Chicago Tribune from Chicago, Illinois • 363

Chicago Tribune. Sunday. October 1. 1989 Section 16 1B Real Estate Aviation growth boosts real estate Don't miss this opportunity! 64 SOLD! Final Phase Available mmm i ill rrrr ft Growth in the nation's aviation industry; which includes more than $100 billion in proposed airport improvement projects around the country, is a major impetus to the real estate industry, a new study by Century 21 Real Estate shows. At least $30 billion in real estate -activity resulted from the $552 bil-; lion in economic benefit generated by aviation in 1987, according to 'the study published in Century 21's Real Estate Investment Journal.

By the "year 2000, as a result of expansion efforts, aviation's impact is expected nearly to dou--ble, to $1 trillion, bringing an extra $30 billion or so in additional real estate activity. Real estate trails only the transporation, lodg O'Hare area supports Century 21's conclusions. According to Grubb Ellis, the vacancy rate in existing office projects in the O'Hare area dropped to 20.3 percent in the second quarter of the year from 24.4 percent three months earlier. In addition, more than 7 million square feet of additional office space is under construction or planned for the area. City and suburban officials also are hammering out an agreement that will allow construction of a western access roadway for O'Hare, a move that real estate analysts say will spur even more development.

Negotiations are hung up on the issue of runway expansion, which the city and airlines favor and the suburbs generally oppose. industries in terms of benefit derived from aviation. The best opportunities for real estate investors will come at smaller, regional airports where an expected jump in air traffic will lead to increased demand for development land, midsize office buildings and rental housing, Century 21 predicted. O'Hare International Airport is in the middle of a 10-year, $1.6 billion "expansion, the latest phase of which is the construction of a new international terminal. Other major expansions are underway in Denver, John F.

Kennedy in New York, Newark, Dallas, Atlanta, New Orleans, Pittsburgh, Austin, Dulles just outside of Washington, D.C., and San Jose. The strong office market in the ii.irt2iFrrr2,s' 1 1 m- hut: est' 34 'jrtf--i ingamusement and food service TODAY, THE PIANO FACTORY OFFERS MORE THAN MUSIC TO THE DISCRIMINATING BUYER! COME AND VIEW OUR NEW MODEL HOME 10-screen movie complex for 1800 Clybourn Located at AltgeM uhI Wayac (2500 North aad 1350 West) 22 TOWNHOMES 64 Sold High ceilings, skylites, eight foot windows Construction quality exceeding industry standards Generous cat-in kitchens Private penthouse with wet bar and deck for each unit 8 LEFT $269,500 To $354,500 PHASE 1 SOLD OUT! under construction, the company will have three theater complexes in operation and another three or four under construction, Rand said. Rand plans to build 1 1 1 screens in the Chicago area by 1991, he said. The theater at 1800 Clybourn. is scheduled to open next year.

Paul H. Schwendener a Westmont-based general will build the structure, and Gromatzky Dupree Associates of Chicago will be the architect. A 10-screen Rand Theatres movie house will be added to 1800 Clybourn, a retail, restaurant and entertainment center in Chicago's Clybourn Avenue corridor. Construction plans locate the theater complex directly behind 1800 Clybourn's enclosed mall, said Will Rogers, project manager for Horwitz-Matthews developers of 1800 Clybourn. Additional retail space and extensive parking, also will be built on the theater's site.

Three of the 10 screens at the complex will have extra-large auditoriums that will seat 750 to 1,000, said Jeff Rand, vice president and director of real estate for the Arkansas-based theater operator. Two screens will be devoted exclusively to fine-arts films, Rand said. Eventually, the theater complex will have live music before movies and a cafe in the lobby, he said. Rand entered the Chicago movie theater market this year. By the time the 1800 Clybourn project is wo wooaourning nrepiaces OPEN HOUSE Complimentary membership at Lakeshore Athletic Club, just around the corner Saturday 1 p.m.

to 4 p.m. SUNDAY 12 p.m. to 4 p.m. or by appointment 568-5300 ANomia Fun raoncT Kami DcvtLoras Near North, Were The Best By Far. Ill- fei -i I 1 Mi ry i i -j IjH The Embassy Club.

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