jameson in the news
July 2, 2007
Jameson Realty Group:
RETAIL AND RESIDENTIAL DEVELOPMENT FUEL HISTORIC UPTOWN GROWTH
The diverse community is getting a face-lift thanks to major new neighborhood developments like Wilson Yard, an innovative 5-acre mixed-use residential and retail development between Montrose and Wilson avenues just west of Broadway.
Projects like Wilson Yard are fueling the new look of Uptown, and real estate experts say now is the time to take advantage of the affordable housing stock available in Uptown.
"Home shoppers looking for everything from affordable condos and rental apartments to posh lofts and a Queen Anne mansion can take their pick at the diverse housing stock in the Uptown neighborhood," noted Paul Hardej, president of Metropolitan Development Enterprises, which is developing the ambitious Rainbo Village on the 2-plus-acre site of the former Rainbo Roller Rink.
Although the Uptown neighborhood is still a haven of reasonably priced housing units, real estate experts say prices are rising and time is running out to make an investment in the community as buyers continue to be lured by the area's lakefront location, shopping amenities, transportation opportunities and cultural attractions.
Uptown may not yet be "Yuptown," revitalization of the neighborhood-bounded roughly by Irving Park Road, Foster Avenue, Lake Michigan and Clark Street-has been in progress for more than a decade, real estate sources say.
The greater Uptown community consists of several smaller upscale residential enclaves, including several historic landmark districts with diverse housing stock.
Uptown's upscale enclaves include: The Hutchinson Street District (a city landmark district), the Sheridan Park Historic District (a national landmark district), Buena Park Historic District (a national landmark district), Clarendon Park and Margate Park. Each of the landmark districts has its own homeowners association, and owners gather for a monthly meeting with the Uptown Chicago Commission.
With development surging on all sides of the neighborhood, experts say the future of Uptown really depends on the heart of the commercial district-Wilson Yard, where work currently is underway after years of delays.
"Site and infrastructure work now is underway for a new Aldi grocery store at the north end of the site," said Wilson Yard developer Peter Holsten of Holsten Real Estate Development. Construction work on the Aldi store is scheduled to begin in August and opening is expected in December.
Plans for the $140-million Wilson Yard development call for a 180,000-square-foot Target store, 25,000 square feet of smaller retail, a 99-unit apartment building for seniors, a 78-unit rental housing building, and nearly 700 total parking spaces, according to Holsten.
"The goal is to develop retail and commercial in Uptown and bring money and jobs here," said 46th Ward Alderman Helen Shiller. "There are huge possibilities for Uptown."
"The look of the new Aldi store will be consistent with that of the main Wilson Yard project," Holsten said. "It will include landscaping and a look appropriate for the context of the buildings in Uptown. Parking will be to the rear of the store."
A letter of intent is being negotiated with Target and municipal approvals are in place, Holsten noted. "Target's architects are prioritizing this project and spending substantial time in its development," he said. "Construction on the Target store is scheduled to begin in early 2007."
The 2-story Target store will have its own 380-space underground parking garage.
"Some 30,000 square feet of smaller retail is planned to include restaurants, a coffee shop and a bank, among other users," Holsten said. At least 100 parking spaces will be available for the smaller retail and general public use.
"The challenge is to have a mix of local and national retail," Shiller said.
"Another challenge is keeping local business in the neighborhood," she said. "The truth is some old Uptown businesses have closed or relocated. The market has control. There are rules in the market. Tension moves the market. But government has a controllable interest to make sure people are served."
That's why Wilson Yard will also include a business incubator in the ground floor of the development. It is intended to assist growing small businesses in the community.
"There will also be a market tax credit specifically granted to retail to keep local business in the neighborhood," she said. National City Bank, Chase, City of Chicago. Finance vehicle for Market tax credit.
"Ultimately, we need a reorganization of the tax situation in Illinois. A state income tax means lower real estate taxes. People from outside the city who use our facilities would help pay for the facilities. They use our public transportation and our streets. They, too, should pay for the facilities," Shiller said.
The plan for Wilson Yard evolved after numerous community meetings coordinated by Ald. Shiller and the Department of Planning took place. FitzGerald Associates Architects designed Wilson Yard.
The senior apartments fronting on Montrose north of Broadway will be built as independent living, and all units will be 1 bedroom in size. The general rental housing on the northwest corner of Montrose and Broadway will feature 1-bedroom, 2-bedroom and 3-bedroom layouts and retail on the ground floor. Seventy-five percent of the units will be 2-bedroom apartments.
Both residential buildings will be 8 stories tall, no higher than the condominium building at the southwest corner of Montrose and Broadway. Apartments will have parking in a garage located above a rear corner of the Target store.
"Both buildings will be affordable to people with annual earnings of up to the mid-$40,000-bracket for a family of four," said Holsten, who has developed thousands of apartments, including 627 units at the Hilliard Towers Apartments on the southern edge of the South Loop. "This affordability range includes instructors at Truman College, police officers, and public school teachers," he said.
"We have 6,000 affordable housing units in Uptown, which is 20 percent of the neighborhood," Shiller said. Wilson Yard represents the only residential rental housing being built in the city of Chicago that is not replacement CHA housing."
"We need affordable rentals, and that's why we've tried to not increase rents for these units," she said. "Uptown will continue to have a small percentage of affordable housing."
"Affordable housing has substantial support in the Uptown community," Holsten said. "In February of 1999 an Affordable Housing referendum passed by a vote of 76.5 percent in 11 precincts in Uptown."
"Subsidy housing is 18.1 percent of the housing in Uptown," Hardej said. "There are 5900 units plus Wilson Yard. There are 256 units on a scattered site in Uptown, and the 46th ward has 200 alone." Built in the 1960s, 10,000 unit high rise HUD buildings are now being rehabbed. Uptown has 3,500 units, and most are tenant coops. Today, none are slums.
Other HUD buildings in the area include 4550 N. Clarendon, 850 W. Eastwood, 820 W. Bell Plaine and 4640 N. Sheridan. The rental apartments in these buildings contain anywhere from 20 percent to 100 percent Section 8 housing.
Holsten said financing for the senior apartments and other rental housing has been obtained through the City of Chicago, the Illinois Housing Development Authority, the Federal Home Loan Bank and tax-credit equity.
The Target, Aldi and other retail stores will front Broadway, and the housing will primarily front Montrose.
"The façade of the existing 1-story terra cotta building at the northwest corner of Montrose and Broadway will be restored or replicated to the greatest extent possible given the condition of the terra cotta material," Holsten explained.
Holsten acquired the land, which adjoins the CTA's Red Line and was formerly owned by the Chicago Transit Authority, by using a combination of City of Chicago financing and a loan from Bridgeview Bank.
An earlier proposal to include a movie theater at Wilson Yard was determined not to be economically viable. "That same theater complex is looking for a street-level site nearby," Holsten said.
For more information on Wilson Yard, please call Holsten Real Estate Development at 312-337-5339.
Situated on the border of historic Uptown and Andersonville neighborhoods, Metropolitan Development's Rainbo Village is a condominium development drawing first-time buyers.
"Soft loft condominiums have been the draw for young, urban buyers at Rainbo Village," Hardej said. "We have diversity here. People from Uptown, Andersonville and Lakeview are upgrading from rental to ownership."
Set on the historic 2-plus-acre site of the former Rainbo Roller Rink at 4836 N. Clark Street, Rainbo Village is home to 127 soft loft condominiums, duplexes and townhomes as well as 15,000 square feet of retail space.
Open, soft-loft floor plans with spacious 10-foot ceilings are the earmark of Rainbo Village's Kinetic Lofts, a collection of 88 loft condominiums in two 5-story buildings.
The 44-unit Phase I of the community is sold out, and the 44-unit Phase II currently is about 50-percent sold. "Construction is well underway-we've completed the erection of the steel framework," Hardej said. "First deliveries are scheduled for this summer."
Priced from $262,900 to $451,900, the lofts include 1 to 3 bedrooms, 1 or 2 baths, a private balcony and floor-to-ceiling windows to let in lots of natural light. Buyers can choose from 10 floor plans, offering 828 to 1,486 square feet of living space.
"Though called 'soft lofts,' we've outfitted the interiors to live like true lofts-polished concrete columns, exposed spiral ductwork, hardwood floors, 10-foot ceilings and floor-to-ceiling windows are all part of the package," said Bruce Zimmerman, vice president of sales and marketing for Metropolitan Development.
Each of the lofts comes with the "Metropolitan Advantage"-a package of luxury inclusions that are standard such as hardwood floors, furniture-quality hardwood cabinetry, granite countertops, gourmet appliances, marble-tiled master baths with whirlpool tubs, fireplaces (per plan) and much more.
"Many of the items that we include as standard tend to be upgrades at other builder's developments," Zimmerman added. "It's all included with the Metropolitan Advantage."
In each building, residences are located on floors 2 through 5, with lobby and retail space being planned for the first floor of each building.
In addition to the Kinetic Lofts, Phase III of Rainbo Village will include nine 3-story townhomes, eight 2-story duplex homes and 16 traditional condominiums. Phase III sales are scheduled to open this summer with deliveries planned for summer of 2008.
The site has a rich history-Rainbo Village takes its name from the Rainbo Gardens, which occupied the North Clark Street site after the end of World War I. Rainbo Gardens was most recently used as a roller rink, but during its history served as a turn-of-the-19th century roadhouse, a picnic grove, speakeasy, pleasure garden and rock-n-roll venue.
"Rainbo Village was designed to be a true community, with homes built around a courtyard garden that features stone pieces from the original Rainbo façade, wide brick walkways and lush landscaping," Zimmerman said. "It's a private haven in the center of a thriving urban neighborhood."
"People are buying in Rainbo Village because of the attraction of Uptown," Hardej said. "Residents will be within walking distance of all the cultural amenties Uptown has to offer. They can go west to Lincoln Square and restaurants, and east to the outer Drive. They are also just a short walk away from the Red Line, Starbucks and lakefront fun. It's just a great location."
The Rainbo Village sales center, located at 4836 N. Clark Street, is open Monday through Saturday from 10 a.m. to 5 p.m. and Sundays from 11 a.m. to 5 p.m. For more information, please call 773-271-5111 or visit www.rainbovillage.com.
Residential and commercial development also is booming in the heart of Uptown, across the street from Wilson Yard.
Joseph Freed Homes, a veteran residential and commercial developer, has completed the $24.3-million Phoenix at Uptown Square, 37-unit a mixed-use condominium and retail developments on Broadway, just south of Lawrence in the heart of Uptown.
The retail, new-construction and adaptive-reuse loft condominium development includes the rehabilitation of the long-vacant, former Goldblatt's Department Store complex on the 4700 block of North Broadway.
The Clark Street Corridor-running north from Montrose to Foster avenues on the western edge of Uptown-is undergoing a rebirth with new condominiums, retail, and restaurants, real estate experts say.
"Spilling north from Wrigleyville and the Graceland West neighborhoods into East Ravenswood and West Uptown, growth in the Clark Street Corridor is being sparked by the sale of new upscale condominium developments," said Susie Kanter, sales associate for Rubloff Residential Properties.
For example, 4420 N. Clark, a 32-unit luxury new-construction condominium development, is immediately west of the historic Sheridan Park district. Base prices on 2-bedroom, 2-bath units at 4420 N. Clark start at $322,500. Living areas range up to 1,299 square feet.
The development has reached the 60-percent sold plateau, according to Rubloff, the exclusive sales and marketing agent for the development.
For more information, please call Susie Kanter at 312-368-5962 or visit the award-winning Rubloff Residential Properties Internet site at:www.rubloff.com.
In between 4420 N. Clark and Rainbo Village at 4836 N. Clark is Chase Park, a public park which runs along Leland between Clark and Ashland. Overlooking the park is Chase Park Commons, a 42-unit new-construction mixed-use condominium and retail/office development at 4717-4747 N. Clark St. on the western edge of the Sheridan Park district.
The development consists of a row of seven 6-flat brick condominium buildings with 14 retail/office spaces on the ground floor, said developer Mike Morrisey of Chicago-based Morrisey & Morrisey Construction.
Chase Park Commons offers 3-bedroom residences with 2 baths and more than 1,500 square feet of living space. Prices range from $389,900 to $416,900 and include one garage parking space, according to Jameson Realty Group, the exclusive sales and marketing agent. Fall occupancy is available. A decorated condominium model is on display Sundays from 1 p.m. to 3 p.m.
For condo buyers seeking to live closer to Lake Michigan and Lincoln Park, several new-construction condominium developments are underway in the Margate Park district on the eastern border of Uptown. Here are details on
"Only a stone's throw from historic Uptown's theater district, this 8-story building is an elegant addition to the rapidly appreciating Uptown neighborhood," said Melissa D'Angelo, sales associate for Rubloff Residential Properties, the exclusive marketing agent. ViCor Development Inc. is developing the project in conjunction with its partner, Capital Lending Group LLC.
Free deeded parking is included with any 3-bedroom unit purchased through this spring. Three-bedroom, 2-bath layouts in 8-story Sheridan Grande are priced from $384,000. Garage parking is valued at $29,500. Immediate delivery is available.
Base prices on other units range from $284,000 for a 1-bedroom-plus den layout to $299,000 for a 2-bedroom, 2-bath floor plan. Each residence will feature a balcony or terrace.
The sales center is located at 4834 N. Sheridan Road. For more information, please call Melissa D'Angelo or Bonnie Kenney of Rubloff at 773-275-1300, or visit the development website: www.SheridanGrande.com.
Simplex choices in the building include five 1-bedroom-plus-den, 1-bath units and ten 2-bedroom, 1-bath layouts. Duplex choices include one 2-bedroom, 1½ bath residence and three 2-bedroom-plus-den, 2-bath layouts. Prices range from $195,900 to $299,900. Garden units range from $189,900 to $199,900. A furnished model is open Sunday from 1 p.m. to 4 p.m. Call 312-751-0300.
