Live Across From Chicago’s Only French Market: 165 N. Canal in the West Loop
The only authentic French Market in Chicago is expected to open on December 3 in the Metra Market, the newly renovated portion of the Ogilvie Transportation Building in the West Loop.
Randolph Place at 165 N. Canal, a big industrial building which was converted into condos in 1998, is right across the street.
What could be more convenient?
There are several large 1-bedroom units currently on the market in the building including this one, Unit #1303, which at 1200 square feet, has more space than many 2-bedroom units.
It also has an attached 11×11 “bonus room.”
The kitchen has been upgraded with stainless steel appliances (original appliances in the building were black) and has cherry cabinets and granite countertops.
It has hardwood floors and a gas fireplace.
These units are considered “soft lofts” as they have high ceilings and some of the rooms do not have floor to ceiling walls but there are no “authentic” loft features such as exposed brick or timber. The duct work is also hidden.
The French Market will feature 25 local vendors and will be open Monday through Friday until 7:30 pm and on Saturdays from 8:30 am to 6:00 pm.
Read all about the French Market here.
Will the French Market become a food destination and bring West Loop real estate along for the ride?
Nancy Finley at Keller Williams Lincoln Park has the listing. See the pictures here.
Unit #1303: 1 bedroom, 1 bath, 1200 square feet, bonus room
- Sold in May 1999 for $168,500 (included the parking)
- Sold in April 2007 for $322,000
- Currently listed for $289,000 (plus $30,000 for parking)
- Assessments of $323 a month (includes cable, water, doorman)
- Taxes of $3488
- Washer/Dryer in the unit
- Central Air
- Bedroom: 14×11
- Living/dining: 21×15
- Kitchen: 14×18
- Bonus room: 11×11
I like this place. It’s nicely finished and spacious and comfortable. The location is great.
This price might be right.
ok here is a question for you’s.
the 2734 N. Kimball place posted before this or this place at 10k more?
I always wondered why this space was vacant. We’ll see if the concept takes off (there is a reason it took so long to conceive), but its good for the west loop residents and office workers.
I’ve been spending a lot of time in this building lately, looking at the 2/2s. I really like the building and most of the units are pretty elegant for lofts. The east facing units have spectacular views while the west facing units have crappy views right above the train station, along with lots of noise.
The cost/SF for the east facing units is great for that location, but there is a reason – plans for development of the narrow strip between this building and the river. Doesn’t seem possible but it’s for real. Of course, they’ve been planning on building some kind of development there for years and the plans haven’t been approved and of course who is going to finance such a project now? Nevertheless, the threat is real and keeps prices down.
Here is a better view of the building and some additional background on the building: http://lucidrealty.com/randolph_place.php
> This price might be right.
With parking included. $300,000 one-bedrooms simply don’t exist in the West Loop anymore.
Oh…one other thing I forgot to mention. Many of the 2/2s have these huge storage rooms – either part of the unit or located in the center of the building. These things are like party rooms – 300-400 sq ft.
> This price might be right.
With parking included. $300,000+ one-bedrooms simply don’t exist in the West Loop anymore.
Look at the birds eye view… would you seriously want to live next to I shit you not, 20 sets of train tracks with idling trains on them? This place probably vibrates 24 hours a day! Let a lone breathing in the awful deisel fumes?
I’ll pass on this one that’s for sure!
Yeah, just checked and this is a west facing unit. Like I said, the west views kinda suck.
$322k purchase price, $305k financed – 5% down! The seller would be in a better financial position if she stopped paying the mortgage (but continued to pay assessments – see condo assoc. law to understand that little quirk) and lived there for a year or so or longer rent free, then walk away. There ain’t no way in hell she’s getting her money back on this deal. She’s stuck. I can rent a similar unit for about the same price per month, without transaction fees or any of the liabilities associated with living in a condo building (spec assessment, rental caps, etc). Oh wait, but I get to brag to my friends how I ‘own’ a condo in the west loop next to the metra station. hahhaha
http://chicago.craigslist.org/search/apa?query=165+n+canal&catAbbreviation=apa&minAsk=min&maxAsk=max&bedrooms=
I like the place (‘cept the Hollywood bathroom) and the location – but the view, the trains, and the 2007 bubble purchase put the brakes on it for me. Taking three grand off the 2007 purchase price doesn’t augur well.
Oh I forgot, I can rent in the same building a 2 bedroom for $1,900 a month (given the 10% customary reduction from the craigslist ad) without having to pony up $57,000 for a down payment on a one bedroom!
Groove: “the 2734 N. Kimball place posted before this or this place at 10k more?”
You think this seller will take $247,500, including the parking? Well, then, yeah, this place for sure. 6% (simple) cap on HD’s $1900/month rent for this place = $257k.
Or: did you miss the ask-reduction on Kimball?
Gary: “plans for development of the narrow strip between this building and the river. Doesn’t seem possible but it’s for real.”
Well, the owner of the strip also owns (or has an option on) the air rights over the tracks, so it’s actually a pretty big site.
anon,
Yeah, I know. It’s just the whole idea of building over the tracks…I know it’s done but seems kinda squirrely. Can you imagine having a train going under your building?
“Or: did you miss the ask-reduction on Kimball?”
oops, did miss the price reduction, too much gravy still mushing around in my blood.
Gary,
in your opinion over the next 5-7 years do you someone building on that strip/over the tracks. to me it just doesnt seem profitable and if financing would even be possible.
Groove,
I know. Seems kinda dumb to try anything right now except there are two issues: 1) You buy and then want to sell in 7 years and then the prospect is real 2) Somewhere on Crains (don’t have time to look for link right now) they recently showed “planned construction” for this, though I am not aware that anything has been approved.
building over the tracks will reduce noise.
Groove: “in your opinion over the next 5-7 years do you someone building on that strip/over the tracks”
I know you didn’t ask me, but I don’t see it. They first proposed a definitive plan about 8 years ago. Still nothing. And stuff that hasn’t been started doesn’t get built in markets like the current one–I’d bet on the Spire starting before that one.
Gary: “It’s just the whole idea of building over the tracks…I know it’s done but seems kinda squirrely.”
Definitely for a residential building, I would not be thrilled with the concept. For commercial, tho, think of all the buildings in Chicago (nevermind NYC) built on top of RR RoWs. It’s not a real issue.
But if it were to be a residential building, I’d bet on a parking podium providing several floors of insulation above the trains and there be *zero* units above the train–pool deck, etc. directly above teh tracks and the tower rising right against the river and the west side set back from 165 Canal. Probably notice a ripple in the pool (if it were empty) while trains pass underneath, but that would *probably* be all.
This a very solid building. Some of the east facing units are spectacular. Most of them are also larger than the typical post 2001 stuff that was built. The storage rooms are also a nice perk. You literally could make it into a den or a “man cave” they are so large.
I don’t think this is outrageously priced for the building and area. I financed a 2/2 earlier this year in the building and it solidly appraised out at $450k.
“I’d bet on the Spire starting before that one.”
oh my the spire, if trump cant even sell out 80% i dont have hope for the spire getting enough preconstruction contracts to get financed.
gary,
thank you i will check crains out tonight at home.
“enough preconstruction contracts to get financed”
You missed the story about the union pension funds maybe financing the thing, in a (misguided, if actually effective, I think) attempt to create more union construction jobs over the next couple years? Seems like the sort of thing that might actually happen. The Spire is ~$100mm+ ahead of the rr/river site in construction, but it’s still a statement about how unlikely I see condo projects on unbroken ground being.
I’ll never live in another place that doesn’t have full-height walls. Deal breaker for me.
“You missed the story about the union pension funds maybe financing the thing”
i havent read that? (well dont get to read as much with the baby unless its baby einstein, LOL) if you have it handy could ya post a link to it.
Groove:
http://www.chicagotribune.com/business/chi-mon-spire-1130-nov30,0,1953419.story
Why is that sasper? Does it get annoying after a while?
“Why is that sasper? Does it get annoying after a while?”
Its probably annoying if you have roommates or guests over all the time.
I’ve sold units in this building facing East. Savvy buyers do bring up the the proposed development and use it in the negotiations. And yes, the actual development is years if not decades off in this environment.
You just need to look next door to the Boeing building to see how damaging a new building right there would be to the East facing units.
If you do some research, you’ll see that prices have gone no where in this building since 01.
Yes, a lot of the 1 beds popped in value and some owners made off well during the sizzle years but lately the owners are selling for about what they paid.
“prices have gone no where in this building since 01”
So, this place should go for ~$200k? Or was there more than average appreciation b/t 99 and 01?
Our friends rent the same unit on different floor at this building. The unit itself is very spacious, location is great, view is beautiful, building looks pretty solid. But the train noise is horrible! The only person who enjoys it is my 3 yo son – every time we visit he just wants to sit outside and watch trains.
off note; 312 never gave me my review 🙁
Groove, sorry! got so busy last week.
I liked the show, but I expected more from Cirque du Soleil. I saw KA in Vegas and Kooza here in Chicago; as I found out I prefer more traditional acrobatic performance than comedy/dance/vaudeville show. I wouldn’t pay full price to see Banana Shpeel.
Groove,
Having major problems posting here. Found the construction pipeline on Crains’ Real Estate Daily where the 150 N Riverside project is mentioned. Try searching for 150 Riverside.
Not sure what this pipeline represents though so any insights from others would be appreciated.
Anon,
thanks for the trib site
Gary,
thanks for the crains thing
looks like i am gonna get me some good reading tonight before the bulls game (wife and son will be out of the house till 8pm)
312,
no worries, just pulling your chain 🙂 we skipped on both banana shpeel and frankenstein just doing the nutcracker
see here: http://cribchatter.com/?p=7829#comment-56661
I’m going to try posting this Crain’s link one more time: http://interactive.chicagobusiness.com/closer/constructionpipeline/private/
Gary:
I found that list; the project listed directly below it (with the same “added” date) is The Peshtigo.
The current proposal seems to be for an office building–400 W Randolph. See some details at primegroupinc.com
There should be a large “purchaser beware” notice with all east-facing units in this building.
The vacant lot immediately to east of this building is a river-front development parcel which will eventually contain more high-rise building(s) which can be built within 15 feet (alley width) of this building per zoning code. There was a two-tower development proposal several years ago which eventually puttered-out, but developers have studied parcel and development is likely in five years or so.
Did you know that defaulting Dubai entity apparently also owns both Barneys department store and Cirque de Soleil?
“I’ll never live in another place that doesn’t have full-height walls. Deal breaker for me.”
DITTO.
For us, it was a noise issue. If one person wants to watch TV in the living room while the other goes to bed early, forget it. There’s a volume tug-of-war b/w the TV watcher (can’t hear it) and the sleeper (it’s too loud).
Saw another unit in this building a couple of hours ago. You know, the listing agents in the building seem to have a disease whereby they double count the kitchen in the measurements. They show it as a separate room then count the space again in the combo living room/dining room. Initially I thought this was a few isolated incidents but it’s a plague. I wonder if the developer did this and all the agents are replicating it or what. My advice: check the measurements yourself.
mrs b,
why not have beautiful glass partition inserted between the rooms. i did this on a bucktown loft in a mondrian pattern and it worked perfectly… cost: $1200.
We contemplated doing that, but the way our unit was built, the exposed ductwork was set over the wall, connecting the two rooms; there wasn’t any way to build around it with glass without making it look choppy. Your addition sounds lovely, actually. I’ve seen people do what you’re describing, but they must’ve done it themselves – quite shoddy looking.
MrsB,
Perhaps you’ve already explored this and ruled it out but the way that’s usually handled is they put a joint between glass panels right at the duct. Then each panel has a semicircle cut out that goes around the duct.
I did not know that Gary, thank you. We’ve since moved, so it’s no longer an issue. Luckily, we had the foresight to build up the master bedroom wall in our old home to avoid such a reno, so really, it was the second bedroom that was the problem. Nevertheless, I still agree with Sasper – it’s a type of unit I would never live in again.
“You missed the story about the union pension funds maybe financing the thing, in a (misguided, if actually effective, I think) attempt to create more union construction jobs over the next couple years?”
That’s more or less how Marina City happened, the janitorial union wanted to keep and create jobs for their members in they city/downtown so they bankrolled the project. Maybe it’ll work.
“the janitorial union … bankrolled the project”
For ~$36mm. Which is ~$260mm in 2009 $$. Of course, that’s why Kelleher is trying to line up *every* trade union in town to participate. I bet they’re running the road show like a classic Chicago political campaign–if they aren’t, they should be.
Think there’ll be someone from da mare’s campaign looking for the buck-a-truck contribution to the re-election fund, like with Marina City?
Gary
there was a number on the bottom and I called it a sales list so you can find more info from the developer and bid for work related to construction/design etc.
”
Not sure what this pipeline represents though so any insights from others would be appreciated.
“
Thanks, revassal.