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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 30, 2011WEICHERT REALTORS FRANKEL & GILES: HABLAMOS ESPANOLWEICHERT REALTORS FRANKEL & GILES located in Chicago’s South Loop, is now offering bilingual services. In an effort to serve surrounding neighborhoods, your real estate needs can now be handled by a spanish speaking agent. Contact the office at 312.225.9700 and say “habla espanol” to receive assistance. Weichert Realtors Frankel & Giles understands the need for helping the Latino community and is excited to offer this service. Professional real estate agents will assist with your purchase of a new home, every step of the way. Spanish speaking Loan Officer also available to assist with pre-approvals. If you would like a career in real estate…now hiring (bilingual agents also wanted): http://www.frankelgiles.com/our-agents/join-our-team January 17, 2011January 11, 20117 MORTGAGE TRENDS TO EXPECT IN 2011Historicly Low Interest Rates:
While these general mortgage trends may impact the real estate market overall, your Weichert Realtors Frankel & Giles Real Estate Agent can point you in the direction to one of our preferred lenders. They will help you access your needs and guide you through the mortgage loan application and we will be there every step of the way. Information provided by Investopedia and msnbc.com January 5, 2011MUSEUM PARK LAWSUIT…DOES ANYONE WIN? MUSEUM PARK Central Station developers sue condo board By: Andrew Schroedter December 29, 2010 (Crain’s) — A joint venture including Ronald Shipka Sr. and Gerald Fogelson has sued the condominium association of One Museum Park East in the South Loop, alleging that the board is trying extract money from the Chicago developers by jacking up moving fees and falsely claiming that nearly $450,000 was misappropriated. Their venture, which also includes Cleveland-based Forest City Enterprises Inc., still owns 41 units in the 298-unit tower at 1211 S. Prairie Ave., which was completed in 2008, according to a complaint filed in Cook County Circuit Court. Amid slow sales, the developers want to rent out about half of those unsold units but have been stymied by a recent tenfold increase, to $1,000 a unit, in the fee charged for moving in and out of units being rented, the complaint alleges. The condo board also has falsely told condo owners in a letter that the development venture improperly used nearly $450,000 in reserve funds to pay routine expenses, according to the complaint, filed Dec. 16. And the board has tried to thwart any new sales by refusing to issue accurate “assessment letters” to prospective buyers saying the development venture is up to date on monthly fees, the complaint says. As a result, the developers can’t sell or rent their units, according to the complaint, which seeks several remedies including an accounting of assessments and court order forcing the board to retract the misappropriation allegation. Liens filed against the unsold units by the condo board would likely bring sales to a halt. A lawyer for the developers says they had no choice but to sue. The association doesn’t “want them to rent the units and they’re creating issues to get extra money,” says Michael Pomerantz, a partner at Chicago-based law firm Brown Udell Pomerantz & Delrahim Ltd., which represents the developers. The condo association’s lawyer, David Kluever, managing member of Chicago-based law firm Kluever & Platt LLC, declines to comment. Steven J. Roeder, the condo board’s president and a defendant in the suit, didn’t return a message. The lawsuit isn’t the first time Messrs. Shipka and Fogelson have taken a hard-nosed approach amid the deep slump in condo sales. Last year, they took the unprecedented step of filing lawsuits against about 100 home buyers who didn’t close on contracts for units in One Museum Park East and other condo buildings in Museum Park. LOOKING FOR A NEW HOME? NEED TO SELL? call 312.225.9700. READ MORE HERE…http://brittaj17.wordpress.com/2011/01/05/lexington-park-still-in-the-dark-2011/ 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 4, 2010November 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. |
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