South Loop Scoop
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South Loop Scoop
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March 30, 2011Walton On The Park Going RentalIt has been confirmed that Walton on the Park’s remaining unsold condos will be rented out. An investor has come in and purchased the remaining inventory with plans to rent out the units for the next 3-5 years and than sell as condos. A letter has been sent out to all of the building’s current residents letting them know, please see below. Too bad for all of those that bought and closed at the building but this is a better solution for them than an auction or drastically cutting the prices.
March 24, 2011Gioco restaurant shuttered as state seeks unpaid taxes(Crain’s) — Gioco restaurant, among the pioneers of the burgeoning South Loop restaurant scene, has gone dark, sidelined by a state tax problem. Neighbors of the popular Italian restaurant were surprised to see signs in the windows Wednesday stating that the place is closed until further notice. Chicago restaurateur Jerry Kleiner, a co-owner in Gioco, at 1312 S. Wabash Ave., says the state suspended its retail license Wednesday because Gioco has fallen behind in making required employee withholding and sales tax payments. He hopes the closing will be temporary and said he and his partners in owner KDK Restaurants Inc. are working with the Illinois Department of Revenue to get the license reinstated. Mr. Kleiner said Gioco is making money — he declined to provide specifics — but has suffered in a financial restructuring at KDK, which at one time owned a string of high-end eateries, including Marché in the West Loop and Opera, Gioco’s neighbor just up Wabash. Marché closed in June after a near-two-decade run, and Opera shut its doors in December. Now KDK is down to just one restaurant: Red Light. Mr. Kleiner said Gioco’s success has helped keep Red Light afloat and delayed the demise of Opera. “We’re going to make good on the taxes owed,” Mr. Kleiner said. “Gioco is very profitable. It just got caught in the fire.” A spokeswoman for the Illinois Department of Revenue said she cannot comment on individual cases, but in general, the state isn’t in the business of shutting down restaurants. “Our goal is to keep them open and keep people spending,” she said. January 11, 2011OPERA RESTAURANT CLOSES, IS SOUTH LOOP OVER SATURATED?
Click here to find out more information about what Opera Restaurant will become at David Silverman’s Blog. January 5, 2011LEXINGTON PARK…WILL THEY EVER SEE LIGHT? LEXINGTON PARK STILL DARK? It is truly a shame, as the building was attractive and stood to be the bookend to the south loop. The finished product was absolutely beautiful, with stunning views of the lake and city. In the end the buyers were unable to close on their dream homes, and were offered a reduced earnest money refund. I’m not sure why it has taken so long for them to decide what direction to take Lexington Park, but can only assume the delay is due to the incredible breaks they received in the transaction. Purchasing it for a fraction of the cost, with a no interest loan and a huge cash infusion, probably offers them little reason to move quickly. Only time will tell what will happen at Lexington Park, but I sure hope they move soon, as the vacant building with no lights, is an eyesore to the south loop. READ MORE BLOGS HERE…http://brittaj17.wordpress.com/2011/01/04/so-you-want-to-be-an-agent/ December 30, 2010Britta Rivera, Top Real Estate Agent of 2010 by BloggingCurbed Awards 2010 Real Estate: The People!Britta Rivera,Sales Director for Weichert Realtors® Frankel & Giles, makes #1 Agent of the Year in the Curbed Awards 2010 in Chicago. Britta is an amazing blogger with great articles and insite. She knows how to spin a story to relate to real estate and can assist any agent to create their own amazing blog. Check out the Chicago Curbed for the full story about the People of 2010. Also stop by Britta’s blog and see how she became #1! December 20, 2010Legendary Victorian Mansion…back on the market!As many of the south loop mansions have character, charm and historic landmark status, even they are not immune to the challenges of getting deals closed in this market. Many of the past owners would turn in their graves at the current asking prices. Most of mansions, in this south loop location, were previously owned by extremely wealthy Legendary Chicagoan’s, including Kimball, Glessner, Armour, Coleman, basically Chicago’s business and civic elite. The current casualty goes to the historic Victorian landmark mansion, located at 2801 S. Prairie. It was put on the market for sale in early October, for an incredible price of $599,000. It was snatched up for a, undisclosed amount within a month, seeming to have a guaranteed closing soon after. But say it isn’t so; it has popped up back on the market for $599,000, leaving most to believe the deal appeared to sizzle and no one seems to know why. It seems like a great deal, so anyone looking to “make an offer” should call Weichert Realtors Frankel & Giles, to assist with your negotiations, at 312.225.9700. www.Frankelgiles.com December 15, 2010Drex in the Morning Fired?So real estate has had a rough patch, but appears to be improving. However, it now seems that the radio industry is catching up. With more DJ’s getting released than short sales coming on the market, it appears a new casualty “allegedly” took place today, with the release of Drex in the Morning. Drex had been on Kiss 103.5 for several years (never really counted), and was highly paid and supposedly highly rated. Truly not sure what happened, but I’ve got to say, I was far more disappointed with the firing of Eddie & Jobo on B96. Not to be completely rude, but I never really saw what the fuss was about with Drex, and his voice was really annoying. While it is never a good thing to be fired, especially around the holidays, I really hope he will land another gig…just not in Chicago. UPDATE: so after Drex was fired, Mel T quit! Loyal for sure, but not a good move in a bad economy. He was making over $1million, she was probably at $50K! Not too many stations hiring right now, so she should have hung in there. Hope he finds THEM a new gig! p.s. If Drex happens to read this, I am looking for some GOOD real estate agents. Look me up! Anyone else looking to become a real estate agent email info@frankelgiles.com. Posted Provided By: Britta Rivera, Director of Sales at Weichert Realtors® Frankel & Giles November 18, 2010Columbia College in Chicago Buys More PropertyJohnson Publishing Co, Inc. (JPC) sold its longtime Michigan Avenue headquarters building to Columbia College Chicago. The publishing firm has occupied the building since 1971. Johnson Publishing said that it currently uses less than 40% of the 11-story, 127,153 square-foot building, and that selling it and moving its headquarters is part of the firm’s plans to reduce costs and refocus on its core publishing and cosmetics businesses. ”Just as when JPC moved to this location in 1972, my father would be the first to say it makes good business sense to relocate to space that serves the current needs of the company,” said Johnson Publishing Chairman Linda Johnson Rice in a statement announcing the sale. The building has housed the publisher of EBONY and JET magazines as well as Fashion Fair Cosmetics since it was completed. Columbia College Chicago Board of Trustees Chairman Allen Turner said, “The purchase of the Johnson Building offered us a rare opportunity for much needed expansion, especially given that the space is central to our South Loop campus.” It is not known what Columbia will use the site for but our best guess is that it will be some type of mixed use project that could include classroom space, student housing, and/or bottom floor retail. November 5, 2010State of the South Loop MeetingWant to know what is going on in your neighborhood? Greater South Loop Association will be hosting “State of the South Loop” meeting 9:30am, Saturday, November 20, 2010 at 1420 S Michigan Ave. Learn what is going on in the South Loop and get the latest updates on the South Loop Dog PAC, 2nd & 3rd Wards, and more! For more information click here! October 20, 2010Museum Park Land for SaleAccording to REalert.com the undeveloped land at Museum Park is for sale. The land at South Michigan Avenue and Roosevelt Road is part of a 23 acre development unveiled in 2008 by Forest City and Fogelson Properties. Currently Jones Lang LaSalle has the listing. According to the report the land is approved for 70 story tower with 1200 residential units or 1500 hotel rooms or 325,000 of office or retail space. It is thought that bids will be in the $30 MM range. |
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WEICHERT, REALTORS® - Frankel & Giles |
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