The University of Chicago has purchased the former Borders Books & Music building at the corner of 53rd Street and Lake Park. Located in a prime location, the University is seeking various tenants for the two-story site to help revitalize this central corridor in Hyde Park.

The University recently hired leasing broker McCaffery Interests to help locate potential businesses within the restaurant, entertainment, home goods or retail categories that would be a good fit for the community.

Find out more here.

During this week’s TIF meeting, University of Chicago officials provided an update of revitalization efforts along 53rd Street.

Associate Vice President Susan Campbell of the Office of Civic Engagement shared plans for signage that will appear in the area, in addition to the sign that is currently placed in the soon-to-be residence of Five Guys Burgers & Fries restaurant.

The signs highlight the new businesses that will open on 53rd Street, including Five Guys, Clarke’s 24-hour diner, the new Harper Theater and Harper Court as well as the ongoing Celebrate Hyde Park Festivals. Take a look.

Campbell also shared that the University has a contract to purchase the former Borders building.

“That building is a key presence on the eastern end of 53rd Street, and the University believes that bringing it back to life with a successful business is central to the community’s efforts to revitalize the corridor.”

Campbell added that the University expects to complete the purchase this month and will seek tenants who can contribute to the community and help move forward revitalization efforts along 53rd Street.

Stay tuned! More updates are forthcoming in the next few weeks.

Starting at 10 a.m. this Saturday, Celebrate Hyde Park May Fest will take place along 53rd Street from Dorchester Avenue to Nichols Park. The festivities will run until 8 p.m. So, be sure to stop by and check out the great food, vendors, entertainment and much more.

See the schedule for the music stage below:

• Night Knights 12:00 PM
• Chaturanga Zumba 1:20 PM
• Lakesigns 1:45 PM
• Red Clay Dancers 2:35 PM
• Nanette Frank 3:00 PM
• Avain Hightower and Full Circle 4:15 PM
• American English – a tribute to the Beatles – 6:00 PM

The University of Chicago is bringing Clarke’s, a 24–hour area restaurant, to 53rd Street.

Scheduled to open this year, the Clarke’s announcement is part of the University’s on–going revitalization strategy to strengthen a key commercial corridor in Hyde Park. The news follows earlier plans to bring Five Guys restaurant, The New 400 Theaters and a new hotel (PDF) to 53rd Street. Several students and area residents have already given the recent developments a “thumbs–up.”

But the good news doesn’t stop there. Additional retail and entertainment plans are expected to be unveiled within the next few months.

Vermilion Development provided an update during the general TIF meeting Monday, March 14, regarding its plans (http://www.vermiliondevelopment.com/images/HarperCourtPartnersLLCHotelPR03-03-2011.pdf) to bring a new hotel to Harper Court. Smart Hotels/Olympia Chicago LLC was recently selected to build and operate the 130–bed hotel that is planned to open in 2013. The developer signed a franchise agreement with an affiliate of Chicago–based Hyatt Corporation to bring a Hyatt Place hotel to what will become the new mixed–used Harper Court, which will become a centerpiece of the 53rd Street corridor.

“We’re very excited about this project,” said Ed Small, President of Smart Hotels, during the TIF meeting. Small said his firm believes that 53rd Street and other areas within Hyde Park provide a place where “strong architecture” currently exists, which creates a sound environment for a new hotel. He also said that he’s equally encouraged about other development plans for 53rd Street that will complement one another such as the new theater slated to open next year.

Alderman Shirley Newsome added that Tony Fox, owner and operator of the New 400 Theaters, has a good reputation for running safe and efficient movie theaters. Newsome said she recently received a phone call from Alderman Joe Moore of the 49th ward, which represents Rogers Park, Edgewater and West Ridge, who said Fox “runs a first–rate business” in Rogers Park.

A new movie theater will soon head to Hyde Park in the University–owned commercial and theater buildings on the corner of 53rd Street and Harper Avenue. The New 400 Theaters independent movie owner and operator Tony Fox said the cinema will offer a unique mix of art, wide–release and children’s films.

Fox, who also operates The New 400 Theaters in Rogers Park near Loyola University, said Hyde Park is an ideal spot to bring a movie theater to because it’s “a place where people really care about their community.”

The University is continuing to work with the community and the City of Chicago regarding its revitalization efforts to help strengthen this key Hyde Park corridor. Get more details here.

Starting this week, you will see construction workers at the site of the up–and–coming new home for Five Guys restaurant, the first tenant of the University–owned buildings at 53rd Street and Harper Avenue. Interior work will begin to make way for the popular chain’s inaugural spot in Hyde Park, which is anticipated to officially open by year’s end.

The momentum will continue in early March as exterior construction work is scheduled to take place. The façade plans include attractive signage, awnings and spaces for potential outdoor seating.

OKW Architects, HSA Commercial Real Estate and Premier Design + Build Group, LLC are working with the University to design, permit, restore and update the building in time to deliver the space this summer for Five Guys and other potential tenants to begin their build–outs.

The University of Chicago is bringing Five Guys, a restaurant chain whose burgers have a devoted following nationwide, to Hyde Park.

Five Guys has signed on as the inaugural tenant at the soon-to-be renovated office and theater buildings at 53rd and Harper Avenue. The news comes fast on the heels of the University’s announcement that it is renovating these key buildings.

“We’re delighted to introduce this crowd favorite to our community,” said James Hennessy, Director of Commercial Real Estate Operations for the University. “The University is committed to working with the community to revitalize the 53rd Street corridor, and the arrival of Five Guys is good news for those efforts.”

With 725 locations around the country, Five Guys is just one of a number of big-name retailers the University is talking with about setting up shop in new spaces along 53rd Street, here and at the nearby Harper Court redevelopment, to blend with local businesses.

The new Five Guys in Hyde Park will occupy 2,200 square feet and could also make use of outdoor seating with a plan for attractive awnings. Officials said they expect the restaurant to open around the end of this year.

Five Guys, which began as a sensation in the Washington, D.C. area, boasts that there are “25,000 possible ways order a burger,” and has plenty of awards to back up the buzz. At least one Hyde Parker is a believer: President Barack Obama made a highly publicized visit to a Washington, D.C. Five Guys location back in 2009, ordering jalapenos, tomato and mustard on his cheeseburger along with a side of fries. Check out the video!

“We are very excited to be a part of the Hyde Park area,” said Julie Speer, Five Guys area manager in the Chicago region. “We think it is a great fit for Five Guys and are excited to become a part of the community.”

Stay tuned — more news about new 53rd St. businesses is expected in the coming months.

Starting this week, the University of Chicago will undertake a major renovation of the theater and office buildings at 53rd Street and Harper Avenue, with a completion date slated for this fall. The facelift will open up opportunities for new restaurant, retail and other tenants.

University officials made the announcement during the Monday, Jan. 10 TIF Council meeting. Find out more information here: http://news.uchicago.edu/news.php?asset_id=2215

Are you interested in helping to enhance the physical attractiveness of the community?

If so, the South East Chicago Commission and the University of Chicago’s Office of Civic Engagement invite organizations within Hyde Park –South Kenwood, North Kenwood–Oakland, Woodlawn and Washington Park communities to apply for the Neighborhood Enhancement Grant Program. Organizations could receive a grant, up to a maximum of $10,000, based on the proposed program. To name a few project examples, some include landscaping, fencing, public art displays and lighting.

Applications are available at www.hydeparksecc.com. The application deadline is Friday, Feb. 15 at 5 p.m. Call the South East Chicago Commission at 773–324–6929 to learn more.

“This is a great opportunity for all of us to work together as community partners to improve the aesthetics of our neighborhoods, strengthen civic pride and enhance the quality of our urban living,” said Wendy Walker Williams, Executive Director of the South East Chicago Commission.

Since 1999, the program has offered a total of $50,000 each year to various schools, churches, community organizations, park advisory councils and block groups to support neighborhood “beautification projects.”

Just in case you missed it, check out the Celebrate Hyde Park Festival of Lights event that began inside Pizza Capri earlier this month. The festivities started at 10 a.m. and children, parents and family members came out to enjoy a hearty breakfast along with taking pictures with Santa. Throughout the afternoon, the fun continued at Nichols Park with face painting, crafts and much more, ending with a community reception at the former Hollywood Video building.

With the popularity of the inaugural Art Here Art Now event launched back in October, a new set of artists will unveil their creative work this Saturday from 5 – 7 p.m.

The free, opening reception for Art Here Art Now Round 2 will follow the Celebrate Hyde Park Festival of Lights event, which kicks off earlier in the day. The entire community is invited to come out and view the new art installations at 5225 S. Harper Ave., located in University–owned storefronts between Starbucks and Boston Market.

The project gives artists, who are often in need of exhibition space, a fabulous opportunity to highlight their passion, right here in Hyde Park—all at no cost to participants.

But just in case you can’t make it, several artists will have their work featured through January 2011. Pedestrians will be able look through the windows and check out the installations 24/7.

Come on out this Saturday for “Brunch with Santa,” from 10 a.m. to noon at Pizza Capri, 1501 E. 53rd St. Kids and parents are invited to hang out with Mr. Claus himself during the brunch, which is part of the new Celebrate Hyde Park Festival of Lights event.

Merchants along 53rd Street will display holiday lights in their windows as part of the festivities. From noon – 5 p.m. the fun continues in Nichols Park, with face painting, story telling, arts and crafts—including an opportunity to create get-well and holiday cards for young patients at Comer Children’s Hospital and La Rabida Children’s Hospital.

If you love to sing, around 4:30 p.m. you can join carolers who will make their way from Nichols Park to 1530 E. 53rd St. (the former site of Hollywood Video). Caroling also will take place throughout the day. Call (773) 324-6929 if you or your choir would like to sing.

Last but not least, around 5:30 p.m. hot cocoa, coffee and cookies will be served following the sing-a-long, for a small donation or a non-perishable food item to benefit the Hyde Park Union Church food pantry.

Hope to see you there!

The redevelopment of Harper Court passed two major milestones recently, as the structure of the project begins to take shape.

Last week, the redevelopment agreement for Harper Court was unanimously approved by the City Council, providing $23.4 million TIF funds along with $85 million in Recovery Zone Facility Bonds.

So, how do Recovery Zone Facility Bonds work? The Federal Government authorized the City to issue $200 million in bonds to qualifying projects. Since Harper Court qualifies, the city will issue $85 million in bonds to Harper Court Partners, who will in turn sell the bonds and become fully responsible for repayment.

This is not a grant, but simply first-mortgage financing with lower tax-exempt interest rates.

A few weeks earlier, by unanimous vote, the City’s Chicago Plan Commission approved an amendment in zoning for Harper Court to allow an increase in density to accommodate a mix of uses including:

• 150,000 square feet of office space
• 100,000 square feet of retail commercial space
• 435 parking spaces
• 150 hotel rooms and
• 395 residential dwelling units, which is a part of the project’s second phase

Alderman Toni Preckwinkle, who addressed the Commission prior to the vote, said, “We have been in a community process for more than a decade. We are hoping to have this wonderful development on 53rd Street. I would ask for support of this body.”

Business Owner & Operator Yolanda Travis of McDonald’s, 5220 S. Lake Park Ave., who attended the meeting, said Harper Court would help to revitalize the community.

“Basically, we’re very supportive,” said attorney Donna J. Pugh, partner of Foley & Lardner LLP, who attended the meeting with Travis and represents the Hyde Park McDonald’s. “We’re very happy with the results.”

Next steps?

The planned development application by developers Vermilion has to go to the Zoning Committee on Nov. 23 and then to the City Council in December for final approval.

No need to stare down the street looking for the next bus — riders who use CTA Routes 171 and 172, as well as University shuttles, can now get real–time bus locations for these Hyde Park routes on their smart phones, iPads, the Internet — and coming soon, video screens in select locations.

The GPS based bus–tracking system, called TransLoc, was announced earlier this month and you can also find more information here: http://uchicago.transloc.com/