Preservationists often use landmarking as a way to protect buildings from demolition or intrusive development, but here’s a case of a developer pushing for landmark status as a way to kick-start his own construction plans.
According to Crain’s, that’s what David Dubin wants to do with his stalled Lofts at Bridgeport Place project, planned for the old Spiegel building at 1038 W 35th St. Dubin hopes landmark status granted by the City Council “will boost the project’s visibility and improve his chances of landing construction financing,” the article says. He must feel pretty confident about his chances, because his website already describes the Lofts as a “HISTORIC LANDMARK DEVELOPMENT!” Either way, something needs to happen, because his $6.4 million mortgage has just come due.
Dubin originally planned to convert the 250,000 square-foot building into 158 industrial lofts. By March 2009, those plans had changed to 190 residential units including live / work spaces for artists, as well as retail and 220 parking spaces. Dubin is leaning toward renting out the new homes, but hasn’t ruled out selling them as condos, Crain’s says.
I guess one question would be what are the financial benefits to the developer for landmarking? It really doesn’t matter whether such benefits accrue directly to him or to individual buyers if he goes the condo route.
Will such benefits be enough to jump start this project?
Since Mr Dubin is touting the “historic” idea I wouldn’t be surprised if he’s already lined up the necessary political support.
I’m sure the Bridgeportian powers that be would like to see some more people living around ‘dere’. Whether such people can be found in this real estate market is the larger question.
It’s unfortunate, for the developer at least, that the building is not a mile east and closer to Sox Park and the Red Line.
Can’t believe Dubin is still in business. Six and a half years ago I closed on a Dubin property in the West Loop and have yet to have my 30 day punch list completed. Awful customer service, awful management, tolerable product. Dubin crashin’ and burnin’ would be best for the Chicago housing market.
Bob,
I’m no fan of Dave Dubin – as Dubin himself can attest.
I’m less of a fan of anonymice who take swipes at people.
We have no idea whether you’re a competitor, an ex-employee, a contractor who lost a bid, a random kook – or whatever.
If you want anyone to believe you, you ought to identify yourself and provide some details of your experience.
Am I missing something, or would adding the balconies showin in the rendering disqualify the buildiing from achieving a) landmark status and b) any tax breaks associatd with that status?
I had the same question Joseph. The building was apparently added to the national register last year.
By the way here’s da link to da Crain’s story.
Apparently Joe Askins forgot to include it. I suggest he be punished by being forced to read George “Dubya” Bush’s memoir.