CHICAGO | General Developments - Page 1334

chris08876 · #**26661** Posted **Dec 1, 2014, 5:44 PM**

'Micro' apartments planned for historic Gold Coast building

Quote:

A Chicago developer paid $12.5 million for the historic Bush Temple of Music building in the Gold Coast, which it plans to convert into tiny apartments.

Cedar Street Cos. plans to build out “micro” apartments between 350 and 450 square feet in the Bush Temple property at 800 N. Clark St., said Alex Samoylovich, who confirmed the sale price. Crain's first reported on the deal last month.

“We were very interested in the historic component of this building, and we have done a lot of historic renovation,” Samoylovich said.

The project is a “perfect addition” to the company's core strategy of redeveloping older buildings, he added. The renovated French renaissance revival-style building will be called Flats No. 800; Flats is Cedar's apartment brand.

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http://www.chicagobusiness.com/reale...coast-building

HomrQT · #**26662** Posted **Dec 1, 2014, 7:43 PM**

Was this discussed?? Why would Verizon do this??

http://arcchicago.blogspot.com/2014/...itectures.html

LouisVanDerWright · #**26663** Posted **Dec 1, 2014, 8:37 PM**

They did it because the previous design was also ass ugly and they thought they could do better. Obviously they were wrong.

DePaul Bunyan · #**26664** Posted **Dec 1, 2014, 8:57 PM**

Quote:

Originally Posted by Ryanrule

the suv stroller is a major indicator for nimby, or at least prenimby.

when buy something like that, it shows you put your convenience above all else.

You tell them, you smug urbanista you. How dare somebody take into account convenience when buying a stroller.

HomrQT · #**26665** Posted **Dec 1, 2014, 9:12 PM**

Quote:

Originally Posted by LouisVanDerWright

They did it because the previous design was also ass ugly and they thought they could do better. Obviously they were wrong.

To each his own on design but I thought the previous design was just fine. This new remodel is almost an attack on the city of Chicago.

Chi-Sky21 · #**26666** Posted **Dec 1, 2014, 9:27 PM**

I thought the old design fit in well with the water tower and pumping station. I have no idea what they were thinking with this monstrosity.

Busy Bee · #**26667** Posted **Dec 1, 2014, 11:22 PM**

Quote:

Originally Posted by chris08876

'Micro' apartments planned for historic Gold Coast building

==============================
http://www.chicagobusiness.com/reale...coast-building

Excited about this project and bravo to the development company. But I think their marketing department needs to rethink the whole Flats at 800 thing. How about, oh I don't know, the Bush Temple Flats?

sentinel · #**26668** Posted **Dec 1, 2014, 11:52 PM**

Quote:

Originally Posted by HomrQT

Was this discussed?? Why would Verizon do this??

http://arcchicago.blogspot.com/2014/...itectures.html

Don't worry, I doubt that Verizon superstore will be there for long (what's the point of having a telecom flagship store when there are so many of the same, regular stores everywhere, even in-store sub-sections, like right across the street at Best Buy? What type of different wares could they possibly be showing off that can't be found online too?). This is a prime location for a high-end retail flagship because of how incredibly unique this spot is, not a national telecom giant that already has a vast reach across the nation. I highly doubt any visitors, even from buttf&$k, Podunk areas of Illinois visiting Chicago for the first time will ever walk inside this store. Based on precedent, Verizon's days are already numbered at this address..

LouisVanDerWright · #**26669** Posted **Dec 2, 2014, 12:19 AM**

Does it say anywhere how many rentable SF this building is? The rents must just be absolutely obscene in order to justify a $144 million valuation for "a portion" of the ownership. If I have the SF I can try to calculate the average rents in the building to justify those prices.

sentinel · #**26670** Posted **Dec 2, 2014, 1:14 AM**

Quote:

Originally Posted by LouisVanDerWright

Does it say anywhere how many rentable SF this building is? The rents must just be absolutely obscene in order to justify a $144 million valuation for "a portion" of the ownership. If I have the SF I can try to calculate the average rents in the building to justify those prices.

Holy shit that's insane.

PKDickman · #**26671** Posted **Dec 2, 2014, 2:13 AM**

Quote:

Originally Posted by LouisVanDerWright

Does it say anywhere how many rentable SF this building is? The rents must just be absolutely obscene in order to justify a $144 million valuation for "a portion" of the ownership. If I have the SF I can try to calculate the average rents in the building to justify those prices.

87,000 sqft
High street retail with a cap rate of about 4.5%
If their stake was close to 100%, that would indicate $75 /sf annual rents nnn.

Ch.G, Ch.G · #**26672** Posted **Dec 2, 2014, 3:38 AM**

Quote:

Originally Posted by chris08876

'Micro' apartments planned for historic Gold Coast building

==============================
http://www.chicagobusiness.com/reale...coast-building

Please let this happen with minimal interference.

Quote:

Originally Posted by HomrQT

Was this discussed?? Why would Verizon do this??

http://arcchicago.blogspot.com/2014/...itectures.html

Lynn Becker is a civic treasure.

ardecila · #**26673** Posted **Dec 2, 2014, 5:39 AM**

Quote:

Originally Posted by emathias

The 3-story vintage building owned by the Flair company (whence the Flair Tower on Erie got its name) is for sale:
http://www.zillow.com/homedetails/21...05875722_zpid/

Barf.

I didn't think anything could be uglier than Flair Tower... I was wrong.

SamInTheLoop · #**26674** Posted **Dec 2, 2014, 5:00 PM**

Quote:

Originally Posted by PKDickman

87,000 sqft
High street retail with a cap rate of about 4.5%
If their stake was close to 100%, that would indicate $75 /sf annual rents nnn.

In that case, it surely was a minority stake.......

LouisVanDerWright · #**26675** Posted **Dec 2, 2014, 5:15 PM**

Yeah, the retail rents on Michigan Ave can push into the several hundred dollar a SF range, I had no idea that building was so big. I wish they would just demo this whole corner for a new supertall, but they never will with cash cow retail buildings like this sitting on it.

PKDickman · #**26676** Posted **Dec 2, 2014, 5:42 PM**

Quote:

Originally Posted by SamInTheLoop

In that case, it surely was a minority stake.......

My guess it that it is about 50%.
That would bring the building avg to $150.
While ground floor might command $500 a foot, the upper floors, not so much.
These are large multi level contiguous spaces plus a basement retail unit, if you average it up, $150 doesn't seem out of line

Via Chicago · #**26677** Posted **Dec 2, 2014, 6:54 PM**

Quote:

Originally Posted by sentinel

Don't worry, I doubt that Verizon superstore will be there for long (what's the point of having a telecom flagship store when there are so many of the same, regular stores everywhere, even in-store sub-sections, like right across the street at Best Buy? What type of different wares could they possibly be showing off that can't be found online too?). This is a prime location for a high-end retail flagship because of how incredibly unique this spot is, not a national telecom giant that already has a vast reach across the nation. I highly doubt any visitors, even from buttf&$k, Podunk areas of Illinois visiting Chicago for the first time will ever walk inside this store. Based on precedent, Verizon's days are already numbered at this address..

yea but even if thats true theyve already butchered the facade so theres really no coming back from that unless someone else decides to come in and butcher it again

which is not to say the original was award winning or anything but christ what a mess

sentinel · #**26678** Posted **Dec 2, 2014, 7:47 PM**

Quote:

Originally Posted by Via Chicago

yea but even if thats true theyve already butchered the facade so theres really no coming back from that unless someone else decides to come in and butcher it again

which is not to say the original was award winning or anything but christ what a mess

Oh no, I agree 100% it's an absolute POS right now, I should have elaborated better that hopefully if/when Verizon exits the space, it can modified (again) into something better. Hopefully.

the urban politician · #**26679** Posted **Dec 2, 2014, 9:48 PM**

According to Curbed, there is a hilarious set of fliers going around in Chicago right now bitching about that set of twin highrises planned on Milwaukee Ave.

There appears to be a generational divide where a bunch of boring old farts want the status quo and don't want "hipsters" to move into their neighborhood and take away all the parking.

I get a kick out of this part:

Quote:

"The media calls Alderman Moreno the 'Hipster Alderman,'" the post reads. "Tell him to stop representing the hipsters who don’t live here, but want to move [here], drink fancy cocktails for a few years, and then move to the suburbs because it’s too congested and their friends can't find a place to park.”

Drink fancy cocktails for a few years and then move to the suburbs? I love that characterization. And what's wrong with fancy cocktails anyhow?

Via Chicago · #**26680** Posted **Dec 2, 2014, 10:40 PM**

Quote:

Originally Posted by george

11/23

British School new South Loop campus

http://www.buddfinn.com/imgs/invento..._ce-arch-1.jpg