Printers Row, the most established neighborhood in the area, also is attracting new construction. Around the corner from Dearborn Station, with its eateries and shops, is the site for the Residences at Burnham Pointe, a 28-story condo with 298 units. Terrapin Properties is scheduled to break ground in November at Clark and Polk Streets.
“Printers Row is like a little boutique section of the South Loop with a European flavor, where people walk on weekends and evenings,” said Michael Ezgur, managing member at Terrapin.
But not all of its neighbors approve of the growth. “Some of the residents of Folio Square, located west of the site of Burnham Pointe, objected that the new tower will block their views. They prefer it remain a parking lot,” said Bonnie Sanchez-Carlson, executive director of the Near South Planning Board.
South of Burnham Pointe is a 3.7-acre tract planned for 1,000 units by Lennar Communities of Chicago. Another project is Printers Corner, an 88-unit mid-rise at Polk and Wells Streets.
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The latest project by Robert Frankel of Bluestone Development is Lakeside Lofts, a 96-unit, five-story building at 2025-2035 S. Indiana Ave.
Keith Giles was a partner with Frankel in Frankel and Giles Real Estate in 1994, when they did their first South Loop project, Filmworks Lofts. “The bank thought we were crazy, but it turned out we had enough buyers.”
Giles noted that the average price then was $118 a square foot; today it’s $350 a square foot.
South Michigan Avenue continues to be popular.
“In 2000, I saw how Mayor Daley improved the streetscapes in the South Loop and changed the zoning, so we bought a lot at 1250 S. Michigan Ave.,” said Jacob Bletnitsky, partner in Russland Capital Group.
After completing Michigan Avenue Tower in 2005, Bletnitsky and his partner, Alex Vaisman, plan to break ground for a second high-rise at 1400 S. Michigan in September.
Giles also is planning two towers of 35 and 45 stories at 1712 S. Prairie Ave.
“Neighbors oppose the project because it will be much taller than other structures in the neighborhood and the modern architecture will not fit in with the historic district,” said Tina Feldstein, a South Loop resident and real estate agent.
But, she adds, most residents support construction because more people in the South Loop will mean more services.
Another Prairie Avenue project is Aristocrat Tower, a 24-story condo that will have a four-story base of townhouses designed to blend in with the mansions on the street. The tower is part of the Prairie Station District, which includes Chess Lofts, a conversion of the eight-story building that was the headquarters of Chess Records. Chicago bluesman Muddy Waters signed with Chess Records in the 1940s, and Chuck Berry and Bo Didley also recorded there.
Another pioneer developer in the South Loop is Jerome Karp, who bought the former YMCA at 828 S. Wabash Ave. in 1985. He gutted the building and turned it into 292 apartments. They went condo in 2000.”Since the location was near the Loop, I thought it would eventually succeed. It’s unbelievable what’s happened since then. I wish I would have bought ever y block in the area,” Karp said.
Now he plans to break ground soon for One Place Condominiums, a 10-story building with 98 units at 1 E. 8th St.