Around Rogers Park - Howard Theater Building Sold
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RPBG Directors Jay Johnson and Sal Becovic are on both sides of the sale of the Howard Theater Building that closed in late December 2021. The sale marks the end of an era for Jay, and the continuation of a major push into the Rogers Park apartment market for Sal and the Becovic family.
Jay decided the time had come to start divesting some of his Rogers Park assets and refocusing some of his investment portfolio outside of Illinois. He is currently working on projects in Michigan and Florida. He is justifiably proud of the work he has done over many years to improve Howard Street and his successful effort to create an appealing mix of retail, entertainment and commercial tenants at the Howard Theater Building for the larger Rogers Park community.
But Jay also admits that the Howard Street location and retail focus of his property had become more challenging during the pandemic. This, combined with the increasingly difficult environment in Chicago and Cook County, convinced him that the time was right to sell his property and move on. Jay viewed the Becovic family as the best buyers for the Howard Theater Building. Jay knew that Sal would continue his work at the property and shares his vision of a brighter future for the Howard Street corridor. This was an important factor in Jay’s decision to sell, given that the Howard Theater Building has been at the very center of the work Jay has done in Rogers Park over the past several decades.
For Sal, this acquisition marks just the latest addition to the Becovic family’s growing portfolio of Rogers Park properties, including five properties north of Howard Street that the family had previously purchased from Jay. Sal feels strongly that the future of Rogers Park is dependent, at least in part, on the future of the North of Howard area. Sal is strongly committed to seeing this area improve and wants to see a healthier and more vibrant Howard Street commercial corridor in combination with a safer and welcoming residential neighborhood to its north. Sal credits Jay for moving the area closer to this goal and is committed to continuing this work.
It is fair to say that Sal is bullish on Rogers Park, the North Side and the entire city. This is a refreshing outlook and much more than just empty platitudes from an individual and a family that have made a significant commitment to, and financial investment in, the Rogers Park community.
