Category Archives: Lakeshore East

New Eastside Business Spotlight: Drunken Bean

The Drunken Bean is located on the north side of Lakeshore East Park, but it is not your average coffee shop experience.

The coffee shop opened its doors in January 2018. Owner Nick Papageorgiou wanted to combine the experience of a coffee café with a wine bar. His concept was to take a customer from day to night without leaving his space. This is how the name of the establishment became the “Drunken Bean.” However, Mr. Papageorgiou originally considered, “Tipsy Bean,” before arriving on the coffee shop’s current brand. After its opening in 2018, Drunken Bean became a local favorite like Nick Papageorgiou’s other two eating spots, Gordo’s and Eggy’s. Due to its instant popularity, customers would often find themselves in a long line to come and eat.

During its morning rush, Drunken Bean serves Colectivo, a fair-trade organic coffee. For a delicious selection of pastries and sweets, they collaborate with a local bakery called the “Goddess and the Baker.” Other food is made in-house including seasonal drinks and meals.

Jason and Freddy, managers of Drunken Bean, work together to create new, unique seasonal drinks and meals for customers to enjoy. After breakfast, the menu switches to lunch and dinner items. Their popular gelato options are served year-round. Wine and dinner options are correlated with each other and change periodically as new menu items rotate in.

A Local Favorite

This restaurant is the perfect place for locals to work during the day and get together with friends at night. Mom groups, book clubs, and pickleball players are among some of the regular customers that enjoy Drunken Bean on the regular. Every Saturday morning, there is live music from ten o’clock in the morning to one o’clock in the afternoon.

There is occasional live music on Thursday and Friday nights. Locals and visitors can enjoy this local hangout spot’s welcoming and relaxing atmosphere. Enjoy the customized murals and other artwork inside the space created by a local artist, Elloo. During the week, Drunken Bean offers a ten percent discount on food to local customers.

For Their 4-Legged Friends

Drunken Bean adds extensions to its restaurant such as its unique food truck, Fido to Go. Fido to Go specializes in dog treats and toys and is popular with dog owners in the neighborhood. The food truck is open every Saturday from 8-1 p.m. Drunken Bean also serves pup cups every day that you can pick up from their outdoor order window. There is seating for you and your four-legged friends available on the outside patio area during the warmer months.

Along with seasonal items for breakfast and dinner, Drunken Bean offers several specials throughout the week. Monday through Friday from 4:30-6:30 is when they offer half-off wines and flatbreads. This deal includes five-dollar draft beers and select cocktails. For lunch and dinner, they have a daily-changing soup to choose from for your meal.

From morning to night, there is something for everyone to enjoy when visiting here. Visit Drunken Bean located on E. South Water Street amongst other local Chicago favorites. Try out some of their seasonal winter cocktails before they are gone!

New Eastside Winter Virtual Food Drive

New Eastside Winter Virtual Food Drive! Donate today! Your support is needed now more than ever! #neweastside #lakeshoreeast #fooddrive #chicago #noonegoeshungry #giveback #charity #helpothers

New Eastside vs Lakeshore East! Do you know the difference?

The Loop, one of Chicago‘s 77 designated community areas, is the central business district of the city and is the main section of Downtown Chicago.

The New Eastside is a neighborhood that is a part of the Loop community area number 32. It is a mixed-use district bordered by Michigan Avenue to the west, the Chicago River to the north, Randolph Street to the south, and Lake Shore Drive to the east. It encompasses the entire Illinois Center and Lakeshore East. It began with the 1969 Planned Development #70, as well as separate developments like Aon Center, Prudential Plaza, Park Millennium Condominium Building, Hyatt Regency Chicago, the Fairmont Chicago & Lakeshore East.

1937 http://www.neweastside.org/History.html
1985 http://www.neweastside.org/History.html

Other neighborhoods located in the Loop include Printer’s Row, South Loop, Historic Michigan Boulevard District and Loop Historic Retail District.

Lakeshore East is a mixed use development within the New Eastside boundaries. Magellan Development purchased the 28 acre parcel of land in 1997. They spent the next five years working with Skidmore, Owings & Merrill to create the master plan. Construction began in 2002 and the first condominium building, The Lancaster, was completed in 2005. The 6 acre central park also opened in 2005 featuring a kids park and a dog friendly area.

Original LakeShore East Master plan
Lakeshore East Park 2022

The condominium buildings in Lakeshore East include Lancaster (2005), Regatta (2006), Chandler (2007) 340 on the Park (2007), Aqua (2009), St. Regis (2020) and the Cirrus (2021). The rental buildings include Shoreham (2006), Tides (2009), Aqua (2009), Coast (2013) and Cascades (2021). In addition there are the Parkhomes on the southeast corner of the park and the Aqua Parkhomes on the west end of the park. The East Village Market opened in 2011 on the South portion of the park and hosts multiple businesses and restaurants.

The condominium buildings located in the New Eastside that existed prior to the Lakeshore East development include Park Millennium, Harbor Point, 400 East Randolph, The Buckingham and the ParkShore. The rental buildings include 175 N Harbor, Millennium Park Plaza and Columbus Plaza.

Considering a move to the New Eastside and want to hear more? Please don’t hesitate to contact Ginger Menne for current real estate trends and her take on why this community is quite possibly the perfect place to live!

ACHIEVE YOUR REAL ESTATE DREAMS IN 2023!

Considering listing your home? We would say get out there in January and February. That is when inventory is lowest but demand is high so there is less competition. Let’s connect and talk about the process and your timing!

Hey Landlords, Not All Real Estate Brokers are Property Managers – Here’s Why

It is easy to confuse the difference between a real estate broker and a property manager when you are a new landlord. When you are attempting to lease a property, both property managers and brokers seem like experts. However, once you have leased your property, the relationship with your real estate broker typically ends.  At that point, you either manage the property yourself or seek a professional property management agency.

If your goal is efficiency, you will want to select a real estate broker that also offers property management services. Unfortunately, highly qualified brokers that manage properties on the New Eastside are few and far between. Not all real estate brokers are property managers and it is important for landlords to understand why. Let’s discuss two of those distinctions. 

Transactional vs. Continual

Real estate brokers typically part ways with their clients once the property is leased. They cannot do it all and they don’t try. Their role is transactional. An effective real estate broker understands the New Eastside inside and out, will effectively guide potential tenants through the neighborhood, then match properties to the tenants’ budgets. Using their market expertise, brokers will then negotiate and close deals to maximize ROI for landlords. In return, landlords pay the brokers a commission based on the negotiated rent.

Property managers, on the other hand, have a much longer-term relationship with landlords. They are continually working as a conduit between landlord and tenant. They are paid a percentage of rent collected each month. Property managers consult with landlords and handle important rental property transitions like:

  • Move-in checklists
  • Direct deposit set-up
  • Security deposit procedures
  • Key transfers
  • Lease renewal procedures
  • Lease renewals

From small requests to large projects, property managers ensure seamless transitions between old tenants and new. Very few real estate brokers attempt to stay involved with landlords after the unit is leased.

Staying Competitive in the Chicago Market

Since real estate brokers wrap up a lease and then exit the transaction, they may land you new tenants at an excellent rent. But, if those tenants become long-term lessees, how will your property stay competitive in an ever-changing New Eastside rental market? On one hand, you want to keep great tenants but on the other hand, you want to make a profit. How will you achieve this balance?

Property managers not only assist landlords with ongoing tenant relations, they also know what to charge for rent – and when to raise it. Coming up with fair rent valuations is sometimes difficult for landlords that are not immersed in the Chicago real estate market. Negotiation is challenging when you are not accustomed to it. Property managers do not pick random rent amounts, they understand factors like:

  • Comparable rents
  • Comparable amenities
  • Proximity to local attractions
  • Access to public transportation

Often, these economic indicators are not readily known and require years of working in a particular neighborhood to learn. Partnering with a property manager that understands the New Eastside neighborhood and is privy to the latest economic information will position your rental property for excellent future returns.

Who is Ginger Menne?

One of New Eastside’s top-selling real estate brokers and property managers, Ginger has worked and lived in the neighborhood for over 15 years. Ginger assists landlords across the entire rental life cycle. If you are looking for a highly competent broker and property manager that delivers results, contact Ginger anytime at (312) 927-0852 or learn more at her helpful website.

Helpful Information for Landlords in the City of Chicago

Being a Chicago landlord is just like running your own business. The better you operate it, the more profitable you will be. Owning a rental property takes hard work and commitment. It stretches the limits of your communication skills. Whether you are just starting out or have a large portfolio of rental units, sometimes it is helpful to familiarize yourself with best practices. Here are a few quick suggestions to help you be the best Chicago landlord possible and maximize the return on your rental investment.

Give New Tenants a Fresh Start

A new lease means no trace of the previous tenant. Anything that is broken should be repaired including, but not limited to:

  • Walls
  • Baseboard
  • Ceilings
  • Doors
  • Leaks
  • Any visible damage or marks

Securing your rental property is also very important! Take the time to check and calibrate smoke detectors, CO2 detectors, and appliances before a new lease will decrease your potential liability.

Hire Professional Cleaners

Sometimes calling in the pros makes total sense. When deep cleaning a rental property in preparation for a new lease, you should invest in a professional cleaning crew. A professional cleaning service will wipe down woodwork, clean the inside and outsides of cabinets, and thoroughly shine floors and windows. You will save time and the results will speak for themselves.

Keep Your Rent Competitive

Do your research and set your rent within the average price for your neighborhood. Charging reasonable rates for monthly rental fees will assure fewer months of vacancies. Staying competitive without asking too much per month will increase your chances of finding tenants. You will want to research comparable units in your neighborhood that:

  • Have similar floorplans
  • Offer like amenities
  • Are in similar aged properties

If your property has a unique feature or amenity that increases its value, that will increase the amount of rent you can charge. Likewise, if your property has some sort of negative feature, you should decrease your monthly rent to compensate for that fact.

Immediately Set Clear Expectations with Your Tenants

Try to start off on the right foot with your new tenant. If you give your tenant an inch, they will take a mile. Make it very clear from the start of your relationship that lease terms are non-negotiable. Be certain that your lease encompasses all aspects of your expectations. Some of these crucial areas would be:

  • Rent payment procedures
  • Late fees
  • Subleasing policy
  • General use of the unit
  • Safety, cleanliness, and respect for neighbors
  • Damage to the unit
  • Handling of security deposit

While your goal is to outline everything in detail within your lease, expect the unexpected. For detailed information about the rights and responsibilities of landlords and tenants, you should familiarize yourself with the City of Chicago’s Residential Landlord and Tenant Ordinance.

Hire a Professional Property Manager

Managing a Chicago rental unit can be overwhelming and is often better left to a pro. A professional property manager will coordinate maintenance activities through a trusted network of vendors, freeing you from the hassle. They will also raise rents to keep pace with the market, something individual owners sometimes find challenging.

Ginger Menne has been providing support to Chicago landlords for over 15 years and would love to help you make an educated decision about your property’s future. Please do not hesitate to reach out for more information.   

Ginger Menne

(312)927-0852

ginger@gingermenne.com

Six Facts about LakeShore East

Did you know…
➡️Lakeshore East is a 28-acre planned community designed by Skidmore, Owings & Merrill.
➡️Magellan Development purchased the 28-acre parcel in 1997 and took 5 years to create the master plan. Construction on the 6-acre park and the Lancaster began in 2002.
➡️Lakeshore East consists of seven condo buildings: The Lancaster 2005, The Regatta 2006, The Chandler 2007, 340 E Randolph 2007, Aqua 2009, St. Regis 2020 and the Cirrus 2021. There are also 5 rental buildings: The Shoreham 2006, The Tides 2007, Aqua 2009, The Coast 2013 and Cascade 2021
➡️Lakeshore East is built around a 6 acre park including a grand staircase, center lawn, water fountains, children’s playground and dog park.
➡️Lakeshore East is the development within the New Eastside. The New Eastside is bordered by Michigan Avenue, Randolph St., Chicago River and Lake Michigan.
➡️Lakeshore East was previously a golf course from 1994 to 2001.

#realestate #realtor #realestateagent #home #property #forsale #investment #realtorlife #luxuryrealestate #househunting #luxury #house #dreamhome #interiordesign #newhome #architecture #luxuryhomes #entrepreneur #design #realestateinvestor #homesweethome #broker #realestatelife #realtors #homes #sold #listingagent