The Lofts at Bridgeport Place is an urban redevelopment of the landmark
Spiegel Office Building in the emerging Chicago near south side historic
Bridgeport neighborhood. Entered into the National Register of Historic
Places in March of 2009, preserving the architectural and historic features
of the Spiegel building is primary in its conversion to 190 high-quality,
affordable housing. Final plans for development are currently being
considered by the development team. The Lofts at Bridgeport Place
are currently set for opening 2010/2011.
The re-adaptive use of the Spiegel Building and surrounding vacant property
supports the revitalization of underutilized land in emerging Chicago
neighborhoods. Bridging the gap between scarcities of new construction
in either downtown or trendier Chicago neighborhoods, The Lofts at
Bridgeport Place offers buyers the opportunity to invest in value with a strong potential for appreciation. Dubin Residential plans to utilize the space to
maximize City of Chicago and neighborhood goals in their final design.
Of the Art Moderne style, the Spiegel Office Building is one of only three
remaining structures in Bridgeport’s Central Manufacturing District that were commissioned and built by the famous Spiegel, Inc. mail-order business
during the early 1900s. Rehabbed as The Lofts at Bridgeport Place, the new construction will offer residents an unparalleled combination of location,
value, convenience and luxury while retaining the charm and historic
architectural features of the original building. With planned preliminary
amenities of an upscale lobby with doorman, on-site fitness center, rooftop sundeck, 11-foot ceilings, exposed brick and ductwork, oversized 8-foot tall windows, state-of-the-art wiring, granite countertops, stainless steel appliances,
hardwood flooring and high-end finishes throughout, The Lofts at Bridgeport
Place is also steps away from US Cellular Field. The neighborhood offers
dining and entertainment, convenient shopping, and nearby parks. In recent
years, the Bridgeport area has become a burgeoning artist community with a number of galleries and artist work spaces.
In addition to conventional financing, New Market Tax Credit, and Historic
Tax Credit, Dubin Commercial turned to Native Capital for private equity.
Native Capital provided analysis of the business plan and established an
investment vehicle for the project. The vehicle is currently in formation
with final terms forthcoming once all approvals for development have been obtained. The Bridgeport development effort will be another in the family
of funds managed by the Native Capital team.