Search
 

Lyric Opera Warehouse Going Condo

CHICAGO-A seven-story warehouse at the northwest corner of Dearborn and 26th streets will be converted to 93 condominiums, ranging from $165,000 to $259,000 for the one-, two- and three-bedroom units.

By Mark Ruda | Updated on June 07, 2005

CHICAGO-A 113,000-sf building long used as a warehouse for the Chicago Lyric Opera will be converted into 93 condominiums, continuing a trend to multifamily redevelopment and development on the Near South Side. LOACQ, Inc. is planning to spend more than $10 million to convert the building at 2559 S. Dearborn St. into one-, two- and three-bedroom units ranging from $165,000 to $259,000, according to Leigh Ballen, a member of the development team.Ballen tells GlobeSt.com LOACQ hopes to begin work early next year, with occupancy beginning in early 2007 and completion by the end of that year. Those plans now hinge on obtaining necessary permits, but the plan commission already has endorsed the project. “The city has been in favor of it,” Ballen says.

Built in the early 1900s, the seven-story building at the northwest corner of Dearborn and 26th streets was originally intended to be occupied by an insurance company, Ballen tells GlobeSt.com. The insurance company never did take possession of the building, he adds, but the Lyric Opera used it as a warehouse, where crews made sets for Downtown performances. LOACQ, Inc. bought the property, which includes the 38,782-sf site in October for nearly $2 million, according to property records.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2024 ALM Global, LLC. All Rights Reserved.