ChicagoismynewBlog

Posts Tagged ‘Lincoln Park’

Crain’s video highlights the demise of the Armitage Avenue retail corridor.

Posted by ChicagoismynewBlog! on April 7, 2010

The Armitage Avenue retail corridor, between Halsted and Racine, has become another casualty due to greedy real estate developers and real estate owners.  With retail rents at an affordable rate, Armitage Avenue was able to attract droves of mom and pop businesses that appealed to, not only Chicagoans, but tourists from around the world.  These boutique shops and low rents made Armitage Avenue one of the most sought after destinations to go shopping and to open up a store respectively. 

But during the residential and retail boom years ago, the owners of the retail spaces were able to jack up rent to a level business owners couldn’t afford.Now that the economy has plummeted, businesses could no longer afford the sky-high rents and now Armitage Avenue is filled with vacant storefronts or banks. 

Take a look at the Crain’s Chicago Business video by clicking HERE!

Posted in Leases, Lincoln Park, Retail | Tagged: , , , , , | Leave a Comment »

Public meeting tonight at 6:30PM on plans for Lincoln Park Hospital site.

Posted by ChicagoismynewBlog! on January 12, 2010

So tonight is the public meeting to go over plans for the redevelopment of the old Lincoln Park Hospital and its site, located at 550 W. Webster Avenue. The meeting will start at 6:30PM in Lincoln Park High School, located at 2001 N. Orchard Street in Chicago.  Now, if you’ve ever been to a public meeting, especially a meeting that deals with a proposed development, the crazy’s come out like werewolves to a full moon.  I plan on going to show my support for the redevelopment…and of course to take in the spectacle.

Check out the plans with photos by clicking HERE!

I am 100% in favor of the plans for the old hospital for a number of reasons.  I actually think the plans are quite nice and look a million times better than what is currently there.  I also like that the developer plans to re-use the two major buildings and the neighboring (and extremely ugly) parking garage and turn them into something that is actually used and contributes to creating a neighborhood.  Now this is just my opinion, but residents of a major city with high rises all around sound a bit ridiculous when they complain about a 6 and 12 story building and the “traffic” that they will create.  Didn’t the hospital create a TON of noise and traffic when it was open?

Photo courtesy of Crain’s Chicago Business
Photo courtesy of Crain’s Chicago Business

 

Posted in Events, Lincoln Park, Proposed Developments | Tagged: , , , , , , , | Leave a Comment »

Know a friend who is looking to rent an apartment in Chicago?

Posted by ChicagoismynewBlog! on January 11, 2010

Hey there!  So one of the reasons I created ChicagoismynewBlog! is to help promote my real estate business and to keep marketing myself as a REALTOR® with @properties.  I want to reach out to all of you who may have a friend or family member who is in the process of trying to find an apartment in Chicago and offer my services because they’re basically free for anyone looking to find an apartment.

I would be honored to have my contact information passed along.  Lets start…….now.  Don’t hesitate to send an email to my @properties email:  jeffstewart@atproperties.com

Posted in @properties, Chicago, Leases | Tagged: , , , , , , , , , , , , , | Leave a Comment »

Epic Burger expanding to North Avenue! I LOVE Epic Burger!

Posted by ChicagoismynewBlog! on January 10, 2010

Ever been to Epic Burger’s original location in the South Loop/Printers Row neighborhood?  Well, Epic Burger, located at 517 S. State Street in the mega-dorm has become so successful that they’re planning on expanding to the North Avenue retail area at 1000 W. North Avenue

Epic Burger goes with the whole sustainable and going green route and their food is, for the most part, all natural.  Plus, Epic was pretty smart to open up their restaurant on the ground floor because I would think almost any good restaurant would do well when there’s a couple thousand hungry college kids around.

Chicago Gourmet Burger Brand Expands

[2009-12-18]   Epic Burger is set to open its second location in Spring 2010 at 1000 West North Avenue in the former Transitions Bookplace in Lincoln Park. The first location launched in Chicago’s South Loop neighborhood in May 2008 and introduced Chicago to “a more mindful burger”.

In a time when authenticity and value is top of mind, Epic Burger offers its customers a better burger experience. The new location will introduce Lincoln Park customers to a mindful menu that features 100 percent all natural, never frozen, hand-packed beef and turkey burgers, all-natural chicken breasts and portabella mushroom sandwiches, all cooked fresh to order. Customers can also choose from unique flavor additions like: cage-free organic fried egg, nitrate free bacon, and all natural cheeses. Epic Burger buns are baked fresh daily and have no preservatives or artificial ingredients. Fries are made with fresh, hand cut potatoes cooked with zero trans fats and seasoned with pure sea salt. The menu also features shakes and smoothies made with all natural ice cream and fat free frozen yogurt….

Check out the full QSR Magazine article HERE!

image 5
Photo courtesy of Epic Burger.

Posted in Food, News Articles, Printers Row, Restaurants, South Loop | Tagged: , , , , , , , , | 1 Comment »

Story of the 2009 Market. Lincoln Park 2520 Scaled Down by a Third.

Posted by ChicagoismynewBlog! on December 24, 2009

Proposed Lincoln Park condo project scaled down

By Thomas A. Corfman, July 22, 2009

(Crain’s) — Developers of a proposed luxury condominium complex overlooking Lincoln Park are slashing the number of units by nearly a third in a bid to break through the locked-up market for large construction loans.

Ricker-Murphy Development LLC told buyers last week that the number of units would be cut by a nearly a third, to 198 from the 292 previously proposed, in Lincoln Park 2520, a three-building complex proposed for the site of the demolished Columbus Hospital, 2520 N. Lakeview Ave.

As a result, developers plan to lop off eight stories from the tallest building, reducing the height to 33 stories from the 41 stories previously proposed.

“Our opportunity to reduce the scale we believe will actually make us more attractive for not only construction financing, but also more attractive for the buyers” who want a smaller project, says John Murphy, a co-principal in Ricker-Murphy, whose joint-venture partner is the General Electric Co. pension fund.

Although the building will be shorter, the changes would not affect the design by Chicago architect Lucien Lagrange.

But even at a reduced size, the project would likely require a construction loan of more than $200 million to complete. As a result, the venture plans to start work without a loan on the foundation, which alone could take 12 months to finish. A smaller building still could be completed by late 2011, as required by the current contracts with homebuyers.

The shift in strategy comes as Ricker-Murphy faces an Aug. 15 maturity date on a $28.75-million loan on the site held by Bank of America, property records show. Mr. Murphy says talks are already under way for an extension of the loan.

B of A executives could not immediately be reached for comment, a spokeswoman says.

Ricker-Murphy and the GE pension fund are taking an aggressive approach to challenges facing many residential developers, who have instead opted to put their projects on hold.

“The cheapest thing to do is to sit and wait it out,” says developer Harry Huzenis, a principal in Chicago-based Jameson Development LLC. “The type of buyer they have will be there when the market is better.”

With asking prices of $885 a square foot, the project has not been immune from the broad downturn in the condo market, despite its premium location. Sales have stalled at about 50% of the units, a level that was once more than enough to obtain a construction loan. But lenders have become fearful of new condo projects because of deep concerns about weak demand and the glut of units already being built.

By reducing the number of units, the percentage of condos under contract would increase to 74%, from about 50%, assuming the number of buyers does not change, Mr. Murphy says. Reducing the number of units eliminates 29 condos that are already under contract, giving those buyers the chance to walk away and possibly washing out any advantage to the developers….

Check out the full ChicagoRealEstateDaily.com article by clicking HERE!

Old Lincoln Park 2520 Rendering.

Posted in Construction, Lincoln Park, News Articles, Proposed Developments | Tagged: , , , , | 2 Comments »

 
Follow

Get every new post delivered to your Inbox.