CHICAGO | St. Regis Chicago (Vista) | 1,191 FT | 101 FLOORS

[the urban politician]

Originally Posted by Skyguy_7

^I just did today. Apparently late last week they passed at 29 of 30 locations on the new system. That qualifies as passing the test, from what I’m told.

Was also told that most of the trades are submitting change orders for added work of having to come back once the curtain wall is in. The GC is backcharging the glass contractor for this. In short, it’s a disaster for them.

Disaster for the GC or the glass contractor? I would imagine both...

[Notyrview]

Here comes another new peak in the skyline

via @jsobeskiphotos on ig

[SolarWind]

August 21, 2018





August 22, 2018

[Gonzo the Great]

Originally Posted by Notyrview

Here comes another new peak in the skyline

via @jsobeskiphotos on ig

Just a great picture of a great city , thanks for sharing ...

[Skyguy_7]

Perhaps it was the sky on Saturday, but the blue glass really looks blue. But the green on the slab edge really looks green. Going to be quite the contrast. We're due for a beautiful facade when it's complete.

Side note: The sad lot in the foreground was just seal-coated, which means at least another year of no tower here.

[UPChicago]

Looks to have cleared the final setback, about 2 months until top off? This building already soars and there are 25 more floors to go!

[Notyrview]

We’re nearing the final act for sure. Reminds me of 401 N Wabash. It gets a little sad in the final push but luckily we have so many other big projects that look like they indeed will break ground soon.

[Chicago E]

With the Vista Tower looking to be completed by the end of this year or early next do you think construction lenders/take out lenders are waiting to see how this project does before they commit to another large residential tower (i.e. Related's proposal at the old Spire site or even The Chicago Square proposal)? Common sense would make me think that there might soon be a glut of residential in the CBD area but then you hear of more relocations of companies downtown or expansions like Salesforce. Hard to guesstimate the supply and demand equilibrium in this boom market of Chicago.

[UPChicago]

Originally Posted by Chicago E

With the Vista Tower looking to be completed by the end of this year or early next do you think construction lenders/take out lenders are waiting to see how this project does before they commit to another large residential tower (i.e. Related's proposal at the old Spire site or even The Chicago Square proposal)? Common sense would make me think that there might soon be a glut of residential in the CBD area but then you hear of more relocations of companies downtown or expansions like Salesforce. Hard to guesstimate the supply and demand equilibrium in this boom market of Chicago.

Did this project get conventional construction loans, not really sure? Also seems to me if anything there is a glut in rental units but not condos.

[Vlajos]

Originally Posted by UPChicago

Did this project get conventional construction loans, not really sure? Also seems to me if anything there is a glut in rental units but not condos.

Is there a rental glut? Last I saw apartment absorption was breaking records and vacancy has not gone up much.

[UPChicago]

Originally Posted by Vlajos

Is there a rental glut? Last I saw apartment absorption was breaking records and vacancy has not gone up much.

Not sure just saying the majority of new construction has been rentals

[Vlajos]

Originally Posted by UPChicago

Not sure just saying the majority of new construction has been rentals

Ok, got it. I haven't seen any 2nd Quarter 2018 reports yet.

[Chicago E]

I am in involved in the finance side of commercial real estate and I have recently heard that concessions (free rent, half rent, gift cards, other concessions, etc) are being used to attract tenants. Hidden concessions are what I am hearing are that creeping into the picture. A developer who is going to presell the project would like to use a cash flow that shows rents as great as possible. The Cap Rates (Capitalization Rates) for many of these higher end rental residential projects have been in the 4%'s and lower 5%'s. But like I mentioned earlier, with more relocations into the city, the demand may keep up with the supply. As to condos, most construction lenders I have worked with"bunch" rental with for sale condos and often assume if the condos don't sell then they are considered an additional supply for the rental market. But I agree with you UPChicago, most of the construction has been for rental residential. Thanks.

[LouisVanDerWright]

Chicago was starting to feel a bit of a glut last fall, but then 2018 happened. Rental deliveries actually dipped in 2018 as the brief period of renewed economic uncertainty from China and oil crashing in 2015-16 resulted in a slight pullback in highrise starts in those years. We delivered like 6,000 units downtown last year and that dipped to like 4,800 in 2018. It's slated to jump back up to 7-8k a year in 2019 and 2020 so that might be when we finally see a true glut.

[jjk113]

The renderings show the glass to be different shades of blue in a repeating pattern all the way up the building...........is that really how it is supposed to look ? ...or is the multi-shaded blue glass just artistic license ?

[the urban politician]

There is no rental glut, as long as the jobs keep flowing in.

If/when that stops, then yes, we will have a bit of a correction.

[jjk113]

.........I noticed that someone mentioned earlier today that the building has cleared the second set back and is starting the final 20+ floors........is that actually the case, or is it just someones estimate?

[City Wide]

Originally Posted by Skyguy_7

^I just did today. Apparently late last week they passed at 29 of 30 locations on the new system. That qualifies as passing the test, from what I’m told.

Was also told that most of the trades are submitting change orders for added work of having to come back once the curtain wall is in. The GC is backcharging the glass contractor for this. In short, it’s a disaster for them.

In case someone knows---I realize the GC is the big fish who is responsible for bringing the build in on time and on budget, but are individual trade contracts---such as for the glass/curtain wall--between the sub contractor and the GC or are the contracts with the owner? I am assuming that the GC can't just pick whatever subs he wants to, but who would have the final say in who got picked for the glass? That's who I think would be sweating bullets right now, especially if other trades have additional payment clauses available to them because of the glass hold up.

But maybe that's why god created lawyers.

[HomeInMyShoes]

Originally Posted by jjk113

.........I noticed that someone mentioned earlier today that the building has cleared the second set back and is starting the final 20+ floors........is that actually the case, or is it just someones estimate?

I believe it is artistic interpretation of the differening reflections based on the varying angles in the facade. It should look quite striking in some light conditions.

[Notyrview]

via @man_pikin on ig