CHICAGO | InterContinental North Tower | 850 FT / 259 M | 71 FLOORS | PRO

[Ecker]

At his CAF lecture, Lagrange referred to the Intercontinental as "a study" so I'm guessing that one's pretty much dead. Too bad...It was one of my favorites.

[BVictor1]

Originally Posted by Ecker

At his CAF lecture, Lagrange referred to the Intercontinental as "a study" so I'm guessing that one's pretty much dead. Too bad...It was one of my favorites.

As it's beenmentioned here before, it more likely on hold. Occupancy rates are very high, and they're trying to gather as much money as possible.

[SamInTheLoop]

Originally Posted by BVictor1

As it's beenmentioned here before, it more likely on hold. Occupancy rates are very high, and they're trying to gather as much money as possible.

More so than that, the Intercontinental project is almost entirely driven by the condo component (the new tower would actually result in a net decrease in hotel rooms for the property), and I don't believe they're anywhere near starting pre-sales...

[trvlr70]

Originally Posted by SamInTheLoop

More so than that, the Intercontinental project is almost entirely driven by the condo component (the new tower would actually result in a net decrease in hotel rooms for the property), and I don't believe they're anywhere near starting pre-sales...

On the contrary, it is more driven by the hotel market. Occupantcy rates are quite high in the city these days and most hotels are making a killing. When this cools off a bit, which may occur as new properties enter the market, then the project may pick up interest. Since the construction will result in less hotel rooms, at least initially, nobody want to give up that profit.

[Northwest]

I hope this isnt a dumb question. But how could the delay of this project be profitable? Why is there a net decrease in available rooms if they do not need to tear down the old building to make way for this one?
I understand that the condos will occupy a large percentage of this structure, and that pre-sales of the condo component is critical. But looking at the hotel only, with high occupancy rates, wouldnt it make sense to get going as soon as possible? And have two hotels operating simultaneously?
This may be even more ridiculous, but what if the foundation and associated infrastructure is designed for 70+ floors, the building rises to the hotel floors immediately, and then the remaining condo component is added later per demand, ala BCBS vertical expansion?
Or did I miss something very basic here about the plot of land, and the econonic realities?

[trvlr70]

Originally Posted by Northwest

I hope this isnt a dumb question. But how could the delay of this project be profitable? Why is there a net decrease in available rooms if they do not need to tear down the old building to make way for this one?
I understand that the condos will occupy a large percentage of this structure, and that pre-sales of the condo component is critical. But looking at the hotel only, with high occupancy rates, wouldnt it make sense to get going as soon as possible? And have two hotels operating simultaneously?
This may be even more ridiculous, but what if the foundation and associated infrastructure is designed for 70+ floors, the building rises to the hotel floors immediately, and then the remaining condo component is added later per demand, ala BCBS vertical expansion?
Or did I miss something very basic here about the plot of land, and the econonic realities?

In order to build the new tower, they will have to tear down the ulgy 50s or 60s addition that used to be called the Forum Hotel. Despite the fact that it's no beauty, it still has rooms to sell for Intercontinetal.

[Northwest]

Originally Posted by trvlr70

In order to build the new tower, they will have to tear down the ulgy 50s or 60s addition that used to be called the Forum Hotel. Despite the fact that it's no beauty, it still has rooms to sell for Intercontinetal.

Thank you... and I apologize for not doing my homework... now I see that many rooms would indeed be lost for a construction start here. The demolition of the old tower would certainly take some time as well.
It makes sense now, the delay indeed may be a good idea if these hotel rooms are currently filled and profitable.
I wonder what the possibility is of InterContinental finding a new site for this tower? One that would not affect their current operations.

[GregBear24]

^ It'd be awesome if they could use a site in river north 4-5 blocks north of the river.

[BVictor1]

Originally Posted by Eventually...Chicago

A few more points that i forgot to report...

- They believed the chicago, high-end hotel market, and hotel market in general, to be vastly under built.
- They raved on about McCormick Place and the incredible job McPier does in attracting conventions. They talked alot more about this. If anyone has a specific questions, ask me and i'll let you know if they discussed this.
- They all thought orlando sucks. And in this instance, i do think they used the word "suck"

Also with regards to the mandarin oriental, they did stress that it was their opinion. But these guys are in that industry so i'll take them at their word until i have a reason to do otherwise.

Any mention of the Intercontinental Hotel north tower reconstruction.

[Eventually...Chicago]

Originally Posted by BVictor1

Any mention of the Intercontinental Hotel north tower reconstruction.

They did mention something about it but, i can't remember now. I don't think it was anything of substance otherwise it would have stuck out.

Sorry

[APPRAISER]

Damn!!! I saw that someone posted about this building and I got excited that something was happening!!

[spyguy]

http://www.chicagorealestatedaily.co...age.pl?id=2166

Chicago: Intercontinental Hotel Expansion, 505 N. Michigan Ave., 71-story hotel expansion and renovation, August 2010, $60 million.

[nomarandlee]

Originally Posted by spyguy

http://www.chicagorealestatedaily.co...age.pl?id=2166

Chicago: Intercontinental Hotel Expansion, 505 N. Michigan Ave., 71-story hotel expansion and renovation, August 2010, $60 million.

Still viable news on this puppy. Would love to get an 850 footer here. Given some of the turmoil of some other projects in the area I hope it makes it more likely for it to strike when the market is ready.

[the urban politician]

^ It's in easily the primest real estate in Chicago. I see no reason why it won't be built eventually. The real question is, how can you NOT build it?

[simcityaustin]

Yea, I believe hearing on this forum they basically were waiting for the hotel market to calm down a bit so they could start.

Also, could someone repost renders?

[trvlr70]

Originally Posted by simcityaustin

Yea, I believe hearing on this forum they basically were waiting for the hotel market to calm down a bit so they could start.

Also, could someone repost renders?

This is already happening. Now that the market is less lucrative, it may indeed be the time to build since expansion will deplete the number of available rooms.

[Alliance]

Originally Posted by spyguy

http://www.chicagorealestatedaily.co...age.pl?id=2166

Chicago: Intercontinental Hotel Expansion, 505 N. Michigan Ave., 71-story hotel expansion and renovation, August 2010, $60 million.

Excellent news. This building is an supurb and desperately needed developement. I think its a solid design and I'd love to get some height and glass on this historic stretch of Michigan Ave.

[Haworthia]

Originally Posted by Alliance

This building is an (sic) suburb

I say we keep the suburbs out of Chicago. I will not stand for this building. I will not tolerate suburban sprawl spreading to our CBD.

[Alliance]

Are you kidding? This city needs more suburbs on Michigan Ave!

(edited lol)

[photoLith]

How is this project urban sprawl. Last time I checked I didnt see any 850 ft towers in my neighborhood