The new "Clark and Belmont" takes shape in Lake View: Long live The Alley

The 3200 N Clark Street mixed use development is taking shape (photo last week Bob DePalma, Broker, Kale Realty)

You like the changes at North Clark and West Belmont in Lake View? The area is a long time den of "counter-culture" retail, retail shops, small restaurants, diners, SRO/ hotels, tattoo shops and clubs.

A 90 unit mixed use rental building and retail will occupy the busy corner near great shopping and transportation.  I expect the building to rent out quickly.

The Dunkin' Donuts (known as Punk'in Donuts) and the car boot bandits were gone with the demolition of the corner property.  Now the The Alley is reported to be closing.  Yes, I bought some stuff at The Alley in my teens but soon decided it was more of a trinket store. I preferred the shop at the Metro for T-shirts, posters and patches.

Condo Sales and Rentals
Only 5 smaller condos have sold from the mostly retail stretch of 3000 North to 3400 North Clark in the last 12 months.  Four small one bedroom units sold at 3266 N Clark Street sold with a median an average price about $190K.  One two bedrooms, two baths unit sold in the same building sold for $315,000.

Rentals range from $1,600  for a one bedroom to $3,900 for a 4 bedroom "duplex up" with modern finish level.

Lakeview Clark and Belmont Starbucks closed for renovation, BUT, don't worry eight more Starbucks are nearby

Keep walking for your Frappuccino 

The very busy Starbucks at Clark and Belmont in Lakeview (3184 N Clark Street) is getting the renovation treatment like so many of their stores. 

Totally gutted

They've directed me to nearby stores. Okay the Lincoln and Damen location is a stretch.  That giant Starbucks at Sheffield and Addison is really weird too.  I can't see that lasting too much longer as a regular store concept.

Checking in on Clark Street development in Lake View

The 3200 N Clark exterior seen today nears completion. The new eight story, 90 unit development has changed and modernized busy the corner of Clark and Belmont. A Target Express with Starbucks Coffee is scheduled to open in the building July 2017. Will there be a Starbucks across from a Starbucks?

Further north on Clark between Addison and Waveland we see the glassy new home offices of the Chicago Cubs taking form along with exterior plaza construction around Wrigley Field.  On the left of the photo construction has started on a new hotel replacing the infamous McDonald's / parking lot.

Video! Lake View East condo with pool, fitness room For Sale $179,900 (includes garage parking)

The attractive lobby entrance at 450 West Briar Place in the

Take the video tour of 450 West Briar Unit 5C, Chicago IL 60657 and check out the fitness room and roof deck pool!

Bright Lake View junior one-bedroom condo with great views! **Deeded garage parking included in price** Boutique high-rise tucked onto fantastic block with terrific penthouse fitness room, huge sun deck with grills and roof deck POOL!  Modern building lobby, elevators, updated laundry room, storage room and on-site maintenance. 

View the block

 
Unit 5C is freshly painted, looks brand new and ready to move-in. Maple/ granite kitchen with breakfast bar and dishwasher. Separate bedroom area. Floor to ceiling windows with unobstructed views. In unit washer/ dryer is  permitted. Steps to Belmont Harbor and lakefront fun. New Mariano's completed soon two blocks away. 

Steps to Belmont Harbor!


Unlimited dining, bars, shopping options outside your door at Broadway/ Clark/ Diversey. Building at rental capacity so you cannot rent the unit at this time. Live the East Lake View lifestyle for less!

450 W Briar Place Unit 5C $179,900
Junior one bedroom, one bath
Garage Parking
Lobby, laundry facility and storage room
Roof deck pool and sun deck
Penthouse fitness room
Assessment $255.00
Taxes $2,502
Dogs, cats okay 100lb limit
Maintenance on site

Fully gut renovated unit with attractive finish level.

 Click HERE for more photos!!

Open living dining with great windows

Bedroom area window

Private bedroom area with 3/4 wall

Watch the Air and Water Show from your great roof deck pool!

Open west views from Unit 5C

Exclusively Listed by Eric Rojas, Broker, Kale Realty 2447 N Ashland, Chicago IL 60614 773-510-1597 - erojas@kalerealty.com - ericrojasblog.com

Wrigleyville demolitions for CTA "Belmont Flyover" (the $32 million tear downs)

3401-3409 N Clark (at Roscoe), a grey stone looking two story mixed use building that was soooo Wrigleyville is gone. It was last home to forgettable Fiesta Cantina Restaurant. The Internet got a little excited about the Bankes Coffee "ghost sign".

I had a little business in Wrigelyville yesterday morning and snapped a few photos of ongoing building demolition around Clark/Sheffield and Roscoe intersections required by the Red and Purple Modernization Program.  The news that many of these old Lakeview neighborhood buildings would be acquired and torn down was upsetting.  But seeing it in action is shocking. The close proximity of properties and swift removal of familiar structures at this iconic (if not infamous) location makes this unique.

Johnny O'Hagan's building demolished at 3374 N Clark.  The building next door is going too.

The reported cost estimate for acquiring the properties is $32 million and the cost of demolition is $9 million.

This familiar commercial stretch of businesses will be gone soon including Bolat African Cuisine 3346 N Clark (closest to train).

3404-3406 N Sheffield is (was) a fairly recent remodel mixed use building once home of "local gem" Toppers Pizza. Gone!

Gold Crown Liquors, home of many keg purchases in my youth, still there! However, the property is featured in the CTA renderings as a future development.

934-936 West Roscoe built circa 1906 was spared.

Lake View, Lincoln Park whole condo buildings bought to "go rental"

You may be able to rent newly renovated high-rise apartments steps from Belmont Harbor soon (All photos Eric Rojas, Broker, Kale Realty)

Our office chatted about a Crain's story today reporting the possible "de-conversion" of 420 West Belmont in East Lake View.  The 50 year old high-rise condo building may have been sold to investors that will convert the condos back to rental units. Other than the number of units involved (207) a de-conversion to rentals is not unusual in this market.  75% of the condo owners must vote to sell the building as a whole with proceeds paid out as a percentage of ownership.

Crain's pointed out in December 2625 N Clark Street was purchased for $35 million to convert to rental (subscription required). 133 units were sold with an average price of $263,000 a unit according to their report and $6 million will be invested for renovations.  The last MLS listed property to sell on the market at 2625 N Clark was a one bedroom condo Unit 1108 for $172,000 cash closed on January 29th.  That's a nice return for about 10 months!  Two other one bedroom units sold near the end of 2015 for an average of $160,000. They stood to sell for $100K net profit over individual sale market rates if they held on one year.

Lincoln Centre Condos shown here in 2015 were purchased and torn down this year to build rental apartments (all photos Eric Rojas, Broker, Kale Realty

We've blogged about another dramatic "de-conversions" in Lincoln Park.  The infamous Lincoln Centre Condos  (30 units and retail space) shown above were purchased for over $11 million dollars in 2015. The building has been torn down to build 191 new rental apartment units.

The entire condo building at 555 West Arlington in Lincoln Park was "sold to a developer for land value".

Another recent Lincoln Park de-conversion I've come across is 555 West Arlington in the gorgeous Deming-Arlington Historic District. The 36 unit 1960s condo building with unfortunate architecture was "sold to a developer" for "land value" earlier this year. MLS and Recorder of Deeds records show last unit sales to the developer in the mid $300s for one bedroom condos.  $100-$200K above the market rate prices for individual market rate condos in the building.

 I do not have the sales price of 555 West Arlington at this time but a mortgage was taken out for almost $17,000,000 per Cook County Recorder of Deeds records.  A $7,000 electrical wiring permit and $50,000 alteration permit was issued for the building which suggests they will refurbish and rent out the units. 

We have one client and their condo board in North Center who have discussed selling their whole building so they may receive much higher sales prices than their individual condos would achieve. It is on the table for this spring.

Infamous Wrigleyville liquor store bites the dust for new development

The Wrigleyville Gold Crown Liquors at 3425 North Clark Street and two storefront bars have been recently torn down to make way for new development. A demo permit was issued for the three story vintage building to the far right of the photo as well. All Photos Eric Rojas, Broker, Kale Realty

Drinks, drinking establishments and liquor stores are synonymous with Wrigelyville. Well, you can pour one out today. I noticed the much loved and hated Gold Crown Liquors at Clark and Sheffield has been torn down. Drawings for the new building coming to the corner are linked HERE.

I snapped this photo this morning of the former Gold Crown Liquors store in Wrigleyville.  Much has changed in the neighborhood due to the Rickett's Chicago Cubs ownership and the CTA Red Line/ Purple Line "Belmont Bypass" project. See the renderings of a new building HERE

My twenty-one year old self will have to find a new place to rent kegs. Few Chicago neighborhoods have transformed faster over the past five years than Lakeview's Wrigleyville!

Lake View Penthouse: Top floor gorgeous condo at 3231 N Cliftion, $425,000

Top floor condo in Lake View offers quiet sophistication.

View more photos and 360 scenes HERE

Great price at 3231 N Clifton #3N for sale $425,000. It's a two bedrooms, two baths condo with garage parking, great closet space, fireplace, tree top views, deck and gorgeous custom built-in entertainment center. If you are looking for immaculate, move-in quality in Lake View, this is it. The contemporary decor will inspire you.

Fantastic location on North Clifton Street in Lake View. Walk to the CTA Red Line at Sheffield, popular Southport Corridor shopping and dining, and Wrigley Field. North Clark Street and West Belmont shopping and dining. Clifton is a quiet one way street going north... no Belmont traffic! A Walk Score of 94.


Call us for a showing at 773-687-4646.

Target takeover of Lake View

The new Target Express store space at 3200 N Clark Street in Lake View is taking shape.

We walked by the the new Clark and Belmont development today to see a near finished building.  The Target colors confirm the new reality at a once diverse, if not sketchy, corner of Lake View that was home to the infamous "Punkin' Donuts".  90 residential units will bring a lot of people to spend $$$ in the neighborhood.

A look a past construction photos here 


 

New Lakeview Penthouse Listing: Awesome Decks

Off market, super secret real estate. We'll have this one on after the holiday.

Not on the MLS!

Rare duplex-up penthouse in Lakeview for $549,000

$140 Assessment

-Three bedroom plus family room, or use as two bedroom, family room and loft

-Two awesome back decks and front walk-out terrace

-Master suite with bath

-Large second bedroom

-Huge loft

-Large third bedroom or den/family room

-Wood burning fireplace

-Lofted cathedral ceilings

-Sky-lights

-Private entry staircase

-Security system

-One car garage

-Unobstructed east and west exposures

-Great storage in-unit and large exterior storage room

-Built in 1997

-Original finishes in mint condition

-Three-unit building in excellent condition Located on very desirable one-way Kenmore Avenue at Roscoe Street.

Very private area of the street. Walk to CTA Redline at Belmont, Wrigley Field, Clark Street, Sheffield Avenue and Southport Corridor action. Very neutral finishes and in great shape. This is an excellent deal for the location, square footage and layout. Make this place your own hip penthouse. Email or call me for a showing

The two Targets of Lakeview are one mile apart

Target Store at 3300 North Ashland

The Target takeover of Lakeview is complete.  This second Target store opened at 3300 N Ashland replacing the Whole Foods Market. The new Whole Foods flagship was built just a couple blocks south and opened in March of this year.

Belmont and Clark Target on the site of the infamous Dunkn' (Punk'in) Donuts.

Another Lakeview Target store opened at Belmont and Clark earlier this year.  We have clients living in between the two Target stores! Fairly convenient.  You can walk from one Target to the other Target in this busy, popular neighborhood in about 15 minutes.

It reminds me of this Lewis Black comedy bit

PHOTOS: Advocate Illinois Masonic Hospital expansion on West Barry in Lakeview

We swung by the 900 block of West Barry in Lakeview after showing last weekend to check out the new construction expansion to Illinois Masonic Hospital.  It's always good to see local respected institutions and job creators invest in Chicago.

 The vacant lot was once occupied by a Chicago Public School that was torn down. The lot remained for many years.  All the while, the immediate Lakeview location developed with many condo buildings across the street.

The north side of 900 block of West Barry is developed with new construction and renovated residential units. They use to overlook a lot left vacant from a closed and demolished Chicago Public School. Photos Bob DePalma, Real Estate Broker

We had a condo sale listing at 920 W Barry years ago overlooking the vacant lot.  The most asked question and concern was, "What is going in that vacant lot?".  At the time, there were no plans or answers.  There were, however, some zoning restrictions we could provide from the Alderman's office. 

 

The block is in a great location near the Belmont CTA Red Line stop and Clark Street shopping.  Hopefully the out-patient facility makes a better neighbor than a vacant lot. The hospital expansion is just one of many, many health care industry investments lately.  Rush Hospital, Lurie Children's and Saint Joseph Hospital all have built major hospitals in the last few years or have projects in the works.