CHICAGO | Park Michigan | 866 FT / 264 M | 80 FLOORS | 2008 | NEVER BUILT

[GregBear24]

^ I would be shocked if the fed didnt cut rates again. They would never cut them as much as they did and then not make another .25 cut following up on it. The fed knows the housing market is a driving force, and things have been going stronger here than elsewhere. I think they're waiting for something- this IS a prime michigan ave address, a beautiful building with insane views- plus i'm sure daley and city hall love it. The developer's abilities are the only thing to be concerned with here.

[Steely Dan]

Originally Posted by GregBear24

The developer's abilities are the only thing to be concerned with here.

i fully disagree. i think NIMBY-pandering Fioretti is a HUGE concern for the viability of this project. if the project doesn't get the alderman's nod of approval, then all the market forces in the world won't bring it to fruition.

[GregBear24]

^ The only reason I say that steely, is because of the problems the developer has had getting park 1000 off the ground. Granted, that project doesnt come close to the quality of park michigan, but it still makes me wonder. And thanks for adding fioretti as a major concern, because he certainly is a big problem. However, I think it'll be difficult for him to fight this since the developer has agreed to restore the ywca facade, and the building itself brings a lot of positives to the area, streetscape, and there aren't the kind of residential buildings around it liek there are at x/o- not trying to compare these projects though.

[Sir Isaac Newton]

Originally Posted by trvlr70

Wow! I still find that shocking to say the least. I was already completely resigned to the fact that this tower was a casualty of the boom.

I mean, at one point, we will have to have a canceled project come along. So far all this smooth sailing is making me nervous.

There have been a few canceled projects in the boom so far - just nothing major. Lennar's project for 3 towers at Clark and Polk never materialized (although the new developer who bought the land will be building rental towers there instead). I think I remember reading on here recently that HOM may be cancelled.

[dallasbrink]

wait wait wait, there is a tower planned in Dallas that looks exactly like that....just 30 floors smaller.

[honte]

^ Houston was the first thing I thought of when I saw this design...

[Alliance]

Maybe S. MichAve can become a model of Houston's Skyline?

[trvlr70]

Originally Posted by honte

^ Houston was the first thing I thought of when I saw this design...

I kinda looks like the Williams Tower(Transco) by the Galleria.

[IRLaw]

I'm not sure what is up with this one? I called the sales office and sent various emails last year and they said it was undoubtedly going ahead at full speed. All I see is a parking lot with some signs that somehow manage not to show their age. I sure hope they do something for the benefit of the street life in the area this turns out to be an amazing project, NIMBY pressures might yield a great result if they don't complain about density...... this is one of the largest cities in the world after all. I'm sure Mr. Daley will be all for it

[Catmendue2]

Originally Posted by trvlr70

I kinda looks like the Williams Tower(Transco) by the Galleria.

I can't see it. Williams is a nice tower though and that would be a plus in my mind.

[NSawyer]

Originally Posted by IRLaw

NIMBY pressures might yield a great result if they don't complain about density...... this is one of the largest cities in the world after all. I'm sure Mr. Daley will be all for it

I'm sure Daley is in favor of this proposal but Children's Museum fight proved that NIMBYs and the aldermen they control can beat the mayor.

[IRLaw]

Absolutely true, but can we honestly say that Daley is always right? Let’s not highjack this tread into another argument over that ridiculous museum. I personally would prefer it to be above those hideous tracks in the 2nd ward rather than at the plaza, I'm a soon to be resident of the ward and I have no problem with whatever demographic of children that might come through the area or whatever moot issues have or haven’t been raised by the Lakeshore East community. (Note my skepticism on the racism issues etc.) As you can tell by my s/n, precedent is very important to me, and I believe that the NIMBYs have raised a legitimate argument about preserving Grant Park since in hindsight; when one gives an inch people tend to take a mile. On the contrary, Fioretti should not hinder the development of one of the largest cities in the world, if these people who complain nonstop over every development want to live in the suburbs, so long! I hope that this development, if it comes to fruition, will yield some much needed street life in the area. There is plenty of potential here… enough said.

[VivaLFuego]

Originally Posted by IRLaw

Absolutely true, but can we honestly say that Daley is always right? Let’s not highjack this tread into another argument over that ridiculous museum. I personally would prefer it to be above those hideous tracks in the 2nd ward rather than at the plaza, I'm a soon to be resident of the ward and I have no problem with whatever demographic of children that might come through the area or whatever moot issues have or haven’t been raised by the Lakeshore East community. (Note my skepticism on the racism issues etc.) As you can tell by my s/n, precedent is very important to me, and I believe that the NIMBYs have raised a legitimate argument about preserving Grant Park since in hindsight; when one gives an inch people tend to take a mile. On the contrary, Fioretti should not hinder the development of one of the largest cities in the world, if these people who complain nonstop over every development want to live in the suburbs, so long! I hope that this development, if it comes to fruition, will yield some much needed street life in the area. There is plenty of potential here… enough said.

Just be sure that Fioretti knows that some South Loopers love the development and density.

[Knightwing]

Did anyone that attended the GP3/4 meeting yesterday stick around to ask Fioretti about this one?

[Steely Dan]

^ i didn't ask fioretti, but i was standing with victor when he asked the architect about park michigan and if there had been any movement on it, and he said that there was nothing to report. not exactly a good sign........

[Loopy]

I noticed in Crain's that the property was recently mortgaged in the same amount as the original purchase price ($12.75 mil). I'm not sure what that means, but I doubt that it is good.

http://www.chicagorealestatedaily.co...age.pl?id=2161

Date: 08/14/07
Borrower: 830 South Michigan LLC
Lender: Hermes Capital LLC
Address: 830 S Michigan Ave., Chicago 60605
Amount: $12,750,000

Date: 08/14/07
Borrower: 830 South Michigan LLC
Lender: Broadway Bank
Address: 830 S Michigan Ave., Chicago 60605
Amount: $12,750,000

[honte]

^ Maybe it's a move to free up some cash to get Park 1000 moving along?

[Alliance]

If its not too off topic...why would a developer build a small project and THEN a large one. Wouldn't it make more sense to drain the market first...and then if there is leftovers, take away incramentally?

[honte]

^ Unfortunately, you have to build your credit and reputation, people's confidence in the market, etc. And you may need to leverage the larger project with the profit from the smaller ones.

I'm no expert, but most of the larger developments I've seen do not execute the bold moves until near the end, or at least in the middle. Look at Lakeshore East or Museum Park for example. The sad reality of this is that a lot of the most exciting ideas never become reality, because things die off by the time it's their turn.

[Knightwing]

Since we talked about odd numbers a while back on one of the threads, I just couldn't stand to see this one left at 499...