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Especially now that Illinois and Grand are so much more built up in Streeterville compared to fifteen years ago, a design standard has kind of emerged in the public's mind so that it's a bit less probable someone will design total crap for a new tower. The good is crowding out the bad, hope it continues. |
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The Chicago Architecture Blog has a piece on 435 N Park. Apart from some errors (like an outdated picture of the building) and some points upon which I disagree (like classifying SOAR as a NIMBY group and calling it SORE - Seniors overlords of real estate - with the blogger's perennial sass), it had some interesting statements.
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^ well said
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I believe rents could bubble, as the 90's in Chicago's commercial business spaces did. Though, as emathias said, low rents "help" the majority of people, it still hurts real estate investment (especially the condo market) as we would see little to no new construction as an overbuilt inventory is absorbed. It doesn't seem like we will see anything beyond stabilized rental prices, but it could easily become a bubble if investors get overzealous. I was probably being a bit hyperbolic in my last post. Also, I just realized how offpost my last post got. sorry. Lets try to continue this over in the Gen. Dev. thread if anyone wants to.
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Only in Chicago do you have YIMBYS :D Perfect city for America's next tallest I say :yes: Let's hope this thing breaks 800' |
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For now though, we should be happy that we will have 2 200m buildings under construction at the end of this year. Chicago needs some buildings in the 600-700 foot range anyways. |
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Ogden Plaza
Interesting/Sad article on CAB today regarding the ugly clock plaza near 435 N Park. Some of the older renderings of this project showed the park totally renovated, but more recent images show it remaining the same. At one of the SOAR meetings the developers intimated that they hoped to renovate the plaza, but that it was more complicated. CAB has more back story:
http://blog.chicagoarchitecture.info...r-ogden-plaza/ Quote:
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That's why I said it's a big "if" |
What's up with the Star Trek symbol at the top of the building in that render?
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People seem to think that above ground and underground are two separate and unlinked worlds, but water that hits the surface will eventually percolate down to anything beneath, and in a poorly-maintained environment, this is just asking for trouble. |
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Construction Start This Year?
I understand there was a recent media report stating the developer claimed financing was already in-place for this development and construction would start this year. I'm quite skeptical. For large projects, a developer's deep track record in similarly large and/or complex developments and longer-term strong lender relationships are pretty vital right now to get them off the ground, and in my opinion thus far I'm frankly afraid I don't see it here - at least for a start this year (unless this developer were to bring in a strong development partner on this project).......
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^DRW has teamed up with John Buck. And the project was approved by the Plan Commission yesterday.
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^ Ahh....I do vaguely recall something about John Buck being involved in some capacity. I wonder, though, exactly what capacity....it seems to me they're recently taking a role in some projects in which they probably just earn a fee by performing a development (construction?) management function of some sort (they also of course still have other projects in which they are the primary developer and partial equity source. Regardless of specific role, Buck's participation will be a positive factor in terms of financing prospects....
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