All of Chicago's relatively "good" neighborhoods are undergoing a real estate and construction boom--in fact, I can scarcely think of one that isn't--except Hyde Park. Certainly it isn't a south side thing, as hoods like Bronzeville, Kenwood, Woodlawn, even South Shore have a lot of construction going on. And it can't be just because Hyde Park is already built out--after all, so is Lincoln Park, Lakeview--etc., but there is still plenty of condo construction going on.
So what gives with Hyde Park? This issue is mentioned in this article about converting the historic Doctor's Hospital into condos:
Doctor’s Hospital for sale at 6/28 auction
By MIKE STEVENS
After months of delay, auctioneers are set to sell off one of the largest pieces of available Hyde Park real estate on June 28 at the Daley Center.
At least two developers expressed interest last week in buying the former Doctor’s Hospital, 5800 S. Stony Island Ave., which has stood vacant for five years and is currently entangled in bankruptcy proceedings.
“We’ve been tracking that property for 12 months,” said Fernando Leal, Managing Partner at L3 Development. “It took quite a bit of investigation and perseverance to find out what the skinny was on the property.“
L3 and Mid-Continental Corporation both confirmed plans to bid on the historic three-story brick building and offered similar outlooks of how they would transform the troubled property into high-end condominiums.
Although both expressed interest in preserving aspects of the 91-year-old brick facade they said that building additional stories of condominiums would access the site’s strongest selling point: superb views of Lake Michigan and neighboring Jackson Park.
“It’s a prime location for a tower or large building ... [but] there would have to be a lot of discussion with the local community [first],” Mid-Continental’s Eamonn McCauley said.
With construction nearly two years off no matter who wins the auction, Leal said L3 has no plans per se but allowed that new construction is possible.
“We try to restore buildings when possible but that sometimes becomes a very, very expensive process,” Leal said.
In comparison to the rest of Chicago, Hyde Park has seen much less new development, which often boosts housing demand, Leal said.
“You don’t see the cranes flying in Hyde Park and it really limits the housing stock for people interested in buying,” Leal said. “Even if the rest of the market slows we think there is a pent-up demand for housing in Hyde Park.”
The sellable views and the historic nature of the building has kept Mid-Continental interested in the property despite difficulties in tracking the legal status of the property or getting information on the sale, McCauley said.
Rumors that Draper and Kramer, arguably one of the biggest players in South Side real estate, was interested in the property for a brand new high-rise are unfounded, Draper and Kramer’s Assistant Vice-President Mel Jackson said.
Jackson is the receiver for the property as it awaits sale.
Real estate insiders said that more developers will likely make themselves known come auction day.
“We’ve had people calling here for years [about the property],” said Bob Mason, executive director the South East Chicago Commission, a University of Chicago-funded development and crime tracking group.
“I can’t imagine that there isn’t still a great deal of interest.”
The Hyde Park Historical Society included the former hospital on a list of 10 South Side sites it presented to the city’s landmark commission for landmark consideration. The protective status would prohibit the building’s demolition and limit the way the property could be developed.
L3 Development recently purchased a strip of commercial building on 53rd Street east of the Metra tracks> |
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