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Old January 15th, 2007, 02:51 AM   #21
Loopy
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Old January 15th, 2007, 03:42 AM   #22
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Quote:
Originally Posted by Loopy View Post
I believe that there is an error in this story. I sent an email to Alicia Berg at Columbia seeking clarification. It seems possible that, given the recent demand for housing, that they changed the program from Student Center to Dorm, but I doubt it.

I think that the missing piece of info is an address on South Clark where a student housing project was recently announced. Do you remember that PRB? It's in your neck of the woods and I think I remember you commenting on it.
Like Mr. Downtown said, the Dwight building on S. Clark (620?) is expected to be student housing. The building to the South of the Dwight Building, Pat's Pizza, is proposed to be demolished and a second building for student housing constructed.

Mr. Downtown is also reminding us that the Buckingham Building (south side of Van Buren between Michigan and Wabash) is currently being renovated for student housing.
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Old January 15th, 2007, 04:18 AM   #23
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A good chunk of the Northern end of the parcel is owned by the YMCA of the USA. They purchased it for a future headquarters. They are currently leasing at 101 North Wacker.

I don't know who owns the rest of the block. Perhaps Mr. Downtown does.

A few months ago the YMCA announced that they were not planning to build on the property anytime soon.
It is the same owner (July 12, 2006)
NATIONAL COUNCIL YOUNG MENS CHRISTIAN ASSN USA
according to the Recorders Office. Although a claim lien was put on the property from the Dept of Water Management in October.

Only the top 240' or so of the approximate 400' long parcel was conveyed to the YMCA. The bottom 160' is still held by the original trust - I believe it is the Allright Corp, a parking lot company (they also sold the parking lots at the SWC of Clark/Polk to Lennar).

FYI - zoning is DX-12.
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Old January 15th, 2007, 04:39 AM   #24
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A while ago I think I mentioned something about Eastgate Village. Well anyway, there are supposed to be two towers, one at Prairie & 26th (14 floors) and the other at MLK & 26th (17 floors)


Another view of the larger building


Not really exciting design-wise, but I'll take a couple extra highrises.
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Old January 15th, 2007, 05:19 AM   #25
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Great find, Spyguy.

I don't mind the rather lousy architecture either, as long as we get some density packed into that area.

It would be nice to see some retail injected into one of those streets, other than just Cermak
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Old January 15th, 2007, 08:58 AM   #26
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Old January 16th, 2007, 03:11 AM   #27
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YMCA-USA plans to build a small office building there. The city gave them a TIF bribe to stay in Chicago, but that was a couple years ago.

Jones HS and Columbia both desperately need fitness facilities, which would seem to fit well with a YMCA building, but YMCA had no interest in such a facility. In addition, CTA could use an offstreet elevator/escalator entrance to Harrison Red Line station. Last I heard the city had signalled that they want "some kind of public benefit" as part of the project, YMCA had a new president, and nothing was really very far along in terms of program or design.
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Old January 16th, 2007, 03:15 AM   #28
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The story I hear on 901-1001 S. State is that the city paid more for the condemnations than planned and is trying to renegotiate the redevelopment deal with Northern Realty.
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Old January 16th, 2007, 04:37 AM   #29
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Quote:
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PRB,

Before you put your tax plat back under the couch, would you please look something up for me?

Who are the current owners of the 2 parcels on the East side of, roughly, 901-1001 South State? It used to be Filmar Inc. and Lasalle Trust. The City made a move on them, but its all messed up with lawsuits now. This is the property with the (now closed) flophouse and the surface lot on the South East corner of 9th and State.
I don't see any recent activity on those lots... I still see them owned by Filmar and trusts.
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Old January 16th, 2007, 07:07 AM   #30
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,,

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Old January 16th, 2007, 07:13 AM   #31
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Old January 19th, 2007, 09:05 PM   #32
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http://www.globest.com/news/825_825/.../152228-1.html

Russland Gets $66M Loan for Condo Tower
By Robert Carr


Russland Capital Group Inc. has closed on its loan for $66.5 million for its new Michigan Avenue Tower II Condominiums, a 267-unit property going up at 1400 South Michigan Ave. Russland, a partnership of developers Jacob Bletnitsky and Alex Vaisman, says the tower is 83% sold.

The tower is modeled on its predecessor, Michigan Avenue Tower Condominiums, which is one block north and was also developed by Russland. The new Tower II will contain 28 floors of condos, with between seven and 12 units per floor, with four penthouse units. Amenities will include a landscaped deck area with an outdoor swimming pool and a garden that will cover the south portion of the parking garage, with an included dog run.

The loan was arranged by Fremont Investment and Loan, which also handled the loan for the first tower. Scott Manlin, vice president and regional manager of Fairmont’s Chicago office, says the development should do fine, though some say high-end condos are struggling in a slight slump.

“It’s all still about location,” Manlin tells GlobeSt.com. “If a project is well conceived and is in a good location, it will do fine. The markets differ, but Michigan Avenue, the Gold Coast and Streeterville still remain strong, and demand exists.”
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Old January 19th, 2007, 10:15 PM   #33
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Quote:
Originally Posted by Mr Downtown View Post
Jones HS and Columbia both desperately need fitness facilities, which would seem to fit well with a YMCA building, but YMCA had no interest in such a facility. In addition, CTA could use an offstreet elevator/escalator entrance to Harrison Red Line station. Last I heard the city had signalled that they want "some kind of public benefit" as part of the project, YMCA had a new president, and nothing was really very far along in terms of program or design.
Wouldn't a fitness facility at State and Polk, in theory, fit the bill perfectly? I'm not sure who owns that lot.
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Old January 20th, 2007, 12:12 AM   #34
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Old January 20th, 2007, 08:53 AM   #35
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Ah. So the city is already one step ahead of me. Excellent! One less parking lot.
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Old January 20th, 2007, 06:07 PM   #36
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Correcting Loopy's timeline: The PBC began planning expansion of Jones--including a gym--in the late 90s. About four years ago, the YMCA did a phone survey about neighborhood interest in a fitness facility, something comparable to the New City Y. Either as a result of that survey, or because YMCA-USA was working independently of YMCA-Metro Chicago, or because YMCA is shifting priorities (closing Duncan, etc.), when the city announced the project it was a mere office building.
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Old January 20th, 2007, 08:21 PM   #37
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I heard a rumor that the facilities at Jones would include a poolhouse and the gym/poolhouse would be open to the public at times. Anyone else hear this rumor?
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Old January 20th, 2007, 09:26 PM   #38
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I'm sure they said that at the meeting where the design was shown. But that was, what, eight years ago? In 1984, they said South Loop School's gym would be open to the public, too.
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Old January 30th, 2007, 07:14 PM   #39
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Tower crane is going up this morning at 900 S. Clark.
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Old January 30th, 2007, 09:00 PM   #40
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http://www.globest.com/news/832_832/.../152501-1.html

Inverbrass Funds Buys 100,000-SF Building
By Gina Kenny
(To read more on the multifamily market, click here.)
CHICAGO-The Inverbrass Funds LLC has purchased a 105,000-sf building and an adjacent parking lot for approximately $10 million with the intent of renovating the building into work/live units. Inverbrass Funds, based in Chicago, purchased the building at 619 S. LaSalle St. in Chicago’s Printers Row neighborhood from “a local partnership,” says John Slivka, senior associate for CB Richard Ellis.

Slivka and Marcello Campanini, also with CB Richard Ellis, represented the seller in the transaction. The asking price for the property was $7.2 million. Slivka tells GlobeSt.com that it was “more of a business decision” as to why the local partnership was selling the property. “There was a tenant that left a significant vacancy that allowed the ownership to work on repositioning it via capital improvements,” he says.

Tabin Corp. purchased the building in 2001. Slivka would not confirm that Tabin was the seller of the property. However, Ayman Khalil, principal with Inverbrass Funds, did confirm Tabin was the seller.

Inverbrass Funds purchased the building with the intent of converting it to work/live lofts because of its location, Khalil tells GlobeSt.com. “It was one of the few remaining actual printing press type of buildings in the South Loop,” he says. There are currently only a few tenants with the “two major tenants” being a printer and a publisher, Khalil says. “Frankly speaking, I do not think they will be staying,” Khalil says. The two tenants are paying “historic rates that were [between] $8 per sf to $9 per sf,” he says. “Even if I was not planning on doing any upgrades, any renting fees would basically price them out of that area,” he says.

Geo. Lauterer Corp., which sells fraternal regalia, church usher supplies and corporate awards, is the only tenant that has a long-term lease, Khalil says. The business occupies approximately 10,000 sf and has about five years remaining on their lease, he says. “They told us that they want to stay and we are happy to accommodate them,” he says.

Inverbrass Funds plans on initially converting “at least half” of the space into work/live rental units, Khalil says. A significant portion of the building will be renovated into units that are between 1,000 sf and 1,500 sf with private baths, kitchenettes and individual heating and air conditioning, he says. “We plan to focus on hardwood floors, timber beams, exposed duct work and track lighting,” he says. The lease rate for the units will be about $1,500 per month for the 1,000-sf units and about $2,000 per month for the 1,500-sf units, he says.

Khalil tells GlobeSt.com he hopes to have the renovations start in about six months. “We are developing plans and permits now,” he says. The renovations should be completed in the beginning of 2008, he says.


Copyright © 2007 ALM Properties, Inc. All rights reserved. Reproduction in whole or in part without permission is prohibited.
For reprint information call 410-571-5893 or e-mail [email protected].
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