Friday, September 12, 2008
Antheus Capital Takes on the Shoreland
Last 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?