![]() As long as the city continues, he sees the need of a large commercial organization to promote the business and industrial welfare of the municipality. He would have the building as a civic center for the downtown district. Insull believes that a new grand opera house will also cut the expense of present opera in Chicago. Insull has contended that grand opera can be the finest in Chicago and still have no debt. With a home of its own and proper management, Mr. The south half of the block was bought by Victor Lawrence with the idea of building an office and plant for the Daily News, but the plans were changed and the northeast corner of Canal and Madison has since been considered for the newspaper. Edgar Greenbaum, vice president in charge of the bank’s real estate department, admitted yesterday that he had had some negotiations regarding the property, but he added that these were discontinued several weeks back. It was recognized by the Greenbaum Sons Bank and Trust company as a favorable lease. The lease was made in 1913 before the real estate boom struck Chicago following in the wake of war prices. Its value on the basis of use for 198 years can only be reckoned by the most thorough specialist, but there are some facts regarding it which are evident to the layman. Market street on the east is 140 feet wide and the other two boundary streets, Madison and Washington, are each 80 feet in width.īut with the Daily News property alone, an enormous building could be erected because iy has an area of 37,918 square feet. ![]() The river on the west leaves an open space forever of 200 feet. ![]() It will also have a larger measure of light and air. If Grand Opera obtains the entire block, it will have a ground area larger than that occupied by the Auditorium theater, office building and hotel combined. It is rumored that perhaps the Edison would release the north half of the block and buy another location as suitable and convenient for its needs. This has a frontage on Market street of 189,75 feet, on Washington street of 155.25 feet. The Commonwealth Edison company owns the north half of the block. While no statement on that particular phase of the subject has come to The Tribune, it is possible that the new civic opera home may cover the entire block between Madison and Washington streets, the river and Market streets. Therefore the site for the new opera house may be much larger tha indicated above. Insull have said that he has all the money and power he wants and now desires to do something truly great for Chicago, for which he will be remembered. The river at this point runs a little west of south, so that the east and west boundary line of property is said to be a trifle more than that occupied by the Auditorium theater and office building now utilized by the Civic Opera company.įriends of Mr. The leasehold acquired has a frontage on Madison street of 194.33 feet and on Market street of 200.75 feet. Insull, although that change in the text had been made before the Insull negotiations started. That is said to have been a preliminary to the transfer of the lease to Mr. Kelley, so that the lessor now has through 1930 within which to do the construction work. The time within which the building must be erected has been modified within the last six months by agreement between the Daily News and Mr. The Daily News was obligated to erect a building costing $1,000,000 before 1928. The annual rental was to be $45,000 for the first five years, $60,000 for the next ten, and $75,000 for the remaining 183 years. ![]() 1, 1913, to the Chicago Daily News for 198 years. Kelley, patron of opera, head of the Miehle Printing Press company and extensive real estate owner in Chicago. The site selected for a symphony of stone and art is owned by William V. In fact, the contract is reported made, signed and delivered and formal statement on the subject only awaits release. Samuel Insull, chief of the civic opera, has been negotiating for the Daily News property on Madison street, covering the entire area between Market street and the river, and extending northward for half a block and it is reported that an understanding has been reached on both price and terms. Official announcement is expected soon of the acquisition of a site for the “finest grand opera house in the world”-the new home of the Civic Company of Chicago. Architect: Graham, Anderson, Probst and White ![]()
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