Category ArchiveChicago Property
March 11, 2009 - The two sites next to McCormick Place will remain empty for the foreseeable future. A $39 million foreclosure suit was filed by CenterPoint Properties against Main-based developers Karl Norberg and Pam Gleichman, who are married. The suit contends that the couple is in default on a $37.1 million loan that had a due date of February 21st, according to Crain’s.
The couple had been trying to sell these Chicago real estate sites for some time. The two sites are located north of McCormick Place, where the old American Book Company was on 330 East Cermak Road and on 230 East Cermak Road. The Alter Group had been in negotiations to purchase the 3.7 acre parcel over a year ago for about $70 million and put up two 21 story high-rise towers with 1,500 hotel rooms.
When that deal didn’t materialize another developer from New York, Extell Development Corp., became interested and contracted to buy the acreage. But that deal also disintegrated along with so many other deals that were unable to get financing when the housing market bubble burst.
Besides personally guaranteeing the loan, Norberg and Gleichman also put up a parcel of land west of the site where they had planned on building a hotel with 200 rooms, 300 residential units and 50,000 square feet of retail shops. The Crain’s article states that under the eminent domain act, McCormick Place has debated on seizing the 230 East Cermac site to put up a 1,500 room hotel on its own.
It may be years before anything is resolved in this case. Until then, you can check out the Chicago Hotel Condos that are ready for occupancy right now.
Some exciting big-ticket news in the high real estate world today: Terrapin-Taxman LLC bought a 79,000 square foot site at the intersection of Madison and Halsted in Chicago. Working togeter with The Taxman Corp. from Skokie, IL., they have bought the property they plan to develop on from MB Financial Bank.
The price of the primo property hasn’t been disclosed, but they have announced that there will be $100 million in new development in both condos and retail.
The bank that owned the property had it sitting around as surplus real estate, and the new developers are excited to acquire the property. Seeing as the land is highly visible and in a great location, whatever they paid for it will likely pay off in spades. Near downtown and visible to several major thoroughfares, good planning and development will definitely lead to a wise investment on the part of the new owners.
The development group has been doing other developments in the area that have been shaping up well, leading to an interest in this property.
The plans so far are to have two separate buildings. One will feature 100,000 square feet or more of retail. The developers would like to have a “great retail corridor” under their belt to compliment their mostly-residential portfolio so far. Taxman Corp. has much more of a retail bent, and their expertise is being called upon to make sure this is a success.
The Walgreen’s across the street is already interested in moving in, as is an as-of-yet unnamed high-end grocery store. The community so far seems interested in the development.
The other building will contain up to 230 condominiums. If you like keeping track of under-development real estate, be sure to take a look at the Chicago Spire which looks to be one of the most ambitious real estate projects in history—and almost definitely the biggest in Chicago.
Chicago Property Administrator on 01 Mar 2007
As an adult living in Chicago, working day in and day out, living on your own the thought of establishing a financial foundation should be a priority, and part of that includes purchasing some insurance. There several reasons insurance companies can find to disqualify you for the more cost-effective plan…that’s why it’s important to establish a record of financial stability, responsibility and protection of your valuables.
What does protection of your valuables have to do with insurance? Well most insurance companies evaluate things on a scale and underwriters just do it at an extreme. If you show a history of purchasing, say…car insurance and you don’t have any accidents, at least none that were your fault; this is favorable in terms of begin evaluated for other types of insurance.
So what’s this got to do with YOU and owning a home? Well, the first step before you own, is you rent! Everyone has done it, but very few take the time to take advantage of building a history of being insured early on. Renting is your first opportunity, while on your own to establish and insurance history.
People who rent their home often make the mistake of thinking that the
landlord’s insurance covers their possessions in case of a fire or
other catastrophe. Not true, you need your own insurance. Relatively
inexpensive, renters insurance protects the things that you own. It
provides liability coverage, protection from lawsuits resulting from
harm that you, your pets or your family cause to other persons or
damage to their property. Renters insurance also helps you establish a
good insurance track record, or loss history. If you show that you are
a responsible insurance risk, you’ll have no trouble getting insurance
when you eventually buy your own place.
If you are living in a condo or coop, you depend on
two insurance polices for protection: your own coverage and the
insurance purchased by the condominium or co-op board for the common
areas of the property that you share with the other owners, like the
roof, basement, elevator, boiler and sidewalks. The condo or co-op
association may be responsible only for insuring a unit up to its bare
walls, floor and ceiling. The owner may have to insure kitchen
cabinets, built-in-appliances, plumbing, wiring, bathroom fixtures and
so on. Read the association’s bylaws and/or proprietary lease to better
understand where the association’s responsibility ends and yours begin.
If you’re buying a home, and have a mortgage, in
most cases you will need to purchase homeowners insurance. The cost
will vary according to the size and construction of the home; where it
is (proximity to the coast or other natural hazards, e.g. fault line,
wildfire zone); fire safety features; anti-theft devices; and the
property’s loss history. Insure your home for the cost of rebuilding
it, not the market price. And make certain that the value of your
insurance policy is keeping up with increases in local building costs.