Can you tell us more about the inception of Eastline District? Development is definitely on the rise here. We started with one piece of the puzzle and then began looking at how everything could all come together to plan for the future. We renovated the Magnolia, converting it into The Beeman Hotel, which was a couple of years in the works, and now we are getting ready to deliver the first portion of the residential building.
Viceroy Hotel Group collaborated with architect Goettsch Partners and international luxury hotel and resort designer Todd-Avery Lenahan, owner and founder of award-winning TAL Studio, on the 18-story urban resort. It features the neighborhood’s first rooftop hotel pool and floor-to-ceiling windows throughout. There are sweeping views of Lake Michigan and downtown Chicago, and it’s located just blocks away from the high-end shops and restaurants of Michigan Avenue and Oak Street. “A hub for culture, cuisine and style, Chicago is the ideal location to start Viceroy Hotel Group’s journey into the Midwest,” says Bill Walshe, CEO of Viceroy Hotel Group.
Coming from hedge funds and private equity, I was accustomed to a more traditional investment approach, one constrained by an inability to match capital to the investment at hand. What excited me about joining DRW was our proprietary capital and opportunistic approach, and how this would position us for success in real estate and other illiquid markets. Convexity Properties was born following the financial crisis, with a focus on purchasing distressed real estate and giving it new purpose.
#DRWat25: Adriane I first heard about DRW during my junior year of college at UNC-Chapel Hill, targeting a front office summer internship. That internship would lead to my first job as a Trading Analyst, a new role as Head of Campus Recruiting and Education and now to being the Leasing and Asset Manager for Convexity Properties – a DRW Company. It’s been a really interesting career path. DRW has changed significantly over my 12 years.
Viceroy’s Chicago venture — developed in partnership with Chicago-based Convexity Properties — is on schedule to soft open in September. Read more at Curbed Chicago.
“We saw opportunities to buy distressed properties, and so we put together a team to do that.” – Don Wilson DRW began investing in real estate in 2009, later establishing Convexity Properties. While Convexity’s breadth is large, ranging from hotels and student housing to high end retail and mixed use destination throughout the U.S., giving value add properties a new purpose remains the focus. Here are some of our most interesting transformations to date: Three Arts Club This property, listed on the National Register of Historic Places, was originally built in 1914 as a home and club for women in the arts.
Now the trend has expanded beyond the Loop, turning a tiny Art Deco office building in the hip Wicker Park neighborhood into a boutique hotel, the Robey. Read more at Architectural Record.
The Denver-based concept today announced plans to open on the first and second floors of the recently completed three-story, 60,000-square-foot building at 832-856 W. Fulton Market. The development initially included plans for a 17-story hotel, but that portion of the plan was later scrapped. Punch Bowl Social’s deal was a surprise because Brooklyn Bowl had long been planning a large bowling and live music venue in the space being developed by Chicago-based Convexity Properties.
“The West Loop neighborhood is the fastest growing, hippest area in the city and undeniably the place to be,” Punch Bowl Social founder and CEO Robert Thompson said in a news release. “What we love, and what really taps into the essence of Punch Bowl Social, is how seamlessly the neighborhood blends industrial, gritty roots with an edgy-yet-modern vibe.” The location at 832 W. Fulton St. was initially slated to be a Brooklyn Bowl, according to plans submitted in 2014.
The Denver-based bowling, gaming, restaurant, and bar mini-chain has finally found a spot to open its Chicago location, as Founder and CEO Robert Thompson says they’re coming to 832 W. Fulton Market in October 2017. It’s a switch for the two similar gaming/dining concepts as Punch Bowl’s new lease is for the building that was slated for Brooklyn Bowl. The opportunity for Punch Bowl arrived at the end of the summer and talks to take over the Brooklyn Bowl space escalated quickly, according to Thompson.
It was overwhelming," said Leigh Beckmeyer, the general manager of Sushi Ya, which had been on the block for seven years. “We had to find a new location, and that was pretty difficult. People were upset.” Sushi Ya reopened a year later at 529 E. Grand River Ave. That $100 million development? It never happened. “It was almost a little comical that they were pressing everyone to move out so quickly,” Beckmeyer said.
Located in the historic Northwest Tower designed by Perkins, Chatten & Hammond, the new hotel blends contemporary boutique hotel styling with the stoic art deco bones of the 12-story building. The project comes from developer Convexity Properties with the Mexico City-based Grupo Habita functioning as the hotel operator. In total, the hotel features 69 guest rooms and a number of food and beverage offerings, including a rooftop bar and lounge that offers unobstructed views of the Chicago skyline.
Up next: a restaurant on the ground floor of the planned Brooklyn Bowl live music and bowling venue in the Fulton Market District. Kuma’s Corner, known for ear-splitting music and burgers named after metal bands — including Black Sabbath, Slayer, Iron Maiden and Mastodon — has leased space in the development at 832-856 W. Fulton Market, said owner Ron Cain. The 3,800-square-foot restaurant, Kuma’s fifth location, is expected to open around February, Cain said.
Chicago trader and developer Don Wilson is making moves in the fast-changing neighborhood around the A. Finkl & Sons property, buying up nearly an entire block on Clybourn Avenue. Ventures led by Wilson acquired two properties in March on the west side of Clybourn Avenue between Cortland Street and Clifton Avenue, Cook County property records show. He already owns a building on the north end of the block occupied by an Arhaus Furniture store.
Trader-cum-developer Don Wilson has cashed out completely of his new 50-story high-rise in Streeterville, selling its 398 apartments for $240.3 million. An affiliate of Wilson’s real estate company, Convexity Properties, sold the apartments at 340 E. North Water St. on Jan. 7 to Invesco, an Atlanta-based pension fund adviser, according to Cook County property records. The price amounts to $604,000 per unit, the third-highest per-unit price ever paid for an apartment building in Chicago.
Chicago trader Don Wilson has sold a Lincoln Park retail property for almost $15 million, a half-dozen years after acquiring it out of distress from two local developers. A venture led by Wilson, the founder of DRW Trading Group, on Dec. 16 sold the 32,604-square-foot Armitage Collection to San Diego-based LLJ Ventures for $14.7 million, according to Cook County records. The four connected two-story buildings from 1123 to 1133 W. Armitage Ave.
A venture from the Spanish investor behind fashion-forward apparel retailer Zara bought the former Esquire Theater building in the Gold Coast for $176 million. The deal closed earlier this month, according to Cook County records. Ponte Gadea Chicago bought the building at 58-104 E. Oak St. from DRW Trading Group, a Chicago-based trading firm led by Don Wilson. Ponte Gadea is the U.S. investment arm of Spanish billionaire Amancio Ortega, founder of Zara’s parent company, Inditex.