Friday, October 1, 2010

Combined Insurance Properties Sold

The empty Combined Insurance building (5050 N Broadway) was sold at auction yesterday for $5.5 million, as were some other smaller Aon properties. According to the Sun-Times:
  • the new owner wants the largest building (5050 N Broadway) to be converted into "a mix of senior housing and offices"
  • he intends to convert the 600-car parking garage at 5051 N Broadway "for a large retailer, such as a grocery or electronics store"
  • he will "bring in a self-storage operator for the other building" (5035 N Broadway).
It seems to us that if someone, anyone (hello, 48th Ward Aldermanic Office! Hi there, Jerry Mickelson of Jam Productions) is actually serious about reopening the Uptown Theatre in our lifetimes, an existing 600-car garage just a couple blocks away would be a great acquisition.


  1. I know we need senior housing in the city, but why do we need so much of it in our area? It drags down the demographics that businesses use to determine where to locate. Why not put more senior housing to the west of here instead? Don't we have enough? Why not somewhere else.

  2. I sooner have senior housing then another CHA building along with all the problems it creates for neighborhoods. It would be great to have something to attract more people to come into the area to generate business as Target is doing.

  3. Senior rental housing is often CHA and it is fairly well distributed throughout the city. See That which isn't CHA is privately run, and some of it is very nice (e.g. The Breakers).

    Seniors add to the stability of an area, which is one factor businesses consider when evaluating where to locate. They add stability to politics as well.

    I guarantee that candidates everywhere--including all of the Aldermanic candidates--are working diligently to connect with seniors because they tend to be more positively engaged in politics. They vote, they volunteer, and they mobilize in ways that the <30 typically do not.

  4. We have a CHA senior housing building SOON to open at 5040 N. Kenmore. I live across the street and I am not happy about more senior housing! And, these facilities don't have their own outdoor space for their people so they sit on your property. Not to mention, landlords can't control their 15 year old grand kids who I am sure will also live there...we all know how that works. In this economy, landlords are just looking for that guaranteed government check.

  5. National chains use demographics like age and income to determine where to locate. Unless your a TIFed up Target store with goverment throwing money everywhere, business are not going to locate in the neighborhood.

    Even small businesses have a hard time making it when so many people are low income seniors. Don't we have enough already?

    By the way, were are all those businesses that were coming to Wilson Yards? All the retail space is still vacant? Anyone see any building permits?

  6. Since you seem to know a lott about the subject Suzanne...

    Are there waiting lists to get into all the senior housing in the area now? I heard the Senior housing at Wilson Yard is about 70% and that there are vacancies at most, if not all senior housing in the neighborhood.

  7. This is disappointing. We have enough senior housing and low income housing.

    The only one who will be able to make a difference regarding zoning, etc... to nix or change this is the newly elected 48th ward alderman.

  8. As the Baby Boomer generation "ages into" the required minimum to qualify for Social Security, Medicare and, yes, subsidized senior housing, the demand for all of these is going to increase over the next 20 or so years. So both public and private entities need to be prepared!

  9. The parking lot could be very key to redeveloping Argyle st.
    In my experience seniors have been some of the best neighbors I've had, with or without a few grandkids.
    Its good to keep in mind that there are not too many options right now for a building like that.
    No company its my guess is ready to locate there, that far from the interstate.
    And as far as a developer making hip new condos for contemporary lifestyles........not gonna happen my friends.
    Jeffrey Littleton