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Old February 14th, 2010, 08:44 PM   #241
paytonc
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Please, credit crunch, work your magic and kibosh these awful projects...
Amcore Bank filed a foreclosure against 1600 North and MCM Properties on 3 Feb. Case 2010-CH-04687. Hopefully someone's willing to take a write-down on the property value, since renovation costs alone are going to be steep.

Crain's posted some details, e.g., that the $4.5M loan balance is personally guaranteed:
http://www.chicagobusiness.com/cgi-bin/news.pl?id=37295
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Old March 2nd, 2010, 04:44 AM   #242
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1753 - 1755 N. Damen Ave. the building owned by Jon Goldman, Mr. Dairy Queen, and Art Collazo of CG Development has been taken back by the Bank. All rents have to be sent to a lock box established by the Bank. Word on the street that the bank took back CG's project at 2401 -09 N. Clybourn "Clybourn Green" as well as 'Wellington Green" located at Wellington and Southport.
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Old March 5th, 2010, 07:29 AM   #243
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http://www.chicagorealestatedaily.co...ws.pl?id=37295

Bucktown’s tallest building faces foreclosure
By Alby Gallun, March 03, 2010


A controversial plan to convert the tallest building in Bucktown into a boutique hotel has run into a new obstacle: a $4.5-million foreclosure suit.

The owner of the Northwest Tower, a venture led by local developer Krzysztof Karbowski, defaulted on a loan in January 2009 after failing to pay it back at maturity, according to a complaint filed by the property’s lender, Amcore Bank N.A.
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Old March 10th, 2010, 01:03 AM   #244
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St. Boniface redevelopment

http://www.ipm-amicus.com/portfolio/...ment-community

...IPM will be working with the City of Chicago and the local community to develop a senior housing facility that would accommodate approximately 75 beds. It is IPM's intent to save as much of the facade (towers) as possible.

IPM anticipates to begin construction sometime in the spring of 2010.

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Old March 26th, 2010, 12:12 AM   #245
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This guy Dane K on yelp says that:
Quote:
there's a new parking garage being built at 1868 North Milwaukee Ave. (by cafe matou). The Green Park Eco Garage will hold 104 vehicles and the developer is also considering a free shuttle that will run along North Milwaukee Avenue to and from the garage.
And a little bit of old news:
http://news.eastvillagechicago.org/2...-failures.html

End of the Flores era: Successes, failures & unfinished business
1/21/2010 By Scott A. Rappe


Status of Pizza Hut property
We expressed our continued support for an appropriate development on the former Pizza Hut property at the southwest corner of Division and Ashland. The economy has delayed the dense, mixed-use, transit-oriented development we had hoped for and Walgreens' developer has listed the property for sale.

However, waiting for the right development, rather than acquiescing to inappropriate development plans, was the right thing to do. A highly profitable automobile-oriented business such as a Walgreens could potentially tie up that corner with the wrong use for decades. We emphasized that waiting a few years for the right development will pay dividends to the community in perpetuity.

"Pedestrian Street" designation (Division Street, from Marshfield to Milwaukee)
At the November 2009 EVA meeting, Alderman Flores agreed to our longstanding request that the "Pedestrian Street" designation, which currently runs on Division from Leavitt to Marshfield, be extended to Ashland. This special designation within the zoning ordinance is intended to enhance and preserve the pedestrian character of community shopping districts like the one on Division Street. The designation prohibits curb cuts across sidewalks, and requires storefronts to have display windows of a minimum size.

At our meeting we followed up on this commitment and were disappointed to learn that nothing had happened yet. Since the necessary ordinance had not yet been written, we asked the alderman to consider extending the designation on Division Street all the way to Milwaukee Avenue. This would complement the existing Pedestrian Street designation on the Milwaukee Avenue side of the Polish Triangle and signal a commitment to improving conditions surrounding the Polish Triangle.
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Old April 2nd, 2010, 02:22 AM   #246
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The parking garage's site:
http://greenparkgarage.com/

I'll believe it when I see it -- they said in a presentation that they have financing, but they're not-too-subtly fishing for investors on that site. Given the empty street parking around there (at $1/hr), I can't see how a garage with high fixed costs can really make much money. That said, I'm glad to see someone finally propose a garage >1 block from M/N/D.
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Old April 16th, 2010, 11:38 PM   #247
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1765 N Elston




955 W Grand



Polish Triangle



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Old April 17th, 2010, 04:45 AM   #248
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Quote:
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Polish Triangle
This looks incredible. Is it slated for construction soon?
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Old April 18th, 2010, 11:44 PM   #249
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This looks incredible. Is it slated for construction soon?
Ha ha, that's just a conceptual scheme. Any long-term improvements are contingent on knowing what's going on with the circle line -- will it rip up Ashland or not?

A public market at 1765 Elston? This sales listing still markets it as offices:
http://www.loopnet.com/Listing/15862...on-Chicago-IL/
I suppose there are worse sites, but "Elston near the Hideout" offers a rather dim prospect of walk-by traffic (until the Bloomingdale Trail gets built?).

To toot my own horn, the Wicker Park Bucktown SSA recently received this award:
http://www.planning.org/awards/2010/index.htm
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Old April 24th, 2010, 02:42 AM   #250
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Quote:
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Amcore Bank filed a foreclosure against 1600 North and MCM Properties on 3 Feb.
And now Amcore itself is gone:
http://www.fdic.gov/bank/individual/failed/amcore.html
It's perhaps encouraging that Harris has taken over their assets, and that the FDIC will share in the losses. A well-capitalized local bank might be willing to work on a plan that creates long-term value, and not risk antagonizing the authorities.

The rest of MCM's empire is also going back to various banks. Just as well.
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Old May 7th, 2010, 07:22 PM   #251
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1632 N Milwaukee
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Old May 15th, 2010, 08:27 AM   #252
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that polish triangle is a cool concept
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Old May 24th, 2010, 10:36 AM   #253
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Quote:
Originally Posted by paytonc View Post
Ha ha, that's just a conceptual scheme. Any long-term improvements are contingent on knowing what's going on with the circle line -- will it rip up Ashland or not?

A public market at 1765 Elston? This sales listing still markets it as offices:
http://www.loopnet.com/Listing/15862...on-Chicago-IL/
I suppose there are worse sites, but "Elston near the Hideout" offers a rather dim prospect of walk-by traffic (until the Bloomingdale Trail gets built?).
Judging by the rear location of the checkouts, the Elston Market is not planning to rely on walk-by traffic. I'm fine with it being auto-oriented, given that the chances of this area ever being transit-friendly are slim to none. The whole site plan isn't posted, but I'm willing to bet that there would be some sort of structured parking in the back along the river; there's quite a bit of room back there. It looks like the upper levels would be a health club or something... the rendering seems to show a track running around the balcony level.

The Polish Triangle plan seems incredibly unworkable. I love the pavilion in the center and the way it overhangs the street, but turning the Triangle into a contorted traffic circle is not a safe or feasible option from a traffic perspective. If the designers want more real estate, they should narrow Division and Ashland to one lane each way... it would be better for pedestrians and motorists alike.

I'm also sorta skeptical of the whole "let's make an urban hill" thing, especially when it's sold as some sort of amphitheater. Chicago weather makes outdoor movies impossible for 5 months out of the year, and NIMBYs would probably shut it down the other 7 months. If the Circle Line is built, I'd rather see some sort of sunken area, ala Hallidie Plaza in SF, to help bring daylight and green into the underground rat's warren that the transfer station would probably become. In such a configuration, you could probably build retail spaces underneath Division.

Last edited by ardecila; May 24th, 2010 at 10:48 AM.
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Old May 24th, 2010, 11:22 PM   #254
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http://peoplingplaces.wordpress.com/...hairpin-lofts/

Celebrating Hairpin Lofts!

Let’s put the Sachs/Payless moniker to rest and get used to Hairpin Lofts rolling off the tongue.

Tuesday was a day of celebration for the Hairpin Lofts and Logan Square Arts Center, the official “groundbreaking” for the project.
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Old July 7th, 2010, 05:34 PM   #255
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Good news about the MB Bank on Division and Ashland. CVS on the ground floor, restaurant/club called the Bedford Club below.

Pics from george on SSP:
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Former MB Financial @ Division & Ashland being rehabbed for possible CVS on level 1. The lower level & old safe deposit box vault to be converted into a night club. A sledgehammer is used to remove the old limestone blocks covering the window openings.


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Old July 8th, 2010, 04:38 AM   #256
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Saw the windows being revealed/replaced last Tuesday while in the area. I may never end up at the club going in there, but I definitely appreciate their "un-blanking" of that wall.

Does anyone have an idea of when they were first bricked over?
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Old July 8th, 2010, 06:21 PM   #257
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According to this article, in the 50's.
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Old July 8th, 2010, 11:32 PM   #258
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what a dramatic improvement to the streetscape! good rehab of an older building.
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Old July 10th, 2010, 05:31 PM   #259
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According to this article, in the 50's.
ah, Chicagoist article to the rescue! Thanks for the link.

now if only something good was done with this pleasant property across the street...
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Old July 20th, 2010, 07:15 PM   #260
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Quote:
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The parking garage's site:
http://greenparkgarage.com/

I'll believe it when I see it -- they said in a presentation that they have financing, but they're not-too-subtly fishing for investors on that site. Given the empty street parking around there (at $1/hr), I can't see how a garage with high fixed costs can really make much money. That said, I'm glad to see someone finally propose a garage >1 block from M/N/D.
Our only explanation (we live on that block, and there is always street parking plus free parking on the streets back in the neighborhood) is that whoever is building this knows that a project down at Leavitt and Milwaukee must be happening. Zoning for that property is on the agenda for today's zoning commission meeting.

Otherwise, we have no idea who will actually use that garage. It's not like it's hard to find parking in the area, and no one is parking 3/4 of a mile up Milwaukee to go down to Milwaukee/North/Damen. They have to have some sort of inside knowledge that their garage will be needed or we are going to end up with an abandoned parking garage on that block within 5 years after it is built because they couldn't pay their bills.
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