posted by Peter RossiLast week, Antheus Capital purchased the former Shoreland Hotel for $16,000,000. Antheus Capital owns an number of rental properties in the Hyde Park area and has two other major projects in various stages of production (Solstice in the Park (a 26 story condo at 56th and Cornell) and Village Center (a makeover of the Village Shopping Center at Hyde Park and Lake Park Blvds)).
At the current time, Antheus Capital is said to be studying the possibilities at the Shoreland. One nifty idea would be to make one wing of the massive former hotel just that -- a boutique hotel and leave the other to condos. In any event, this will be sure to draw NIMBY fire (aren't those condo owners noisy!). It may also add fuel to the "big is bad" argument (did you hear that Antheus Capital is partnering with Walmart?).
I'm delighted to see some positive movement. The Shoreland has a great location and is a grand old dame. One request please: Eli, can you please restore the portion of the cornice that was "repaired" by our dirt poor U? You know, the section in the middle with the sheet-metal covering that looks like it belongs in Naperville. But, I'm not going to threaten to vote you dry to get this. I put my trust in the profit motive - who wants to buy a condo or rent a hotel room in a building with a prominent missing tooth?
13 comments:
Didn't somebody else already purchase The Shoreland, and then stepped away and let the University keep students in it for a couple extra years? Did Antheus purchase it from that buyer or the University? There was an awful lot of deferred maintenance on that building. I'd seen previous development plans - I thought it was a done deal a couple years ago that it would be converted into condos, and part of it would become a parking garage for the same. (Or it might make a nice Presidential Library...)
Hey, don't tell the people in the "Fighting 39th" Precinct that the boutique hotel might have a classy restaurant and bar that would serve semi-sweet chocolate martinis and Cosmopolitans. Who knows how the precinct's residents would react to the prospect of alcohol being served a mere half-mile away? At the very least, parking from the Shoreland would spill over onto Harper Avenue south of 57th Street, literally swamping the street with the Beemers and Audis of the hotel's elite guests who would be desperate, DESPERATE to avoid valet parking charges. The earth might even shift on its axis, causing the Shoreland's shadow to be cast southward onto Castle Vista.
Just for the sake of discussion, what if the "dry ones" somehow reversed their position and got into the production of wine? Let's call it Chateau 39. How would the wine critics describe this "local produce" of the Hyde Park Establishment? Hmmm... slightly musty with a hint of vinegar; tightly corked; it virtually shouts at you from the first sip and finishes with just a whisper of bile; more acidic than comparable varieties; aged in bitternut barrels; sours immediately upon opening and exposure to light.
They can't have a bar at the boutique hotel. It might take business away from The Cove.
Save The Cove! [hic] Sign my petition [hic]
The U sold it to one developer who flipped it to another and then AC bought it.
Somehow, I don't picture the boutique hotel's bar and The Cove competing for sales of semi-sweet chocolate martinis and Cosmos.
I'd be happy to sign a petition banning semi-sweet chocolate martinis from E. Hyde Park - yuck. Besides, there might be bar mitzvahs...
How about a nice tiki bar in the new boutique hotel, since the old one has been replaced with a stylish vacant lot?
Again, its hard to imagine how you can turn a profit with that blown out old wreck. After the U of C has owned a property for more than 10 years, its ready to be condemned. I thought they gave it to the developer for $1, but maybe that was rumor.
Where is the money coming from for all of these aquisitions.
Also, Solstice on the Park looks more like its going to stay Crumbling Parking Lot on the Park. There is absolutely no sign of building going on there.
But there's no need to do any maintenance on these old buildings. Simply left alone, they will naturally rearrange themselves into geologically stable formations.
So the university sells it for 6 million. Then it gets sold for 10 million and then it gets sold for 16 million.
Oh, and the university is paying some absurd rent price on it now because of the slow construction of the new dorm.
Wtf??
Antheus has some pretty grand plans that keep getting bigger. That said, I think they have a solid investment here. Rental properties are strong right now, especially in this overpriced city, and the proximity to a large University ensures they will always be able to find tenants.
My guess is they'll probably do a major renovation/rehab as they're planning with Del Prado. Nice. Many of these former hotel buildings need a lot of cosmetic work but are structurally sound. And there's no way Antheus would buy something if it wasn't useful/potentially profitable.
I doubt it will be condos. Nobody is gonna make money on condos for a long time in this city, I think.
If you want to have some fun sometime, start wondering out loud what would happen if some developer showed up with trinkets and baubles wanting to acquire the corner of land (where the swimming pool is) between The Flamingo and The Parkshore, with an eye to building something on it. Stand back and enjoy the frothing that ensues.
Oh, that's not even sport.
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