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  #28041  
Old Posted Apr 1, 2015, 5:06 AM
the urban politician the urban politician is online now
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^ a similar sized piece of real estate in Englewood could sell for $50,000,
if even that, as an example
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  #28042  
Old Posted Apr 1, 2015, 5:16 AM
Ryanrule Ryanrule is offline
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Quote:
Originally Posted by OrdoSeclorum View Post
Esquire Theater Sold for $176M

OK. Consider me baffled. I don't have a finance degree, but what possible use could this have for 1/9th the price of Willis/Sears? Even if they build a Hancock replica on that site, how is the land there worth nearly two-fifths of a billion dollars?
the cost of borrowing the money vs the income.
if you can get someone to borrow you the money, there are sooo many ways to add 100k+ a month to your income.
if you can get the money to buy in.
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  #28043  
Old Posted Apr 1, 2015, 5:58 AM
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ithakas ithakas is offline
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I don't believe I've seen anything on this, replacing that surface lot on North just east of Damen:

http://www.loopnet.com/Listing/18949...ve-Chicago-IL/
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  #28044  
Old Posted Apr 1, 2015, 1:25 PM
the urban politician the urban politician is online now
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Quote:
Originally Posted by ithakas View Post
I don't believe I've seen anything on this, replacing that surface lot on North just east of Damen:

http://www.loopnet.com/Listing/18949...ve-Chicago-IL/
^ Nice catch. There shouldn't be any surface lots in that little area
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  #28045  
Old Posted Apr 1, 2015, 1:36 PM
PKDickman PKDickman is offline
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Quote:
Originally Posted by ithakas View Post
I don't believe I've seen anything on this, replacing that surface lot on North just east of Damen:

http://www.loopnet.com/Listing/18949...ve-Chicago-IL/
Last I heard it was supposed to get a Sleepy's on the ground floor and commercial on the uppers.
Personally, I didn't think we had a mattress shortage in Wicker Park.
In any event, as of this date the only permits that have been applied for are for Sleepy's signs. There are five of those and none have advanced past the application.
My guess is that the mattress people backed out when they got the space in the Wieboldts building and now this is a project waiting for a tenant.

http://www.dnainfo.com/chicago/20140...s-north-avenue
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  #28046  
Old Posted Apr 1, 2015, 2:06 PM
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^Those twentysomethings can wear out mattresses at a rate us old guys can only marvel at. Or pretend to remember.
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  #28047  
Old Posted Apr 1, 2015, 2:16 PM
PKDickman PKDickman is offline
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Quote:
Originally Posted by OrdoSeclorum View Post
Esquire Theater Sold for $176M

OK. Consider me baffled. I don't have a finance degree, but what possible use could this have for 1/9th the price of Willis/Sears? Even if they build a Hancock replica on that site, how is the land there worth nearly two-fifths of a billion dollars?
It was recently renovated, fully leased in an area with the some highest sq ft rents and the lowest cap rates in the city.

Assuming NNN leases, the biggest expense is depreciation.
It probably brings in nine or ten million a year in profits.
As an investment, it's a lot better than municipal bonds.
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  #28048  
Old Posted Apr 1, 2015, 2:37 PM
lu9 lu9 is offline
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Quote:
Originally Posted by PKDickman View Post
Last I heard it was supposed to get a Sleepy's on the ground floor and commercial on the uppers.
Personally, I didn't think we had a mattress shortage in Wicker Park.
In any event, as of this date the only permits that have been applied for are for Sleepy's signs. There are five of those and none have advanced past the application.
My guess is that the mattress people backed out when they got the space in the Wieboldts building and now this is a project waiting for a tenant.

http://www.dnainfo.com/chicago/20140...s-north-avenue
This is exactly my guess as well. Want a mattress? Walk a half mile SE and buy one. Pretty great location.. I personally, would go residential with this one (with retail on ground floor). TOD rights should apply as there would be little to no parking.
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  #28049  
Old Posted Apr 1, 2015, 3:06 PM
Ryanrule Ryanrule is offline
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Quote:
Originally Posted by Mr Downtown View Post
^Those twentysomethings can wear out mattresses at a rate us old guys can only marvel at. Or pretend to remember.
the kind of 20 something who is sleeping around like that isnt the type to purchase a mattress.
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  #28050  
Old Posted Apr 1, 2015, 3:06 PM
marothisu marothisu is offline
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Quote:
Originally Posted by PKDickman View Post
It was recently renovated, fully leased in an area with the some highest sq ft rents and the lowest cap rates in the city.

Assuming NNN leases, the biggest expense is depreciation.
It probably brings in nine or ten million a year in profits.
As an investment, it's a lot better than municipal bonds.
Yep, and most of the tenants are now some very expensive and very well known fashion houses.
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  #28051  
Old Posted Apr 1, 2015, 3:24 PM
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Swicago Swi Sox Swicago Swi Sox is offline
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Illinois Masonic

The Center for Advanced Care on the Illinois Masonic campus has an openhouse today, if anyone is in Lakeview:

http://lakeviewchamber.chambermaster...pen-house-1510

There is also a decent time-lapse of the constuction at the link below:

http://content.jwplatform.com/previe...GAzSU-8xOon7w1
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  #28052  
Old Posted Apr 1, 2015, 3:48 PM
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J_M_Tungsten J_M_Tungsten is offline
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Wow that timelapse is pretty good. A lot of time went into that. Helps me appreciate the process that much more.
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  #28053  
Old Posted Apr 1, 2015, 4:12 PM
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Quote:
Originally Posted by PKDickman View Post
Last I heard it was supposed to get a Sleepy's on the ground floor and commercial on the uppers.
Personally, I didn't think we had a mattress shortage in Wicker Park.
In any event, as of this date the only permits that have been applied for are for Sleepy's signs. There are five of those and none have advanced past the application.
My guess is that the mattress people backed out when they got the space in the Wieboldts building and now this is a project waiting for a tenant.

http://www.dnainfo.com/chicago/20140...s-north-avenue
Sleepy's has been rampant in their expansion here. It seems that they are emulating the placement of drug stores and banks. I'm not one to think that ubiquity is the best strategy for durable goods, but I could be wrong.
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  #28054  
Old Posted Apr 1, 2015, 4:13 PM
PKDickman PKDickman is offline
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Quote:
Originally Posted by lu9 View Post
TOD rights should apply as there would be little to no parking.
Actually, as a ped street no parking is required for the first 10000 sqft of commercial. So for all commercial, zero parking is needed.


Quote:
Originally Posted by lu9 View Post
I personally, would go residential with this one (with retail on ground floor).
I'm kinda flexible on that.
Over the last couple of decades, Wicker Park has put back all the housing units we had in 1970 (probably 1950) and the population we had in 1980.

In 82 or 83, when I moved in, we had an infinitely walkable neighborhood. Not the modern definition where walkability is measured by the triangular area between a 7-11, a gym and a trendy nightspot, but walkable in the sense that you could get everything you need to survive within walking distance of your home.

One thing we haven't regained is the jobs. In 1980 some obsene number, like 40% of the workforce here walked to their jobs.

The factories aren't coming back, but I will take what I can get.
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  #28055  
Old Posted Apr 1, 2015, 4:23 PM
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A venture of nine investors submitted a zoning application earlier this month for a one-story, 47,000-square-foot grocery store at the corner of West 18th and South Canal streets just across the river from Chinatown.


Crain's story

N.B.: this is not the location we talked about a few weeks ago over at 2100 S. Jefferson, where it sounded like another big Asian food market was planned.
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  #28056  
Old Posted Apr 1, 2015, 4:28 PM
lu9 lu9 is offline
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Quote:
Originally Posted by PKDickman View Post
Actually, as a ped street no parking is required for the first 10000 sqft of commercial. So for all commercial, zero parking is needed.




I'm kinda flexible on that.
Over the last couple of decades, Wicker Park has put back all the housing units we had in 1970 (probably 1950) and the population we had in 1980.

In 82 or 83, when I moved in, we had an infinitely walkable neighborhood. Not the modern definition where walkability is measured by the triangular area between a 7-11, a gym and a trendy nightspot, but walkable in the sense that you could get everything you need to survive within walking distance of your home.

One thing we haven't regained is the jobs. In 1980 some obsene number, like 40% of the workforce here walked to their jobs.

The factories aren't coming back, but I will take what I can get.
This is a very fair point. I've heard rumblings of some of the new national retailers (Nike, for example) regretting their new stores on Damen due to very low daytime population.

I live in the neighborhood as well and certainly feel the sleepiness of the area during weekdays.
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  #28057  
Old Posted Apr 1, 2015, 4:45 PM
Ryanrule Ryanrule is offline
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Quote:
Originally Posted by Mr Downtown View Post
A venture of nine investors submitted a zoning application earlier this month for a one-story, 47,000-square-foot grocery store at the corner of West 18th and South Canal streets just across the river from Chinatown.


Crain's story

N.B.: this is not the location we talked about a few weeks ago over at 2100 S. Jefferson, where it sounded like another big Asian food market was planned.
taking business from the richwell market i think.
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  #28058  
Old Posted Apr 1, 2015, 5:07 PM
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Well, I suspect Richwell is part of one or the other groups. They're not exactly a mom-and-pop operation.
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  #28059  
Old Posted Apr 1, 2015, 5:11 PM
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Originally Posted by marothisu View Post
In less exciting but still good news, the zoning commission approved at least some zoning changes for 4025 N Broadway which is 6 stories and 20 units. It goes it'll go place of a vacant Ace Hardware.

Just went by this site last night. Old building is gone.
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  #28060  
Old Posted Apr 1, 2015, 6:19 PM
Skyguy_7 Skyguy_7 is offline
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Time Out Chicago put together a nice little rundown of 13 excellent projects starting up soon. I haven't seen em mentioned here yet though.

http://www.timeout.com/chicago/thing...n-chicago-soon
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