Macy’s is wanting to sell the ground lease for Chicago’s historical Medinah Temple at 600 N. Wabash Ave.Macy’s is
planning to sell its ground-lease interest underneath the renowned Medinah Temple, the 1912 Moorish Revival structure in Chicago that was the first Bloomingdale’s furnishings stand-alone store and a symphony recording area prior to becoming a sign of 21st-century retail revitalization in one of the nation’s biggest downtown shopping districts.
The modification for the renowned structure becomes part of a nationwide effort by Bloomingdale’s parent company Macy’s to rid itself of valuable commercial realty property that does not serve its instant retail requirements. It’s a step that numerous legacy retailers are taking as they reinvest in innovation and e-commerce.
“Macy’s Inc. has been examining its realty portfolio across the nation to see if there are chances to improve making use of our properties,” stated Andrea Schwartz, a spokeswoman for Macy’s, in a statement. “After cautious factor to consider, the company is marketing the prospective sale of the long-term ground lease of its Bloomingdale’s Home Store at Medinah Temple.”
Macy’s strategies to move the House Shop’s products within a nearby Bloomingdale’s at the 900 North Michigan Shops, she said.
In 2001, Bloomingdale’s conserved the Medinah Temple– recognized in your area for its distinct street appeal with its two sticking out, 10,000-pound copper onion domes and complex stained-glass windows– from the trashing ball when it acquired the structure through a partnership with Friedman Properties for $12.5 million.
Friedman Characteristic owns the land under the temple, according to CoStar research. A purchaser of the ground lease would have the ability to establish the residential or commercial property however still have to pay lease to Friedman.
The building had sat uninhabited for many years, losing the appeal of its elaborate outside and notable decorative interior components. Bloomingdale’s brought back the structure for its first Home Store, at the time a risky venture that was a pet task of then-Chief Executive Michael Gould, who was as tickled to reveal people around the restoration as he was the brand-new store when it opened.
The five-story, 130,000-square-foot-building was created by Huehl and Schmidt as a 4,200-seat auditorium for the Shriners. It when boasted state-of-the-art acoustics and was a favorite site for tape-recording the Chicago Symphony from the late 1960s through the 1980s. For many Chicago families, nevertheless, it was the website of the yearly trek to the Shriner Circus.
It’s uncertain exactly what the landmark structure, with its striking domed ceiling and open layout dotted with supporting columns, might be converted into.
Found at 600 N. Wabash Ave., the building uses up a whole city block in downtown Chicago, the third-biggest U.S. city. It’s bounded by Ohio and Ontario streets, which offer access to and from the Kennedy Expressway.
Jason Friedman, president of the business that bears his name and part owner of the structure, didn’t instantly comment.
Previously this year, Bloomingdale’s offered the leading workplace part of its downtown Chicago store on State Street to Brookfield Possession Management for $30 million. Many nationwide sellers are selling off real estate properties or shutting them all together. Also this year, Lord & & Taylor offered its renowned Fifth Opportunity store for $850 million and closed 9 other significant retail websites.