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Harper Court
Harper Court is a mixed-use commercial development in the Hyde Park community area on the South Side of Chicago, Illinois, United States, that includes a Hyatt Hotel and a 12-story office tower that is leased and occupied by the University of Chicago. Although the hotel opened on September 17, 2013, the commercial structure, which also has extensive retail and parking space, officially opened on November 8, 2013. The University of Chicago exercised its option to purchase most of the development on November 13 and then put most of what it acquired up for sale in March 2014. The University provided much of the financing and retains a master lease over the retail tenants. The development was acquired by Clal Insurance Company in July 2014.
==Details==
Harper Court is located about southeast of downtown Chicago and is bordered on the south by 53rd Street, which is the main commercial corridor of Hyde Park, and to the east by the Metra Electric District line.〔 Developers for the project were Vermilion Development and JFJ Development, while equity was provided by Canyon-Johnson Urban Funds (a joint venture investment arm for Canyon Capital Realty Advisors and Earvin "Magic" Johnson).〔 At the time of its development, the University of Chicago was also involved in developing several surrounding properties on the 53rd street corridor.〔 As a result of the collaboration between the city and the University several new businesses had opened up around the Harper Court site, including Clarke's (a 24-hour diner), Harper Theater (a movie theater), Akira (clothing store) and Five Guys. The street that bisects the development was changed from two-way to one-way on May 16, 2014.
In 2001, the city designated an area on and around 53rd street as a tax increment financing (TIF) district due to the general underdevelopment and disrepair of properties on the corridor, making the properties eligible for tax incentives. Harper Court sits on a site that the University purchased in 2008.〔 The structure, which has a 131-room Hyatt Place brand Hyatt Hotel and a 12-story office tower, includes of office space, of retail space and a parking structure with over 500 parking spaces. The building was partially financed by $20 million in TIF funding subsidy as well as land writedowns that bring the total financing assistance to $23.5 million.〔〔 The TIF funds will not be allocated by the city until Harper Court has been declared completed.〔 The Hyatt hotel received a separate $5.2 million subsidy from the Chicago City Council.
抄文引用元・出典: フリー百科事典『 ウィキペディア（Wikipedia）』
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