Near North Side (Gold Coast, Old Town, etc.) Development News

[trvlr70]

I hope this happens. I can kind of see the same thing happening to this hotel as what happened to the old Clift Hotel in San Francisco. Phillipe Stark designed the new interiors and the hugely popular Redwood Room.

I think Shrager could have the same sucess here.

[Flubnut]

Agreed. I stayed at the Clift a couple years ago, and while the room was a bit beat up from all the partying, the Redwood Room was uber-pimp.

[spyguy]

http://www.chicagorealestatedaily.co...ws.pl?id=34951

Stake in Esquire Theater site to be auctioned
By Thomas A. Corfman, July 29, 2009

A key lender to Chicago developer Mark Hunt is seeking to auction off an ownership stake in the shuttered Esquire Theater to collect a $2.9-million debt on the prominent Oak Street development site.

[spyguy]

http://www.chicagorealestatedaily.co...ws.pl?id=35177

2 Gold Coast sites face foreclosure
By Andrew Schroedter, Aug. 19, 2009

...In the larger of the two suits, Anglo Irish Bank Corp. is seeking to collect $33.2 million for the nearly half-acre Esquire site at 58-104 E. Oak St., where Mr. Hunt had once planned to demolish the 1930s-era theater, known for its vertical neon marquee, and build a boutique hotel.

...Separately, Anglo Irish filed to foreclose on the former Cedar Hotel, a mostly empty building that Mr. Hunt owns at 1112-1118 N. State St., seeking to collect nearly $18.7 million. As with the Esquire property, Mr. Hunt wanted to bring a trendy hotel to the site, but a deal with Morgans Hotel Group Co. collapsed late last year amid the deepening the financial crisis.

[spyguy]

From the Burnham Plan Centennial website, Big. Bold. Visionary.

State and Elm - I guess replacing the B&N

Hotel Cool Chicago

Urban hotels make visiting Chicago exciting and enlivening. While corridors and rooms provide the function, public spaces create the experience. Hotel Cool Chicago builds the rooms to form a large, high public space and garden on the second level, creating fresh views of the surrounding city. Bringing an ever-changing cast of characters together in a dynamic, energetic gathering room will keep people returning.

[NearNorthGuy]

I see that one of those renderings shows the dark, glassy hotel that will rise behind the Cedar Hotel facade. Is that hotel project dead?

[elguero]

For those interested who haven't been by the area recently, the tear-down of the old Ogden School building is essentially complete. While you can still see into what remains of a few basement rooms when looking down at the site, there is nothing left standing above ground save heavy machinery. While it was never a particularly tall building, the change in site lines between Washington Square Park/the Newberry Library and State St is surprisingly noticeable...

[spyguy]

http://www.chicagobusiness.com/cgi-b...rticleId=32573

Dorms for the dead
By: Alby Gallun and Thomas A. Corfman

The dead may breathe new life into the Three Arts Club in the Gold Coast.

Once a 110-room dormitory for women artists, the landmark building could become a permanent home to the cremated remains of as many as 15,000 people.

...Alderman Brendan Reilly (42nd), whose ward includes the property, is reserving judgment but likes the proposed project's limited impact on traffic.

[Mr Downtown]

^No columbarium for Three Arts Club:

http://arcchicago.blogspot.com/2009/...ad-people.html

[spyguy]

http://www.chicagotribune.com/entert...4273586.column

Second City celebrates 50 years of funny
Chris Jones
December 6, 2009

...Indeed, Second City now finds itself a stable, profitable Chicago business with $30 million in annual revenue, a licensed offshoot on cruise ships, various multimedia deals and a new raft of midcareer celebrity alumni -- the likes of Steve Carell and Stephen Colbert -- that any Ivy League school would covet. Its 62-year-old owner, Andrew Alexander, says he is in negotiations to buy a lot at the corner of Wells and Division streets, and build his company a new home -- with theaters, a training center and headquarters -- from the ground up.

[The Urban Politician]

^ Great news!

[spyguy]

http://www.chicagorealestatedaily.co...ws.pl?id=36477

Local firm teaming up with hotelier Schrager
By Eddie Baeb, Dec. 16, 2009

A local group has agreed to be the lead investor in Ian Schrager’s bid to buy the Ambassador East hotel.

Syndicated Equities Corp. has signed a letter of intent to potentially put upward of $15 million of equity into the famed hotelier’s bid to revitalize the legendary Gold Coast hotel at 1301 N. State Pkwy., says Richard Kaplan, president and founder of the Chicago-based real estate investment firm.

[spyguy]

http://www.suntimes.com/lifestyles/h...010410.article

Revamp to shrink legendary Pump Room
January 5, 2010
BY DAVE HOEKSTRA

Chicago cabaret singer Nan Mason includes “One for My Baby (One More For the Road)” in her repertoire. Chances are Mason will include the Sinatra classic on Jan. 30 when she makes her final appearance at the legendary Pump Room bar and restaurant.

Mason’s contract has not been renewed, and the restaurant is being downsized.

[spyguy]

http://www.skylinenewspaper.com/News...up_at_Parkside

Next up at Parkside
02/10/2010 10:00 PM

By IAN FULLERTON

...The new leg of the project calls for a seven-story rental development at 544 W. Oak. The 112-unit development would be made up of 39 public housing units, 53 units priced affordably and 20 priced at market-rates. The developer plans 1,300 square feet of commercial space on the building’s first floor. Six of the units at the development are slated as townhouses.

[spyguy]

http://www.nypost.com/p/pagesix/we_h...BNSZpCfxe1gIoK

We hear . . .
March 30, 2010

That Ian Schrager has finalized his takeover of the Ambassador East in Chicago -- where Humphrey Bogart married Lauren Bacall -- and will turn it into a hipper, less expensive hotel for the chic set...
---

http://www.hotelsmag.com/article/454...ng_Options.php

Dual Luxe Hotels Offer Deluxe Repositioning Options
By Adam Kirby

...The company is reportedly close to rebranding a hotel in Chicago, and negotiations over potential reflaggings are also in the works in San Francisco and New York City, he says.
---
Assuming they're talking about rebranding one of their own hotels, it's either the Seneca Hotel or Belden-Stratford. I hope it's not the latter since I love that building.

[limousinechicago]

Originally Posted by Loopy

Beware of new developments with low assessments. Often the original developers lowball the assessments to attract buyers.

When the new Association takes over, there is a lot of pressure to keep the number low, but reality sets in and the assessments usually double. Sometimes older buildings with high (but stable) assessments end up being a good deal compared to a newer development with smaller units and unrealistic assessments that are only going to go up.

Thanks for reminding. I will always take this to my mind.

[spyguy]

http://chicagobreakingbusiness.com/2...e-theater.html

Merc trader buys closed Esquire Theater
by Sandra M. Jones

A Chicago trader has acquired the Esquire Theater on Oak Street, reviving hope that the long vacant property will be redeveloped into a luxury shopping complex, the Chicago Tribune has learned.
---

I've done an about-face on this project. After it became clear that nothing grander than a few three story stores done in the same style as neighboring buildings could be built here, my support waned.

The Esquire should be preserved as a theatre. Perhaps something more upscale showing indies, foreign films, and classics with some kind of restaurant/bar. But it would be a shame to destroy such a lovely marquee and a neighborhood theatre for bland retail buildings that always close early.

[spyguy]

http://travel.usatoday.com/hotels/po...mpany/127747/1

Hip hotel guru Ian Schrager focuses on 'value' with new brands
By Barbara De Lollis

...Obtaining hotel construction financing doesn't appear to be a major obstacle - for this hotel, anyway. Schrager says he's financing the Ambassador East with a mix of his own money and that of Morgan Stanley.

The hotel's rates will be high, but not sky-high.

When the Ambassador East hotel does open in 2012, Schrager says he expects rates to average about $225 per night.

[spyguy]

Ald. Reilly newsletter:

Alderman Reilly Brings Flower Shop Back to State and Elm Next Week!

Since 2007, Alderman Reilly has fielded hundreds of complaints about the vacant retail storefronts at 1149 North State that are also known as "State and Elm." The vacancy was forced when the previous property owner, M Development, chose to remove all tenants in the building.

The beloved corner tenant, "Chicago Blooms" was one of the casualties of M Development's decision. This neighborhood florist was a long-time fixture in the Gold Coast neighborhood - providing character, color and beauty to State Street. Once they were forced out of the building that vibrant storefront was replaced by dark, ugly brown paper-covered windows and a frontage often strewn with litter.

When DRW Holdings, LLC purchased a large portion of the M Development real estate portfolio earlier this year, Alderman Reilly met with the new owners to discuss his concerns about the vacant State and Elm property and the blighted appearance of the storefronts and general lack of maintenance of the building.

Alderman Reilly petitioned the new owners to reactivate the retail frontage at this high profile address - to improve neighborhood safety and aesthetics. As a result of Alderman Reilly's meetings with DRW, they have committed to being a good neighbor and have followed through on their promise to reactivate the site.

The store fronts are now well-maintained and clean and, with the assistance of Alderman Reilly, DRW has gone above and beyond the call by agreeing to re-open the corner flower shop under the new name: "Regina Court Flowers."

Bob Susic has managed the property located at State and Elm for over 24 years. Mr. Susic and his family have run flower shops in the past. So when DRW mentioned Alderman Reilly's interest in bringing a flower shop back to this building, Mr. Susic volunteered to reopen the family flower business again.

Alderman Reilly is very grateful to Mr. Don Wilson and his team at DRW Holdings for their generous work (and financial support) to facilitate the re-opening of the flower shop and their commitment to reactivating this important Gold Coast icon.

"Regina Court Flowers" will offer a fine selection of seasonal flowers and gifts. The shop will serve the local Gold Coast neighborhood and local businesses with its delivery service. The scheduled hours of operation will be 8 a.m. to 8 p.m., seven days a week.

Please note: if there is not enough steady business to sustain the shop seven days a week, the owner may be forced to cut the hours back accordingly. As such, Alderman Reilly is urging neighbors to join together and support the re-opening of the flower shop that was requested by the Gold Coast community!

The flower shop shall remain on-site until which time DRW has an approved plan for redevelopment of the site - after going through the Alderman's rigorous and transparent development review community process.

[elguero]

Nice to see something will be back in that storefront, at least temporarily. I'd actually like to see the entire building reused, although unfortunately I highly doubt that'll be its fate.