CHICAGO | 560 N. Fairbanks | 787' Official / 752' Roof | 58 FLOORS | NEVER BUILT

[chicubs111]

There are alot of these building like this one that the developers take there time and you really dont hear much new about them except for little blurbs. This building , 150 east ontario, park michigan, and intercontinental fall in that catergorty. The ones with the hotels componate i feel are in no rush.

[Alliance]

Well, this one never actually made it before committee, did it?

[BVictor1]

Originally Posted by Alliance

Well, this one never actually made it before committee, did it?

Yes, it's been approved by the plan commission. That's where I got the photos of the renderings.

[Nowhereman1280]

^^^ So Bvic, have you heard anything about this recently or do you get the feeling the developers have put this one on the back burner until the market starts getting a little better...

[BVictor1]

Originally Posted by Nowhereman1280

^^^ So Bvic, have you heard anything about this recently or do you get the feeling the developers have put this one on the back burner until the market starts getting a little better...

I haven't really asked around too much about it. Been focusing on other developments, (i.e - the Chicago Spire). I'll ask around.

I did go to Hot Diggity Dogs the other day; they haven't been informed of any time table.

[spyguy]

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

Chicago — Fairbanks Court Mixed-Use, 530-548 N. Fairbanks Ct., 58-story mixed-use building, April 2008, $100 million.

[honte]

There was a soil testing rig in the parking lot tonight. Not sure if this is any news.... I forget - is this the site where there is one essentially parked there long-term?

[aaron38]

Originally Posted by spyguy

Chicago — Fairbanks Court Mixed-Use, 530-548 N. Fairbanks Ct., 58-story mixed-use building, April 2008, $100 million.

I assume that's the bid for the foundation work? Is April the proposed start date then? Interesting, I was starting to think this was dead.

[BVictor1]

Originally Posted by honte

There was a soil testing rig in the parking lot tonight. Not sure if this is any news.... I forget - is this the site where there is one essentially parked there long-term?

Of course it's news. There has been no activity until this on site.

[honte]

^ Good. I like this building, although after all these curvy things, I'm ready for some big bad bold boxes.

[BVictor1]

Originally Posted by honte

^ Good. I like this building, although after all these curvy things, I'm ready for some big bad bold boxes.

Are you sure that you were looking at the correct site? I drove past last night and saw no truck, unless it had been moved or something.

[honte]

Yes, it was there, parked on the back wall. But it looked a bit strange - just parked there, not really seeming very active.

[Chicagoguy]

Just wondering if anyone has any updated info on this building? Havent been able to find much about it. What hotel was planning on moving in there...does anyone know?

[honte]

^ http://www.graveshotelsresorts.com/graves-chicago.asp

The info is in this thread, but I can understand if you missed it because so many of the old article posts got removed.

Originally Posted by Alliance

One day this will stop and we will all cry.

10.25.06 - Thanks a lot, Alliance! Now that we have cried, oh wise one, tell us what we shall do to get ourselves out of this mess?

[Alliance]

Its not over yet. No need to cry.

[spyguy]

http://www.chicagorealestatedaily.co...ws.pl?id=29898

Developer pays $11.6 million for Streeterville site
By Alby Gallun, June 20, 2008

Draper & Kramer has paid $11.6-million for a Streeterville property where it plans to build a condominium-and-hotel tower.

...The developer had been in talks with Minneapolis-based hotelier Graves Hospitality, which wanted to open its new Graves Hotel brand in the building. But a deal with Graves is “probably unlikely” now, Mr. Vitek says.

“In the current capital climate, it’s just more difficult to work with a start-up brand,” he says. “We are still looking at that, but we are also looking at other flags.”

[aaron38]

Is hotel demand still hot enough to justify another hotel in Streeterville? And W=A will be open in a few years, and 150 E. Ontario, and Aqua across the river...

It almost seems it'd be best if the bided their time, waited for the condo market to recover, and then jumped in with a pure condo tower, and time it such that they'd have little competition.

[MrLakepoint]

Originally Posted by aaron38

Is hotel demand still hot enough to justify another hotel in Streeterville? And W=A will be open in a few years, and 150 E. Ontario, and Aqua across the river...

It almost seems it'd be best if the bided their time, waited for the condo market to recover, and then jumped in with a pure condo tower, and time it such that they'd have little competition.

No, this is the best time (maybe not in the next few months) but in the next 6 months to a year to build for the future. There are funds (like mine) where we are just sitting on cash waiting for the low in the market. We are reaching or we are very close to that valley. You need to put your unused capital something so that it starts to work for you in time. These larger funds (1 billion or more) are desperate to start the flow of capital into something so that they can show their clients that they are at least trying to have their capital working forward otherwise why would anyone stay with a fund that is just receiving govt rates.

[VivaLFuego]

D+K is a very patient and well-funded developer. They've got PD approval and now they've got the land, so their market and financial analysis now allows them to time the eventual development precisely to their liking to maximize the likelihood of success and profitability.

[Chicago3rd]

Hot Diggity Dog Lot is being tested this week. No word on what the landlord is planning to do with the lot in the near or far future.