Goldblatt rehab still planned in Uptown

For years, the old three-building Goldblatt's property has been ablight on the center of Uptown, the Lawrence and Broadwayintersection. A redevelopment plan was promised, but a fire occurredthere in May and now the summer is passing with no action on thesite. Neighborhood residents have grown suspicious.

Dennis Harder also gets frustrated when things take time. ButHarder, the development manager for Wheeling-based Joseph Freed &Associates LLC, hopes for progress on the site starting this winter.He said Freed is moving ahead with plans to convert the building into25 condos plus 60,000 square feet of retail space, including aBorders Books & Music, which has signed a letter of intent to movein.

Freed has a contract to buy the complex from convicted slumlordLou Wolf and partner Ken Goldberg. Harder said the hangup in the dealis that a subsidy from Uptown's tax-increment financing district hasto be negotiated with the city. The amount of the subsidy affects theproperty's worth and city officials don't want any perception thatthe public largess is going to Wolf and Goldberg.

"We're in negotiations with the city and they should come to aclosure in September," said Harder, who declined to say how much of asubsidy he wants. He said the exterior of the buildings would be keptbut that the interiors would be gutted. "The buildings have sufferedfrom a lack of maintenance over the years," he said.

Mimi Slogar, executive director of the Uptown CommunityDevelopment Corp., said the project will do a lot for the area'sresidential and commercial renewal. She welcomed the neighborhood'strend of condo developers moving onto commercial streets. "Itprovides more street life, people feel safer and eventually thatdraws the retailers," she said.

E-MAIL BAG: While I'm on the subject of Uptown, doubts expressedhere a couple weeks ago about prospects for reviving the UptownTheater elicited a comment from Dave Plomin. "Maybe you are too youngto appreciate history, but with the proper PR, the Uptown could be asimportant as Radio City Music Hall to performers who want to performin a classic setting ..." he said. "As someone who used to see moviesthere in the '60s, ... I am angered by transplanted 20-somethingswith no clue. ... Sorry if that fits you." Is the picture on thiscolumn that flattering?

BEST FACE FORWARD: Steve Mandell, vice president at KaiserDevelopment Group LLC, is touting a new condo tower whose "locationensures that residents' views of the city will never becomeobstructed." Sound impressive? Consider that the location in questionis 720 W. Randolph, immediately west of the Dan Ryan-Kennedy linkup.The views are protected because the units overlook an expressway.Nevertheless, Mandell said about 30 percent of the 63 units have beensold. Prices start at $239,900 but top $700,000 for penthouses thathave terraces overlooking all that traffic. The developers, Kaiserand Hoffman Development LLC, note that the building includes the bestin sound insulation. They should throw in earplugs and oxygen tankstoo.

LOOK OUT BELOW: Insiders here are saying the hotel market hasgrown softest at its loftiest reaches, the super-luxury categorythat's drawing more entries downtown. One source said the PeninsulaChicago hotel, which opened in June at 108 E. Superior, projectedroom rates of $350 and $450 a night but had to start out asking $175.

NICE TOUCH: With seven projects in some stage of developmentdowntown (and that doesn't even include the still-gestating $2.5billion Lakeshore East at Illinois Center), Magellan DevelopmentGroup Ltd. has been a busy place. So the boss, Joel Carlins, decidedto say thanks to the staff. About 100 Magellan staffers plus theirfamilies have been invited to frolic in Jamaica for four days nextApril on the company's dime.

DOING THE DEALS: Richard Delisle, vice president at Trammell CrowCo., brokered the sale of 183,000 square feet at 555 Oakwood Blvd.,Lake Zurich, to Greenhill Co. LLC. The building will be leased toSmalley Spring Co. of Wheeling. Delisle represented the seller,Allegiance Healthcare. ... Heartland Partners LP sold 1.25 acres nearWayman and Halsted to Loft Development for $3 million. Despite thename, Loft Development said the property will be used as parking lotfor a Catholic Charities of the Archdiocese of Chicago foster carecenter. ... Deerfield-based Vision Realty Partners has acquired sevenretail, office and apartment buildings for $16 million. Theproperties range from Northbrook to Matteson. ... Graycor Inc., aHomewood-based builder, bought Piranha Explosive Services Inc. inDownstate Carmi. Piranha Explosive Services sounds to me like a placenot to be messed with.

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