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South Loop Scoop
January 11, 2011
 It was announced Opera restaurant, located in the South Loop, has shut its doors. Many visited the popular night spot, with elegant Asian cuisine, opened by Jerry Kleiner a few years back (as I recall). If you read the reviews, some either loved it or hated it, very few were in between. Were the high-priced meals a bit much in this economy? Is the South Loop now over saturated with upscale restaurants? Is there too much competition? Not sure, but rumor has it, Opera will become a sports bar in the upcoming months. Probably a better choice, to open in the area, as many are looking for good food at a good price.
Click here to find out more information about what Opera Restaurant will become at David Silverman’s Blog.
September 2, 2010
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!
August 27, 2010
So the rumors about Lexington Park have come to fruition. Many real estate experts were convinced Starwood Capital would not move forward with the current buyers’ closings, and it now has been confirmed. Recent articles state buyers have now been notified, they will receive partial release of earnest money. Most buyers have said, they are not thrilled, but are at least relieved they can now put it behind them.
Buyers with email addresses on file have received emails notifying them of this news along with attachment outlining the details. In summary, 95% of their earnest money will be returned with interest, (less 5% processing fee). This applies only if they act within 30-days and keep the details confidential.
While this is not the best news to some, seeing they will not receive their dream home, and are being penalized for something out of their control. This is still good news for many, because quite a number of them paid premium dollars for a condominium, which has now lost a minimum of 20% in value, during this long wait. While some buyers have allegedly contemplated lawsuits, others are happy to receive a better return in the end. A few have said “losing 5% is better than 20%”, but it is unclear what percentage is feeling that sentiment.
This is truly a tragic end to a market that has brought so much heartache, to so many hardworking buyers, who just wanted to purchase their dream home.
If you were one of the unfortunate buyers who not yet been notified, it is best to contact the title company for information.
April 28, 2010
So, things are tough out there in the real estate business, but don’t fret — the market will return, and faster than you think, and the South Loop will lead the way!
Why the South Loop?
Well first of all, location. The growth of this market was fueled by the neighborhood’s proximity to the lake, the Loop and transportation. Public amenities abound here and include Grant Park, Millennium Park, the Museum Campus, public transportation and beautiful landscaping everywhere. The investment in the area by City Hall over the past decade has been remarkable and has spurred an unprecedented amount of private investment over the past 15 years. I can easily say that the South Loop is the most desirable neighborhood in the City (ok, I am biased but a believer!).
Second, services. We have the three main food groups – Jewel, Dominick’s and Whole Foods; some of the best restaurants in town including breakfast joints (Bongo Room, 11thStreet Deli, Yoke), Italian (Gioco, Café Biondi), Hispanic (Tapas Valencia, Zapatista and Quatro), Chinese (Yang’s, Opera and Chinatown is walking distance). At night the buzz continues – Quatro turns into a hoppin dance club and celebrities often frequent The Shrine on South Wabash. Live Entertainment happens at Buddy Guys, The Jazz Showcase, and others. The boutiques are coming with Entourage on Michigan Avenue and five health clubs are here (Bally’s LA Fitness, Fitness Formula, Xport, and LA Boxing). All of this because several thousand units are built and occupied – as they say, build it and the retailers will come!
Third land. The area is zoned for high density development and big buildings will be built when the market rebounds. There remains 60 acres of undeveloped land south of Roosevelt, west of Clark Street, north of 18thStreet. The land east of Central Station over the railroad tracks is also planned for three million square feet of residential, commercial and hotels. Finally, there are still many infill development sites located between Congress, Cermak, the Lakefront and the Chicago River that will get developed in the next cycle. When this occurs, demand and values will increase.
Since our first development Filmworks Lofts in 1994, Frankel & Giles has focused on the South Loop. We are physically located in the heart of our neighborhood in our trophy development Dearborn Tower at 1530 S State Street. We are true insiders and know this neighborhood better that anyone. We understand values including new construction, renovations, rentals, retail and development. We know the good buildings, the poor ones, the tough ones to sell and the easier ones.
Our agents are committed to working harder and providing you the best, most professional real estate services in the City. We look forward to working with you!
Keith Giles
Managing Broker & Principal
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South Loop Scoop
It was announced Opera restaurant, located in the South Loop, has shut its doors. Many visited the popular night spot, with elegant Asian cuisine, opened by Jerry Kleiner a few years back (as I recall). If you read the reviews, some either loved it or hated it, very few were in between. Were the high-priced meals a bit much in this economy? Is the South Loop now over saturated with upscale restaurants? Is there too much competition? Not sure, but rumor has it, Opera will become a sports bar in the upcoming months. Probably a better choice, to open in the area, as many are looking for good food at a good price.
