cost about $282,000 per unit to build, and the company expects to rent the units for $2.90 per sf when it’s complete in 2010, and a projected return on investment at about 6.62%. Smith says the units will have high-end amenities, and will be condo-ready, though he says he’s not counting on conversion.
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Old December 14th, 2006, 06:14 AM   #925
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^ I wonder if he's got financing yet
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Old December 14th, 2006, 06:18 AM   #926
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Originally Posted by Frumie View Post
In its place, Smith says the building will have 38 floors, with the first floor being storefront retail (“Required of every building Downtown, these days,” Smith says) and the next 11 floors being a parking garage.
Is this an established doctrine at the Planning Dept? I sure hope so, it oughta be a give-in.

How do the latest generation of office buildings get away with it? (1 S. Dearborn, Hyatt Center, UBS, etc.)
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Old December 14th, 2006, 07:45 AM   #927
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1 South and Hyatt both have ground floor retail space. At 1SD there's the Fifth/Third Bank located on the Madison facade of the tower and there's also (supposedly) room for a restaurant in the tower's southwest corner. Hyatt's also got a bank (in the small annex building to its north) - I believe it's a Charter One?

These buildings may not have wall-to-wall retail presence, but, there is some leeway given because it's only fair that their own lobby dominate the building. The rule is, basically, in place to prevent blank walls and parking from being at street level.
Straight from Michigan and Monroe in downtown Chicago!
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Old December 16th, 2006, 07:33 AM   #928
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Last edited by Loopy; June 18th, 2010 at 11:11 PM.
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Old December 29th, 2006, 10:27 PM   #929
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I'm not sure if this was posted before, but...

Caffé RoM On Board at MetraMarket
Transit-oriented retail center attracts new restaurant concept

U.S. Equities Realty
has signed the first restaurant at
MetraMarket, its new transitoriented
West Loop retail and dining
development. Caffé RoM, a new concept
by Café Baci owner Joe DiCarlo and
partner James Louras, will combine a
European coffee bar, serving specialty
coffees, pastries, paninis and gelato,
with a contemporary wine bar open late
afternoon and into the evening.

Located adjacent to Ogilvie
Transportation Center, MetraMarket
will transform two underutilized city
blocks — between Washington, Lake,
Canal and Clinton streets — into a lively
hub of street-level shops and restaurants
linking the Loop with the rapidly
growing Near West neighborhood. The
100,000-square-foot development targets
the exploding West Loop residential and
office markets, as well as daily commuter
traffic. About 95,000 commuters pass
through Ogilvie Transportation Center
daily, while another 2,260 use the nearby
Chicago Transit Authority Green Line
station at Lake and Clinton.

“This location gives Caffé RoM ready
access to a huge volume of commuters,
neighborhood residents and office
workers,” said DiCarlo. “We have been
working on the Caffé RoM concept for a
couple years and believe MetraMarket is
an ideal site.”

Pronounced the same as Italy’s
capital city, RoM recreates the fine
coffee bar experience found in Italy
including the design, which features
custom-made bars created by the
finest Italian designers and craftsmen.
Early mornings, RoM will offer a
variety of coffees, juices and pastries.
Lunch includes a variety of gourmet
sandwiches and freshly made salads.
Mid-afternoon choices consist of
specialty coffee drinks, imported Gelato
and fine chocolates with afternoon and
evening offerings of wine, beer and
specialty items like champagne, Peroni
beer and Campari.

“We are excited that MetraMarket will
be bringing new concepts to the City,
first with the French Market and now
with Caffé RoM,” said Camille Julmy,
vice chairman of U.S. Equities, the
developer and exclusive leasing agent for
MetraMarket. “And, we expect to be able
to announce another restaurant at the
development in the near future.”

Slated for late 2007 opening, Caffé RoM
will occupy 2,900 square feet on Canal
between Randolph and Washington.
Patrons will be able to enter directly
from Canal as well as from inside the
Metra concourse.

Plans for MetraMarket include
additional restaurants, an assortment
of retailers and an open public space
for dining and socializing, as well as
ground-level parking for up to 100
vehicles. Phase I of the development is
50 percent pre-leased.

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Old January 6th, 2007, 09:15 PM   #930
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At Deadline

Architect Goettsch hired for Aon redo

The possible residential conversion of the top floors of Aon Center is taking a step forward. Chicago architect James Goettsch has been hired by landlord Wells Real Estate Funds to work up plans for the trophy tower overlooking Grant Park. Goettsch declines to comment, but the project could include as much as the top 13 floors of the 80-story structure at 200 E. Randolph. [Thomas A. Corfman]
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Old January 11th, 2007, 12:24 AM   #931
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CHOO'S SHOES TO OPEN FEB. 1: As previously reported in the Tribune, ladies looking for the latest high-priced, high-heeled shoes soon will be able to shop at Jimmy Choo's first local store. Now for further details.

The 1,800-square-foot store geared for upscale fashionistas will open Feb. 1 at 63 Oak St., said Caroline Berthet, U.S. public relations director for London-based Jimmy Choo Corp.

Berthet said the opening is part of a worldwide expansion and the introduction of a new design concept. Inspired by a 1940s boudoir, the store will feature velvet sofas and crystal chandeliers.

"Chicago is one of the few U.S. markets that has a sophisticated, affluent client base well matched to our brand," she said.

"This is a coup for Chicago," said Sharon Kahn, a first vice president at full-service real estate firm CBRE, who specializes in retail. "Jimmy Choo is doing an expansion on luxury boulevards around the country."

Since the fall, the shoe retailer, which gained some cachet because its footwear was favored by characters in the television series "Sex and the City," also has opened shops in Miami Beach and Las Vegas.

With new development planned for Oak Street in the near future to replace the old Esquire movie theater, "It's important to create excitement and keep up the quality of the street," Kahn added.

"It's particularly good for the landlord that there was no down time between the new and old leases," said Jacqueline Hayes, chief executive of Jacqueline Hayes & Associates Ltd., who represented the property owner.
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Old January 18th, 2007, 05:39 AM   #932
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January 17, 2007

30 West Erie

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Old January 27th, 2007, 11:13 PM   #933
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Loop retail rebound? Vacancy rate dips
Spurred by new shopping and residential developments around Millennium Park, the retail vacancy rate in the Loop fell last year to the lowest since 2002. At 14.6%, the vacancy rate was down from 16.7% in 2005, according to a new report by Stone Real Estate. The Chicago-based retail brokerage predicts another drop in 2007. [Eddie Baeb]


Barneys move may shake up Oak
Block of boutiques could see development wave

By Thomas A. Corfman and Eddie Baeb

Barneys New York is close to a deal that would move its Oak Street store across the street and double its size in a proposed new building, a development that would signal a dramatic transformation of the tree-lined block of quiet boutiques and salons.

The luxury department store would lease about 100,000 square feet in a five-story structure to be built on the site bounded by Oak, Rush and State streets, according to sources familiar with the negotiations between Barneys and developer Mark Hunt of Chicago-based M Development LLC. Mr. Hunt declines to comment.

Barneys would move in two years when its lease expires on its 46,000-square-foot store at 25 E. Oak St.

The Chicago location is a fraction of the size of Barneys' flagship stores in Manhattan and Beverly Hills, Calif. A spokeswoman for Barneys, a division of New York-based Jones Apparel Group Inc., didn't return calls for comment.

Oak Street, once a quaint strip of gray-stone and red-brick buildings, is already a haven for national and European luxury retailers such as Italian clothier Prada and French leather-goods designer Hermès. But a Barneys deal would be a key step in a wave of new development along Oak Street, including possibly the retailer's current site.

That, in turn, could boost other developers' chances of luring high-end retailers to nearby projects, such as the Elysian Hotel, under construction at Rush and Walton streets, and a proposed mixed-use development for a site at State and Walton that includes the Scottish Rite Cathedral, say real estate brokers not involved in the Barneys deal.

"With the lack of supply of high-rent, specialty-store space along Michigan Avenue, this deal could open up significant opportunities for new fashion and high-end-goods retailers to come to Chicago," says Stanley Nitzberg, a principal in Mid-America Real Estate Corp., an Oakbook Terrace-based retail real estate firm.

The new Barneys building could also include a Citigroup Inc. bank branch at the corner of State and Oak, sources say. The branch would move from a 6,800-square-foot storefront that's part of the Esquire Theater building at 58 E. Oak St., which is owned by Mr. Hunt. He is working up plans to replace the shuttered theater with a retail and boutique hotel development. If the Barneys move is completed, its current site is expected to draw interest from developers.

But the department store's current landlord also is expected to market the space to new tenants and could charge substantially higher rent. Barneys, which has been at the location since 1992, currently pays an estimated rent of less than $28 a square foot a year, not including taxes and expenses. That figure is well below the market on Oak, where prime street-level space can rent for $250 a square foot. Ben Ashkenazy, president of New York-based Ashkenazy Acquisition Corp. and a member of the landlord group, did not return calls requesting comment.

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Old February 1st, 2007, 03:07 PM   #934
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6-tower project planned
$750 million residential complex set for area that housed Kinzie Station

By Susan Diesenhouse
Tribune staff reporter

February 1, 2007

A Chicago-based developer intends to build a $750 million residential project near downtown that it said will have enough scope and variety to be a new neighborhood.

Fifield Cos. is set Thursday to unveil finalized plans for a community called K Station that would link the West Loop and River North districts. It would include six residential towers with 2,451 luxury apartments, parking for 2,000 vehicles and 40,000 square feet of retail space, plus a Jewel/Osco supermarket.

The project would include a one-acre public park, walkways and five outdoor swimming pools, among other amenities.

The company already is building the first two apartment buildings in the project. Over the next five to seven years it would complete work on all six towers, which will range in size from 30 to 43 stories. They will rise on the eight-acre site that long ago housed Kinzie Station, a commuter rail stop, the developer said.

The location is bounded by Kinzie, Clinton, Halsted and Wayman Streets, Fifield said.

The city approved the broad concepts for the planned development last spring but it has taken several months to fill in vital details, including the size of the project.

"We're taking one of the last available tracts of undeveloped land in the West Loop to create a new neighborhood," said Steve Fifield, chairman and chief executive of the Fifield Cos., whose joint venture partner for the project is Pacific Life Insurance Co.

For the city, the addition of new rental apartments should be a boon, said Leslie Andren, a senior director for multifamily capital markets at Cushman & Wakefield of Illinois Inc.

"The city needs rental housing units because there's been more taken off the market in recent years for condominium conversion than put back in," she said.

In the past 15 years downtown has lost about 15,000 rental units, she estimated.

For a developer, this may be a good time to put up apartment buildings. Occupancy is strong at 96.9 percent, rents are rising, landlords are cutting back on concessions such as free rent, the city is creating new jobs and well-located sites are scarce, she said.

Meanwhile, there isn't a rush of new rental buildings in development because barriers to entry are substantial. It can take two years to find a site, secure city approvals and financing and get construction under way. With the rising cost of building materials and labor, condominium high-rises can cost around $400 a square foot to develop and rentals about $300, much more than the approximately $200 per square foot to purchase some existing multifamily properties, Andren said.

As a result, this year less than 1,000 new rental apartments are scheduled for completion, far fewer than prospective downtown dwellers could absorb, said Fifield President Rick Cavenaugh.

Furthermore, the 27 percent decline in the sale of new housing, including converted condominiums, through the third quarter of 2006 means that some potential buyers are likely to rent until they are sure the market is rebounding.

If the housing market does spring back in coming years, one or two of the K Station towers might be developed as condominiums. There is reason to speculate, given the surge of new downtown residents in recent years.

From 2000 though 2005 a downtown condominium boom was fueled by eager young professionals and empty nesters who bought housing and now patronize the new shops, restaurants and entertainment venues that opened nearby.

Much of the residential development has centered around the West and South Loop. Since 1991 the total number of downtown housing units doubled to approximately 100,000 while those in the South Loop tripled to 13,500, according to Appraisal Research Counselors, an appraisal and consulting firm.

Given such ebullient activity, just three months ago another Chicago developer, Centrum Properties Inc. kicked off the Roosevelt Collection, an approximately $900 million mixed-use project in the South Loop. It is slated to have about 1,000 condominiums, parking for 1,700 cars, 400,000 square feet of retail and a 2.5-acre park.

The West Loop has been another hot spot of downtown development. Since 1991 the number of housing units has more than quadrupled to approximately 14,000 from 2,900. There have also been several new office buildings. In the past eight years Fifield has produced four of the new office towers as well as two residential projects not related to K Station.

Last fall it completed construction on the first 37-story tower of the K Station neighborhood called Left Bank. Since November the 451-unit building, designed by Chicago-based DeStefano & Partners, has leased 90 units that on average rent for $2.29 per square foot with no concessions, said Cavenaugh.

Fifield developed it with a unit of Prudential Insurance Co. and expects to close on the sale of its interest to Prudential on Wednesday. It declined to state the price.

"We are a merchant builder and will probably sell some K Station buildings and keep two or three for the long term," said Cavenaugh

Also in November Fifield started construction of the second 39-story K Station tower, with 350 units, designed by Pappageorge/Haymes Architects, due for completion by mid-2008.

A month ago the developer closed on the last four acres of the site, which it purchased from a Chicago-based subsidiary of Heartland Partners LP, successor to the Milwaukee Railroad.

This fall Fifield will break ground for a third 422-unit rental building, Cavenaugh said.

Apartments will range from studios to three bedrooms. Average rent for a 750-square-foot one-bedroom will be $1,710 and for a 1,050-square-foot two-bedroom about $2,400.

Fifield said that the project design and features, like the playground, performance stage, walking paths and sculpture, will create "a community that will provide residents with a sense of arrival and belonging."
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Old February 1st, 2007, 08:24 PM   #935
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hey chi , i posted this article in its apropriate thread.
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Old February 7th, 2007, 12:44 AM   #936
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More Luxe Shops Come to Chicago

Published: Tuesday, February 06, 2007
By Sharon Edelson

Mayor Richard Daley's campaign to keep Chicago in the style spotlight seems to be working because the city is attracting luxury retailers. Jimmy Choo, Marina Rinaldi and Roslyn are three of the latest.

Jimmy Choo this month unveiled a 1,500-square-foot flagship on Oak Street. "Chicago is a high potential market for us, filled with sophisticated and diverse clients," said Tamara Mellon, president and founder of Jimmy Choo. We have been searching for the perfect location for a few years and believe that Oak Street is ideal to best serve our existing and future clientele."

A spokeswoman for Jimmy Choo said the Chicago store was in the works long before the company's sale to TowerBrook Capital Partners LP, an international private equity firm. The enterprise value of the deal was 185 million pounds, or $364.5 million at current exchange.

Last year, Chanel, Scoop, J. Mendel and Ann Fontaine were among the companies opening stores or signing leases to launch units in Chicago.

Choo's Chicago store, the company's 21st in the U.S., represents a new design concept for the firm's units worldwide. Inspired by a Forties boudoir, the store is arranged in salons with velvet-quilted sofas, Ultrasuede-covered chairs, satin-paneled walls, Lucite display cabinets and crystal chandeliers. Mirrored vitrines and chrome door handles underscore the brand's elegant sensibility. The company plans to open about 70 stores worldwide this year.

Chicago is also an important market for Marina Rinaldi, which recently opened a 1,300-square-foot unit in the 900 Shops on North Michigan Avenue. The company, a division of MaxMara, said, "This new store is a result of the company's commitment to this region."

Marina Rinaldi, which offers Italian fashion for women sizes 10 to 22, operates four other boutiques in the U.S., on Madison Avenue in New York, Rodeo Drive in Beverly Hills, Heritage on the Garden in Boston and South Coast Plaza in Costa Mesa, Calif.

The new store combines stainless steel, white lacquer and chestnut wood. At 900 North Michigan Avenue, Marina Rinaldi joins more than 70 stores. The boutique will introduce the spring collection, inspired by everything from Louis XIV to the shapely silhouettes of the Fifties.

Roslyn, rather than opening on Michigan Avenue or a tony side street, chose the Bucktown area for its debut. The 1,240-square-foot store, owned by Rosie Dulyapaibul, is at 2035 North Damen Avenue in a neighborhood that's populated by artists, emerging designers and interesting restaurants. Roslyn features labels such as Christopher Deane, Alice Roi, Erica Davies, Sass & Bide, Jovovich-Hawk and Vera Wang Lavender.

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Old February 7th, 2007, 12:46 AM   #937
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Oak Street to get Bebe, Yurman stores

Feb. 05, 2007
By Eddie Baeb and Thomas A. Corfman

Oak Street, a haven for high-end retail, salons and European designer boutiques, is adding two big names from the U.S. fashion scene.

New York jeweler David Yurman, best-known for his silver cable bracelets and necklaces, has signed a lease for the company’s first Chicago store at 40 E. Oak St., next door to Prada, according to sources familiar with the matter.

And in a departure from Oak Street’s haute couture heritage, women’s designer Bebe Stores Inc. is to open a store in a new building under construction 109 E. Oak St. that is to showcase the company’s upscale wares.

Brisbane, Calif.-based Bebe, whose new pitchwomen are actresses Eva Longoria and Rebecca Romijn, already has five Chicago stores in suburban malls and one in Lincoln Park, at 2030 N. Halsted St. The publicly held company operates 258 stores in the U.S., Puerto Rico and Canada.

“They wanted to open a flagship store on Oak Street,” says Fred Lev, president of Chicago real estate firm Fred Lev Co., which represented the family trust that owns the 109 E. Oak St. site.

Bebe chief executive Gregory Scott said in an October conference call with analysts that the Oak Street store would be comparable to a new store on Rodeo Drive in Beverly Hills. Company representatives didn't return calls seeking comment.

Bebe signed a long-term lease for a new, three-story structure that is expected to be completed in April, Mr. Lev says. The store is to open in the fall. Construction is being financed with a nearly $2.6-million loan from Chicago-based Lakeside Bank.

Chicago attorney Robert D. Boyle, who according to property records is a member of the family that is the longtime owner of the property, could not be reached for comment.

The new building at 109 E. Oak, which will be about 7,500 square feet, replaces a building that once housed Billy Hork Galleries.

Chicago-based Jacqueline Hayes & Associates Ltd. represented Bebe.

Meanwhile, Mr. Yurman’s company has begun a national expansion after opening its first store in Manhattan in 1999. He now has 11 locations, including one recently opened in Beverly Hills, and is also planning new stores in Boston and Austin, Texas.

Chicago real estate investor Robert Berger, who owns 40 E. Oak, confirms the jeweler has signed a lease and declines further comment. A Yurman spokeswoman also declines to comment.
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Old February 9th, 2007, 12:57 AM   #938
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Recipe for Carson's site: Food

February 8, 2007

A "hybrid" grocery store and food emporium to serve the Loop's burgeoning population of residents and college students will anchor retail development of the landmark State Street building that includes soon-to-be-closed Carson Pirie Scott & Co., sources said Wednesday.

The anchor tenant could not be identified, but sources likened the store to a combination Whole Foods and Treasure Island. However, spokesmen for several grocers contacted this week have denied any involvement, including Fox & Obel, Fresh Market, Potash Bros., Sunflower Markets, Treasure Island, Wal-Mart and Whole Foods.

City Planning and Development Commissioner Lori Healey refused to discuss the plans, except to say that Joseph Freed and Associates, owner of 1 S. State, has lined up marquee tenants and, "I anticipate they'll have something fairly exciting to announce soon."

Healey didn't hesitate when asked to describe the kind of development the city would like to see in the 250,000 square feet of space in the Carson's building earmarked for retail.

"Diversity. Bring back some different uses," she said. "We'd like to see unique retail. We'd like to see grocery. We'd like to see the things that we really need downtown. With our student population and our growing residential population, it's very important to encourage grocery stores to look down in our new neighborhood of the East Loop."

Bon-Ton Stores Inc., which owns Carson's, last summer announced that it was closing the State Street store that has been a Loop fixture for more than a century. The store will remain open until March, and Bon-Ton is searching for another Chicago site where it hopes to build a more cost-efficient store.

The entire complex includes 1 million square feet, but Carson's uses only about 600,000 square feet of it for retail. Roughly 250,000 square feet will be converted to retail. The remaining 350,000 will be reserved for office and school uses.

Paul Fitzpatrick, managing director of Joseph Freed and Associates, said earlier this week that he expects to have an announcement about leases by the end of February.

In the past, Fitzpatrick has talked about a mix that includes retailers, restaurants, entertainment uses and grocery stores.

The food emporium wasn't the only promising news for State Street.

At Wednesday's City Council meeting, Mayor Daley introduced an ordinance that would authorize the city to sell the landmark Page Brothers Building, 177 N. State, to Marc Realty for $1.62 million.

After paying a price $125,000 above the building's appraised value, Marc Realty plans a $1.5 million renovation of the seven-story building, including facade restoration, a new lobby entrance for upper floor tenants, roof repairs and a partial green roof.

The developer plans to fill the first two floors with a restaurant and retail stores.

Built shortly after the Great Chicago Fire of 1871, the Page Brothers Building was designed by John M. Van Osdel, described as one of the city's first professional architects.

"It's a beautiful building," Healey said. "Revitalizing that building with new uses -- it's going to be great for the north half of State Street."
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Old February 9th, 2007, 12:57 AM   #939
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Construction Set for 200,000-SF Retail Site
By Gina Kenny

Construction is expected to begin soon on the more than $40-million MetraMarket, the 200,000-sf, ground-level retail redevelopment being created beneath overhead commuter rail tracks. The first phase of the development, approximately 66,000 sf on the south block, is 50% preleased, says Jim Whittington, managing director of finance and investments for US Equities Realty.

Paris-based Sebastien Bensidoun has signed a 15,000-sf lease to anchor the redevelopment while Providence, RI-based CVS is adding a 14,000-sf location in the new two-block retail area north of the Ogilvie Transportation Center. Caffe RoM, a European coffee bar by day and wine bar in the afternoon and evening, will occupy 2,900 sf on Canal Street, between Randolph and Washington streets.

The MetraMarket is expected to have restaurants, a newsstand or bookstore and other food businesses such as an ice cream emporium. Developer US Equities Realty is currently in “serious negotiations” with “a number of other” potential tenants. “There have been leases drafted back and forth that we anticipate signing in the next month or so,” Whittington tells GlobeSt.com. “We would be making announcements of those at that time, but one will be a white tablecloth restaurant.”

Ogilvie Transportation Center is visited by 95,000 commuters daily, topped only by nearby Union Station. In addition, the Chicago Transit Authority’s Green Line station at Clinton Street sees 2,260 commuters a day.

The more than $40-million project is reactivating a 95-year-old building bounded by Canal, Clinton, Lake and Washington streets. Although terms of the Bensidoun and CVS deals were not disclosed, asking lease rates for MetraMarket space ranges from $30 per sf to $60 per sf net plus expenses, Whittington says. Construction is expected to take six to nine months, with the first occupancies expected in the late summer or early fall. About 100,000 sf is already being used as a parking garage.

The second phase of the project will be the north block, bounded by Randolph, Lake Canal and Clinton streets. The spaces in the north block are expected to be larger and may contain some “destination oriented retailers,” Whittington says. The second phase is expected to begin in 2008.
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Old February 9th, 2007, 02:04 AM   #940
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I'm still holding out for a Dean + Deluca. They have amazing coffee...
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