CHICAGO | Legacy at Millennium Park | 819 FT / 250 M | 73 FLOORS | 2010

[Steely Dan]

Height: 819 ft
Floor count: 71
Location: South Wabash
Construction end: 2009
Architect: Solomon, Cordwell, Buenz and Associates
Developer: Mesa Development Company

Website (http://www.thelegacyatmillenniumpark.com/)

http://img130.imageshack.us/img130/516/legacyxk9.jpg (http://imageshack.us)

West facade
http://img291.imageshack.us/img291/1563/legacywestfacezn3.jpg (http://imageshack.us)

http://img263.imageshack.us/img263/2808/legacygrantparktw2.jpg (http://imageshack.us)

here's another tall chicago skyscraper proposal. this one is being developed by the same folks who brought us the heritage, just few blocks north on wabash, and like that project, this one also includes the preservation and restoration of the existing low-rise building facades along wabash. SCB is the architecture firm.

[HK Chicago]

Cannot wait to see this same angle, zoomed out, to see the effect this tower has on the Michigan Ave postcard view.

Good stuff.

[Pandemonious]

It is awesome how the Grant Park skyline is adding tall towers in all directions. It would also be nice to have something tall and glassy to offset the brutal blandness of Mid-Continental Plaza.

[Xeelee]

whoa...

[BVictor1]

This is what is there now.

http://images.snapfish.com/343%3A466%3B23232%7Ffp58%3Dot%3E2329%3D959%3D583%3DXROQDF%3E23236%3B4%3A54%3B6%3Bot1lsi

http://images.snapfish.com/343%3A466%3B23232%7Ffp7%3Enu%3D3238%3E868%3E492%3EWSNRCG%3D32327%3A5964%3B44nu0mrj

[Stu]

Awesome. Another new tall tower for Chicago. The design is decent too. I like the tree on the setback near the top.

[Norsider]

Looking forward to this one. Good to see more east-loop residential development.

[igzaklee]

very nice! :)

[Stephenapolis]

Cool! Chicago sure has alot of nice towers about to go up.

[Chase Unperson]

Will this be the tallest pure residential in Chicago?

[bayrider]

is this the one going up at the jewellers row? or is that another 70+ story proposal? btw, that is one sexy building

[tackledspoon]

^ The Park tower is 844', but part is hotel- does that count as pure residential still?
How wide is this? It looks pretty thin relative to height. Pretty design, though.

[BVictor1]

Will this be the tallest pure residential in Chicago?

well, this one might be a bit tricky. the tower portion is residential, but the entire development includes 3 smaller buildings as well as the 14 story building on the northeast corner which will house classroom space for the School of the Art Institute. I think that this will probably be classified as a mixed-use development. we're going to have to see how Emporis lists this one.

[Tom In Chicago]

^Good point. . . at first glance I would think this one should be considered "mixed use". . .

[Wheelingman04]

Boy is that a beauty!!

[Fabb]

It's so sleek and tall !
I like it.

[VivaLFuego]

Cannot wait to see this same angle, zoomed out, to see the effect this tower has on the Michigan Ave postcard view.

Good stuff.
http://lynnbecker.com/repeat/%20wabash/parkviewlarge.jpg

Close enough?

You can also see the same company's heritage a few blocks north.

[HK Chicago]

perfect.

thanks

[Fabb]

It's perfectly integrated in the skyline.
I'm really seduced.

[BVictor1]

CITY REPORT
Plan Commission OKs 71-story tower on Wabash

By Jeanette Almada
Special to the Tribune
Published May 29, 2005

The Chicago Plan Commission has approved a $300 million, 71-story condominium building to go up in the Jewelers Row Historic District.

Chicago-based Mesa Development will build the tower, through Monroe/Wabash Development LLC, on a 40,000-square-foot site at 21-39 S. Wabash Ave., occupied by four buildings.

Mesa is under contract to buy three of the buildings from the Art Institute of Chicago, which will occupy 41,000 square feet of space in the new tower, according to Richard Hanson, a principal at Mesa.

The developer will enter into a right of easement agreement, in perpetuity, for ground-floor space in the existing Sharp Building, at 37-39 S. Wabash, where Mesa will build its lobby to the residential portion of the tower, Hanson said in an interview last week.

The tower will have up to 360 condos ranging from an about 900-square-foot one-bedrooms to much larger penthouses, according to Gary Klompmaker, an architect at Solomon Cordwell Buenz & Associates, which designed the building.

The residential portion of the tower, to occupy the building's 15th through 71st floors, will be accessed at 60 E. Monroe St. There will be more than 8,500 square feet of ground-floor retail space, which Hanson said he will not begin to market for several years because the project is in early planning stages.

He estimated that 35 to 50 percent of the units must be sold before Mesa can begin construction. The average price of units will be in the high $300,000s, Hanson estimated. Sales will begin in February.

The tower is designed with four major setbacks, Department of Planning and Development staff told the Chicago Plan Commission this month. One is at the sixth floor, where the tower meets the cornices of the three late 19th Century building facades, which will be incorporated into the design, Klompmaker said. The other three, on the 15th, 42nd and 60th floors, will have landscaped green space to be used by residents.

The Art Institute will occupy space on the second and third floors. An 18,000-square-foot athletic facility with pool, five squash courts and workout rooms will be on the 13th and 14th floors, and will be connected to the University Club via a 13th-floor sky bridge, Planning Department officials told plan commissioners.

Mesa is negotiating with a syndicate of banks for financing, Hanson told commissioners.

Though City Council approval of the tower is still needed, the Plan Commission's approval of the project as a planned development is a major step in a lengthy dispute between preservationists who oppsed the building and city planners who championed the project.

Critics charge that the project sets a precedent that allows high-rises to go up in otherwise low-rise historic districts -- no more than 300 feet tall in the Wabash Avenue Jewelers Row Historic District. "I don't understand why we set up these historic districts, then ignore the guidelines that protect them," David Bahlman, executive director of the Landmarks Preservation Council of Illinois, told commissioners.

His organization, in its June board meeting, will consider filing a suit against the city for violation of historic district guidelines, Bahlman said in an interview last week. He conceded, though, that such action might be futile.

"We went to the Supreme Court to fight Soldier Field and that didn't stop that development, and yet this is a slippery slope that sets a terrible, terrible precedent. Everyone is so high on the fact that this is doing good things for the city, good things for the Art Institute, good things for Wabash Avenue and for contributing buildings that are in decay. But there has been no discussion about shadow studies, traffic studies, and they are ignoring the fact that there is a historic district there," Bahlman said.

" . . . For as long as the city has had a landmark district program, it has respected prevailing building heights. Now they are throwing that guideline out, and we think it will be much more difficult for the city to fend off other developers in the future [who want to build non-compliant projects] in historic districts," Bahlman said.

City officials told the Plan Commission that the new tower will enliven a dark and dank Wabash Avenue. Ald. Burton Natarus, a plan commissioner whose 42nd Ward includes the tower site, asserted that Wabash Avenue is a special circumstance, a dark commercial street diminished by unsightly elevated tracks.

He added that he championed demolition of those tracks decades ago, while preservationists fought to have the "L" protected with landmark status.

"Wabash Avenue may be called a Jewelers Row but that strip is dirty, it's tacky, it's seedy," Commissioner Nancy Pacher said as she approved the project. "It looks awful; it doesn't look like a Jewelers Row. It looks like a cheap fast-food strip, and I, for one, can't wait until this development takes place."

[Fabb]

Mesa is negotiating with a syndicate of banks for financing, Hanson told commissioners.

Go Mesa !

[some_stupid_nut]

Hm.... So when would this be done? Looks nice. I kinda like it. Which is weird cause I usually like shiny tall skyscrapers.

[jcchii]

well, that's great news. Just a couple of things.

This would be an unfortunate place to really screw one up, if they alter the design to much or somehow cheap out on parts of it (55 E. Erie). You don't want an eyesore there.

Number 2, it seems the majority of windows are N or S and not overlooking Millennium Park, which would seem to be the draw.

[jcchii]

And I think about several years from now when Waterview and Trump also are sticking up in the right hand portions of that shot. Wow

[bayrider]

ok someone has got to find a pano of chicago and implement a rendering of 21-39 S Wabash, Waterview and Trump. I'd do it but i dont know chicago too well to know where they belong, but i could photoshop them. maybe me and one of the Chi forumers can work with eachother somehow

[VivaLFuego]

well, that's great news. Just a couple of things.

This would be an unfortunate place to really screw one up, if they alter the design to much or somehow cheap out on parts of it (55 E. Erie). You don't want an eyesore there.

Number 2, it seems the majority of windows are N or S and not overlooking Millennium Park, which would seem to be the draw.

They made it that way so all units would have views of the park, albeit at an angle.

[Chase Unperson]

^Nahh they will be able to see the park (at least those with a south view)

[BVictor1]

well, that's great news. Just a couple of things.

This would be an unfortunate place to really screw one up, if they alter the design to much or somehow cheap out on parts of it (55 E. Erie). You don't want an eyesore there.

Number 2, it seems the majority of windows are N or S and not overlooking Millennium Park, which would seem to be the draw.

They made it that way so all units would have views of the park, albeit at an angle.

One of the main reasons it's designed and positioned this way is so that it doesn't seem to be some hulking blob of a building like 55 E. Monroe and CNA. It's sleek, narrow and elegant so that it helps to take away some of the squatness of those two buildings as well.

[Fabb]

I agree.
Even though it's not as tall as Waterview, I think that it'll have a better impact on the skyline.
In fact, I can't think of a better proposal for this location.

[buildup]

Sharp tower. I love them tall and slender. It's a good height and in a prominent location in the skyline.

[Steely Dan]

He estimated that 35 to 50 percent of the units must be sold before Mesa can begin construction. The average price of units will be in the high $300,000s, Hanson estimated. Sales will begin in February.


as excited as i am about this project, if sales aren't even starting until next february, then we have a good long while to wait for this one. hopefully we'll see a late 2006 ground breaking, but 2007 is probably more likely.

[Fabb]

If there's an important demand, there could be pre-pre-sales before february.
I mean, anything is possible.

[Chicago Shawn]

^Very true. Mesa's other project the Heritage is nearly sold out, last I heard there only 10 units left. So with little inventory left, I would not at all rule out some pre-sales beginning late this year.

[Jaroslaw]

Sharp tower. I love them tall and slender.

So do I. But we will be disappointed. :) The "in context" rendering is an obvious lie; this team did the same with the Heritage: compare the official rendering from the NE with how it looks--bulky, hulking. The same thing happened with 55 EE. The floor plate dimensions of a residential tower are pretty constant these days, and this thing will be a lot thicker (S to N) than it looks.

[Jularc]

It is a very nice glass tower... It is going to look so good with the other new tall ones to the North!!! :cool:

[ScreamShatter]

NICE ONE

[Steely Dan]

So do I. But we will be disappointed. :) The "in context" rendering is an obvious lie; this team did the same with the Heritage: compare the official rendering from the NE with how it looks--bulky, hulking. The same thing happened with 55 EE. The floor plate dimensions of a residential tower are pretty constant these days, and this thing will be a lot thicker (S to N) than it looks.

i completely disagree about the heritage rendering being a lie. it is actually one of the projects were the rendering looks almost identical to the finished project. 55 east erie? yeah, that one was a straight-up lie, no question, but i don't see it at all with the heritage and its rendering.

[the urban politician]

If there's an important demand, there could be pre-pre-sales before february.
I mean, anything is possible.

Considering how fast MoMo is selling, along with 1 Museum Park, it's probably safe to say that condos in this highrise will sell like wildfire.

This whole area near Millennium Park and along the east loop appears to be under heavy demand

[HK Chicago]

Perspective-wise this rendering is truer that the Heritage (which did have a forced street level view), but the Heritage was photorealistic.

This rendering is partially transparent and has no material surfaces. I expect better when marketing begins next year.

[BVictor1]

GAZETTE


New high rises planned for the Loop and South Loop draw much attention and debate

By Marie Balice Ward

(6/3/05) - Two new high rises are being developed at Monroe St./Wabash Ave. and at 830 S. Michigan Ave. Presentations were sponsored by the Grant Park Advisory Council and the Grant Park Conservancy which was attended by more than 70 people, most of whom are in favor of the planned high rises and their co-existence with historical buildings, explained Grant Park Advisory Council and Conser-vancy President Bob O’Neill. One dissenting vote for the Monroe St./Wabash Ave. project was the Landmarks Preservation Council of Illinois.
“We diligently supported the ‘land marking’ of the Grant Park/Michigan Avenue Street Wall creating the Historic Michigan Boulevard District,” O’Neill stated. “We thought it was important in preserving very beautiful and historic buildings. The Jewelers Row District and the Historic Michigan Boulevard District are very important but need an infusion of capital to bring life back to so many of the decaying historic buildings.
“It may seem a contradiction,” said O’Neill, “but high rises and the greening of Chicago go hand-in-hand: a close to perfect fit! High rises and landscaping are integral to the fabric of downtown Chicago and environmentally essential to a cleaner, greener city. We need to continue to create more natural landscapes in the city to complement our high rises. High rises prevent suburban sprawl and lead to more concentrated and significant cultural and natural areas in the City such as Grant Park and Northerly Island which present a perfect, natural habitat and resting place for nature and people.”
Thomas Kerwin, president of American Institute of Architects (AIA) Chicago, and partner at Skidmore Owings & Merrill LLP, stated, “High rise density must be supported by a solid infrastructure which Chicago does enjoy.” Kerwin added, “Density is a ‘positive’ if the environment can support it with access to transit, open spaces such as Grant Park, mixed use properties, an ‘amenable’ street and sidewalk network and amenities such as rivers and lakes.” He explained that the move back to urban areas is occurring worldwide. However, in many cities he has visited, including some in Asia, the cities’ infrastructures cannot support the density.
Jim Peters, Director of Preser-vation Planning, Landmarks Preservation Council of Illinois, stated that his organization has testified opposing the height of the Jewelers Row project. “This structure will be more than 816 feet tall - taller than any building on Michigan Avenue and certainly taller than any building along Jewelers Row. Buildings must be designed to respect the scale that exists within the environment.” He added that there were no shadow studies done for Wabash Ave., Michigan Ave. or Grant Park. Landmarks Preservation Council of Illinois is a statewide, not-for-profit advocacy group with no government affiliation.

Legacy at Millennium Park—21–39 S. Wabash Ave./52-64 E. Monroe St.
A glass and aluminum curtain wall will rise 71 stories while preserving the façade of the Jewelers Row buildings currently occupying 21 S. to 39 S. on Wabash Ave. This condominium tower in development by Mesa Development LLC will have more than 300 residential units, about 460 garage spaces and 8,000–10,000 sq. ft. of retail space. The project’s architectural firm is Solomon Cordwell Buenz of Chicago.
Richard Hanson of Mesa Development LLC said that the Chicago Planning Commission granted approval on May 19; in early May the Chicago Landmarks Committee voted in favor the development. The project also has the support of Alderman Burton Natarus. “Groundbreaking is likely to occur next year,” said Hanson. “We are about half way in obtaining approvals. We still need the approvals from Zoning and the City Council.” Hanson also explained that the current properties on Wabash Ave. are under option to buy. The project’s footprint, he said, is about 40,000 sq. ft.
“We believe—as do many others—that modern buildings constructed next to/near historic ones make the historic buildings even more beautiful and recognizable. We also think that it is a good compromise that we get high rises which take advantage of the views of Grant Park and the Lake and energize the area’s culture, nature, and restaurants while financing the preservation of some of the historic buildings on Wabash and Michigan Ave.,” said O’Neill.

830 S. Michigan Ave.
A new condominium tower is planned for 830 S. Michigan Ave. restoring the shuttered building that previously was occupied by the YWCA.
Renaissant Development Group LLC is planning to restore the YWCA building and build a tower behind it on Wabash Ave. that will meet the landmark guidelines for south Michigan Ave.
Said Stephen Ward, vice president and director of real estate relations of the Greater South Loop Association, “We are very pleased about the restoration of the YWCA building and we look forward to reviewing the new design.” He added that, “According to the current plans there will be residences on Wabash Ave. and Michigan Ave. and parking will not be exposed on either street.”
“The plans are only available in a conceptual layout format, and it is difficult to determine exactly where the tower will be situated,” said Peters. “We are concerned the building may be positioned on top of the YWCA structure. We would be pleased to see the tower located behind the YWCA building.”
“Residential high rises are essential to the cultural, environmental and retail fabric of downtown Chicago. High rise residents are great supporters of culture and retail. High rises also generate much-needed property tax revenue and create the beauty of active street life and bustling sidewalks and public transit,” added O’Neill.
Renaissant Development Group declined comment at this time, explaining that it is too early to discuss plans for the project at 830 S. Michigan Ave.

[Steely Dan]

^ so is "Legacy at Millennium Park" now the official name for this project? seems like it.

[HK Chicago]

Funny considering there is a Legacy Development in the area. Soon they'll decide which of those addresses they're going to use for residential access, can't call it 21–39 S. Wabash Ave./52-64 E. Monroe St. forever.

It'll probably be Garland Ct, like the Heritage.

[Jaroslaw]

That's it, HK Chicago, you put it well. A "forced street-level view." So the rendering was not a lie, but... From the sidewalk, even the Merchandise Mart can look sleek. But the Heritage looks like a slab from Randolph and Columbus. And it could have been worse; the city made them lower the S half and raise the N one...

[ChgoLvr83]

The article is a month old & nothing exciting but I thought what the hell:

http://www.chicagoarchitecture.info/Images/TheLoop/21-39SouthWabash-001.jpg

New Projects Set A New Standard For Chicago Skyscrapers
The skyline of the future is growing outside your window right now.

(Tuesday 17 May 2005 @ 12:56) - The recent announcement that a 72-story glass shard will pierce the gloomy corridor that is Wabash Avenue signals a change in Chicago's skyscraper meme. Right now, it is saddled with the unimaginative title 21-39 South Wabash, but if built, it's impact will spread well beyond its eponymous name.

Until recently, Chicago's supertowers have remained on the fringe of the city's core. The John Hancock Center to the north, Sears Tower to the west, and Aon Center to the east. Moreover, these buildings are all products of the last century, and while they foreshadow coming events, their scattered locations prevented any kind of critical mass from allowing super-tall buildings to become accepted in the public subconscious. Majestic as they are, the three originals are curiosities to be ogled by tourists and grimaced at by people living in their shadows.

Now, we live in a slightly newer age. The forest of modern skyscrapers that sprouted in places like the Gold Coast and the Museum Center is rapidly encroaching on the dank, musty alleys of the Loop. So far, Donald Trump's new hotel/condominium hybrid is the only seed that has actually germinated. But across the river is a parking lot next to the LaSalle-Wacker building that could be home to the Waterview Tower. Add to that the South Wabash project, and you develop a nucleus. A beachhead against the rot that filters through the city's celebrated center and threatens to bring people, life, and vitality to a place that would be a ghost town on weekends if not for the tourists craning their necks from the tops of roofless double-decker buses.

To be sure, there have been other forays along these lines. Buildings like 200 North Dearborn and the unfortunately named Skyline Century of Progress are among those that have brought thousands of new full-time residents to the Loop. But good luck getting a coffee on a Sunday afternoon. Business hasn't responded to the flood of new residents because in the public's collective subconscious, the Loop is where people go to work, not to live. The Caribou Coffee shop at the corner of Lake and LaSalle started contemplating shortening its hours just five days after it opened. With that kind of faith in the neighborhood, expect the neighborhood to return the favor.

The master gardener trying to root out the mushrooms is none other than Mayor Richard Daley. Both praised and vilified for his iron grip on city affairs, it's always amusing to see him standing before a gaggle of press hounds playing dumb, pretending he doesn't know what's going on. The scandal-plagued Daley administration's actions speak louder than words both on corruption and on urban redevelopment. He was one of the first to show faith in the rebirth of the Loop by moving into The Heritage at Millennium Park (and thus making himself a North-sider). That building has done more to improve conditions on the Wabash corridor than any project in the last 50 years. The back side of Marshall Field's was always the place where tourists feared to venture. Now the area features an upscale McDonald's, fountains, and plants which make the creaky old El rattling above seem less scary. 21-39 South Wabash will be another stake in the heart of decay. It's towering shard of reflective glass will pierce the other end of the problem, and with any luck the natural course of commerce will fill in the gaps.

Though Chicago prides itself on being the headquarters of many major companies, the fact is that most of the big decision-makers either live or work in the 'burbs. McDonald's, Sears, United Airlines, and Motorola are jewels in Chicago's business crown, but they are borrowed jewels. All of those businesses are headquartered in the suburbs. It was a major coup for Mayor Daley to lure Boeing to the central business district, and keep the company from locating in Dallas or even Rosemont. But to lure more businesses, more tourists, and more curious suburbanites to the city, Chicago needs an ad campaign, and it's in the middle of putting one together. The city's skyline is the city's biggest asset. It is a 20-mile-long billboard advertising the urban lifestyle. But as mentioned earlier, the jewels in this crown are few and far between. It's easy for the eye to dismiss the Sears Tower as a fluke, given its remote location when viewed from the west. Same for the Hancock Center. And Aon is so far east that its height is diminished unless viewed from Lake Michigan. Now imagine Chicago six years into the future -- Sears, Hancock, and Aon are no longer anomalies. They are joined by the Trump project, Waterview Tower, and a glittering new building on South Wabash. The skyline is no longer fragmented -- it features a regular pattern of supertowers. The hole in the middle is filled, and the city has a slightly healthy bulge. When that image -- that billboard -- is complete, it will help change views about the city, and the Loop. It will be the most powerful advertisement for Chicago ever, and it will have cost the city just a few million dollars in tax incentives.

Chicago is remaking its skyline. The old standard was 30-stories. Then 50. Now if you're not 70, you're not even trying. The new sentiment isn't just good for architects, developers, and land owners. It's good for the city as a whole. It means more jobs and more money, and more people flowing to the city, all without the devastating environmental impact of plowing up virgin ground to build another soulless suburban cul-de-sac. Chicago's development is sustainable for the foreseeable future. As long as the skies remain open, the city can grow. And as it grows it prospers. Now all we have to do is get building.

[NYguy]

The article is a month old & nothing exciting but I thought what the hell:


Until recently, Chicago's supertowers have remained on the fringe of the city's core. The John Hancock Center to the north, Sears Tower to the west, and Aon Center to the east. Moreover, these buildings are all products of the last century, and while they foreshadow coming events, their scattered locations prevented any kind of critical mass from allowing super-tall buildings to become accepted in the public subconscious. Majestic as they are, the three originals are curiosities to be ogled by tourists and grimaced at by people living in their shadows.

.....to lure more businesses, more tourists, and more curious suburbanites to the city, Chicago needs an ad campaign, and it's in the middle of putting one together. The city's skyline is the city's biggest asset. It is a 20-mile-long billboard advertising the urban lifestyle. But as mentioned earlier, the jewels in this crown are few and far between. It's easy for the eye to dismiss the Sears Tower as a fluke, given its remote location when viewed from the west. Same for the Hancock Center. And Aon is so far east that its height is diminished unless viewed from Lake Michigan. Now imagine Chicago six years into the future -- Sears, Hancock, and Aon are no longer anomalies. They are joined by the Trump project, Waterview Tower, and a glittering new building on South Wabash. The skyline is no longer fragmented -- it features a regular pattern of supertowers. The hole in the middle is filled, and the city has a slightly healthy bulge. When that image -- that billboard -- is complete, it will help change views about the city, and the Loop. It will be the most powerful advertisement for Chicago ever, and it will have cost the city just a few million dollars in tax incentives.

Chicago is remaking its skyline. The old standard was 30-stories. Then 50. Now if you're not 70, you're not even trying. The new sentiment isn't just good for architects, developers, and land owners. It's good for the city as a whole. It means more jobs and more money, and more people flowing to the city, all without the devastating environmental impact of plowing up virgin ground to build another soulless suburban cul-de-sac. Chicago's development is sustainable for the foreseeable future. As long as the skies remain open, the city can grow. And as it grows it prospers. Now all we have to do is get building.


A well written piece for building skyscrapers. For that, I won't even comment on your sig ChgoLvre83.

[alex1]

^you just did.

[the urban politician]

^Great article.

[Wheelingman04]

What a cool article!!

[Marvel 33]

"The city's skyline is the city's biggest asset. It is a 20-mile-long billboard advertising the urban lifestyle".

Very well said!!!

[BVictor1]

From scb.com


Legacy Tower
Chicago, Illinois
Rising 72 stories above Michigan Avenue, The Legacy will contain 360 luxury condominium units and 460 parking spaces. In addition, the project will integrate 41,000 sf of classroom space for the School of the Art Institute of Chicago into the lower floors. The project will retain the historic facade of Jeweler’s Row on Wabash Avenue.

http://63.240.68.115/FirmFiles/95/images/exterior14%2Ejpg

[Steely Dan]

general question for any of the emporis guys. since this building will contain 41,000 sq. ft. of classroom space for the school of the art institute in the lower floors, is that a significant enough amount to list it as a mixed-use tower?

[BVictor1]

general question for any of the emporis guys. since this building will contain 41,000 sq. ft. of classroom space for the school of the art institute in the lower floors, is that a significant enough amount to list it as a mixed-use tower?

I think that it probably should be. Not only will the School of The Art Institute have classroom space there, but The University Club will also have squash courts and lockerrooms in the tower.

[the urban politician]

Any idea when they're going to start marketing units for this beauty?

[Chicago Shawn]

^It's been mentioned that Mesa development will begin Marketing in Janaury.

[Vito Corleone]

general question for any of the emporis guys. since this building will contain 41,000 sq. ft. of classroom space for the school of the art institute in the lower floors, is that a significant enough amount to list it as a mixed-use tower?

Generally, if another usage occupies at least 10% of the amount of floors, then we consider the building as mixed-use. So 7 floors of educational use would qualify the building as mixed-use.

[Chi-town]

What's the current timeline on this one?

[Grumpy]

a slender beauty , a great addition for the skyline :tup:

[Steely Dan]

What's the current timeline on this one?

i believe marketing is slated to begin in spring of '06, so this beauty is still a ways off.

[the urban politician]

What's the current timeline on this one?

i believe marketing is slated to begin in spring of '06, so this beauty is still a ways off.

Just in time for the real-estate crash :eek:

[Tom In Chicago]

^Good. . . maybe I'll be able to afford something after that. . .

[Norsider]

What an absolutely Kick-Ass addition to the skyline.

[detroitismylove]

Its beautiful.

[the urban politician]

What an absolutely Kick-Ass addition to the skyline.

^Let's not speak too soon.

Sales haven't even started yet, and everybody is talking about a housing slowdown. Even Greenspan is warning us.

Not to be pessimistic--but I would be quite sad if this beautiful building didn't get built. South Wabash really needs it badly!

[chicubs111]

Well at least we know that this buildilng has city council backing it greatly...They really want this building to go up too.

[Musicisright]

It reminds me of a PS2.

[Norsider]

and everybody is talking about a housing slowdown.

True indeed, but I'll believe there's a slowdown when I see it.

[randella]

boom and bust. boom and bust. doesn't this qualify as a boom? just a question of when...

[BVictor1]

June 22, 2004

Newcastle Limited to Conduct Sealed-Bid Offering for Three Loop Commercial Buildings for The Art Institute of Chicago.


CHICAGO - Newcastle Limited has been retained by The Art Institute of Chicago to conduct a sealed-bid offering for three Loop commercial buildings, located in Jewelers Row on the east side of Wabash Avenue between Madison and Monroe Streets, announced Michael R. Haney, President of Chicago-based real estate firm. Newcastle Limited is a national real estate advisory and development firm serving not-for-profit corporations, institutions, investors, corporations and governmental agencies.
According to Haney, The Art Institute acquired the buildings in 1999 for potential use as school facilities, but has since determined that proceeds from the sale of the buildings will best be re-deployed to support its core mission. The deadline for submitting proposals is July 15, 2004. The buildings will be offered individually or as a package.

The properties are located at 21-29 South Wabash Avenue within the City of Chicago's "Jewelers Row District," which was designated a Chicago Landmark in July of 2003. The five- and six-story wood-framed brick structures, built between 1872 and 1881, comprise a total land area of 28,400 SF and 176,700 SF of office and retail space including one level beneath grade.
"Although significant capital improvements would be required to achieve the upside potential of these buildings, they are diamonds in the rough, and they are in one of Chicago's best locations in close proximity to Millennium Park, Lake Michigan and the State Street shopping area. A purchaser may use the financial benefits of historic tax credits, the Historic District designation, the existing TIF district, and the lower real estate taxes available through Cook County's "Class L" incentive program to add value to these assets," he said.

The site is zoned B6-7 allowing a base floor-area ratio of 16.0. "The key to unlocking the value of these facilities is either the development of the 27,200 SF of street-level retail space with creative reuse of the upper floors or the redevelopment of the entire parcel combined with the additional development rights and Monroe Street access provided by the adjacent Art Institute-owned corner building into a mixed-use, high-rise project. The 'East Loop' market, which historically has been a corridor of an eclectic mix of retail and office users, is positioned for rejuvenation as a result of recent successful residential developments and the demand for retail space and other amenities," he said. According to Haney, the properties are being marketed to Chicago-area developers, not-for-profit organizations, retail property investors, and owners of similar and nearby properties.
The Jewelers Row Historic Landmark District is bounded by Washington Street on the north, Monroe Street on the south, State Street on the west, and Garland Court on the east. Those structures in the district, designed by some of Chicago's most significant architects and built between 1872 and 1941, represent many important building types including post-Chicago Fire and Chicago School loft manufacturing, mercantile and office buildings and early 20th Century skyscrapers.

Recently Newcastle Limited represented 73 owners in the $35,000,000 disposition of the historic, 1,300,000 SF, 14-acre South Water Market; represented Loyola University Chicago in the disposition of its 17-acre Mallinckrodt Campus to the Wilmette Park District; represented Baxter International in a sealed-bid disposition of a 70-acre development property in Lake County; and represented the Eleanor Women's Foundation in the disposition of its 1550 North Dearborn Parkway building to The Latin School of Chicago. The company is currently representing Loyola University Chicago in the development of a 24,800 SF high-rise site within its Water Tower Campus and Metropolitan Family Services on the sale of 116 acres on the Fox River in McHenry County.

Chicago-based Newcastle Limited is a national commercial real estate firm serving governmental agencies, institutions, not-for-profit organizations, corporations and private investors. The firm's strategic advisory, development and investment services are designed to reduce project risk and maximize asset value. To learn more about Newcastle, call Mike Haney at (312) 252-1401 or visit the company website at www.newcastlelimited.com.

[BVictor1]

Newcastle Limited Negotiates Sale of Jewelers Row Properties to Mesa Development

Newcastle Limited represented the Art Institute of Chicago in the sale of three buildings located at 21-29 South Wabash Avenue to Chicago-based Mesa Development in a sealed-bid transaction.

(PRWEB) September 10, 2005 -- Newcastle Limited represented the Art Institute of Chicago in the sale of three buildings located at 21-29 South Wabash Avenue to Chicago-based Mesa Development in a sealed-bid transaction.

Located in the Wabash Avenue and State Street retail corridor, the Jewelers Row Properties consist of three buildings: 21-23 South Wabash, 25-27 South Wabash, and 29 South Wabash totaling 176,700 gross square feet of space on a 28,400 square-foot site.

“We are pleased to complete this complex transaction for the Art Institute because it eliminates ownership costs for three underutilized buildings and it provides more than 40,000 square feet of brand new expansion space for the School in the base of Mesa’s new tower” said S.L. van der Zanden, Managing Principal of Newcastle Limited.

Mesa Development purchased the buildings to construct a 71-story, 360-unit residential condominium building that will feature unobstructed views of the lakefront and Millennium Park. The luxury residences will occupy the building’s 15th through 71st floors and will be accessed at 60 E. Monroe via an easement through the School of the Art Institute’s headquarters at the corner of Monroe and Wabash. The School of The Art Institute of Chicago will occupy space on the second and third floors which will be connected directly to their adjacent property. In addition, an 18,000-square-foot athletic facility with a pool, squash courts and workout rooms will be developed on the 13th and 14th floors of the project for the University Club of Chicago and connected to the Club via a 13th-floor sky bridge.

About Newcastle Limited
Newcastle Limited is a national commercial real estate firm serving institutions, not-for-profit organizations, corporations, and private investors. The firm’s strategic advisory, development and investment services are designed to reduce project risk and maximize asset value. To learn more about Newcastle, call Mike Haney at (312) 252-1401 or visit the company website at www.newcastlelimited.com.

About Mesa Development
Mesa Development is a real estate development and investment company with proven leadership in the development, design, and construction of a wide range of residential, mixed-use and corporate developments. Recent projects include the nearby “Heritage at Millennium Park” with luxury residential condominiums at Wabash and Randolph.

[LA21st]

You know a city is booming when a huge project like this is almost forgotten due to other projects.

[Fabb]

This beautiful project seems to be moving forward.
Good !

[oshkeoto]

"You know a city is booming when a huge project like this is almost forgotten due to other projects"

There are five buildings proposed or under construction in Chicago that are taller, so yeah...

[Steely Dan]

the legacy was also talked about at ast night's GPAC presentation. we didn't learn a whole lot more about it, other than the fact that bob what's his name (GPAC MC) seemed to be more than confident that this one was a done deal and would definitely go forward.

[the urban politician]

the legacy was also talked about at ast night's GPAC presentation. we didn't learn a whole lot more about it, other than the fact that bob what's his name (GPAC MC) seemed to be more than confident that this one was a done deal and would definitely go forward.

^I wonder what the delay is in the city approval process..

That bubble is going to pop, damn it!

[Steely Dan]

^ oh brother, not your chicken little routine again.......

"the bubble is popping, the bubble is popping, whatever shall we do!?!"

[Tom In Chicago]

^Something's got to give sooner or later. . . but the fallout will be less of a "burst" rather a slow deflation. . . you might see some newer projects get shelved, but I think most of the stuff you see currently proposed has a really good chance of getting built. . . I give this proposal 50% just based on location+developer. . .

[trvlr70]

To my knowledge, Chicago has never truly experienced a bust in residential real estate. Unlike both coasts that have huge swings in pricing, Chicago has always experienced a steady climb without much fluctuation. For this reason, real estate investments have always been a prudent choice in Chicago....and for that matter, the Midwest in general.

I also think this project has a fairly good chance. I think it is just a matter of supply and demand. Are there really that many people that desire a downtown condo these days? There is a lot on the market right now.

If America's economy tanks, there may be fewer people buying Chicago's downtown condos just to flip them and make a profit.

[Norsider]

A lot has been made of the prevalence of speculators purchasing disproportional amounts of the new condo stock, but I have to believe that it is already in a lender's due diligence program to look around at actual occupancy levels at similar buildings. Probably the first thing to signal a slowdown in the market is if banks start to demand a higher percentage of presales. Does anyone know the current market level on that number?

[Steely Dan]

Does anyone know the current market level on that number?

at monday's GPAC meeting, carley, the develper of fordham spire, said the financing agreements he has in place require 40% of the units in his tower to be sold before constrution will be able to commence.

[Tom In Chicago]

To my knowledge, Chicago has never truly experienced a bust in residential real estate.

After the boom in the late 1980s the commercial real estate markets crashed the downtown residential high-rise market took a hit in tandem. . . many many proposals were shelved thanks in part to the war in the Gulf and recession that followed in the early 1990s. . .

[trvlr70]

To my knowledge, Chicago has never truly experienced a bust in residential real estate.

After the boom in the late 1980s the commercial real estate markets crashed the downtown residential high-rise market took a hit in tandem. . . many many proposals were shelved thanks in part to the war in the Gulf and recession that followed in the early 1990s. . . I meant more that there has never been a residential real estate price reduction. For example, homes on the North Shore have never lost ground unlike the luxury properties on either coast. Growth has been a constant....even if the increments are small some years.

[BVictor1]

Here we go:::Today's Tribune Real Estate Section 09/18/05

www.TheLegacyatMillenniumPark.com

[HK Chicago]

thanks for the link - still looks good!

[Norsider]

require 40% of the units in his tower to be sold before constrution will be able to commence.

Wow. That seems like a pretty low number. I don't think I'd get worried about a slowdown until that number starts to look 65 or 70. I guess that could happen overnight, though.

In terms of a slowdown in residential, I'll believe it when I see it. (not that you have made any such claims, Dan)

[Fabb]

The way it's advertised is very good. Who could resist ?

[SevenSevenThree]

Well, dont know if it's good news to you but its a little good news for me but Emporis says this project has been approved as opposed to proposed. Or at least its shaded in as approved. Any way we can confirm this?

[Chicago92]

There is a nice ad for this bldg in Friday's WSJ (weekend section) with kind of a cool picture of it in the skyline. I like how it could look.

I have no scanner - does anybody have the Fri. WSJ and a scanner? Sorry.

[Adam186]

http://lynnbecker.com/repeat/%20wabash/parkviewlarge.jpg

Close enough?

You can also see the same company's heritage a few blocks north.

Is this the picture you saw? I love this.

[Chad]

http://www.chicagoarchitecture.info/Images/TheLoop/21-39SouthWabash-001.jpg



I think it looks somehow quite similar in someway to the Four Seasons Center in Miami?

http://miamirealestatetrends.com/Images/StarterImages/Infinity22copy.jpg

http://www.ronwood.com/fs-m/fs-m_RWAAG.jpg

[chicubs111]

I love this building as well...It reminds me of a slightly taller version of the hanckock tower in Boston...I feel very confident about this one going up because city hall is really backing this project :)

[Chicago92]

No, it is different...looking straight west from the park

[spyguy]

Here's a rendering I found from SCB's site:

http://img53.imageshack.us/img53/4224/1107055cz.jpg

[Chicago3rd]

http://lynnbecker.com/repeat/%20wabash/parkviewlarge.jpg


I need this building more than the WaterView! Look how it just sits there and screams Fu** You!!! at 55 E Monore (the Anderson fiasco building!!!) It will help to soften the scar of that horrible horrible building. The worse building effecting the Chicago Skyline ever created!

It gets better if they take it down:

http://wilthe3rd.smugmug.com/photos/43730948-M.jpg

If they did that then Chase and 7SD would show up!

[Steely Dan]

^ nah, 55 east monroe is a fine building, 311 south wacker is far more devastating to the skyline.

but either way, the legacy is a fine looking tower, she's on my top 5 most anticipated list.

[Chicago Shawn]

http://lynnbecker.com/repeat/%20wabash/parkviewlarge.jpg


I need this building more than the WaterView! Look how it just sits there and screams Fu** You!!! at 55 E Monore (the Anderson fiasco building!!!) It will help to soften the scar of that horrible horrible building. The worse building effecting the Chicago Skyline ever created!

It gets better if they take it down:

http://wilthe3rd.smugmug.com/photos/43730948-M.jpg

If they did that then Chase and 7SD would show up!

Anderson was based in 55 West Monroe. I am going to agree with steely on this one, 55 East Monroe is a fine building that really makes for a good backdrop to the classical Michicigan Avenue Streetwall. Although I can't agree with you on 311 Dan, I just have a strong quarky fondness for the pink bitch.

[spyguy]

Yeah, I like 311 S. Wacker too.

[Marvel 33]

^ This shows how diversed our taste for buildings is. I also like 311 S. Wacker and don't care much for 55 E. Monroe, but I really dig the Legacy at MP.

[2PRUROCKS!]

I have to agree with you Chicago3rd. 55 EM is far and away my least favorite building over 500ft in Chicago. It is just too bulky and classless and blocks the view of too many far superior buildings. And while not perfect I do like 311 SW. However LMP is far better than any of them and will be an asset to our skyline.

[trvlr70]

55 E Monroe looks like a big tombstone from Grant Park on Chicago's skyline. There is talk of converting the building to residential and altering its apprearance somehow. I can't imagine, but I'll reserve judgment until I can see some renderings. It is a classic....classically ugly.

Anyhow, is anything positive happening with the Legacy?

[Chi-town]

^ I think the residential conversion is going to make it worse. Much worse. There's talk of adding BALCONIES.

:no: