Business & Tech
Building Owner Considers Merging, Rebuilding Candyality and Coobah Spaces
Candyality is on its way out, and L3 Capital says they're in talks with Coobah about the future. But demolishing and rebuilding the two storefronts is "definitely" being considered.
In the ever-changing landscape of Lake View’s Southport Corridor, real estate investors L3 Capital say they’re considering a complete redevelopment of the Candyality and Coobah building.
L3 purchased the buildings in June, upping the firm’s total investment on the street to $19 million. But as Candyality makes plans to move to a new Southport Avenue storefront, a decision must be made regarding the 104-year-old building at 3423-3425 N. Southport Ave.
Greg Schott, principal at L3, says nothing has been decided upon yet. But when asked if Coobah would be vacated to combine storefronts with Candyality, or if L3 would demolish the structure and rebuild something similar to neighboring Athleta and Southport Fitness, Schott says it’s a possibility.
“I would say that’s something we’ll definitely be considering,” Schott says. “We’re talking with Coobah. One of my partners has had active conversations with them about future plans. So that’s something we’re working on.”
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Jimmy Madla, chef and owner of Coobah, says he’s pursuing multiple options, but cannot comment on them at this time. He added, however, that after 10 years on Southport, he thanks the neighborhood for its continued support.
Both Coobah and Candyality’s leases are slated to expire at the end of 2014, which is why the locally owned candy store is moving to a new location early. Candyality’s owner Terese McDonald says she’s lived in Lake View’s Southport-area neighborhood for 23 years, and cutting her lease short was to ensure she could stay on the street.
“I wanted to be proactive, because I wasn’t really sure what was going on in terms of future development,” McDonald said. “I was informed the building was for sale and that I could stay, but honestly, I feel like I can build upon what I have (at my new location). … Before all this started, my lease was scheduled to be up anyway, so I started looking around.”
McDonald is moving to 3737 N. Southport Ave., putting up a wall in Klein True Value Hardware store to create an entirely new storefront for Candyality between Cullen’s Bar & Grill and True Value. It will be 1,500-square-feet, larger than the current store, and McDonald has big plans to bring in showpieces making it even more of a staple in the corridor.
It’ll join her two other showpiece stores: one at 520 N. Michigan Ave. and one inside Water Tower Place, also on Michigan Avenue.
“Quite frankly, I live in this community, so this is really important to me,” McDonald said. “I want Candyality to be on the street for a long time. We have so much more to do and say, not only as a store, but also as a concept. … Our goal is and always has been to become a Chicago institution, and I think Southport is really key to that story.”
Construction should be completed at new store by mid-September, with plans to open sometime in October.
As for Coobah and Candyality’s current buildings, it’s still unclear whether L3 will combine like they’re doing across the street with Anthony’s Italian Ice, Nail Bar and the former Southport Athletic Club. But Shott says his company is working to fill all the vacancies.
“We’re still in the planning stages for what we want to do (with Coobah and Candyality),” Shott said. “We’re working through what are plans our for all the vacancies, and this is an opportunity to continue to add value to Southport.”
L3’s other vacancy includes the former Standard Bank.
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