Chicago Sun-Times business reporter David Roeder is already looking forward to a rebound in the local condo market, and he says Pilsen is one neighborhood that stands to gain the most.
Roeder reports that developer Ray Chin has received city approval to build a large mixed-use development in the 1900 block of South Jefferson Street that would include 446 residential units and 40,000 square feet of retail. Roeder says the site has been vacant for years, and a look at Google Street View seems to confirm it (photo above). The plot looks remote and weedy, and it’s bordered to the south by several warehouses.
In other news, David Betlejewski, the executive director of Eighteenth Street Development, tells Roeder that potential buyers have scouted the former site of Centro 18, although no sale has been announced. Developer Kimball Hill had announced plans in 2006 for 387 condos and townhouses on the 6.5-acre site located on Peoria Street between 16th and 18th streets in Pilsen, and in Roeder’s words, the deal “exploded” last spring.
Let me preface by saying I like Roeder; however, it seems to me that either he let’s himself get used by developers with projects going nowhere, or he knowingly wants to be a promotion tool for them.
Take a project like this, and a project with Betleejewski, who is, IMO, absolutely ruining Pilson (which is a whole story). Or take the projects near McCormick Place where Pam Gleichman owns all this land, and Roeder has written several times about a deals that Gleichman has allegedly signed (Prairie Blocks, Alter Group, and some other NY firm) for massive developments that never happens as they get tied up for some reason.
I just wish he would be more objective and ask tougher questions to flush out real stories from land owners trying to throw feelers out in the Sun-Times. At the same time, it is amazing that the two land owner examples I cited have bought (or inherited) land for dimes on the dollar (congrats to them), but are actually holding back development in these neighborhoods expecting the one ultimate offer that never comes.
Tell us about Betlejewski and how he is ruining Pilsen Jeff?
Jeff,
18th Street Development Corp is “ruining Pilsen?”
Cut them some slack – they’ve only been working at this for 32 years. These things take time.
Joe, lol…
UIC Student – just take a look at Halsted from 18th South, many great spaces languishing…Unfullfilled potential due to many factors (Alderman, local identity conflict, etc) including the low ball slum lord mentality. Throw in things like tearing down a Louis Sullivan, buying up and sitting on unimproved property waiting for a big score instead of preserving and redeveloping many of these properties,etc.
This area could be unique and white hot with the right vision and plan. How the city let’s this languish is beyond me. Just spend a day talking to any of the tenants of the commercial space and they will talk for hours about the issues.
There isn’t much ESDC can do when the biggest property holder in Pilsen won’t do anything to preserve his holdings. They let the buildings fall into disrepair and let the city condemn them. Shame on the slumlord, not the ESDC.
The ESDC has been pro-development for some time. The problem is that they are an arm of the alderman who has to at least make the impression he is catering to his still-majority (Hispanic) constituents. Case in point, Centro 18 not getting the greenlight (in 2003)…And then, in 2005 when the market started falling apart.
But look at the new businesses opening, and tell me that the ESDC didn’t have something to do with that? Restaurants (that aren’t Hispanic), a bar or two, clothing, etc?
The ESDC’s only problem is that they have to cater to the entire community. The Podmajersky compound is a dead-zone, yes, but the rest of the neighborhood is moving in the right direction. Just look at the new faces and businesses.
ESDC Pro Development?? ESDC is Pro Industry and they have had something to do with getting some Industrial deals done but overall they have killed, crippled, and maimed any residential development that didn’t fit their Social Engineering goals. The only folks getting greenlighted are insiders and those projects rarely get off the ground. In the end they will lose.
All true, the case of Pam Gleichman and Karl Norberg and the south loop properties is particularly troubling. They have been running a shell game for years.
Our firm just did some DD on them concerning some insane ideas on redeveloping some buildings on Michigan Ave (Motor Row). We found a very troubling track record, no income, incredibly poor credit, a history of lawsuits and judgements and even “fake businesses” listed as potential tenants and numbers being pumped and falsified by some fool at Transwestern….
Now the “lakeside” property is in foreclosiure and it seems all of thier homes are 90+ days past due. This is a prime example of greed and dishonesty.
NMTC Investor,
I’d say you have some serious explaining to do – since you’re using an e-mail address that includes the last name of one of the people you’re slandering.
Either stop hiding behind anonymity or stop attacking people in this fashion.
In the meantime, everyone should consider NMTC’s information worthless – at best.