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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/ MUSEUM 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 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. September 2, 2010WRFG Assists At Bash On Wabash-This Saturday!If you are ready for some fun over the holiday weekend, check out the booth assisted by Weichert Realtors Frankel & Giles Agents, this Saturday 9/4/10. Agents are happy to help at the Wine booth, in order to mingle with neighborhood residents. It is a great event to relax and enjoy the festivities during the Labor Day weekend. If you want some fun and entertainment , this is the event to attend! One of the last Bashes of the summer! Taste of Wabash will be held this weekend at 13th and Wabash in the South Loop. Stop by and say hello to the WRFG team and receive your free goodies! |
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WEICHERT, REALTORS® - Frankel & Giles |
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