ChicagoismynewBlog

Posts Tagged ‘River North’

New 427-Unit Apartment Tower Set for River North

Posted by ChicagoismynewBlog! on July 28, 2010

According to this ChicagoRealEstateDaily article, AMLI Residential is partnering up with developer Friedman Properties to build a 49 story apartment building in the Southeast corner of Clark and Hubbard.  The building isn’t slated to begin until spring of 2011 at the very earliest but a completion date of 2013 seems to be a good bet.

Taking advantage of having the Greenway Self Park right next door, the AMLI building’s residents will enjoy a large landscaped roof deck on top of the garage. Amenities will include a swimming pool, a jogging path and dog runs.  Pretty cool!

As long as they keep saving the old three story buildings in River North and keep building on surface parking lots, I’ll be a happy camper.

Check out the full ChicagoRealEstateDaily article by clicking HERE!

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Posted in News Articles, Proposed Developments, Rental Building, River North | Tagged: , , , , , , , , | Leave a Comment »

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

Posted by ChicagoismynewBlog! on May 24, 2010

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.

Posted in Buildings, Construction, News Articles, River North | Tagged: , , , , , , | Leave a Comment »

New construction slated for the Poetry Foundation in River North.

Posted by ChicagoismynewBlog! on April 25, 2010

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!

Posted in Architecture, News Articles, Proposed Developments, River North | Tagged: , , , , , | Leave a Comment »

Owners of Rosebud plan for a late-night comfort food spot, Eatt, in River North.

Posted by ChicagoismynewBlog! on March 29, 2010

Rosebud owner plans late-night comfort food spot in River North

By: Eddie Baeb March 29, 2010

(Crain’s) — Rosebud Restaurants Inc. is planning a new eatery in River North that will feature fresh-made baked goods in the morning, comfort foods at lunch and dinner and a kitchen that will be open well past midnight.

The café, dubbed Eatt, is under construction and is slated to open by June at 6 W. Hubbard St., the longtime home of Vong’s Thai Kitchen, a popular Lettuce Entertain You Inc. restaurant that closed in December when its lease was up.

The concept is loosely modeled after European cafes that are open for breakfast – where diners often grab bread or pastries to go – and then cater to lunchtime, dinnertime and bar-time crowds, says Rosebud owner Alex Dana. Eatt will stay open until either 2 a.m. or 4 a.m.

The location, at the corner of Hubbard and State Street, should work well for a late-night eatery because of the numerous nightclubs and bars nearby, according to Phil Mott, a professor at Chicago-based Kendall College’s School of Hospitality Management.

“Chicago has certainly become a nightclub city, much more than it used to be,” Mr. Mott says. “You can only go to the Wieners Circle so many times.”

Rosebud, which is best known for upscale Italian restaurants and steakhouses, is looking to capitalize on the popularity of the Hubbard Street area for diners and club-goers. Mr. Dana says he also expects Eatt’s fare, items such as short ribs, hamburgers and tuna sandwiches, to play well in a difficult economy.

“It’s going to be a little higher-end comfort food with a real heavy value to the portions,” says Mr. Dana, whose Chicago-based Rosebud has 11 locations in the city and suburbs, including a Rosebud Trattoria in River North at 445 N. Dearborn St.

Mr. Dana first tested some elements of the comfort-food menu last year in west suburban Naperville, where he overhauled the menu of the Rosebud there to focus on items like hamburgers, chicken in a basket, ribs and hot dogs. The experiment lasted only about six months, though, as an outcry from the locals for the old Rosebud menu prompted Mr. Dana to reverse course.

He says the comfort food was well-received, though the family-oriented Naperville crowd was more interested in having Rosebud’s traditional Italian menu than they were in paying upwards of $8 for a burger.

“Sometimes you’re not as smart as everybody thinks you are, and you’ve got to be willing to eat a little crow,” Mr. Dana says. “The town was so caught up with our Italian culinary, they didn’t want to hear about burgers. They wanted their spaghetti back.”

That’s partly why Eatt will have its own, distinct brand separate from Rosebud, Mr. Dana says. He also thinks the River North location is well-positioned for the concept because of the tourist crowd along with nearby bars, restaurants and hotels.

“That location is so hot. There’s so much foot traffic,” he says. “There are a lot of people in the (restaurant) industry who work late and want a place to eat after work. There are all the people in their hotels. They don’t want to eat in their rooms….”

Check out the full Crain’s Chicago Business article by clicking HERE!

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New restaurants, including Bull & Bear, to open around River North.

Posted by ChicagoismynewBlog! on February 19, 2010

Bull & Bear owners, diner to open River North locations

By: Todd J. Behme Feb. 05, 2010

(Crain’s) — The owners of the popular Bull & Bear pub and a local diner plan to open new locations this year in River North.

The firm that owns the Bull & Bear and Stone Lotus, Twilight Traffic Control LLC, leased 12,000 square feet on the ground level and basement at 400 N. State St. for an upscale, “beer-centric” pub that’s to open in September, says Luke Stoioff, a partner with Twilight Traffic.

The new pub will have a different concept than Bull & Bear, a sports bar, and Stone Lotus, a nightclub.

The 10-year lease has several five-year extension options, Mr. Stoioff says. The location will be twice as large as the firm’s two other River North spots and have a little more expansive menu than Bull & Bear, 431 N. Wells St., serving contemporary American comfort food, he says. It also will have beer taps at the tables.

The 400 N. State building is now 80% leased, says Marc Bushala, the majority owner and managing partner of the group that bought it in 2008.

News of Twilight Traffic’s plans was reported last week by newsletter Marina City Online, which says Redfish closed in July 2008.

Separately, Clarke’s Restaurant signed a 15-year lease this week for 6,650 square feet at 343 W. Erie St., says Arthur Holmer, a managing principal of the building owner, Chicago-based real estate investment firm Wells Street Cos.

Clarke’s, whose “Oh my. You should eat” sign at the 930 W. Belmont Ave. location is well-known to CTA riders, is to occupy space vacated about a year and half ago by residential real estate brokerage Keller Williams Realty, Mr. Holmer says.

The new location will be the biggest for Clarke’s, whose three others are about 4,000 square feet, says Dan Moon of Moon LLC, who represented both sides in the lease. The River North site is targeted to open in mid-April, he says.

Both Clarke’s and Twilight Traffic’s have proven concepts, which should help them succeed even in today’s economy, says Jeremy Kudan, principal at Chicago-based brokerage Kudan Group Inc., which specializes in restaurants and was not involved in either deal.

High traffic and River North’s affluent demographics also give both “a huge chance at long-term success,” Mr. Kudan says in an e-mail.

In an e-mail statement, Clarke’s owner Tom Tsatas says River North “is a perfect location for our clientele and we are looking forward to becoming the local neighborhood restaurant for quality, inexpensive American fare.”

Read the full Crain’s Chicago Business article by clicking HERE!

Photo courtesy of Time Out Chicago

Posted in Leases, News Articles, Restaurants, River North | 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 »