Building Near ‘606’ Sells For $675K, But New Owners Mum On Plans

1860 N Milwaukee

 

{Source:Alisa Hauser / DNA Info}

BUCKTOWN — An industrial building in Bucktown was recently sold to a real estate development firm who’ve put up a large “For Lease” sign, but so far there has been no indication of what might end up in the free-standing, one-story building a block from The 606.

The 4,400-square-foot building at 1860 N. Milwaukee Ave. was sold for $675,000 in late March to “1860 Milwaukee LLC.”  The entity is headed by Lance Chody, president of Chody Real Estate Corp., and principal Bart Friedman, state and county records show.

Friedman did not return a request for comment on plans for the building, nor did Meredith Oliver and Brendan Reedy, real estate agents with Cushman & Wakefield, whose online brochure calls the property “The Gemini Building,” a nod to the building’s prior owner, Gemini electronics.

Chody’s list of clients include Starbucks, Wendy’s, Chase Bank, according to its website.

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Amazon Books Starts New Chapter With Chicago Store Opening In Lakeview

{Source: Lauren Zumbach / Chicago Tribune

(C) Chicago Tribune

(C) Chicago Tribune

Amazon launched its online bookstore nearly 22 years ago. On Tuesday, it will open the doors of a brick-and-mortar store in Chicago’s Lakeview neighborhood, giving customers a chance to test the e-commerce giant’s take on offline shopping.

It’s just one 6,000-square-foot neighborhood bookstore. But it’s also one of Amazon’s first experiments with live customer service and cash registers, and a sign that one of the retail industry’s biggest disrupters may not be content to stick to e-commerce.

As fast as online shopping has grown, in recent years — thanks in no small part to Amazon — e-commerce accounted for only about 8.1 percent of all U.S. retail sales last year, according to the U.S. Department of Commerce. Merchants that got their start online have increasingly supplemented their digital stores with physical storefronts.

“They can win as much of the online space as they want and still be eyeing a piece of (the in-store) pie,” said Brendan Witcher, e-commerce analyst with Forrester Research.

Amazon is still in the early days of its bookstore experiment. The first location opened in Seattle in late 2015, and the Chicago store, in the 3400 block of North Southport Avenue, will be Amazon’s fifth, and first outside a mall. It opened briefly on Saturday as a test and is expected to start regularly scheduled hours Tuesday.

Why get into a business it helped disrupt?

(C) Chicago Tribune

(C) Chicago Tribune

Amazon wants to take the best of online shopping and in-person browsing and apply it to selling books and Amazon devices, said Jennifer Cast, vice president of Amazon Books.

“We just believe that we can do this well, and we believe that if we do it well, we will have an even stronger relationship with our customers,” she said.

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Fulton Market Getting First Boutique Fitness Studio

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{Source: Ryan Ori / Crain’s Chicago Business}

CycleBar plans a studio in the Fulton Market District, becoming the first boutique fitness concept to ink a deal in the fast-changing neighborhood.

A franchisee of the Cincinnati-based cycling boutique has leased just over 2,400 square feet in the Parker Fulton Market apartment tower at 171 N. Halsted St., retail broker Danny Jacobson said.

“They’re first to market in Fulton Market for boutique fitness, which has been an active player in the retail space,” said Jacobson, a managing director at Cushman & Wakefield. He represented the developers of the 29-story apartment tower in the lease.

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Tesla Opening Showroom Near Mag Mile

{Source: Crain’s Chicago Business / www.chicagobusiness.com}

Electric-car maker Tesla is plugging into a new retail space near the Magnificent Mile, about a year after a Michigan Avenue deal fell apart.

Tesla Motors has a deal to open an approximately 5,000-square-foot showroom in the 900 North Michigan Shops, according to people familiar with the deal.

The Gold Coast space on the Rush Street side of the mall is just north of 800 N. Michigan Ave., where the electric-car company late last year was working on a deal for a 10,000-square-foot showroom…READ MORE

900 North Michigan Shops To Get Food Hall

{Source: Crain’s Chicago Business / www.chicagobusiness.com}

The owner of the 900 North Michigan Shops mall is talking with restaurant groups as it looks to create a food hall, a concept that has taken off in Chicago and other large cities.

JMB Realty, the Chicago-based owner of the six-level shopping mall, is in preliminary stages of planning the food hall, 900 North Michigan Shops spokeswoman Stacy Kolios said. “We think it’s a great fit for us,” Kolios said. “We’re looking for the right partner to make it happen.”…READ MORE

Shake Shack To Serve Up Burgers In Fulton Market

{Source: Crain’s Chicago Business / www.chicagobusiness.com}

Shake Shack plans to open its fourth area location in Chicago’s fast-changing Fulton Market District, bringing its burgers to a neighborhood long known for chef-driven restaurants.

Danny Meyer’s New York-based burger chain leased a 3,220-square-foot space in a building that developer Shapack Partners plans to build at 185 N. Morgan St., alongside the entrance to the CTA’s elevated station at Morgan and Lake streets on the Pink and Green lines, the restaurant company said – READ MORE

Banana Republic Plans Lincoln Park Store

{Source: Crain’s Chicago Business / www.chicagobusiness.com}

Clothing retailer Banana Republic plans a store in a Lincoln Park development directly north of a new Target store on Clark Street.

Banana Republic has leased 6,078 square feet in a 22,000-square-foot building at 2720 N. Clark St. that Centrum Partners will begin constructing in about two weeks, Chicago-based Centrum said.

Immediately to the south of Centrum’s site, Target is building out a 32,000-square-foot store at 2650 N. Clark St., where it will replace another Minneapolis-based retailer: Best Buy.

“Banana Republic fills some need for soft goods in this area,” said John McLinden, a managing partner at Centrum. “Retailers aren’t doing a lot of stores these days. A lot of them are being really selective. If you get a quality retailer, it’s a real plum for a neighborhood. Good retailers attract other retailers.”

Centrum bought the site from a trust in January for just over $6 million, and recently began demolishing the building that had been home to Edge Bar & Grill. Centrum plans to complete a new two-story building on the site in October.

Banana Republic will move in late this year or in 2017, McLinden said. San Francisco-based AltSchool—a private school whose investors include Facebook founder Mark Zuckerberg and Laurene Powell Jobs, the widow of Apple co-founder Steve Jobs—has leased the second floor of the building and plans to open for the 2017 school year.

A 2,700-square-foot retail space remains available on the ground floor, and is likely to be filled with a restaurant or coffee shop, McLinden said.

Centrum took out a construction loan of just over $10 million from Chicago-based MB Financial Bank, according to Cook County property records. The project, including the land acquisition, will cost about $12 million, McLinden said.

The site is at Clark and Schubert Avenue, a block south of Diversey Parkway.

Banana Republic has five stores in Chicago, including three on North Michigan Avenue. The others are on North Avenue in the Clybourn Corridor, and in the Roosevelt Collection in the South Loop. Banana Republic also has 15 stores in the Chicago suburbs, according to its website.

Representatives of San Francisco-based Gap, which owns the Banana Republic brand, did not respond to requests for comment.

“The Clark and Diversey area has long been an area where they’ve wanted to put a store,” said retail broker Meredith Oliver, who represented the landlord along with Cushman & Wakefield senior director Brendan Reedy. Banana Republic was represented by Skip Martin, a principal at Envision Realty Advisors.

“There’s very limited supply of spaces bigger than a couple thousand square feet,” Oliver said. “That corridor’s got a lot of little buildings. There’s been little new construction in years. Part of that is the high cost of real estate in that area.”

Versace Returns To Chicago; Brand Opens New Store In The Windy City

{Source: Fashion Times / www.fashiontimes.com}

Italian luxury label Versace just opened a two-story, 4,951-square-foot flagship at 933 North Rush Street in Chicago. Back in 2000, the brand shuttered its only store in the windy city.

“We took a hiatus [from Chicago] because, frankly, we wanted to do some work on the brand. As sometimes happens in luxury, we had overextended and our product was too widely available,” Versace’s chief executive officer Gian Giacomo Ferraris told WWD.

“We consolidated — we closed some doors, we developed a new strategic growth plan, we focused on accessories and a few other things. And now we have just completed five straight years of double-digit growth. It’s time to return to Chicago, to show the evolution and growth of the brand to this great city and clientele. We feel that North Rush Street reflects the present luxury customer balancing both the cosmopolitan and local spirit,” Ferraris said.

There are currently 21 Versace stores in the U.S., including Chicago.

Dior also plans to open a women’s boutique next door to Versace’s new store on Chicago’s Rush Street sometime this year, WWD reported.

Last week, Versace also reported strong 2015 results. Its revenues for 2015 have grown by 17.5 percent to $709.5 million. The brand plans to open more stores and also expand its e-commerce.

“Versace had an outstanding year in 2015, showing resilience in the face of a tough environment for the global luxury industry,” Ferraris said in a statement, according to Luxury Daily. “Under the creative leadership of Ms. Donatella Versace, we have a unique point of view in fashion, a high quality product and growing engagement with the new generations. In the past 12 months Ms. Versace and her formidable creative team have continued to strengthen Versace’s fashion language, and to infuse the brand with relevance to today’s luxury consumers.”

{Source: Fashion Times / www.fashiontimes.com}

Just Salad Opens Trendy NY Chain’s First Midwest Location

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{source: Eater / chicago.eater.com}

It’ll serve more than just salad.

Is salad the next trendy food concept? If so, Just Salad hopes its getting in on the ground floor in Chicago, as its opening its first domestic location outside the New York City area tomorrow on the ground floor of 20 E. Jackson St in the Loop. The expanding fast-casual salad chain operates 19 locations in New York City plus spots in New Jersey, Hong Kong, and the United Arab Emirates.

The basis of the food concept revolves around an array of healthy salad options that can also be made into wraps: 15 salads live on the main menu in addition to a seasonal menu, soups, and a smoothie bar. The chain champions its use of local in-season produce, affordability and nutritional transparency, as the vast majority of dishes are under 500 calories before adding dressings. The Chicago-specific seasonal menu, which you can read below, includes the “Windy City Kicker” (romaine, hot Italian pork sausage, giardiniera, parmesan, green peppers, celery, red onion).

{source: Eater / chicago.eater.com}

Versace Returning To Chicago With Rush Street Boutique

 

{Source: Chicago Tribune / chicagotribune.com}

First Dior. Now Versace.

After a 15-year hiatus, the Italian fashion house is returning to Chicago with plans to open a shop next door to the incoming Christian Dior boutique at Rush and Walton streets.

Versace is leasing a two-floor, 5,000-square-foot portion of the building at 935 N. Rush St., currently home to Urban Outfitters, which is moving to a larger space a few blocks away, said Luke Molloy, a broker at Cushman and Wakefield who represents the landlord. The building was marketed as two storefronts, and Dior said last month it plans to fill one of them with a women’s boutique in 2016.

It is not clear when Versace will open or what kind of boutique it will be. A Versace representative could not be reached. Gianni Versace in 1986 opened what at the time was his largest boutique in the world on Oak Street, but it closed in 2000.

 

{Source: Chicago Tribune / chicagotribune.com}