Monday, June 10, 2013

Aon Building To Become Condo-Quality Rental Units


According to Chicago Real Estate Daily, an office building that's been an Uptown mainstay since 1962 is looking at a different future, according to the owners.
Imperial Realty Co. plans to convert an Uptown office building into apartments, joining a pack of companies seeking to take advantage of the strong north lakefront rental market.  Chicago-based Imperial, best known as an office landlord, plans to build out 130 rental units and 30,000 square feet of ground-floor retail space in the former Combined Insurance Co. of America building at 5050 N. Broadway.  [respectful snip]

Rising rents have pushed younger people and students into Uptown, where rents have lagged areas closer to the Loop. The gap between rents in Uptown vs. south of Irving Park Road is 20 percent to 25 percent, Mr. Kutill said.  Because of that gap, Imperial's challenge at 5050 N. Broadway “will be costs vs. achievable rent,” he said.

Mr. Klairmont said Imperial is still working out estimates on project costs and how much the firm will seek in rent. Imperial plans to offer condominium-quality units in the building, with large one-bedrooms, around 1,000 square feet.  “Uptown has been neglected,” Mr. Klairmont said. “That's changing.”
Read the entire story here, at Chicago Real Estate Daily.  Incidentally, this is in Ald. Pawar's portion of Uptown, and he says while he's initially in favor of it, the proposal will have to pass his office's development review process before he gives his okay.

14 comments:

  1. I like this! Was wondering what they were doing at the building.

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  2. I hope that there will be public meetings held on this matter. Although there is a parking garage across the street they own and the building has under ground parking, I highly doubt that the residents guests will be allow to park there when they visit. We can NOT handle any more parking on W. Carmen Avenue. We already have to park 2 streets away if we get home too late in the day. The addition of the 2 restaurants across and next to the insurance building has also hindered our parking on W. Carmen.

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  3. I'm currently taking an economics course.

    According to my textbook if more people move into the area and local residents have nowhere to park their vehicles then:

    1) people will stop driving/buy smaller cars/use the CTA more

    or

    2) a parking structure will be built to meet demand

    or

    3) residents will move to a less population-dense area

    or

    4) some combo of the above

    Whichever way you see it the problem solves itself!

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  4. If only the restaurants would close, people would move out, and stores relocate to other areas - then I could park my car in my deserted neighborhood.

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  5. I remember when this was the American television Building back in the early 1950s. The taught how to get into television. It was one of the first after WWll modern buildings to be built.

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  6. Upzone that lot. Tear down the building. Build something taller and denser with plenty o parking.

    Use the garage across the street for construction related parking.

    Once the new building is up tear down the garage and upzone that lot for something similar.

    By the way the fact that that location will be in the 47th Ward if the new map meets court scrutiny is crazy.

    That should clearly be the 48th ward.

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  7. @Atlas, that is hilarious! :)

    @UptownLib, nice retort.

    Density is good! Especially near an L station, do people really live in the city for the great street parking?

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  8. Honestly that was a pretty immature comment. If we can't park where we live we can move and then the restaurants can close as well. Not everyone has the ability to use public transportation and as an owner of a home on W Carmen I should have more of a right than guests visitors. I guess its time to push for permit parking on these streets. I did just learn that they also own the lot just up from the parking garage so lets hope they utilize that for guest parking. I'm glad they are finding uses for the building other than tearing it down and having a vacant lot but they have to be realistic and be able to handle the parking.

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  9. Paul, I suggest you get your Carmen St. neighbor Helen to use the vast powers of her new lobbying firm to help you out. I bet she could get that zoned for a strip club in no time!

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  10. Oh Paul, I'm sorry I'm so immature. I just don't understand why people feel that they have a right to free parking on city streets - then get so upset when they can't find a spot. As a homeowner, you actually don't have any more right to park on your street than anybody else - sucks huh.

    Since parking is so burdensome and you need a car for transport then why don't you get a private parking spot? - just like you are recommending for the people who will live in this redeveloped building.

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  11. Paul, your last response has the right answer. Talk with your block club about zone parking--gather basic info about how many parking spaces are available and when they aren't available, and get the process started with your block club and the alderman's office. You will need to gather signatures on a petition, and the alderman has to introduce an ordinance in City Council to define the zone's boundaries and the effective days and times. It takes time, then it takes more time for the City to post the signs and enforce. You will also have to pay extra on your city sticker for the zone parking and for visitor passes, but the system works. It was impossible for residents around Truman College to find street parking during evenings, because of all the students--and the streets emptied out after classes finished at 9pm--but after zone parking went in, I have never heard anyone complain that they can't park on their own block.

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  12. Of course Bear forgets to mention there is a now a HUGE FREE parking lot for Truman College paid for by the Wilson Yard TIF, but why let details get in the way of his great story....

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  13. Wait, what? A Chicago resident has "never heard anyone complain that they can't park on their own block"?! Out of touch much?

    I actually did sell my car years ago so I could enjoy city life without parking and driving hassles. I used to love to drive, but not in Chicago- blech. Everyone seems so angry when they drive here and people use their horns excessively. And, while I love the ideal of public transportation, I've never visited another large city with the terrible public transportation that Chicago enjoys. I've been "enjoying" it for 12 years, now.

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