"An Indianapolis apartment investor that bought a loan on a vacant former North Side nursing home must first win a foreclosure case and then win over neighbors already wary about any redevelopment plan."$2.7 million to buy up an existing $27 million loan. What a deal.
We like this from Ald. Osterman's chief of staff, Dan Luna:
"It’s the alderman’s vision that we get viable commercial on the ground floor and residential above."
Read the entire story here.
Osterman and the community are on the same page, if the developer is willing and the foreclosure case works out, I see no reason this won't be market rate housing with ground level retail.
ReplyDeleteI think this is the same owner of the market rate rentals at Sheridan and Wilson. The place looks great inside and a similar option for Somerset would be a welcome addition to Uptown.
ReplyDelete"I think this is the same owner of the market rate rentals at Sheridan and Wilson. The place looks great inside and a similar option for Somerset would be a welcome addition to Uptown."
ReplyDeleteThat is Horizon and they bought the building a block north on the opposite side of the street.
Somerset has been purchased by a newcomer to the Chicago market, which is also my main concern.
I wish them luck in filling retail space in Uptown.
ReplyDeleteWith all the new market rate apartments filling retail space should be a little easier. Let's hope so at least...
ReplyDeleteFirst off, kudos to UU for being my one-stop source for all the news (albeit often distressing, crazy, surreal, uplifting) that goes on up here.
ReplyDeleteAnything new regarding Somerset is good?
Frankly,(and I know this is totally silly)....wouldn't this place be perfect for a possible 'Big Chicks Hotel & Apartments'?
:)
Maybe I misunderstood, but it sounded like at the last CAPS meeting, an Osterman aide was present and stated that the area had been rezoned for single family homes only. The fact that an apartment developer purchased was mentioned and his response was "Well I hope they intend to build single family homes."
ReplyDeleteWas anyone else at that meeting? Beat 2024, last Thursday.
"Maybe I misunderstood, but it sounded like at the last CAPS meeting, an Osterman aide was present and stated that the area had been rezoned for single family homes only. The fact that an apartment developer purchased was mentioned and his response was "Well I hope they intend to build single family homes."
ReplyDeleteI wasn't at the meeting but did attend the meeting with both alderman at the MDA apartment building and am familiar with what the local block clubs are pushing for.
The property was rezoned as a preventative measure to prevent a "nursing home", SRO or something similar from opening. It forces the new owner to come to the community before going forward with their plans.
The community and alderman are on the same page, if the foreclosure process goes smoothly and the developer is willing, this is going to be market rate rental housing in line with the developers portfolio and ideally with ground level retail.
As a resident of the surrounding neighborhood good things are happening and if this does go market rate, it combined with the Admiral (despite being senior) will be a nice influx of potential customers for any new business. I think Big Chicks proves that a business can survive and do well in the area.
@Alek Ahh..that makes sense. Thanks. I'm still new to the neighborhood. Moved here in May, so I'm still getting up to speed on all the local dish. Thanks for the clarification!
ReplyDeleteThere will be no problem finding good commercial tenants, given how quickly commercial spaces on Argyle and Broadway fill up and how high they rent.
ReplyDeleteThis area has been steadily improving over the years, and nice market rate apartments in this great-looking building will rent very well. The area has a beautiful new Dominick's a couple of blocks north at Foster and Sheridan, and the apartments on Sheridan at that intersection are very popular with nice young people who like this area and find it convenient and attractive.