Michael Harrington said...> "A really curious, and amazing, element here is the plan to build $3000/month rental apartments on Sheridan north of Devon, on the site of the old pancake house which was being used as Loyola's Fine Arts Building. It was announced at a meeting there in February."
BLOGNOTES: Fancy brochures. Fancy talk about community involvement. But where was the community involvement? Can anyone shed some light on these projects. The bidding process is expired.
* Who got the bid?
* What was the bid?
* How much is this going to cost in TIF money?
* Are any locals being hired for the jobs?
* Who collects all the rental money when the project is competed?
So many questions. Where's the transparency? And with studios starting at $1400 dollars, where's the affordability?
13 comments:
Graig:
After this land is developed will the city collect property tax?
With all the building the school owns on Winthrop & Kenmore in which the city doesn't collect propert tax I was wondering.
Chicago must have alot of money that they can let Loyola have all theses building that leave needed dollars on the table.
On another subject, think about all the taxs the city will have to levee on the tax payers if we get the Olympic games!
As with Moody Bible and all their property in Old Town, no property tax, it pays to be holy and own land.
Hey Craig, thanks for getting one of the project brochures. I see that the highest priced apartments - announced in February as $3,000/mo. - are now ONLY $2,600/mo. Hmmm.
By the time the building is built the rents will be less.
You can live in wrigleyville for those rents, for a few dollars more one can rent downtown.
Dorthy thanks for the info. It is nice to know now that all the buildings I see on winthrop and on kenmore are not paying property tax! I'll remember this next time I hear how the city needs funds for the CTA, the schools, and other upkeep projects to make the city streets driveable.
I bet the majority of voters are not aware of the MILLIONS of dollars the city gives away in property taxs to scools like Loyola, DePaul, Moody Bible.
It is time for this practice to stop!!
Hey...more evidence that crime is down in RP! A gang shooting tonight that may have killed an 18 year old gang member and injured an 11 year old bystander!
Thanks for keeping down crime Joe!
Sign in under your real name Nayboor, or don't bother commenting. They will be deleted.
You know who will pay?
Loyola Students, or more precisely, their parents. Developments/apartments near campuses usually charge exhorbitant prices.
Joe time spent on banning foie gras, and tax dollars, Now the city is repealing this stupid ban.
Instead of focuseing on ward issues well done joey!!!
Daley targets foie gras ban
Posted by Mickey Ciokajlo at 12:45 p.m.
Just in time for the summer dining season, Mayor Richard Daley said today that the City Council will move to repeal the much-discussed ban on foie gras.
Daley has chafed at the ordinance since it was passed last year at the urging of supporters who say geese and ducks are grossly overfed to produce the delicacy made from their livers.
"This foie gras, it is the silliest ordinance that was ever passed,” Daley said after today's special council meeting, which was called to consider his affordable housing plan.
Ald. Ed Smith, chairman of the Health Committee, said today he threatened to resign his chairmanship if opponents of the ban tried to take the repeal measure from his committee and pass it at today's meeting. "The reason why I wanted to do that is because my professionalism, my manhood, my integrity is at stake," Smith said.
The power play didn't happen. But Daley said the move to repeal the ban will be brought for a vote "maybe next meeting or the following meeting."
Smith wouldn't say what he would do then.
The next meeting, May 21, was expected to be a largely ceremonial affair at which the winners of the recent city elections are to be sworn in as aldermen.
The students wont bare the burden, directly. Of course they will when they are sold on living in this thing because loyola likes to keep rogers park out of the minds of most students. I knew about this thing a while ago, and just like the tiff, and the information commons, loyola doesn't seem to care let alone listen. Loyola could work and make Rogers Park better by working with the ward. Honestly though when a school goes for years making bigger and bigger steps and the ward's alderman is completely ignorant (or acts that way) why wouldn't they think they have a blank check. Loyola could have been a partner but sadly has become another problem.
As a former college student at Loyola, I can safely say that nearly zero students there go into Rp at anytime in their four years there. They basically go a block in each direction or take the el into evanston or into lincoln park where they spend their money in those communities. I myself never learned anything about RP until I lived here for the past three years after graduating and work in the area.
My associate and I were actually going to start a business on devon, actually a Hookah bar until a rival group put one in the location we had identified. It was goign to be something that college students could enjoy in the area and keep their dollars here instead of evanston or lincoln park bars. The only other thing around is Hamiltons. Quite frankly the lack of businesses tryng to cater to thie population suprses me since it seems like a sure bet for profit.
I wonder who Loyola targets to pay these prices. They are pushing for higher enrollments, with higher tuition. Basically making it a more prestigious and expensive school. I live a block from campus in a two bedroom garden apartment for $700 a month. I wouldnt pay much more to live around here.
I have also wondered what they were going to put on these sites, I stay close to my alma mater get emails, updates, talk to employees, no one knew anything about this development.
Jmo will be in my nursing home on weds for this balloon launching for the residents, I always hate seeing him.
What will happen to this luxe apt. building is that it will fail as a commercial venture, as a market-rate apt building, and end up in foreclosure. There is no market for apts in this price range for these sizes of apts in this neighborhood or most other middle class nabes. Hell, a friend of mine owns a gorgeous 3-flat on Ashland, and he cannot find tenants he considers suitable for the beautiful, renovated 3-bed, 2-bath units with new kitches, heat included, $1400 a month- incredible deal.
When the place fails, which is almost inevitable,Loyola will buy it for less than half the cost of building it, and turn it into student or faculty housing.
This is what happened with the Granada Apts. You may remember that the Granada was, 10 years ago, a "market rate" bldg constructed for a market that never materialized. A squeezy one-bed rented for $1200, way over the market.
Loyola now owns the place, and it contains some of their offices, and student housing. How it was financed, exactly, I have no idea.
But this time, with the new place, it will be financed by the TIF-with the "increment" of our future tax dollars.
Abe's right. The target for these apartments is probably students. Wealthy students. Look at the development down at the south edge of the loop near the library that caters to students from multiple colleges - the place looks like a resort hotel. (Well, a crappy one).
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