Yesterday Crain's Chicago had two stories pertaining to South Loop real estate. The first had to deal with an auction for the parcel of land at 1000 S. Michigan. The land at one point had been a purposed high rise (however, what piece of land in the South Loop didn't?!?!?!). The land is still very desirable as it's on Grant Park and is on a pretty high profile stretch for the city.
The second real estate article we read yesterday was about the 35-story Lexington Park building (2138 S. Indiana). Many people on Sloopin have been trying to get to the bottom of what is going on with this building and this article definitely sheds some light on the situation. Amazingly only three units have closed in the building.
However, this past weekend we walked by the Lexington Park building and contemplated what might be eventually. Although the "Cermak corridor" has definitely felt the ramifications of the recession, many (including us) feel as if this area will at some point make a turn for the better. There is talk about a Green line stop on this stretch and now that the Ickes homes have begun to be cleared, our guess is that this stretch will move away from its negative connotation.
(Hat Tip: Solo & JG!)
30 comments:
"many (including us) feel as if this area will at some point make a turn for the better."
It's not a question of turning around--all neighborhoods go up or go down eventually. It's how long that might take. If you're thinking a year or two, or five to ten years from now, you might be disappointed.
That credit crash + overvaluation of real estate in general is a major earthquake to the whole of the U.S., not just the Chicago or South Loop economy. It's going to be a while for any kind of recovery to take hold, and another long while to figure out what the new norms are. If your holding period is measured in decades, your view is realistic; if it's measured over a shorter time period, perhaps not.
Not surprised one bit. I had actually put down an earnest deposit for an 18th floor unit at Lexington last Summer, but withdrew it once I realized they were very vague about any type of closing dates.
The building has some great views and I kind of liked the "deadness" of that block, but the people working there were the most secretive people in the industry.
Hope anyone who got stuck in their contract can somehow get their money's worth at least now.
Doesn't Valerie Jarret have something to do with this building?
I'd say within the next ten years this area is nice
This is America, give it a "few" years and the cycle will repeat itself in some form. Credit Rules! period.
Valarie Jarret has to do with the 2001 S & Michigan "Long Grove House", which is run by Habitat Company, the company she was an executive for (not clear who really owns the building and what her behind the scenes activities are). I know it will shock some, but it appears that this location benefitted from the Federal bail out stimulus with a few million $dollars$ grant, according with www.recovery,gov. To bad they could not have used the money to tear it down.
How something like this does not get investigated is beyond me.
What's even more frightening is the fact that there is a very real possibility that the Lexington will be purchased by the State (due to it's proximity to other projects) and turned into "government assisted housing" or become, yet another, Section 8 dumping ground. If either of these scenarios play out - it will devastate this neighborhood.
A new green line station at either 18th or 22nd would also destroy this neighborhood. Just last night, another 10 shootings took place just south and east of the sloop - all the shootings took place in neighborhoods which would be linked directly to the sloop via the proposed green line stops. This is NOT a good thing; especially because, once again, there are NO SUSPECTS IN ANY OF THE SHOOTINGS. Meaning "don't snitch" continues to prevail. Do you want these people to be able to jump on a green line and be at 18th and State in 5 minutes? I don't.
Good point about the green line stop. I would like to see one go in at 18th, but agree with the previous poster that it would probably do more harm than good with the neighborhood in its current state. Once the empty storefronts fill up and there are fewer empty units, I think these types would stay away due to more people being around.
If the green line stop comes there, forget it, I am moving. I thought the CTA/City of Chicago was on a budget crisis. Green line goes to the West side of Chicago, this would bring in a ton of rift raft. We already have enough rift raft on Roosevelt, why attract more. I don't care who runs the Long Grove House, but the fact remains that they just don't fit in with the current area. Total eye Sore, and huge.
Green line runs west and south - and goes right through the absolute worst crime-ridden parts of the city. Linking both the near west and near south to 18th street, with it's proximity to Hilliard, Ickes, Long Grove, etc, would be the end of any progress seen in this neighborhood. Sad, but true. Yes, it already stops at Roosevelt; however, at least there is a "presence" at Roosevelt. In comparison, 18th is a ghost town.
And to those of you who claim that the nearby police station would prevent a spike in crime: do you really think thugs from Englewood and Gresham give a rat's a$$ about the police station?
Another long, hot evening of multiple shootings in the jungles JUST south and west of the Sloop. Once again, nobody in custody and no suspects. Thanks neighbors!
Hwy55 is the end of the South/South Loop. The block just south of Cermak Motor Row) is a continuation of Cullerton (20th) to hwy55.
A "rift raft" was a form of inexpensive transportation . . . "riff raff" were the people associated with it's use.
If you've got to put a label on someone, maybe pick up a dictionary first.
Bingo, bango, bongo, send 'em back to the Congo!
"Anonymous said...
Bingo, bango, bongo, send 'em back to the Congo!"
Seriously, you "moderate" comments, but this comment gets posted? How is this comment in any way relevant to the South Loop or to the post "An Auction and a Foreclosure: Real Estate Round-Up"?
I like the comment moderation, if it's going to be used to keep conversations relevant to the topic at hand. If instead, you are going to continue to allow this racist garbage that provides no value to your blog, then perhaps I will go someplace else to get my news. Maybe you should tell the racist anon to go start his own blog about this crap, because frankly it makes us all look bad when your site continues to allow these types of irrelevant and racist comments. I certainly won't be telling my friends about this site if this type of discourse continues.
Ditto to Anon @ June 5, 2010 9:27 AM.
More bad pub for the Sloop in today's papers. A doctor from U of C was found in the street on 19th Street, just east of Wentworth, left for dead after being mugged and beaten this morning. Thanks neighbors!
I'm not sure what the previous comment has to do with this post, but here is the real story:
http://www.chicagobreakingnews.com/2010/06/attackers-leave-chinatown-man-with-broken-jaw.html
1:00 this afternoon, in broad daylight, one murdered and two more critically injured in Bronzeville shooting.
My point?: this senseless and reckless lifestyle is dangerously close to this neighborhood.
Almost all of the recent shooting from what I have read have been occurring outside the loop and in areas where I don't go. The Tribune site www.chicagobreakingnews.com has really changed how I see Chicago. I really enjoy keeping up with my local news but the violence makes me seriously consider if Chicago is where I want to be long term. In one way I wish I never saw this site and in another I am glad because I am now way more aware.
I think these people ought to be sent back to Bongo-Bongo Land.
Instead of freaking out about a few crimes you read about on the Tribune web site, it's a good idea to get some actual statistics ... the Chicago Police Department has a site where you can slice and dice data by neighborhood and EveryBlock has a site that does also.
I can speak from personal experience, as a white middle-aged woman whose favorite bicycle route is down Cottage Grove and Drexel to Kenwood (beautiful mansions there--it's where Obama's home is) and Washington Park. I have NEVER had a problem.
Another warm Saturday evening leads to another Sunday morning of finding gang tagging all over the south side of our building @ Roosevelt and Michigan - right next to the #12 bus stop. Thanks again, neighbors!
PLEASE AFTER 11PM anyone hanging around that does not look they can afford a property on S. Michigan Ave call the POLICE to come around. The bus station does not help that these folks can hang around, but we need to ask the police to come around. (Dial 311 and they will try to remove the grafitti within 24 hours).
Same thing is starting to happen all over the area around 16th and Indiana. Street signs, light posts, electrical boxes, train viaducts, newspaper boxes, etc. All are covered with gang tagging after a warm evening when groups of young people wander into the Sloop from Hilliard, Ickes, Long Grove, etc. If this continues - this neighborhood will be at the core of a gang turf dispute by the end of the summer. Residents MUST be dilligent in calling authorities IMMEDIATELY. Remember, there are curfew and loitering laws in place. Do NOT let someone convince you that you're a racist and scare you into not following your gut instinct: if something/someone doesn't look or feel right, it probably isn't!
I am putting together a proposal to hire an evening watch/driver. If we all pitch in $5 a year we can have someone literally drive around the sloop between 11pm - 6am and call the police if they see something. Just throwing it out there to get your opinions as this is a concept I am going to pursue.
"Solo said...
I am putting together a proposal to hire an evening watch/driver. If we all pitch in $5 a year we can have someone literally drive around the sloop between 11pm - 6am and call the police if they see something. Just throwing it out there to get your opinions as this is a concept I am going to pursue."
You are assuming the police actually care...and if they did, that there are actually enough police to respond to calls about tagging and loitering. Good luck with that.
Unfortunately, cops in this neighborhood are more interested in writing tickets for cell phone usage than busting bangers for loitering and tagging.
Here's a novel idea for combating the problem: Parenting.
I know that word/concept is rather foreign to a certain population of people.
They actually write tickets for using your cellphone while driving? I didn't think they did, but I'm glad to hear it! I've had enough close encounters getting run over while crossing the street with someone on the phone, so I hope they continue to ticket for it.
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