This building provides clues about the future after COVID, one of the city’s most famous tourist and shopping destinations. Northbridge locations and shops.
The Koreas are framing the 54-year-old building on 500 N. Michigan Avenue as an opportunity to transform most of it into something else. This suggests that 321,000 square feet of office space (about 70% free) of the tower is possible. Reused in housing, senior citizens, clinics, hospitality use, or a combination thereof. The building contains separate low-rise and high-rise elevator banks that can serve different users.
Demand for offices was sluggish during the pandemic, but demand for downtown apartments recovered above pre-crisis levels, and with the growth of the Lully Children’s Hospital in Streeterville, adjacent to the Northwestern Memorial Hospital, North Michigan. Clinic use has become more common on and around Avenue. ..
The flyer plays a tower near the intersection of Michigan Avenue and the Chicago River. The Chicago River has recently emerged as the center of gravity of the Magnificent Mile with the redevelopment of the Tribune Tower, the major refurbishment of the Wrigley Building, and its glass-enclosed debut. An Apple store along the river in 2017.
Shapira’s building has lost many small office tenants since his venture Paid $ 86 million For 2017 properties where about two-thirds of the building was rented. Its approximately 15,000-square-foot floorboards are obsolete for many users, despite strong demand for pre-pandemic workspaces, and leased when the public health crisis fueled the rise of remote work and destroyed downtown offices. Up jobs have become even more difficult in the market.
The ownership venture was much more successful in the retail space on the lower floors of the building, spending nearly $ 20 million on refurbishing and adding a new facade that wraps the first second floor. Shapira signed a deal with Chick-fil-A in 2019, occupying vacant space with a purple pig restaurant, keeping Bank of America as another retail tenant, and signing a deal with shoes and apparel company Vans in 2020 to build a building. A corner that opened a store in the northeast.
According to Cook County real estate records, Shapira Venture refinanced real estate in 2019 with a $ 94 million loan.
According to the leaflet, the retail portion of the tower is fully leased with a weighted average lease term of 10 years, which is a measure of the tenant’s remaining lease agreement. Koreas assembles retail revenue as a source of income to fund the relocation of the rest of the building.
Some investors are betting on the future of the Magnificent Mile as COVID restrictions begin to weaken.Texas investors paid $ 94 million to 196,000 square feet last month Naiman Marcus Building 737 N. Michigan Ave., property records show. The building was also considered a candidate for redevelopment, but the buyer was not a developer and was aiming to keep the property intact.
Another skyscraper right next to the Magnificent Mile is looking for a developer to give a shot of life. Located on 101E. Erie Street, 3 blocks north of the Shapira building. Conrad Chicago Hotel with shutters. The owner of the property was faced with a $ 70 million foreclosure in late 2020, quietly pitching the hotel to prospective customers to resolve the dispute.
Korea’s John Homshire and Alyssa Adler are marketing 500 N. Michigan Avenue on behalf of Shapira Venture.