All kinds of work is happening at locations along Sheridan right now.
The top picture shows interior work going on at Pillars Social Cafe at the northwest corner of Pratt and Sheridan. Looking through the window, I can see some kind of bamboo finish product as well as Kohler bathroom fixtures. This can tell me right away that the owner is sinking some money into these upgraded features. Good news.
Next we have Aqua Bar & Grill at the northeast corner of Pratt & Sheridan. So far they have added a pool table, video game, juke box, and at least a couple more TVs. That's all that appears new so far.
Finally, the building at North Shore and Sheridan. They have erected extensive scaffolding, but I'm unsure if the building is being modified or demolished. The big roll-off dumpster that says Wrecking makes me think demo. We'll find out soon enough. I believe that Loyola owns this area and this will be a new development, similar to the Morgan...but don't quote me on that.
Loyola bought that 4+1. It was foreclosed upon a while ago now (2 years?) and turned over to the lender. They're going to make it into a dorm and put a campus police outpost on the ground floor.
ReplyDeleteAl, forgive me if I sound like a conspiracy freak, but I really feel that every TIF-financed apartment project on Sheridan Road is a setup to eventually deliver the property to the ownership of Loyola U.
ReplyDeleteThe Loyola/Devon TIF funded the bankrupt previous owners of the 4 plus 1 at 6610 N Sheridan, to the tune of $2.5M to renovate and re-facade this dump. I never saw work progress much past the point of vacating the building and boarding it up, after which it became progressively more decrepit, and stood empty until plans were made for Loyola to buy it. I'd love to know the price they paid.
With any luck, Loyola will also be able to pick up the failing, half-vacant Morgan for a song, just as it did the Granada a decade ago. There is really not much of a market for $1700 a month one-bed apartments in buildings with so many rules and restrictions on the tenants that they feel like they're living in a boarding school dorm. Maybe it was not a pre-concerted thing, but it surely feels like it.