River North’s Staybridge Suites in another legal battle as foreclosure looms.

Take a look at Crain’s Chicago Business’ article about our poor Staybridge Suites hotel that has sat as an empty 16 story shell for nearly two years.  Wow, time flies.

Investors battle lender on stalled Miglin hotel

127 W. Huron. Photo from CoStar Group Inc.

By: Alby Gallun May 19, 2010

(Crain’s) — Chicago developer Duke Miglin and an Irish group he recruited to invest in his stalled River North hotel project are striking back at the lender trying to foreclose on the property, now just a 16-story concrete shell draped in canvas.

Mr. Miglin and his prospective partner allege that the lender, CapitalSource Finance LLC, reneged on an agreement to recapitalize and restart the planned Staybridge Suites hotel at 127 W. Huron St., which has been idle for nearly two years.

A venture financed by the Irish investors filed a federal lawsuit earlier this month to force CapitalSource to return a $1-million deposit from the venture that would have gone toward the aborted recapitalization.

It is the latest salvo in the dispute over the failed 216-room hotel development, which was launched at the peak of the hotel boom but is now just another symbol of the bust. CapitalSource, which provided a $43.1-million construction loan for the project, filed a foreclosure suit in October 2008 alleging that a venture led by Mr. Miglin failed to put up an additional $5.9 million to finance the hotel as required under the loan agreement….

Click HERE to look at the full Crain’s Chicago Business article.

eeNEW LISTING ALERT! 2Bed penthouse near Loyola University in Rogers Park!

I just teamed up with another @properties agent to bring our new 2Bed/2Bath corner penthouse onto the market!  This home is located at 1242 W. Pratt Blvd in Chicago’s Rogers Park neighborhood and is only blocks away from Lake Michigan, Loyola University, two ‘el stops, a Metra stop, and a bounty of restaurants, shops, and theatres. 

This home features a large, open living and kitchen area with a ton of windows that let in a lot of sunlight.  The kitchen features granite counters, undermount sink, S/S appliances, a breakfast bar, and 42″ cabinets for extra storage space.  The master bedroom is quite large, over 17′ long and as an added bonus, a very large walk-in closet and on-suite bathroom with double vanity.  Right off the living room is a large deck and since this home comes with roof rights, you can build out an amazing roof deck!  Secure parking and extra storage is included in the price of this home, $260,000.  Also offering a $4,000 buyer’s bonus!

Feel free to share your feedback or comments about the listing.

Check out the full virtual tour HERE!

If you’re ready to buy a home, sell your current place, or even find a rental apartment in Chicago, contact me and we can get started!  jeffstewart@atproperties.com.

It’s Mayfest time! Head up to Lakeview for some food and music!

Located at 3100 N. Ashland Avenue in Chicago’s Lakeview neighborhood, Mayfest lasts from May 21st through May 23rd so you still have two full days of Mayfest fun to be had. 

Description
Mayfest kicks off the summer festival season for Chicago. This event features great music, lots of food and plenty to drink. Dont miss it. A courtyard of fantastic merchants, artists & corporate booths

Performers
Chicagos Best Entertainment! Maggie Speaks, Mike & Joe, 16 Candles and many others.

Times
Fri 5:00 pm – 10:00 pm
Sat and Sun 12:00 pm – 10 :00 pm

Admission & Parking
Only $5 / parking is not offered at event.

Come check it out.  I went to Mayfest last year and had a good time, mostly because I love food and there was plenty of it.  Also, the bands are pretty good and let me reminisce about my college days…er, last weekend if I’m talking about 16 Candles.

 

GREEN ROOF ALERT! 901 W. Madison in the West Loop goes the green route!

I was up on the roof of 901 W. Madison in Chicago’s West Loop neighborhood and the first thing I noticed was the building’s green roof!  Figured that a lot of people don’t see a green roof up close so I made sure to take a closeup photo.

Do you know of any other good green roofs that I could get access too or that you have photos of?

Random building blocks at Chicago’s Tribune Tower on Michigan Avenue!

Obviously these stones from across the world don’t contribute to anything structurally, it’s still pretty cool to walk around Chicago’s Tribune Tower and see the dozens of pieces of history stuck into the building’s exterior.  Check out the first one!

Shelbourn Development scales back its Chicago Spire sales center.

Not too exciting or surprising news coming from Chicago Breaking News but at least Shelbourne’s doing the smart thing by downsizing their sales center operation to the Shelbourne Development offices at 111 S. Wacker Drive.  During the Spire’s peak in sales, their lease took up the entire 18th floor at NBC tower but for the past nine months, we have seen some legal drama going on when NBC Tower sued Shelbourne in order to evict them from the building.  I’m really curious to find out if anyone is buying in the building still.

Chicago Spire developer scales back on sales office

Published on May 17, 2010 9:52 AM | Submit a comment

The developer behind the Chicago Spire closed its posh sales office over the weekend, relocating the marketing arm for the long-stalled project to a much less grand office space nearby.

Shelbourne Development Group, which has been battling the owner of the NBC Tower for nine months, consolidated the sales function into its own office space at 111 S. Wacker. A spokeswoman for Spire developer Garrett Kelleher denied that the move signaled that the project was dead.

“He’s being smart,” the spokeswoman said. “If you’re in a situation where things are slowing down, you need to consolidate and you need to be smart. Clearly the economy has been tough and he’s had to focus on areas of his portfolio that are doing well.”

The sales office in the NBC building, which occupied the entire 18th floor, opened in early 2008 and included touches designed by Spire architect Santiago Calatrava and a built-out model of a Spire condominium.

The owner of the NBC Tower sued Shelbourne to evict the developer last August, charging that the company had not made a rent payment since April. In March, the case was dismissed by agreement, and a $55,082.06 judgment for NBC Tower was voided.

Instead of touring a model unit, potential buyers will see samples of materials and three-dimensional computer models, the spokeswoman said.

The sales office’s closing is likely to cast more doubt on whether the twisting, 2,000-foot-tall skyscraper will ever rise from the circular hole in the ground that now exists alongside 400 N. Lake Shore Drive. Shelbourne has been beset by financial problems since starting the skyline-defining project just as the financial and real estate markets were seizing up.

Shelbourne and Kelleher remain in litigation with Bank of America Corp., which filed suit last August, charging the developer with defaulting on a loan and said it was due $4.9 million. Bank of America said Kelleher personally guaranteed the loan. Kelleher and his company fired back in a countersuit, claiming the lender committed fraud and deception in arranging a loan used to start the building…

Check out the full article by clicking HERE!

NEW LISTING ALERT! Great 3Bed loft near UIC in University Commons!

Check out my and Jodi Faulkner’s new listing at 1111 E. 15th Street in University Commons.  Located just South of the UIC campus, University Commons acted as the South Water Market for about 75 years. 

This 3Bed/2Bath corner AND top floor loft boasts 12′ ceilings, huge windows, large bedrooms with full walls, and a spacious kitchen and living area with a lot of storage.  The master suite is quite large with a great sized master bath with double vanity, a large soaking tub, and seperate shower.  The kitchen has 1 1/4″ granite, undermount sink, S/S appliances, and there is no shortage of cabinet space!  University Commons is a full amenity community.  Each building boasts a gym, party room, roof deck with spectacular views of downtown Chicago, and even an in-ground swimming pool. 

This home is priced at $369,900 and parking is below ground and secure for an additional $30K.

Check out the full virtual tour by clicking HERE!

If you’re ready to buy a home, sell your current place, or even find a rental apartment in Chicago, contact me and we can get started!  jeffstewart@atproperties.com.

Mysterious and stalled development in Fulton Market.

Does anyone know what this development was supposed to be?  It’s located at Ada and Fulton Streets and has been in its current state for a long time.  I took a look at an aerial map and it looks like a huge parking garage but being in that area, why the hell would someone need or build a four-story parking garage?

View from University Commons just South of UIC!

This view is taken from the roof deck of a new listing that I’m partnering up with another @properties agent, Jodi Faulkner, in University Commons.  University Commons stands on five blocks that, for over 75 years, was home to Chicago’s South Water Market.  The developer, Enterprise Companies, did an amazing job transforming these once dilapidated marketplaces into a vibrant neighborhood.  Kudos to them!

New construction slated for the Poetry Foundation in River North.

The Poetry Foundation, designed by Chicago’s John Ronan Architects, is slated to begin construction sometime soon at its new location on the Southwest corner of Dearborn and Superior Streets.  The Foundation’s new office is slated to open in June 2011 and will be one of a few actual places devoted to the advancement of poetry in the United States.

You go…Poetry Foundation!  I suppose I never would have thought poetry needed a building to advance itself but if the building turns out like these photos, advance away.  I love the contrast of the black, sleek, modern look next to the older buildings that are made from stone and concrete. 

Check out a nice article from the Poetry Foundation’s website by clicking HERE!