Wednesday, December 17, 2008

Sun-Times: "Another Chance On The N. Side's Money Pit"

UPTOWN - Maryville Academy Site is Latest Development Deal

December 17, 2008, DAVID ROEDER Real estate columnist

Uptown is a North Side neighborhood that has made some developers regret they ever ventured into the place. But still they come, drawn by available property that could turn golden with new construction or just a sprucing up.

The latest development firm to bite the Uptown apple is Sedgwick Properties Development Corp., which has signed a contract to buy the former Maryville Academy property at Montrose and Clarendon. The site consists of buildings north of Montrose and on both sides of Clarendon, just off Lake Shore Drive and Lincoln Park.

The potential of new homes with lake views wasn't lost on Marty Paris, Sedgwick president. At 3½ acres, the property is large enough to do several things, such as adding retail space into the design. So Paris said he's working on a mixed-use concept he hopes to refine after discussions with neighborhood groups. He also said he believes the property can accommodate a high-rise, although he didn't want to get specific.

Perhaps more to the point is why he's behind a large-scale deal with the housing market still falling and the credit spigot cut off for almost anything speculative construction. Paris said he looks forward to an economy stabilizing later next year and hopes to close on the sale by this fall. Moreover, the market for rental housing isn't suffering as much as the for-sale component, he said.

"We'll make a prudent business decision. The closing depends on some things happening on our end and on the seller's end," he said. The seller is a Roman Catholic nuns' order, the Missionary Sisters of the Sacred Heart.

With the sale incomplete, Paris declined to say how much he's agreed to pay. Sedgwick has been a quietly effective condo builder, taking its risks in small pieces and handling architectural duties in-house. Just south of Uptown in Wrigleyville, it replaced the shuttered Marigold Bowl at 828 W. Grace with a 140-unit building. Sedgwick has two condo buildings under way in the South Loop, a completed building at 1464 S. Michigan and one under construction at 1935 S. Wabash.

Paris said Uptown's alderman, Helen Shiller (46th), has encouraged him to gather input from the community. Others who have done that have found themselves caught in the Uptown crossfire of rich vs. poor. It took years before developer Peter Holsten to get anything started on the Wilson Yard site at Montrose and Broadway, and now citizens have challenged his zoning deal in a clever lawsuit that alleges the city broke its rules in awarding Wilson Yard tax-increment financing.

A zoning change for housing on the Maryville site would carry a requirement that 10 percent of the units be set at below-market prices or rents. TIF funds could increase that commitment. But Paris said he doesn't expect his site to explode with controversy. The Maryville property is near one of Uptown's wealthiest areas, including the landmark Hutchinson Street district of spacious homes.

Evanston-based Arthur Hill & Co. Realty Services LLC was the broker for the Missionary Sisters.

9 comments:

  1. *Sedgwick has two condo buildings under way in the South Loop, a completed building at 1464 S. Michigan and one under construction at 1935 S. Wabash.*

    He must be broke then! The south Loop is dead!

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  2. Let's do some calculating...3.5 acres is a bit more than half as big as WY. Peter got WY for about 6MM so if Sedgwick offered more than 3-3.5MM they don't have a prayer (ironic?) since Uptown is a blighted community which can't possibly prosper without taxpayer money.

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  3. Paris said Uptown's alderman, Helen Shiller (46th), has encouraged him to gather input from the community. Others who have done that have found themselves caught in the Uptown crossfire of rich vs. poor. It took years before developer Peter Holsten to get anything started on the Wilson Yard site at Montrose and Broadway, and now citizens have challenged his zoning deal in a clever lawsuit that alleges the city broke its rules in awarding Wilson Yard tax-increment financing.

    Seriously, Sun-Times? Seriously? There is a "crossfire" of Uptown's rich and poor that exists apart from Helen Shiller? And, Holsten is someone who is a victim of it---sorry that he ever set foot in the place because of it? And the WY lawsuit is clever? But the financing scheme of WY isn't the reason why it took Holsten "forever" to get something built and the "crossfire" is the real reason? As my kids say, whatever.

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  4. Sassy et al.

    You should all leave comments on this article.

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  5. TIF funds could increase that commitment.

    Watch out Clarendon Park Neighbors! You better hope Fix Wilson Yard wins the lawsuit.

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  6. How does one succeed in the real estate market in the 46th Ward? How does one succeed in the real estate market anywhere in the city?

    Hire Alderman Ed Burke's law firm as your legal counsel.

    Seriously, I never thought I would see this reported on a local news outlet, but the WLS-TV I Team actually reported last night that Governor Blagojevich is a former bookie from the western suburbs that was paying street tax to organized crime, aka the Outfit. The I Team uses youtube footage of Robert Cooley(former Chicago Cop, Mob lawyer, and Federal informant that destroyed the famous 'First Ward Operation').

    My soul is tumbling right now. The prospects of being freed from this purgatory is really close.

    Watch the I team report at this link.
    http://abclocal.go.com/wls/story?section=news/local&id=6559104

    You're now wondering, 'what the heck does this have to do with the Maryville property?' It doesn't have anything to do with it. It's only meant as note of caution that the way things are done in the city are very different from the way you think they are done.

    To watch the full video featuring Robert Cooley you can view the two parts at these links.
    http://www.youtube.com/watch?v=65kbhSg15qs
    http://www.youtube.com/watch?v=R5S0UPyPXSs

    In these videos, Robert Cooley claims Alderman Burke is an informant for the Feds and basically runs the city.

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  7. Having lived two doors down from Sedwick Properties 828 development before, during and after construction, I actually thought they were reasonably considerate as developers.

    Now as to the community input, that never happened there. The property was supposed to have been rezoned to limit the height of any development on the property, but our loving Alderwoman never got around to it till after Sedgwick bought the property. Thus we were left with a 16 story high rise in what should have been a property zoned for about a max of three or four stories.

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  8. Let's file a lawsuit now to block the sale.

    LOL.

    I would like to stop Helen from being able to do any more damage to Uptown.

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  9. Near the wealthiest part of Uptown? Umm, kind of. More accurately, it should read, "across the great divide from the wealthiest part of Uptown, but smack dab in the middle of one of the gang banging zones and worst sections of Uptown".

    But somehow I bet they won't put that on the brochures...

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