CHICAGO | 150 North Riverside | 752 FT | 54 FLOORS

[Chi_Coruscant]

http://www.chicagobusiness.com/reale...112A3522690A5P

Chinese firm to invest in planned West Loop office tower

"Developer John O'Donnell has lined up a Chinese investor to help finance the $490 million office tower he plans along the Chicago River."

[munchymunch]

Im guessing this will be moving fairly soon then

[guesswho]

Originally Posted by munchymunch

Im guessing this will be moving fairly soon then

The article mentioned a July construction start (with a late 2016 opening), per John O'Donnell. I thought I'd read on a post here that a May construction start was the target, but that doesn't seem to be the case, unless you qualify soil testing as "construction".

[DonMendigo]

Originally Posted by guesswho

The article mentioned a July construction start (with a late 2016 opening), per John O'Donnell. I thought I'd read on a post here that a May construction start was the target, but that doesn't seem to be the case, unless you qualify soil testing as "construction".

Hilarious that this is scheduled to finish before its neighbor to the north

[Notyrview]

Neighbor has the softest construction start in the history of the forum.

[munchymunch]

Looks like the Spire will be built before the neighboor

[Clarkkent2420]

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[Pilton]

Originally Posted by munchymunch

Im guessing this will be moving fairly soon then

From the Crain's article:

"Elgin-based Wanxiang America Real Estate Group, a domestic real estate arm of Chinese auto parts manufacturer Wanxiang Group Inc., is one of two equity partners in the proposed tower at 150 N. Riverside Plaza, Mr. O'Donnell confirmed. Mr. O'Donnell is working to finalize an agreement with a second partner, which he declined to identify. The partners would invest up to $192 million combined in the project, he said. ...

The developer is negotiating term sheets for construction financing, which is expected to be secured by June, he said. Construction will begin in July, with the tower opening in late 2016, Mr. O'Donnell said."

The article mentions only 1 tenant, Blair, leasing a little over 25% of the rentable space and a potential lease for the top floor, apparently only 1 floor of 50+ to be constucted, under negotiation. No letter of intent yet for the top floor.

Only 1 of 2 equity partners who will need to contribute lined up. No specific amount stated to be received from that Chinese equity partner, but the 2 equity partners will contribute $192M of $490M. No construction financing "expected" to be secured until June (obviously after the equity partners are on board and signed up).

Certainly, good progess and a hopeful situation! But, further financing arrangements remain to be completed by the end of June for construction to start in July.

[Clarkkent2420]

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[MV2]

O'Donnell & Clark Construction just presented to the residents of 165 N Canal. Here are the vitals:

- End of May thru July: Reconstruct river wall.
- July thru August: Caissons for tower.
- Aug. thru Sept: Drilled micro piles for overbuild.
- Oct: Concrete crash walls for overbuild.
- Dec: Core of tower begins.
- Jan 2015: Concrete T's for plaza overbuild.
- April 2015: Overbuild complete.
- May 2015 - May 2016: Tower construction.
- June 2016: Tower crane removal.
- July thru Aug 2016: precast walls and deck for 1 story parking garage.
- Oct 2016: Project completion.

[Skyguy_7]

^Thanks for the update. We are so close to bananas here. They were soil testing again today. I cannot wait to see the caissons going in. They're going to be massive. We're in for a real show over there this summer.

[thewaterman11]

^ Not only is this exciting news, but the coming construction race will be a spectacle to see at the convergence of the river... So many great photo opportunities, so little time!

[Skyguy_7]

5-8-14

[MV2]

According Clark Construction, access stairs along Lake & Randolph will be installed starting on Monday May 19. Surveying will continue thru the 30th and mobilization for river wall will begin June 2.

Time for dancing banana?

[ardecila]

How are they getting machines in here? Are they driving through River Point's tunnel?

[wierdaaron]

Probably a lot of barges. If it's clark construction, they just did the River Point plaza next door, so they should know what they're doing.

[ardecila]

Ah, true. Didn't notice that. I wonder if Clark's mobilization for River Point gave them a competitive advantage in the bidding for 150N? Even if they weren't cheaper, they are already very familiar with the process for working around Metra/Amtrak/etc.

[Pilton]

Originally Posted by ardecila

How are they getting machines in here? Are they driving through River Point's tunnel?

^ Doesn't Metra or Amtrak control all access to the tunnel? Why would access through the tunnel be a problem for 150?

It may depend on the wording of the various recorded easements when the railroads sold off the River Point property and air rights. If the tunnel use rights are owned by the railroads, I assume you would have to work with permission from the railroads - not around the railroads.

[DonMendigo]

Originally Posted by MV2

According Clark Construction, access stairs along Lake & Randolph will be installed starting on Monday May 19. Surveying will continue thru the 30th and mobilization for river wall will begin June 2.

Time for dancing banana?

I walked by the site this morning and confirm that there were about 20 workers erecting scaffolding for stairs to access the site from the southeast corner of the lot.

[Clarkkent2420]

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