CHICAGO | General Developments

[HowardL]

Originally Posted by ardecila

I see absolutely NOTHING wrong with this development.

I quite agree. It will do a massive job of taking a super-block and breaking it down into nice manageable pieces that connect to what's just beyond. I'd like to see a bit more of this attention to urban design in larger projects.

[headcase]

Originally Posted by Alliance

Have I missed any news on the ICE-MERC bidding war for the CBOT? I haven't heard much about it.

Only things I've heard about the Merc and CBOT in the news were yesterday's bomb threats....

SSDD

[Alliance]

Originally Posted by Chicago2020

How about building an indoor skiing range like the one in Dubai

Originally Posted by headcase

Only things I've heard about the Merc and CBOT in the news were yesterday's bomb threats....

SSDD

Thats all I've heard too...

[VivaLFuego]

Originally Posted by ardecila

Overall I'd say this looks great...very good density. It does, however, mean the loss of the "Cubs Care" Ballyard.....
http://maps.live.com/default.aspx?v=...5236&encType=1

[nomarandlee]

http://www.chicagotribune.com/news/l...l=chi-news-hed

Plan for huge former post office considered

By Alexa Aguilar
Tribune staff reporter
Published April 18, 2007, 9:22 PM CDT

The old Chicago Post Office, a behemoth that spans the Eisenhower Expressway and two city blocks, is so large that developers have struggled for almost a decade to come up with a workable plan for the vacant space.

On Thursday, 11 years after the U.S. Postal Service moved its operations to a newer facility nearby, the city's Plan Commission will consider a proposal to convert the building's 2.5 million square feet of empty space to a sprawling project of hotel rooms, offices and residences. Previously, different developers have proposed creating a mausoleum, a casino, an auto mall and a water park in the Art Deco-style building.

The latest renovation plan, supported by city officials, includes removing more than a million square feet from the building's center to create a north tower for office space, a south tower for residences, a 240-room hotel facing the Chicago River, 400 parking spaces and a green rooftop terrace.

Walton Street Capital LLC, the real estate investment firm that came up with the proposal, has pitched idea after idea to prospective tenants and hoteliers over the years. The firm first indicated its interest in the space to the Postal Service in 1998.

But the building's size, its historic designation and its proximity to nearby railroad tracks and the expressway have stalled the project repeatedly.

"It's a fascinating project, if we can pull it off," said Raphael Dawson, a partner at Walton Street.

The city will likely kick in subsidies, in the form of a tax-increment-financing grant, for Walton Street, said Constance Buscemi, a spokeswoman for the city's Planning Department. She declined to provide specific numbers.

"We've been working with them on this for quite some time," Buscemi said.

The plan takes a "grand, old building" and gives it a new purpose, she said.

The 10-story building, once the world's largest post offices, is on the National Register of Historic Places. First built in 1921 and then transformed with a dramatic expansion in 1932, the building was designed by Graham Anderson Probst & White, the same firm that designed such Chicago landmarks as the Civic Opera House and the Merchandise Mart.

Because of that designation, the proposal needed the approval of the National Park Service, which oversees properties on the national register. Dawson said the park service has given its approval.

David Bahlman, president of Landmarks Illinois, a statewide preservation organization, said he is disappointed there isn't a plan that could save the entire building. The old post office has been on the group's list of most endangered landmarks, he said.

But he acknowledged that the structure's size and location made redevelopment difficult.

"This is a tough, tough project . . . one of the most difficult preservation issues I have ever seen," he said. "It's the poster child for what we call white elephants."

The stalled project garnered the attention of a U.S. Senate subcommittee last year, when Sen. Tom Coburn (R-Okla.) used the old Chicago Post Office as an example of surplus federal property that used taxpayers' dollars to maintain vacant space.

It cost the federal government $2 million a year to maintain the building, he said last year.

aaguilar@tribune.com



Copyright © 2007, Chicago Tribune

[Frankie]

S. Side condos slated
DEVELOPMENT | Big plans for Cottage Grove corridor

April 19, 2007
BY SANDRA GUY sguy@suntimes.com

Four condo developments with space for major retailers are set to be built in the Cottage Grove corridor, whose residents' buying power has been neglected for decades.

The Shops and Lofts at Forty-Seven is the largest, with 161 condos, 28 town houses, professional office space and as many as 30 retailers proposed at 47th Street and Cottage Grove Avenue.

The $87 million project, stretching from 47th to 48th streets and from Cottage Grove to Evans avenues, is the first in Chicago to be developed by Mahogany Ventures, a joint venture between two Columbus, Ohio, developers. The groundbreaking is expected next spring, with construction completed in 18 months.

The developers plan to create an "urban shopping center," including a deli, coffee shops, fashion retailers and perhaps restaurants, with the potential to employ 300, said Frank Petruziello, a principal with Skilken Development, who with Adam Troy, a principal in African-American-owned Troy Enterprises, are managing partners in Mahogany.

"It is time to bring retail back to Cottage Grove," Petruziello said.

Twenty percent of the residential units will be affordable housing. The market rates will range from one-bedrooms at $190,000 to $210,000, two-bedrooms at $225,000 to $310,000, three-bedrooms at $320,000 to $410,000 and town houses from $370,000 to $465,000. Each town house will have a one-car garage.

The Shops and Lofts at Forty-Seven will have parking for residents, shoppers and professional office tenants, Petruziello said.

The developers are seeking $12 million in tax-increment financing incentives.

Troy said the developers were sold on Chicago because of the integrity and wherewithal of the Quad Communities Development Corp., a community organization that involves residents and businesses in developing a viable mixed-income community. He credited Ald. Toni Preckwinkle (4th) with being clear about the community's needs.

The Mahogany principals plan to build more developments in Chicago's under-served communities, but they declined to disclose details until after they get the first one under way.

Two other developments -- being built by Art Gurevich and Marko Boldun, operating as Cottage Grove Development LLC -- will bring 104 condos and 25,000 square feet of retail to 45th and Cottage Grove.

"This is the seminal project for this area in establishing a standard of quality and architectural design," Gurevich said. The condos will feature marble and granite finishes and hardwood floors, he said.

The development will include 80 condos and all of the retail space at Landmark Courts, 4501 S. Cottage Grove, and an unnamed 24-condo development to be built across the street at 4510 S. Cottage Grove.

Ten of the 80 condos at Landmark Courts will be affordable units. The remainder include two-bedrooms starting at $250,000 and three-bedrooms starting at $275,000 and going up to $400,000.

Finally, developer Michael Silver is planning three condo buildings of 23 units and a commercial space at the northwest corner of 46th and Cottage Grove.

The site is expected to include a restaurant in the 2,000 square feet of ground-floor retail space.

The Sun-Times reported in February 2005 that a study on the concentration of buying power in Chicago's neighborhoods revealed the Cottage Grove trade area ranked a surprisingly strong No. 18 among Chicago's 77 community areas, one notch ahead of the Loop.

QCDC commissioned the study and spearheads retail development efforts in the area encompassing the North Kenwood, Oakland, Douglas and Grand Boulevard neighborhoods.


Rendering of the Shops and Lofts at 47.

[BVictor1]

http://www.suntimes.com/business/348...tage19.article

S. Side condos slated
DEVELOPMENT | Big plans for Cottage Grove corridor

April 19, 2007
BY SANDRA GUY sguy@suntimes.com


Four condo developments with space for major retailers are set to be built in the Cottage Grove corridor, whose residents' buying power has been neglected for decades.

The Shops and Lofts at Forty-Seven is the largest, with 161 condos, 28 town houses, professional office space and as many as 30 retailers proposed at 47th Street and Cottage Grove Avenue.





The $87 million project, stretching from 47th to 48th streets and from Cottage Grove to Evans avenues, is the first in Chicago to be developed by Mahogany Ventures, a joint venture between two Columbus, Ohio, developers. The groundbreaking is expected next spring, with construction completed in 18 months.

The developers plan to create an "urban shopping center," including a deli, coffee shops, fashion retailers and perhaps restaurants, with the potential to employ 300, said Frank Petruziello, a principal with Skilken Development, who with Adam Troy, a principal in African-American-owned Troy Enterprises, are managing partners in Mahogany.

"It is time to bring retail back to Cottage Grove," Petruziello said.

Twenty percent of the residential units will be affordable housing. The market rates will range from one-bedrooms at $190,000 to $210,000, two-bedrooms at $225,000 to $310,000, three-bedrooms at $320,000 to $410,000 and town houses from $370,000 to $465,000. Each town house will have a one-car garage.

The Shops and Lofts at Forty-Seven will have parking for residents, shoppers and professional office tenants, Petruziello said.

The developers are seeking $12 million in tax-increment financing incentives.

Troy said the developers were sold on Chicago because of the integrity and wherewithal of the Quad Communities Development Corp., a community organization that involves residents and businesses in developing a viable mixed-income community. He credited Ald. Toni Preckwinkle (4th) with being clear about the community's needs.

The Mahogany principals plan to build more developments in Chicago's under-served communities, but they declined to disclose details until after they get the first one under way.

Two other developments -- being built by Art Gurevich and Marko Boldun, operating as Cottage Grove Development LLC -- will bring 104 condos and 25,000 square feet of retail to 45th and Cottage Grove.

"This is the seminal project for this area in establishing a standard of quality and architectural design," Gurevich said. The condos will feature marble and granite finishes and hardwood floors, he said.

The development will include 80 condos and all of the retail space at Landmark Courts, 4501 S. Cottage Grove, and an unnamed 24-condo development to be built across the street at 4510 S. Cottage Grove.

Ten of the 80 condos at Landmark Courts will be affordable units. The remainder include two-bedrooms starting at $250,000 and three-bedrooms starting at $275,000 and going up to $400,000.

Finally, developer Michael Silver is planning three condo buildings of 23 units and a commercial space at the northwest corner of 46th and Cottage Grove.

The site is expected to include a restaurant in the 2,000 square feet of ground-floor retail space.

The Sun-Times reported in February 2005 that a study on the concentration of buying power in Chicago's neighborhoods revealed the Cottage Grove trade area ranked a surprisingly strong No. 18 among Chicago's 77 community areas, one notch ahead of the Loop.

QCDC commissioned the study and spearheads retail development efforts in the area encompassing the North Kenwood, Oakland, Douglas and Grand Boulevard neighborhoods.

[Frankie]

Condo complex planned near Midway
DEVELOPMENT | Corner of 43rd and Cicero could house units

April 19, 2007
BY DAVID ROEDER AND FRAN SPIELMAN droeder@suntimes.com/ fspielman@suntimes.com

Developers are proposing a condominium complex along a stretch of South Cicero Avenue that has gotten close attention from city officials as a gateway for traffic to Midway Airport.

Cal Boender and Red Seal Development Corp. have requested a zoning change that would allow for 135 condos at the northeast corner of 43rd and Cicero. The site is at the north end of a heavily used stretch connecting Midway and Interstate 55.

The development of market-rate homes would be built immediately across Cicero from the LeClaire Courts public housing project. The LeClaire Courts development is due for a major renovation under the Chicago Housing Authority's systemwide overhaul, but no timetable for the project has been announced.

Boender and Brian Hoffman, vice chairman of Red Seal, said their project reflects confidence that the Southwest Side will continue as a strong housing market and that the city will follow through on promises to improve LeClaire Courts. They said they've been given no commitments on when that project might start.

Although it never carried the stigma of the CHA's high-rises, LeClaire Courts has been cited as a deterrent to commercial development nearby. Cheap motels, empty lots and rundown storefronts dominate the Cicero streetscape.

Bryan Zises, a CHA spokesman, said the agency is examining options for its property and is preparing a request for proposals, the legal solicitation of developers to consider the parcel. He said plans call for the site to be redone as a mix of one-third market-rate homes, one-third as homes at a subsidized price, and one-third as public housing.

Zises said the property could accommodate up to 900 homes. The current complex is listed as having 270 occupied units.

But on their property, Boender and Hoffman said they're ready to go on the $35 million project as soon as the city assents to the zoning. The plan for what they've dubbed the Landings of Chicago calls for units to be grouped in three four-story buildings, with resident parking on the ground floor.

"The location is a dynamo,'' Hoffman said. "If we deliver a great-looking, well-finished condo project, it will enhance the appearance of Cicero Avenue."

The 2.5-acre site has been home to a scrap metal yard and has received required environmental cleanups. A free-standing restaurant also would be part of the complex.

Hoffman said he expects the condos should be priced mostly from $200,000 to $300,000.

Working in a similar price range, Boender and Hoffman teamed on a commercial and residential project on the old Galewood Yards rail site on the West Side. Hoffman said that in 10 months of marketing, he's sold 150 out of 192 homes there.

The city's Southwest Side, meanwhile, has drawn interest from more home builders as land on the North Side has become scarce and more expensive.

A few miles east of Cicero Avenue is Brighton Park, fast becoming an active market for home construction. Developers have laid plans for about 900 units in the area.

A couple of years ago, Boender planned a hotel at 43rd and Cicero. He said he dropped those plans because he couldn't find a satisfactory deal with a hotel franchiser.

"I'm not a franchise kind of guy," Boender said. "You put up the money and take the risk, and they tell you what to do."

[Frankie]

Looks like we posted the same article at the exact same time.....the more the merrier

[nomarandlee]

Already posted by BVictor

[trvlr70]

Originally Posted by Nowhereman1280

Yes that's right, lets displace a few blocks of poor people so that rich people can go skiing in the middle of the summer...

Go cry me river....and GET REAL! This is Chicago, not San Francisco.

[HowardL]

Too bad they can't/won't do like the Mart and punch some light courts into the interior. Leave the facade alone, but open up those gigantic floor plates.

[forumly_chgoman]

^^^I agree....there is something just so massively sexy about the Post office.......driving in on the Eisenhower...which I do not do very often....since I live up up on the north side an d usually scoot around town via metra or the redline......
....but when I do it is the crescendo of that exhiliration I feel after the initial joy of viewing the skyline from further west.....it exclaim I am home sweet home chicago


PS...anyone have any idea how old that photo is I know the watermark says 2006 but I think it is a few years old at least.......I do not see the columbian by roosevelt and a few other building seem to be missing....maybe I am just blind??

[Mr Downtown]

anyone have any idea how old that photo is

I'd say late spring 2006. The Riverside Park site has been scraped clean.

[MayorOfChicago]

Originally Posted by Mr Downtown

I'd say late spring 2006. The Riverside Park site has been scraped clean.

Yep, amazing how much can change in 1 year.

[dropdeaded209]

[edit]

[Mr Downtown]

Originally Posted by MayorOfChicago

Yep, amazing how much can change in 1 year.

I'm not following you. Nothing has changed on the Riverside Park site since it was grubbed in early 2006.

[nomarandlee]

http://www.chicagotribune.com/news/l...l=chi-news-hed

Plan for huge former post office approved

By Alexa Aguilar
Tribune staff reporter
Published April 19, 2007, 5:56 PM CDT

The Chicago Plan Commission today approved a plan to transform the old Central Post Office, a hulking downtown building that looms overhead as drivers zoom through it on the Eisenhower Expressway, into towers of offices, residences and a hotel.

The historic Art Deco building spans two city blocks. It has sat vacant since 1996, when the U.S. Postal Service moved operations to a newer building nearby. Developers were stumped by its bulk, proximity to railroad tracks, the Chicago River and the expressway, and its historic attributes.

The renovation proposal sent today to the City Council for final action would remove 800,000 square feet from the center of the 2.5 million-square-foot building, build a deck and plaza overlooking the Chicago River and preserve the building's soaring lobby and vestibule.

With a big chunk carved out of its center, the renovated property would have a north tower for office space, a south tower for residences, a 240-room hotel facing the Chicago River, 400 parking spaces and a green rooftop terrace.

Walton Street Capital LLC, the real estate investment firm that came up with the current proposal, has pitched idea after idea to prospective tenants and hoteliers over the years. The firm first indicated its interest in the space to the Postal Service in 1998.

"It's a fascinating project, if we can pull it off," said Raphael Dawson, a partner at Walton Street.

The city will likely kick in subsidies, in the form of a tax-increment-financing grant, for Walton Street, said Constance Buscemi, a spokeswoman for the city's Planning Department. She declined to provide specific numbers.

"We've been working with them on this for quite some time," Buscemi said.

The plan takes a "grand, old building" and gives it a new purpose, she said.

The 10-story building, once the world's largest post office, was built in 1921 and transformed in a dramatic expansion in 1932. It was designed by Graham Anderson Probst & White, the same firm that designed such Chicago landmarks as the Civic Opera House and the Merchandise Mart.

David Bahlman, president of Landmarks Illinois, a statewide preservation organization, said he is disappointed there isn't a plan that could save the entire building. The old post office has been on the group's list of most endangered landmarks, he said.

But he acknowledged that the structure's size and location made redevelopment difficult.

"This is a tough, tough project . . . one of the most difficult preservation issues I have ever seen," he said. "It's the poster child for what we call white elephants."

The stalled project garnered the attention of a U.S. Senate subcommittee last year, when Sen. Tom Coburn (R-Okla.) used the old Chicago Post Office as an example of surplus federal property that used taxpayers' dollars to maintain vacant space.

It cost the federal government $2 million a year to maintain the building, he said last year.

aaguilar@tribune.com



Copyright © 2007, Chicago Tribune

[SolarWind]

Originally Posted by Lukecuj

I lifted this off of KCgridlock's " Above Chicago" photo thread, thought it gave a good perspective of the mass of this buidling.

anyone have any idea how old that photo is

Originally Posted by Mr Downtown

I'd say late spring 2006. The Riverside Park site has been scraped clean.

4/26/2006 @ 1:04 PM. The info is available in the photo's metadata.

[bnk]

Originally Posted by SolarWind

4/26/2006 @ 1:04 PM. The info is available in the photo's metadata.

This building looks uniform even without the latter additon.

Too bad they plan to scrap almost a million square feet of the historical registered building.

From what I know the loss will be in the center while the towers are to be preserved.