Thursday, January 6, 2011

A Real Estate Sales Person Chimes in on Lexinton Park

Brita Rivera, a VP of Sales who used to work at Lexington Park, provides some first hand thoughts on the current state of Lexington Park (Northeast corner of Michigan and Cermak) on her blog:
I’m not sure why it has taken so long for them (Starwood)to decide what direction to take Lexington Park, but can only assume the delay is due to the incredible breaks they received in the transaction. Purchasing it for a fraction of the cost, with a no interest loan and a huge cash infusion, probably offers them little reason to move quickly. Only time will tell what will happen at Lexington Park, but I sure hope they move soon, as the vacant building with no lights, is an eyesore to the south loop.

Who knows what the current state is, but it truly is a shame. Most people on the blog seem to think Cermak eventually will be one of Chicago's great East-West streets (including us), but there is some debate about how soon this might happen.

In my mind, if people ever move into this building it will help this corridor out a ton. Although there is some foot traffic it's pretty sparse, it's mostly people driving. But if people lived here it would probably provide a step in the right direction.

The other major development that could help this stretch is the proposed Green line stop at Cermak. It's been over a year since we last heard about that though...

13 comments:

steve said...

I was told that there was a big pipe freeze up in there and the fixing up of that will cost big money and take time

Anonymous said...

The proposed Green Line stations at 18th and Cermak first appeared in the initial TIF district projections for 2009-2011
(http://www.chicagoreader.com/pdf/blogs/ProjectedTIFBalances2009-2011.pdf). By the time the final 2009-2011 projections (http://www.cityofchicago.org/city/en/depts/dcd/supp_info/tif_projection_reports.html) were released, both stations did not make the final cut. Both stations are probably still a possibility in the future. Yes, you have to dig through TIF projections to find this information. It seems like is should be easy enough for the Alderman to inform people through his newsletter.

Anonymous said...

This building will either become (a) "actual" public housing; or (b) "quasi" public housing (e.g. Section 8 dumping ground).

James L. said...

Some idiot mentioned this before. I will go on Section 8 if this type of housing is avail. Get real, there are plenty of other places to go. This building has zero chance of it.

Anonymous said...

You people have no idea what Starwood the owner of this building is? They own Aloft, Sheraton, Westin, W, St Regis and Luxury collection Hotels and Condo They are not that stupid to go buy a Section 8 Building People. Some of you need to think beyond what you can see today.

Anonymous said...

Not that Starwood. Starwood Capital Group.

http://nreionline.com/finance/news/starwood_capital_wins_corus_bank_1007/index.html

Corus Construction Ventures, LLC was formed by Starwood Capital Group and the FDIC and is the manager of the new ownership entity, Lexington Marketing, LLC

http://www.ilsos.gov/corporatellc/CorporateLlcController?command=mms&fileNbr=02936542&type=MBR

Anonymous said...

My mistake. Starwood Capital Group does own Starwood Hotels.

Anonymous said...

My mistake again. Starwood Capital Group does has not had an interest in Starwood Hotels since 2000.

http://www.starwoodcapital.com/StarwoodBussiness.aspx

I'm done now.

Anonymous said...

It will be section 8 I guest according to you guys let me foreclose on my condo soon before it gets too late LOL.
For your info Starwood Capital investment was the owner of StarwoodHotels not sure if it's invested in it still.
http://www.starwoodcapital.com/StarwoodBussiness.aspx
I have never seen people think so negatively like you folks.

Anonymous said...

FYI... Same company

Starwood Hotels & Resorts, Inc. (NYSE: HOT)

In February 1994, Starwood Capital acquired performing debt and exchanged it, together with assets of SOF I, II and other partnerships, for a 75% ownership interest in the nearly bankrupt NYSE-listed Hotel Investors Trust (HOT). With Starwood Capital acting as the acquisitions arm of the company between 1994 and 1998, HOT was transformed from an overleveraged, $8 million equity value liquidating REIT into a $20 billion global enterprise three years later. During this time, the company completed the $1.6 billion acquisition of Westin Hotels and the $14.6 billion acquisition of ITT Sheraton. Mr. Sternlicht served as Chairman and CEO of Starwood Hotels from January 1995 to May 2005, during which time he created W Hotels, built St. Regis into a global luxury brand from a single asset, revolutionized the four-star hotel category by launching the Westin Heavenly Bed and Bath and introduced the industry’s first “no blackout” frequent stay program with Starwood Preferred Guest. Starwood Capital exited its investment in Starwood Hotels in 2000.
starwoodhotels.com

Anonymous said...

So do you people actually think that starwood hotels is putting a high-end hotel on a dumpy stretch in a desolate neighborhood?

This building is more than an eyesore, it's utterly sad. There is no tower that large, in any other neighbor, in any other part of the city that is completely abandoned and dark - other that the soon-to-be-destructed last cabrini green buildings.

This building/project epitomizes the south loop: unfulfilled.

And by the way, Starwood hotels owned the land at one time, and planned a hotel and entertained complex at one time (back in the early 2000s); however, the hotel chain bailed once it realized that the neighborhood wasn't quite as promised (sound familiar anyone?).

Anonymous said...

To Anon January 10, 2011 9:15 AM
Do you live in the SLoop? I doubt it.
The point about Starwood that you failed to understand, I am sure they are a lot smarter than you average self who has nothing to show for and I doubt they would just buy something unless they had a vision.
Average people like you usually have no vision so they can only see up to the horizon in front of them.
Food for thought.......

Allen said...

It's official - Lexington Park Condos will be going Rental. I am pretty upset that they did not try to sell the units first at a discount and then rent out the rest, but this is a fantastic buidling & will bring residents to the area. Building is new, has a rooftop deck, gym, access to all highways and retail will follow very soon.