Wednesday, August 2, 2017

Former Bear Leads Group of Investors on Purchase of Large, Historic Motor Row Property

Looks like Motor Row is getting some new owners who are betting on a revitalized area (via Crains):
Former Chicago Bears defensive end Israel Idonije has a new target to tackle: a vintage Motor Row building on the Near South Side.

Betting on the emergence of a new entertainment district near McCormick Place, Idonije and a group of investors that includes another former Bears pass rusher, Julius Peppers, have agreed to buy the vacant Hudson Motor building one block west of the convention center for an undisclosed price.

Idonije's group has likely agreed to pay more than the $5.8 million the 1920s-era building sold for in January, when an affiliate of real estate investment firm Echelon Capital bought it as its previous owner was facing foreclosure.

Idonije, who spent most of his 11-year NFL career with the Bears, was tight-lipped on his plans for the 115,000-square-foot former auto showroom at 2222 S. Michigan Ave. but said he envisions "a number of uses for the property" designed for what he expects will become one of the city's trendiest areas.
It's been slow moving down in the Motor Row area, but it does seem like they're getting close to a tipping point.  Anyone have any guesses on if/when the area will turn the corner and truly become the "entertainment district" the city and many other envision?

We've posted about the new Wintrust Arena and some of their recent good news.  Additionally, we just read that DePaul will be hosting Michigan State (a high-profile Men's Basketball team) on Thanksgiving as part of a holiday tournament.  If they continue to draw these types of teams/tournaments it bodes well for the area (via Tribune):
The DePaul men’s basketball team has been invited to participate in the PK80 Invitational tournament, which honors Nike co-founder Phil Knight for his 80th birthday.  
The Blue Demons replace Georgetown in the event and will face Michigan State on Thanksgiving (Nov. 23) in the “Victory” bracket of the tournament. Two eight-team brackets will crown two champions at the Moda Center and Veterans Memorial Coliseum in Portland, Ore.

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