CHICAGO | General Developments

[OrdoSeclorum]

Originally Posted by marothisu

There's been a good number of new 2 and 3 unit buildings permitted in the general area of this lately. Still a year off from when they'd plan to even start it:

Apartments planned next to CTA station in Bronzeville

https://www.chicagobusiness.com/comm...on-bronzeville

This is exactly what you'd hope and expect to see in a city with a booming core and lots of legacy transit plus underutilized land in neglected neighborhoods. Still sort of a believe-it-when-I-see-it thing. But if Bronzeville, IIT, Bridgeport, Chinatown and Hyde Park feel a little less isolated from the surrounding area and lakefront, lookout. Lots of opportunity to relieve price pressure in the rest of the city.

[tjp]

Originally Posted by glowrock

State Street seems to be having a bit of a resurgence at this point, especially with the new UNIQLO and now Primark. Two large spaces now filled by popular international retailers. Sure, there are always going to be retail churn, but at least absorption seems to be positive at this point!

Aaron (Glowrock)

On a square footage basis, it's probably breakeven. Just a block down, Saks Off Fifth shuttered a month ago, and Forever 21 is on the way out. Both businesses are closing most of their locations nationwide, though, so it's not like an indictment of State Street. However, I'm sure Uniqlo is going to generate way more foot traffic than Forever 21 and Saks combined.

[west-town-brad]

Originally Posted by OrdoSeclorum

This is exactly what you'd hope and expect to see in a city with a booming core and lots of legacy transit plus underutilized land in neglected neighborhoods. Still sort of a believe-it-when-I-see-it thing. But if Bronzeville, IIT, Bridgeport, Chinatown and Hyde Park feel a little less isolated from the surrounding area and lakefront, lookout. Lots of opportunity to relieve price pressure in the rest of the city.

I think this is great. Very happy to see this. Is it market rate though? Article seems to be unclear to me, aside from the mention of some low-income credits.

[Handro]

Originally Posted by marothisu

There's been a good number of new 2 and 3 unit buildings permitted in the general area of this lately. Still a year off from when they'd plan to even start it:

Apartments planned next to CTA station in Bronzeville

https://www.chicagobusiness.com/comm...on-bronzeville

Damn.. my girlfriend and I hope to purchase a two flat in Bronzeville within the next couple of years, I hope we don't wait too long and get priced out.

[Jibba]

Originally Posted by dan ryan

Has anything replaced Topshop/Topman yet? Seemed like a thriving fast fashion chain, was surprised to see them bail on the US. I have a few nice things from them.

There is a Toys 'R' Us "Adventure" opening in the space (temporary, though).

[UrbanLibertine]

There are new townhouses across the street from this development which are beautiful. I don't find many of the new townhouse developments in the city to be very attractive looking, but these are stunning (IMO).

https://www.google.com/maps/@41.8166...7i16384!8i8192

Originally Posted by marothisu

There's been a good number of new 2 and 3 unit buildings permitted in the general area of this lately. Still a year off from when they'd plan to even start it:

Apartments planned next to CTA station in Bronzeville

https://www.chicagobusiness.com/comm...on-bronzeville

[RedCorsair87]

It is incredible how much undeveloped land there is next to that station.

[Randomguy34]

Originally Posted by Handro

Damn.. my girlfriend and I hope to purchase a two flat in Bronzeville within the next couple of years, I hope we don't wait too long and get priced out.

Similar situation as well, fortunately 50% of the units in the development are affordable housing so I'm not too worried at the moment

[marothisu]

Originally Posted by Randomguy34

Similar situation as well, fortunately 50% of the units in the development are affordable housing so I'm not too worried at the moment

The majority of the new development is anything but affordable housing on the other hand. Sure, much cheaper than an equivalent in a large handful of north side neighborhoods but $600K+ for a sfh isnt "affordable housing"

The good news is that theres a bunch of land available around here still so that should hopefully keep things in check price wise for awhile.

[LouisVanDerWright]

Originally Posted by chris08876

In the background.

Whats going on in the foreground? Looks like a good place for a nice mixed used, ideally some dense midrises.


City View III by Jennifer Richmond, on Flickr

This is the Rush outpatient center. Going to be a big ass medical building. I just mentioned that they are putting in the crane base. You canem see it in the left foreground of that pic. This will really extend the 290 canyon.

[Busy Bee]

Originally Posted by UrbanLibertine

There are new townhouses across the street from this development which are beautiful. I don't find many of the new townhouse developments in the city to be very attractive looking, but these are stunning (IMO).

Wow, you're right, those are lovely.

In regards to the current barrenness of the street, of course as most of you will know an abundance of urban fabric has been lost on the south and west sides particularly focused on the commercial arterials. Also as most of you will know, this fabric was lost over the period of many decades and occurred for many reasons, including general disinvestment, rapidly changing socio-economic realities in the surrounding neighborhoods and in some cases self-inflicted social unrest. Here's a photo from Chicago-L.org of the block adjacent to the station. Imagine if this still existed:


_

[Steely Dan]

bridgeport's star continues to rise!

Bridgeport’s Ramova Theatre in line for $22.9 million redevelopment
With city help, the project would convert the 90-year-old movie house into a live entertainment center.

By David Roeder@RoederDavid Nov 20, 2019, 9:10am CST



The 90-year-old Ramova Theatre in Bridgeport, closed since the mid-1980s but fondly remembered for the star-like lights in its ceiling and the interior that evoked a Spanish courtyard, would be developed as a live entertainment and dining center under plans submitted to the city.

Mayor Lori Lightfoot’s planning agency has tentatively agreed to back the project by giving the Ramova, which is city-owned, to developers who plan a $22.9 million renovation. The city bought the theater for $285,000 in 2001 and through the years has spent $364,000 on urgent repairs, hoping for a viable offer that would save it, said a city planning official.

After 18 years, it may have gotten one from investors who have styled themselves as One Revival Chicago LLC. Its paperwork shows that it is led by Tyler Nevius of Brooklyn. Kevin Hickey, owner of the acclaimed Bridgeport restaurant The Duck Inn, is involved for the project’s dining component.

Ald. Patrick Daley Thompson (11th) said he’s thrilled about the plan, which would turn the single-screen movie house into a live-entertainment venue. He said the theater, 3518 S. Halsted St., could draw other businesses to the commercial stretch. “The theater has been a liability for the city, but it could really become something that’s positive. I think it will spill over to other improvements,” he said.

full article: https://chicago.suntimes.com/busines...ainment-center

[Chisouthside]

The stretch of Halsted can benefit from the redevelopment of the theater for sure, although there are already quite a few delicious newer chinese restaurants popping up on halsted north of the theater.

[Busy Bee]

Fantastic News!!!

[Via Chicago]

At the pace the Congress/Uptown/Regal/Double Door "renovations" are moving at, I'll believe it when I see it.

[ardecila]

Originally Posted by Via Chicago

At the pace the Congress/Uptown/Regal/Double Door "renovations" are moving at, I'll believe it when I see it.

The Ramova isn't the same as those other venues. Congress, Uptown, and Regal are colossal. The budget for Ramova is a fraction of Congress or Uptown, and Regal is a pipe dream given the known challenges of luring investment to the deep South Side.

The Ramova is just a neighborhood scaled theater, like the Logan, Davis, or Music Box, which all saw successful renovations. Granted, Ramova is aiming for live shows and not movies, but the project definitely seems manageable.

Not sure why Double Door has been languishing. But managing a rock club is very different from developing and building one. I got the sense Double Door's team wasn't very experienced with development.

[SolarWind]

November 20, 2019

[Kumdogmillionaire]

The Ramova being renovated would make me a very happy man

[BVictor1]

Originally Posted by marothisu

There's been a good number of new 2 and 3 unit buildings permitted in the general area of this lately. Still a year off from when they'd plan to even start it:

Apartments planned next to CTA station in Bronzeville

https://www.chicagobusiness.com/comm...on-bronzeville

https://chicago.suntimes.com/2019/11...dowell-support

[west-town-brad]

Originally Posted by BVictor1

https://chicago.suntimes.com/2019/11...dowell-support

this makes me really happy to see. also lots of good info in that article about rehabbers active in the area.