Chicago Real Estate Daily
(Crain’s) — A little-known developer has partnered with the owner of the Aragon Ballroom and struck a deal with a small movie theater company for his proposed residential and retail development across the street from the legendary concert hall.
James Gouskos, owner of Lawrence Properties LLC, joined with Aragon owner Luis Rossi to buy a vacant site at 1063 W. Lawrence Ave. for a building that would house a nine- or 10-screen movie theater, a 500-car parking garage and 85,000 square feet of retail space. Messrs. Gouskos and Rossi paid $4.6 million for the property earlier this month.
 Rendering by Perkins Pryde Kennedy + Steevensz Architects Ltd. of the Theater District Lofts, a proposed condo tower in Uptown. |
Mr. Gouskos also is still working on plans for a 21-story condominium tower at 4738-50 N. Winthrop Ave., just south of the proposed retail/parking building. The condo tower would have 131 condominiums, four levels of parking and a swimming pool.
“This neighborhood is on a good track,” Mr. Gouskos says.
The residential tower would cost $35 million and the retail/parking building $20 million, says Mr. Gouskos, who is seeking tax-increment financing funds for the retail/parking building. He says he’s close to getting the necessary city approvals to build, and that he hopes to break ground in three to four months.
Mr. Gouskos has tapped Glenview-based Kudan Group to market the retail space. Kudan principal Jeremy Kudan says he’s targeting grocery stores, health clubs and restaurants.
The location should be good for a movie theater, says Barry Schain, a broker and principal with Chicago-based Next Realty LLC who specializes in movie deals. The challenges will come from the difficulty and cost of putting theaters in a multi-story building and providing free or low-cost parking to moviegoers, says Mr. Schain, who is not involved in the project.
“I love that area for a theater,” he says. “I just question the economics and the parking.”
In 2006, Kerasotes ShowPlace Theatres LLC dropped its plan for a 12-screen movie theater as part of the nearby Wilson Yard project, in part because of the high cost of building the necessary multi-level parking garage.
Update: YoChicago has picked up on this story. Check it out here and join the discussion.
That's great news I am glad I live so close.
ReplyDeleteAwesome, now all we need is a Krispy Kreem and I never have to journey more than 100 feet from my front door. Of course, say goodbye to street parking. And I'm sure our beloved Alderman will...never mind, going to keep it positive and supress the sarcasm.
ReplyDeleteThis is great news indeed. But with this new influx of business what will happen to street parking? The lack of street parking will surely negatively impact the resale value of our homes even if we have private parking spots already. What does our beloved alderman plan to do about it? Unfortunetly probably nothing as she is more concerned that the homeless, drifters, and drug addicts have places to hang out.
ReplyDeleteYes, difficult parking has really had a negative affect on housing prices in Lincoln Park and Lakeview. :)
ReplyDeleteFor homes with private parking spots, the housing prices will certainly increase if these new developments prove to be well-executed and enhance the neighborhood overall.
ReplyDeleteI bought my Condo not far from this site and unfortunately it did not come with a parking spot. The idea of a movie theater this close is awesome news but I can't help but wonder how this will effect parking in the area.
ReplyDeleteI have no problem parking most of the time but if there is a show at the Aragon and/or Riviera I have an incredibly difficult time getting a space between 6:00 and 10:30.
Now imagine all the people that are too cheep to pay a small fee to park for a movie will use the side streets around it. If parking was free for a certain period of time that might help, 3 hours of free parking with a movie stamp or venue stamp, I seriously doubt this will ever be free.
I am curious to see how this will all pan out.
Good thing I barely use my car.
Based on resident parking concerns, it sounds like residential permit parking is needed for the blocks surrounding this development. The 4700 block of Kenmore is already permit parking.
ReplyDeleteyes, the smart thing would be to pursue residential permit parking. It worked wonders for the 4600 and 4700 blocks of Kenmore.
ReplyDeleteResidential parking permits might also be a nice deterrent to cabs and junk trunks parking everywhere.
ReplyDeleteHeck, a theater, market-rate housing, a Walgreen's on Clarendon (eventually) ..., if Helen's not careful, her Marxist experiment will collapse right before her eyes.
(hey, gotta' let a guy dream on that last bit, right?)
A nice deterent to the junk truck parking problem would be simple license enforcement. No commercial junk trucks can park on residential or commercial streets. Period.
ReplyDeleteAccording to city licencing records, there are zero junk peddlers in the 46th ward and only 30 in the entire city, Yeah right! As the saying goes, "Who do you believe, me or your lying eyes?"
I don't understand why all the non-profits are exempted from providing parking spaces for their workers. Why do they have more rights to our city streets than those of us who pay the taxes in this neighborhood? It wouldn't be so bad if there were only a few, but in the area north of Montrose over 50% of the land parcels are non-profit owned.
ReplyDeleteSorry, I couldn't disagree more with Cub Reporter and Anon 5:25. I live on the 4700 block of N. Kenmore. On nights of a show at the Aragon, there is no parking at all. Just a bunch of cars with parking tickets, but no parking spots for us residents.
ReplyDeleteYo said "if Helen's not careful, her Marxist experiment will collapse right before her eyes."
ReplyDeleteA Marxist experiment?!!? She is inviting a labor exploiter right into her ward over on Sheridan. That company started selling hamburgers and now they are selling poor people's labor in 4-hour increments and making a pretty penny off of it. Even Slim Coleman noted that "'Everyone is dissolving...Every time I meet someone, they’re no longer a Marxist-Leninist this or that.' I suppose it is ok for people to change their mind over time but to continually cultivate the idea that she is a champion of the poor while she is doing Repulican-style public policy really makes me want to vomit.
I big oh yeah to new developments in Uptown!
ReplyDeleteHow the heck will Lawrence handle all the traffic associated with the Riv, Aragon, Uptown Theatre, and now movie theatres?
ReplyDeleteDevelopment is great but if they overdevelop for a neighborhood not really made for it it turns it into an overcrowded traffic nightmare. Lawrence won't be able to handle it.
ReplyDeleteI agree, Lawrence can't handle the traffic now when there is a show at the Aragon. Before a show traffic backs up all the way to LSD and after a show its the same thing, with lots of honking cars and yelling people. Now imagin this happening 2-4 times or more a day when the shows let out. I am for development but this is too much for an over crowded area and street
ReplyDeleteconfused, I don't know what you are talking about. I've seen that block on plenty of Aragon nights. It used to be filled with show people before the permit parking. Afterwards, do some people violate the rule? Sure. But far, far less than before.
ReplyDeleteEveryone is worried about traffic. Well, guess what people. I don't care what you put commercially on a lot that size, it is going to generate traffic. I'm all for doing it intelligently and smartly, but come on folks. What do you want -- magical retail, stores and restaurants and no cars? Not going to happen.
and just to be clear, confused, I've parked on that block every day for close to three years now. So I too speak from firsthand experience.
ReplyDeleteParking and Traffic planning has to be one of the 46th Ward's greatest challenges. Where are the traffic studies for this area. I know they exist but why aren't we seeing them?
ReplyDeleteDid anyone aside from me notice the 4000+ tows in the 4800 block of Broadway? That's alot of parking demand that is not getting met and alot of city revenue from not meeting it.
Congrats, you are the lucky few. I guess we have never tried to park on the same night. Usually I find myself several blocks away, at times on Sheridan a block south of Wilson. Marilyn Manson is playing in March. Let's meet on Kenmore that night, say around 9, and count the number of open spots vs. the number of parking tickets and see what we come up with :)
ReplyDelete