Thursday, November 05, 2020

Former Le Colonial property in Gold Coast torn down


937 N Rush Street was torn down last week. Modern two story retail is to be built in its place. All photos Eric Rojas, Broker, Kale Realty unless otherwise noted. 

An older, quirky two-story retail building at 937 N Rush Street in Gold Coast has been torn down. The former home of Le Colonial had some interesting history... not to mention mechanics liens I noticed.  I did not see a recent or near recent sale price documented with the Recorder of Deeds. It appears to be a redevelopment by the long time owner/ landlord. 

The original property at 937 N Rush St. image.

The beat goes on in Gold Coast despite this year's pressure on commercial spaces due to coronavirus outbreaks. It remains to be seen how premium locations like Gold Coast will be affected into the next two years. The residential real estate market near the Loop has softened.  This is directly due to in-town owners and tenants opting out of downtown due to COVID19 and civil unrest in response to social justice issues.  Commercial retail locations near downtown in return have little foot traffic and operational restrictions. 

This perennial top shelf location supported by luxury condos and apartment dwellers is seeing a double whammy this year due to our new COVID19 realities and civil unrest. 

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