Lincoln Park real estate called ‘recession-proof’
Housing up as Spring buying approaches
BY HAYLEY CARLTON
SPECIAL TO INSIDE
While the rest of the country suffers a real estate meltdown, some realtors in Lincoln Park and other areas of Chicago are hanging tough and enjoying a strong market .
After all, it’s a buyers market and Lincoln Park’s trendy, stylish reputation makes it desirable to high-net, ‘recession-proof’ buyers.
“It’s good,” said Dough Fox, a realtor in Lincoln Park from Rubloff. Fox says that properties in Lincoln Park are getting multiple offers. “It’s a pretty entrenched area…prices are steady…lots of buyers.”
Fox says that good interest rates have made the area a buyer’s market.
According to local sources, Lincoln Park saw a raise in its house and condo sales of 14%. The North Side has remained steady, while on the South Side, sales are slower.
Lincoln Park is not the only North Side area that is enjoying a strong real estate market.
Lincoln Square and Lakeview are doing well, according to Don Tomaska, a realtor with Baird and Warner, who specializes in Lincoln Square.
“It’s a very strong area…all of the older North Side areas are strong.” Tomaska says that he sold as many properties last year as the year before. “I sold 9 condos (in Lincoln Square), and that is the (sort of property that is the) weakest.”
Tomaska points to interest rates that are at a historic low as a factor toward making it a buyer’s market, adding that home owners should not worry about potentially losing money from selling property, because they will do very well if they also buy property.
“There’s all this talk about the subprime crisis, but that’s just for people with bad credit. We are going to see a return of traditional lending practices.”
Quentin Green, a Lincoln Park realtor from Lincoln Park Homes, LTD., sees things a differently. “Everything’s off.” Green says that one of his properties, a one bedroom condo at 2144 Lincoln Park West has been on the market for 60 days. “A year ago it would have been sold in two weeks.”
Green also says that properties are very aggressively priced as it is. But he does agree with some things that Tomaska says, such as the fact that it is a buyers market and anyone who will lose money selling a home should make it back if they are also buying.
He also agrees that there will be a return to traditional lending practices. Though, he adds “I would be terrified if I had to sell my home.”
Bruce Johnson-Reid, a realtor with Jamison Real Estate, says that it depends where the property is located and what the condition is.
“As the market gets tougher, properties that are good, but not great are not going to sell as well.” To prove his point, he points to a house that sold for $3.1 million dollars “that was incredibly well done” two years ago that was recently on the market again. “It was on the market for less than 60 days and there’s a contract on it already.” To further prove his point he mentioned another house in the 1800 block of North Freemont “a good area” that has been on the market for almost a year. “This is a two- story frame house that is going for $1.2 million.”
Johnson-Reid says that previously, he sold a lot of tear-downs in the are that he thinks he couldn’t sell today. “Builders have lots already that they are not building on.”
As for the state of the Lincoln Park real estate market? “The upper end is still doing OK.”
“It’s fine,” said Alex Zupancic, a realtor in Lake View from @Properties of the Lincoln Park market. Zupancic brought a house in Lincoln Park in February.
Further, many worried sellers are offering deep discounts and incentives.
The Chicago Association of Realtors notes that national reports over rising foreclosures are noteworthy, but should sometimes be taken with a grain of salt. Important statistics are the local ones, and local real estate in some neighborhoods remains competitive.
The association bitterly fought against an increased real estate transfer tax instituted by the city council last month that adds costs to every real estate deal. The higher tax rate goes into affect April 1.
Home sales increased and prices rose last month. The median price for a condo in Chicago last month was $314,900. That is 10.5 percent more than one year ago.
Retail rents skyrocketing in parts of Lincoln Park
BY SARAH KLOSE
SPECIAL TO INSIDE
Contrary to reports of doom and gloom in the real estate market, supply and demand for commercial real estate remains strong. According to “Emerging Trends in Real Estate 2008,” an annual report published by PricewaterhouseCoopers and the Urban Land Institute, Chicago is ranked as the 12th hottest city in the U.S. for commercial property, and 10th for retail.
In Lincoln Park, building owners enjoy high rents and developers are investing in new construction. “The trend is that rent is going up in key areas of the North side,” said John Cleary of @properties commercial. He mentioned Lincoln Park as one of those areas.
According to the Costar Retail Report for Year-End 2007, average retail rents in Chicago rose from $18.68 per square foot in the fourth quarter 2006 to $18.99 in the fourth quarter 2007. However, Cleary explained, “Rents have skyrocketed in some parts of Lincoln Park.” He estimated that Lincoln Park retail rents range from $20 per square foot on the low end to $50-$60 per square foot on the high end. In fact, the CoStar study quotes average retail rents of $30.72 per sq ft for Lincoln Park, making it Chicago’s third most expensive submarket sector for retail – behind only North Michigan Avenue ($58.79 per sq ft) and River North ($32.51 per sq ft) .
Cleary said owners require retail tenants to sign leases of three to five years.
Michael Mikusch, a Lincoln Park proprietor, signed a three-year lease with a two-year option for his storefront location at 2523 N. Clark St.
Mikusch sells tortes and pastries at his Austrian Bakery & Deli. His shop is located on the same block as glass-windowed Urban Outfitters and Best Buy stores. Mikusch declined to give the exact rent per square foot, but said “It’s not cheap, but it’s a nice area.”
Current locations that are considered high-end include the area around North-Clybourn and Armitage-Halsted.
There is more retail space there than at Woodfield Mall in Northwest suburban Schaumburg, one of the largest malls in the country.
These hot areas are popular, heavily trafficked, and high-rent. Near the corner of Armitage and Halsted are chain retailers including American Apparel and Bennetton, and upscale boutiques such as L’Occitane and Cynthia Rowley.
In mid-March, Isabella Fine Lingerie will relocate to the Armitage-Halsted area.
“We’re very excited to be moving and to become a part of Armitage Avenue,” said owner Lauren Amerine.
Their original store has been based in Lincoln Park’s De Paul area since they opened their doors in 2000. The half-mile move to 840 W. Armitage will give them more visibility, as well as the opportunity to expand their shop from 1000 to 1600 square feet.
A number of builders are opting for development opportunities beyond Armitage-Halsted and North-Clybourn, moving further west and south of those key corners. New retail is stretching northwest along Clybourn Avenue - from North Avenue all the way up to Diversey Avenue. New construction is also occurring along Halsted St. south of North Ave.
“There is half a million square feet of new development in the area bordered by Halsted St., North Ave., and the river,” Cleary stated.
A Whole Foods store is being constructed in Kingsbury Square, and the British School of Chicago opened in January 2008 in a 74,000 square foot location along that corridor. In their move from Edgewater to a state-of-the-art facility at the corner of Halsted and Eastman, the British School will be able to nearly triple their maximum enrollment, from 222 to 600 students. In the glass ground floor facing Halsted Street, the school will house retail shops.
Cleary also indicated that a hotel will be built in that area, in the 1500 block of N. Fremont. “I heard about it from a friend in Ireland, of all things,” he said. “He was looking at it for a joint venture.”
Adjacent to the British School, Mid-America is leasing retail space in a 100,000 square foot building. Across the street, at the site of the former New City YMCA, a one-million-square-foot development (residential and commercial) is being built. The developer plans to ask $35-60 per square foot rent for retail space, and expects the five buildings and plaza to be filled with condos, restaurants, large stores, and specialty shops.
Chicago does not seem to have a shortage of builders. Many commercial developers are experienced investors who like retail and see it as a grade A investment. “Most new construction is on a triple-net basis – it’s more advantageous to the owner,” Cleary said. Triple-net means the tenant pays a share of the real estate taxes, insurance and common area management fee.
The CoStar Retail Report states that new retail construction throughout Chicago rose from 8.6 to 8.9 million square feet for fourth quarter 2006 vs. fourth quarter 2007.
As stated in the Urban Land Institute’s report, nationwide commercial real estate will undergo a correction, but its healthy fundamentals will permit it to weather the storm. This appears to be the case for Lincoln Park, where commercial development continues to expand.
Nature museum conducts controlled burn
Fire engulfs the prairie grass surrounding the Peggy Notebaert Nature Museum, 2430 N. Cannon Dr., last week during its annual controlled burn.
The fire kills weeds and other invasive plants; meanwhile, the ashes left behind serve as nutrients in the soil jump-starting the growing season.
The burn is essential to preserving the natural habitat on display outside the Nature Museum, officials say.
Prairie burn professionals need just the right weather conditions; it cannot be too windy or too wet. The burn must be conducted when plants are dormant, usually between Oct. and April, so no harm is done to the native plants.
A “fire break” is set up around the affected area to insure the flames stay within the designated space. The fire is started against the wind allowing it to slowly burn the dry grasses, which serve as the fuel, around the east and south sections of the Nature Museum. The burn on March 17 lasted about two hours.
Story of quadriplegic singer overcoming obstacles uplifting and inspiring
BY SHEILA SWANN
THE RELUCTANT CRITIC
“None of us gets through life without pain, disappointment or tragedy, but it’s how a man gets back up,” says Teddy Pendergrass.
Or as the Japanese say, “Fall down seven times, get up eight.”
Inspiration can come in many shapes and sizes. In terms of the new play “I Am Who I Am,” at Uptown’s Black Ensemble Theatre, inspiration comes in big supply by way of sexy songs, tender lyrics—and a wheelchair.
Jackie Taylor and Bill Jolly have written the story of Teddy Pendergrass’ life, loves, tragedies and triumphs.
The story of a boy raised solely by his God-fearing mother (Rhonda Preston) who recognized his rich talent at an early age. A man who started out on the drums, progressing to the role of back-up singer before finally stepping out on his own to an extremely successful solo career. He was the first African American man to sell five platinum albums in a row.
Pendergrass has also made history in another arena, being a quadriplegic for the past twenty-six years. Having suffered a car accident in 1982, he is now paralyzed from the mid-chest down. He started recording again only one year after that accident and intense physical therapy.
But, instead of focusing on the sad part, a sadness that cannot be denied, “I Am Who I Am” brings into focus Pendergrass’ music, and his legendary talent for driving the ladies wild.
“Close the Door,” sung by the younger version of Pendergrass, played by Rashawn Thompson, illustrates that talent. When Thompson sings that song, if you don’t feel hot and steamy yourself, you ain’t alive. Note to the men in the audience: Hold onto your ladies!
Kevin McIlvaine plays the mature Teddy, rolling out to the middle of the stage in his motorized wheelchair, eloquently telling Teddy’s story telling stories about the trials of working in the music business and stories of love. He was married to Karen (Melanie McCullogh) for fifteen years before that ended in divorce.
Taz Lang is his manager played by Kristy Johnson who he lost to tragedy. She was the muse for his song, “You’re My Latest, Greatest Inspiration.”
This relationship’s poignancy displays that love is not always an easy road. But, as the song goes, “It feels so good when somebody loves you back.”
Backed by a group of ever consummate musicians, directed and arranged by Jimmy Tillman and Thomas Washington respectively, the story of Teddy Pendergrass moves you to clap your hands and “Get Down, Get Funky, Get Loose.”
The drums, bass, guitars and horns are vital to getting the energy of this story across. But, a few songs in the repertoire, sung by Stephanie Mills and Patti LaBelle (Dawn Mitchell and Carrie), seem thrown in to add variety, but come off as disjointed.
As “I Am Who I Am” illustrates, Teddy Pendergrass has not been discouraged by his hardships in life.
His story is uplifting and inspirational. With his personal blessing for the Black Ensemble Theater, having written three songs exclusively for this show, one learns that with faith, love and perseverance, one can truly know the power of love and find joy in this world, despite how many times life tries to knock you down.
“I Am Who I Am” is performed at the Black Ensemble Theater at 4520 N. Beacon St. at 8 p.m. Friday and Saturday evenings and 3 p.m. on Sundays.
Zoo’s ‘South Pond’ enhanced as field trip destination
Park District kicks in $2.5 million
The Chicago Park District Board voted March 12 to appropriate $2.5 million to support Lincoln Park Zoo’s South Pond Enhancement Project.
While still described as a “beautiful destination resting peacefully in the shadow of skyscrapers,” the South Pond of the zoo is showing its age. It lacks self-sustaining elements such as aquatic plants. The footpath ringing its perimeter is crumbling. And opportunities for visitors to interact with the water and wildlife are limited. These needs have prompted the South Pond Enhancement Project, an endeavor begun in the fall of 2004. Once completed, the new South Pond will be a nature center, inviting visitors of all ages to reflect upon the wild setting as they research the wildlife around them.
Since 2004, researchers of all ages have helped guide the more-tenured investigators, contributing data to a shared network of information that will direct rehabilitation plans.
Students use artistic activities and hands-on experiments to explore elements of the ecosystem—birds, fish, insects, mammals and the water that connects them all. Students a few years older can learn the scientific process through real-world applications.
One local elementary school composed a number of songs, raps and poems about the pond, which they recited at water’s edge.
A seventh-grade class from Louisa May Alcott School, 2625 N. Orchard St., made multiple trips to the South Pond to study changes in soil pH and analyze changes in water quality throughout last year.
Students from another school learned to identify different species of avian wildlife making homes at the South Pond, noting how changes in weather affected animal behavior.
The South Pond Enhancement Project is unique in its collaborative nature—the education community that will be using the pond once it is completed is helping to shape its future.
In addition to the youngsters, other researchers contributing data to the South Pond Enhancement Project are testing the waters of careers in biological science. In the past year, high school students have performed advanced experiments at the pond and organized their findings online in order to share theories with peers.
High school students from the Illinois Mathematics and Science Academy, Aurora, have studied water movement, conducted surveys on visitor usage, analyzed the silt layer at the floor of the pond and designed and constructed their own Fish Finder, a submersible tool that enables researchers to view fish under water.
Chicagoland teachers earning graduate degrees in science and math education at the Illinois Institute of Technology have used the South Pond to create classroom curricula for elementary students. These graduate students also spend time collecting water-quality data and interpreting at the pond.
In 2006 a program began for volunteer South Pond Naturalists. These dedicated community members receive 15 hours of training on water quality, birding, and pond ecology before they head to South Pond and inspire students and community members to care about this urban oasis.
The South Pond is home to myriad creatures—fish, insects and small mammals make their homes in and around the water. A hundred species of birds use the pond to breed, feed or bathe.
Yet many of these species are non-native. The rehabilitation will introduce native animals, including amphibians and invertebrates, which will highlight the conservation theme of the South Pond Enhancement Project—offering visitors, particularly students, a unique opportunity to learn about science and environmental stewardship.
The new South Pond will include stations where young students can perform experiments using portable Curiosity Carts stocked with scientific tools.
Visitors can also venture onto the water in paddle boats to appreciate the new habitat up-close.
The South Pond enables students of all ages and abilities to perform wildlife research without leaving the city.
Interpretive stations will educate visitors about the species that call the South Pond home.
Supporters of the South Pond project include Peoples Energy, CNA Insurance, Illinois Environmental Protection Agency, BP, Johnson Controls Foundation, HSBC, Mr. Robert Rodgers and Kemper Educational and Charitable Fund.
$650 million state bond sale approved for new Children’s Memorial Hospital project
3,000 jobs could be created
The Illinois Finance Authority has provided final approval for up to $650 million in federally tax-exempt healthcare bonds on behalf of Lincoln Park’s Children’s Memorial Hospital to be used to finance construction of a new 288-bed replacement hospital in Streeterville and refund certain debt.
The new hospital is anticipated to be completed by spring of 2012, with ground-breaking scheduled next month. Children’s Memorial owns and operates the only freestanding acute-care pediatric hospital in the State of Illinois and is ranked among the top pediatric hospitals in the nation in a U.S. News & World Report survey. In fiscal year 2006, the hospital had the privilege of treating 103,161 children from 23 countries, 45 states and almost every county in Illinois.
The project is expected to create 3,000 jobs during the construction phase and 450 new permanent jobs. When the hospital opens in 2012, it will be named the Ann & Robert H. Lurie Children’s Hospital of Chicago in recognition of Chicago philanthropist Ann Lurie’s $100 million gift.
“We want to thank the Governor and the Illinois Finance Authority for approving these federally tax-exempt bonds. Given our high Medicaid volume and the more than $74 million Children’s Memorial contributes in community benefit, these bonds are critical to our efforts to build the Ann & Robert H. Lurie Children’s Hospital
of Chicago,” said Patrick Magoon CEO of Children’s Memorial Hospital.
DePaul University starts new class on Islamic Banking
One of the fastest growing areas of finance – Islamic banking – is the subject of a new course at DePaul University’s business school.
The course debuted in the fall quarter.
Karen Hunt-Ahmed, a DePaul finance professor with expertise is in Islamic finance teaches the new 10-week Islamic banking course at the Christian university.
Fourteen students – both Muslim and non-Muslim – enrolled in the fall class.
Since there is no definitive textbook on Islamic banking, Hunt-Ahmed used a variety texts, case studies, guest speakers and experiential learning to teach students about banking processes and principles that are guided by Sharia, or Islamic law. The course covered the fundamental differences between Islamic and conventional banking systems, including the Islamic emphasis on socially equitable investing; prohibitions on charging interest and investing in alcohol- or pork-related industries; the need to segregate Sharia-compatible investments from non-Islamic investments and accounting rules that are unique to Islamic institutions. Executives who work for Chicago-based financial firms engaged in Islamic banking shared their experiences with the class as well. Muslim culture and how it affects business relations was also discussed. Students learned about the observance of Ramadan in the fall at an Islamic center dinner, where Muslims broke their fast.
Hunt-Ahmed became interested in Islamic finance while working for a bank in Dubai and through her exposure to Muslim culture via her husband, who is of Pakistani descent.
“It started when I looked at cash flows at the bank,” she said. “They looked similar to a Western bank, but when you delved into them, they were structured quite differently. I began studying it and became hooked,” she said.
Ahmed focused her doctoral dissertation at the University of Chicago on the socially responsible investing aspects of Islamic finance and earned a Ph.D. in comparative human development. She also has an MBA and bachelor’s degree in psychology, from Washington University, St. Louis.
The emphasis in Islamic banking on socially equitable financing was what attracted MBA student Denise Foy to Hunt-Ahmed’s course this past fall. “In Islamic banking, the reasons for investing are not all about money—it’s also about helping people,” she observed. Foy hopes to intern at a financial institution that offers Islamic banking.
Only a few universities nationally have any programs focusing on this topic, despite the fact that Islamic banking has grown 10 to 15 percent each year during the last decade and is expanding rapidly into countries that are not majority Muslim. The industry currently encompasses 300 Islamic financial institutions in 51 countries, and more than 250 mutual funds adhere to Islamic principles, according to the International Monetary Fund.
“DePaul has always been a strong proponent of multicultural education, and this is especially important for finance students because the business world is so globally intertwined,” said Ali Fatemi, chair of DePaul’s finance department, which launched the new program. “Knowledge of the growing Islamic banking and finance industry is essential for students who seek a well-rounded business education.”
In addition to educating students about this burgeoning industry, DePaul’s Center for Financial Services fostered discussion among area practitioners by co-sponsoring Islamic finance seminars. The center co-hosted the program March 13 at the downtown DePaul Center, 1 E. Jackson Blvd. Another seminar is planned for the summer.
At the March 13 event, local and international Islamic finance firms with headquarters or major branches in Chicago – Merrill Lynch, Devon Bank, Unicorn Investment Bank, Sunrise Equity, Zeus Capital Advisors, Zayan Finance and CIG Corp. – discussed the general landscape of the Islamic finance industry, as well as specific topics that include commercial real estate finance, private equity, philanthropy, retirement investing and other global investment and financing opportunities.
Southport UPS Store teams with Toys For Tots on literacy initiative
BY RONALD ROENIGK
PUBLISHER
The UPS Store, 3501 N. Southport Ave., in conjunction with their affiliates across the nation, have teamed up with the Marine’s Toys for Tots Foundation to announce its first year-round initiative: the Toys for Tots Literacy Program.
The initiative will offer the Lakeview community’s disadvantaged children the ability to compete academically by providing them direct access to books and educational resources that will enhance their ability to read and communicate effectively.
Through April 1, the UPS Store will be selling $1 donation cards, and for every dollar donated, a book will be placed into the hands of a deserving child. In addition, the Southport store will be conducting a book drive to collect new, age-appropriate books for local children in need.
“According to the U.S. Census Bureau, 12.8 million children in America live in poverty,” said Tom Bellino, the store’s co-owner. “While we are surrounded by wealth in this community there are still children in need. This literacy program is the perfect way to help provide these children with the tools they need to succeed.”
Those people who would like to make a donation can stop by the store Monday through Friday, 8 AM to 7 PM, and on Saturday from 9 Am to 5 PM. For more information call 773-327-5500 or visit their website:
www.toysfortotsliteracy.org.
Park district offers free audio tour
With spring around the corner, it is the perfect time to take an outdoor tour of Humboldt Park, 1400 N. Sacramento Ave. Learn all about Humboldt Park’s vibrant past and rediscover the beauty of the area on this free self-guided audio tour.
“Audio tours are a great new way to truly experience the rich history of Chicago’s parks,” said Brenda Palm, Executive Director of Parkways Foundation. “We are thrilled to help showcase Humboldt Park as it is one of the hidden treasures of this city.”
The Chicago Park District and Parkways Foundation is offering nature and history enthusiasts a chance to learn all about the lovely features of Humboldt Park as well as prominent architects, artists and landscape designers – most notably Jens Jensen, a Danish immigrant who created a distinctly Midwestern expression called the Prairie style of landscape architecture.
Julia Bachrach, Chicago Park District historian narrates the audio portion of the tour and helps visitors discover how important figures in history helped shaped the park into what it is today. Bruce Johnson, grandson of Jens Jensen, joins Julia on the audio track, sharing inspiring quotes and writings by his illustrious ancestor.
The one hour audio walking tour takes visitors to the various monuments, buildings and natural landscapes along this historic west side park. Visitors can simply download the audio portion of the tour to an MP3 player, burn to a CD or listen to it online. The tour includes a map with stopping points that correspond with the audio tracks.
Parkways Foundation is the philanthropic partner of the Chicago Park District. Since its inception in 1994, Parkways Foundation has been funding park projects in Chicago’s underserved neighborhoods. The foundation has raised millions of dollars toward historic preservation and restoration, programming initiatives and environmental enrichment.
Doctor, patient face off on ice
Tom Dolan, 53, had a couple of unusual goals in mind when he underwent hip surgery last July: Resume playing ice hockey in six months and skate with the person who could make it possible – his orthopedic surgeon.
In February, Dolan’s goals turned into reality. Dolan of Northwest suburban Crystal Lake and his surgeon, Scott Rubinstein, M.D., of Saint Joseph Hospital, 2900 N. Lake Shore Drive, faced off in a 90-minute scrimmage in a Rolling Meadows ice rink. Both men – passionate about ice hockey – have played the sport for nearly 40 years.
The two agreed to play hockey once Dolan successfully recuperated from his surgery in July 2007. By January, six months after surgery, Dolan was back on the ice. Remembering their conversation about ice time, Dolan called Dr. Rubinstein, 51, to join his hockey team, the Northwest Flyers, for a late-night practice – and the surgeon jumped at the chance. The hockey team divided up and played a five-on-five scrimmage.
“He impressed me with how well he played hockey. In the amount of time since his surgery, he did very well on the ice,” said Dr. Rubinstein, who has performed about 100 hip resurfacing procedures since 2006. “Tom had osteoarthritis of the hip – with his pain and functioning growing worse. It was affecting his lifestyle.”
Rubinstein has offices in Lake View at 2860 N. Broadway and at 150 N. Michigan Ave.
Dolan opted for hip resurfacing, a conservative option for active patients under age 60 who suffer from joint pain, but are not ready for total joint replacement, which can limit physical activities.
“It almost brings tears to your eyes,” said Dolan, commenting on how things have changed following surgery. “You have your life back again – no pain and more quality time.”
It was only last summer Dolan was hobbling around with a cane and taking pain medication for arthritis that started in 2003. When Dolan went in for a check-up in 2004, and had a hip X-ray because of pain, his primary care doctor said, “I’m surprised you can play hockey. You have the hip of a 60-year-old – with arthritis, bone spurs, and bone rubbing bone.” Dolan was told he would eventually need total hip replacement surgery. By 2006, the athletic father of three could no longer enjoy hockey, working out, biking or running – and he opted for surgery.
Dolan was a good candidate for the Birmingham Hip Resurfacing System, which was approved by the U.S. Food and Drug Administration in 2006. The procedure is used on patients with hip pain due to osteoarthritis, dysplasia (altered hip anatomy) or avascular necrosis (loss of blood supply to the hip).
“Hip resurfacing preserves more of a patient’s natural bone structures than with total hip replacement,” Dr. Rubinstein said. Rather than replacing the entire hip joint, as with total hip replacement, the surgeon simply shaves a few centimeters of bone around the damaged femoral head (the ball at the top of the thighbone that fits into the socket) and caps the joint with a metal cup.
Recuperation time is about the same as total hip replacement – about four to eight weeks – but with hip resurfacing, there are no physical limitations after one year compared to total hip replacement, Dr. Rubinstein said.
Dolan spent four days in Saint Joseph and was up walking a day after surgery. The first month after the procedure, Dolan could walk more than a mile and was off pain medication. In six weeks, he gave up his cane. Two months post surgery, he was walking four to five miles a day.
“Life is not the same when you are in pain and on medications,” said Dolan, about how surgery improved his quality of life. “When the pain is gone and your senses are not numbed by medications, you suddenly experience life in a much more positive way.” Dolan is looking forward to playing ice hockey three days a week on two teams this spring.
History museum offers tours
The Chicago History Museum will be hosting a variety of informative tours during April, May, and June - tours that go by foot, boat and kayak.
New boat and bike tours of the “Devil in the White City,” Kayak tours looking at the history and architecture of the city from the water; and the Culinary Chicago lecture series explores the history of food in Chicago.
Set sail with the Chicago History Museum exploring “Chicago’s Yeast Side: A History of Beer,” on Sunday, May 18 from 6:30 to 9 p.m. This sunset boat tour looks at the history of brewing in Chicago with beer tastings by Berghoff Brewery. On Sunday, June 1, the Devil in the White City boat tour discusses the World’s Columbian Exhibition of 1893 and components of Erik Larson’s best-selling book; tour begins at 6 p.m.
“Stars and Stripes Summer Sail” will be held on Wednesday, June 25 from 8 p.m. to 10 p.m. It is a pre-Fourth of July celebration. Enjoy a patriotic evening while fireworks light up the sky. Tickets for the Museum’s boat tours are $45.
A different kind of boat tour, by way of a kayak, on Sunday, June 28 is a new addition to the museum’s line-up. “Paddle into the Past” allows participants to kayak down the Chicago River while learning about the city’s history and architecture. This three-hour tour starting at 10 a.m. is a workout for both the mind and body. Tickets are $55.
“Ride Like the Devil: The Devil in the White City Bike Tour” on June 15 includes 25 miles of biking with an optional extra 10 miles. This tour is for White City enthusiasts who are able to provide their own bike. The tour runs from 8:30 a.m. to 11 a.m. and tickets are $25. For the participants that would rather walk, the History Museum is offering four different walking tours this spring. Explore “The Glitzy Gold Coast” on May 3 and June 7; the “Lincoln Park Neighborhood” on May 31; and “The Old Town Trek” on May 17 and June 21. On May 10 and June 28, “Saturday in the Park,” is a walking tour through Lincoln Park, along the lakefront. These walking tours are held on Saturday mornings from 10 a.m. to noon and tickets are $10.
In conjunction with the new exhibition, Catholic Chicago, the Museum presents The Saintly Stroll, on May 10 and June 14 from 1:00 p.m. to 3:00 p.m. This tour is presented in partnership with the Center for Religious Architecture, and includes stops at some of the city’s most historic and beautiful churches.
School fundraiser deemed a success
The Administration and Board of Trustees of Holy Trinity High School announced that the 15th Annual Guardians of Hope Scholarship Dinner, celebrated on Friday March 14, brought together more than 500 guests and raised $425,000 for student financial assistance. This year’s theme, “Celebrating 15 Years of Hope,” emphasized the importance of this event as a vital funding source for the school for many years and indicated how far this event has come in just a few years from an event that initially raised $18,000 for the school to more than $400,000.
The Guardians of Hope Dinner is the primary fundraising activity benefiting the high school’s financial assistance program, which offers aid to 90 percent of its students. Theses funds help inner-city disadvantaged youth gain access to a Catholic education. In total, Holy Trinity provides more than $700,000 each year to families who cannot afford the full cost of tuition. The high school, 1443 W. Division Street, has an enrollment of more than 400.
As part of the event’s history, the school administration and board took the opportunity to honor an individual with the Basil Moreau Lifetime Achievement Award. This year’s recipients, John and Mary Raitt, were recognized for their tireless efforts in direct support of the students of Holy Trinity. Beginning as a mentor as part of the Friends for a Future Internship Program in 1997, Mr. Raitt, president and CEO, Harris Associates L.P., has since served in many other capacities at the school, including Chairperson of the Board of Trustees from 2003-2007. Mrs. Raitt has served on the Guardians of Hope Auction Committee for the past four years and has hosted numerous events at their home for prospective donors and board members. Mr. and Mrs. Raitt have provided tuition assistance for more than 100 students through their personal scholarship foundation in just the past three years, along with countless hours of mentoring both students and graduates.
Mr. Raitt offered his reflections on Holy Trinity as he and his wife accepted the award, “Most of us, myself included, have been blessed with the opportunity to advance our lives through education. The youth of Chicago deserve that opportunity, too. Mary and I support Holy Trinity because of the school’s remarkable success in providing students this opportunity and helping them realize their full potential.”
The event included live and silent auctions, a raffle, performance by the Holy Trinity Gospel Choir, and a scholarship auction. Perhaps the most special part of the evening, though, was the opportunity for donors to hear from Holy Trinity students, who sold raffle tickets and represented the school as ambassadors.
Senior Jasmine Reyes was chosen as the student speaker and offered these inspiring words, “I don’t think any other school could have prepared me better for the ‘real world’ than Holy Trinity. Donors like you have made my high school experience the best it could be. I hope that you are able to make as great an impact on someone else’s life the same way you have on mine.”
This year’s Chairman’s Circle Sponsors included Erick and Tina Christensen with Bank of America, Craig S. Dean with AEG Partners, Richard and Susan Kiphart, Steven S. LaPorta with Merrill Lynch, and John and Mary Raitt with Harris Associates LP.
Water department converts meters
The Chicago Water Department is converting existing water meters to allow for automatic meter readings.
This involves a 30-minute process switching a small unit on the top of the meter to allow the water department to gain accurate readings just by driving down the street.
The benefits of this project enable the water department to get accurate readings without entering the premises.
The readings will no longer be “estimated readings.”
Usage will be billed by gallons rather than cubic feet. And if property is sold, a full payment certificate can now be obtained without the inconvenience of scheduling an appointment, according to the office of Ald. Scott Waguespack (32).
Owner ends confusion over Lofts at Lakeview
BY PETER VON BUOL
SPECIAL TO INSIDE
The principal owner of Centrum Properties, John McLinden, told Inside March 25 his company has repositioned its Lofts at Lakeview Collection, a mixed-use development that is slated to be built at the northeast corner of Lincoln, Belmont and Ashland from condos to apartments.
Construction on the six-story project is scheduled to begin after October, and while the residential units of the mixed-use development were originally designed as condominium units, they will now be built as luxury apartments.
“It’s going to be the exact same project. We will have 130 units and 90,000 square feet of retail. Our confirmed tenants include David Barton’s Gym and LaSalle Bank. The [only difference is the] units will now be marketed as luxury apartments instead of as luxury condominiums,” said McLinden.
McLinden added that while more than 30 percent of the units had been sold as condominiums, “we just did not meet the pre-sale requirements and so we refunded the money to the intended purchasers.”
According to McLinden, sales of thirty-percent would have been considered on-target a year ago but in today’s real-estate market, the project is less risky as a luxury apartment development.
“It’s [an issue of] financing, not the market. It made sense for us to change it to a luxury apartment development,” added McLinden.
McLinden had contacted Inside after he had read an on-line article by a reporter for New Homes Chicago magazine. On March 24, the magazine’s Joseph Askins wrote on his publication’s web site YoChicago.com “the Lofts at Lakeview Collection has bitten the dust. The project’s former sales manager, Carrie McCormick, said today that the lofts are indeed dead. I’m still trying to reach Centrum Properties’ Nick Stocking to find out when and why the company canceled the [project].”
“It doesn’t do any good to have misinformation about the project out there. It has simply been changed from a luxury condominium project into a luxury apartment condominium project,” responded McLinden.
Centrum purchased the property from LaSalle Bank, NA, in late 2005 after the bank had deemed the land as “surplus property” and according to Ald. Tom Tunney (44th), the bank branch will remain open until the end of October, 2008. Also included in the sale at the time was the current home of the Lakeview branch’s drive-up location at 3300 N. Ashland.
The current building on the site was built in 1914 and was designed by Holabird and Roche, one of Chicago’s most prestigious architectural firms. It originally served as the headquarters of the Lakeview Trust and Savings Bank, a neighborhood bank that was acquired by LaSalle Bank in 1988. Originally clad in white terra-cotta with a granite base, the structure has been modified on numerous occasions and has had many additions.
Free city workshops to teach business skills
Forum subjects include business plans, financing, marketing and doing business with city
The City’s Department of Business and Licensing Affairs and City Colleges of Chicago have joined in a new partnership to expand neighborhood services available to small businesses and will offer free seminars teaching business skills.
The partnership’s first undertaking is to sponsor a series of four neighborhood seminars, to be held at City College campuses, aimed at better educating small business operators about how to start or grow their business.
“A critical part of our effort to create greater opportunity for all Chicagoans involves and supporting our small businesses,” Mayor Daley said in remarks delivered at Arturo Velasquez West Side Technical Institute, 2800 S. Western Ave.
“We are strongly committed to growing small businesses in every neighborhood, especially under served neighborhoods where services and jobs are still needed. We want to help new ones get started and help existing ones grow and prosper,” the mayor said.
The connection between the Department of Business and Licensing Affairs and City Colleges represents an expansion of the city’s “Business Works” program, which was created in 2006 to help the small business community.
At the upcoming seminars, experts from Chicago’s leading business organizations will help potential entrepreneurs learn about such things as developing a business plan, getting financing, how to market and how to do business with the city.
There will be 30 exhibitors present from government and the private and not-for profit sectors to provide information on financial resources, business planning, legal assistance and dealing with the government.
“Small businesses are the backbone of our neighborhood economy and it is impossible to overstate the importance of having successful small businesses throughout Chicago,” Daley said.
“Along with new housing and constructing community anchors such as police and fire stations, new small businesses and other commercial developments can establish a self-sustaining cycle of economic transformation in our neighborhoods,” the mayor said.
Daley outlined several ways in which the city already supports small business.
This year’s city budget targets the creation of small businesses and the city is in the process of developing partnerships with Chicago-area universities to promote business education and to help small businesses with their technology needs.
The Small Business Development Fund, which is made possible through the allocation of millions of dollars in proceeds from the Skyway lease agreement, will provide early-stage, Chicago-based businesses the capital they need to grow their businesses and, ultimately, employ more Chicago residents.
Many of the city’s Tax Increment Financing districts include a Small Business Improvement Fund, which makes funds available to commercial and industrial business owners to help them cover the cost of such things as new windows, floors, roofs and tuckpointing.
The Department of Procurement Services has a program to provide opportunities for small businesses in construction contracts, and also is currently holding series of town hall meetings with small businesses to exchange important information.
Since it was created, the department has offered almost 200 business educational workshops assisting nearly 3,000 small businesses and new entrepreneurs.
According to the U.S. Small Business Administration, small businesses employ half of all private-sector workers and have generated 60 to 80 percent
of the new jobs over the
last decade.
City cuts $20 million from budget
Mayor Richard Daley announced last week management steps the city will take to cut spending by $20 million.
“Even with our responsible projections for the 2008 budget, because the nation’s economy is bordering on a recession and because of the deepening housing foreclosure crisis we’re on softer ground economically and in terms of our revenues this year. In addition, the harsh winter weather has forced greater spending,” Daley said.
“Looking to the future, we all know the nation’s economy is growing worse day by day and every city and state needs to be concerned,” he added.
“That’s why today to protect our taxpayers we’re announcing major steps to cut spending and even better manage government. We’re not alone. Every city and state in the nation is taking these kinds of steps to responsibly manage their budgets,” Daley said.
Daley said that our nation’s economy is getting worse day by day. National job losses are increasing. Housing foreclosures continue at record highs across the nation.
Household credit is weakening and the cost of gas, food and other everyday goods continues to increase.
He said that in good economic times and bad, he has been guided by a commitment to better manage government to protect taxpayers.
Daley said the city continues to implement the new management efficiencies that were announced as part of the 2008 budget, which he believes will save $67 million this year.
This includes delaying non union wage increases for six months, eliminating 80 critical vacancies and closing loopholes that give cable and online hotel reservation companies a tax advantage.
Daley said that the city also continues to pursue the long term lease of three infrastructure assets. Seven firms have indicated interest in leasing the city is also expecting responses from teams interested in bidding for and operating the city’s metered parking system and Midway International Airport. Each of these steps, if concluded, will take the pressure off taxpayers.
“And, our commitment to good management is why we’ve been able to keep City of Chicago property tax increases limited to just over 1.3% a year since I’ve been Mayor, which is less than half the rate of inflation,” Daley went on to say.
Nonetheless, the city continues to operate in a mixed revenue environment in which it benefits from growth in some areas and suffers from decline in others, Daley said.
Some of those revenues that are sensitive to the economy such as hotel and amusement taxes came in stronger than anticipated at the end of last year.
Others, such as the sales tax show only minimal growth, impacted by the slow housing market, weakening household credit and increased gas prices.
Further, a softening of the real estate market has had a dampening effect on the real estate transaction tax which finished the year below expectations, he said.
Additionally, the real estate market is expected to impact the sale of city-owned land and building permit revenue. Several other revenues did not meet 2007 year-end projections including the cigarette tax.
The mayor ordered several actions, which he estimated will reduce spending by $20 million.
First, there will be an immediate hiring freeze across all departments, excluding positions vital to public safety, revenue-generating positions, grant-funded positions or other critical jobs. This step will save $11 million before the end of the year.
A 3 percent across-the-board cut on all 2008 non-personnel costs has alos been implemented, excluding those critical to public safety and contractually-obligated expenses. City departments will work with the Budget Office to ensure cuts have least impact on services.
Police and fire departments will also be required to make some non-personnel reductions in a way that will not impact the safety and security of Chicago residents.
This step will save $5 million before the end of the year.
Overtime “not needed for safety and security” has been cut. This includes building maintenance activities, administrative tasks and other work that can be accomplished on straight time.
Police and fire will not be excluded from overtime reductions, but they will be limited to efforts not critical to the safety and security of Chicago residents. This is expected to save $2 million before the end of the year.
There will also be renegotiation by the Budget and the Procurement Offices of the price, terms and scope of some vendor contracts. Contracts will be chosen based on the dollar value and savings potential. This could save as much as $2.5 million before the end of the year.
The city will also suspend all non-critical out-of-town travel. Exceptions will include senior city officials on official city business and to report on critical city matters, as well as regulatory or other required events. This is expected to save $250,000 before the end of the year.
Managers at City Hall who want to voluntarily participate in the furlough program will do so. The city has mandated six furlough days since 2002. Increased use of this program is expected to save an additional $250,000 before the end of the year.
New passport card introduced
The U.S. Department of State is now accepting applications for the new U.S. Passport Card for U.S. citizens traveling from land or sea ports-of-entry from Canada, Mexico, the Caribbean and Bermuda. While holding the same rights and privileges of the U.S. Passport Book, the U.S. Passport Card may not be used to travel by air.
“The U.S. Passport Card provides a lower cost alternative to the U.S. Passport Book for people who travel by land and sea from Canada, Mexico,the Caribbean region and Bermuda,” said Chicago City Clerk Miguel del Valle.
He also noted that the card has the same ten year validity period as the U.S. Passport Book.
While applications for the U.S. Passport Card are being accepted, the cards are not expected to be mailed to applicants until spring 2008 according to the U.S. Department of State.
To apply for a U.S. Passport Book or Card for the first time, each applicant must appear in person at an official passport acceptance facility with proof of U.S. citizenship, two passport specific photos and photo identification such as a valid driver’s license or state id.
U.S. Passport services are available at the clerk’s offices.
In addition to the new U.S. Passport Card, the U.S. Department of State set new fees for the U.S. Passport Book.
Expansion of tax district proposed
Meetings scheduled for April 1, April 10
The Clark Street Special Service Area #23 is eyeing an expansion.
The district assesses an additional tax to those in their boundaries in exchange for added public services provided by the Lincoln Park Chamber of Commerce such as ramped up sidewalk cleaning, promotional banners, lighting, sidewalk improvements and landscaping.
Community meetings have been scheduled for 8 a.m. Tuesday, April 1 at Sunrise Assisted Living, 2710 N. Clark St. and the second meeting will be at 6 p.m. on Thursday, April 10 at Francis W. Parker, 330 W. Webster Avenue.
While the exact boundaries of the expansion have not been set, the proposal includes expanding to the Southside of Diversey between Orchard Street and Sheridan.
The current boundaries go along Clark Street between Armitage Avenue and Diversey.
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