CHICAGO | 1000M (1000 S Michigan) | 805 FT | 73 FLOORS - Page 73

SolarWind · #**1441** Posted **Jan 14, 2020, 2:35 AM**

January 13, 2020

kolchak · #**1442** Posted **Jan 14, 2020, 7:54 AM**

"Construction has begun on what will be the third tallest building in London..."

jk - but how funny is the lack of enthusiasm here? Are we really so scarred from Waterview and the Spire? Or is it because this so into uncharted territories in so many ways that we just can't convince ourselves its feasible?

Great shots btw! Thanking you

Skyguy_7 · #**1443** Posted **Jan 14, 2020, 1:10 PM**

^ SCPTSD (Skyscraper Construction) is very real. But every stage reached will bring a sigh of relief for us on this one. I'm looking very much forward to seeing the climbing core formwork arrive in a few months.

pianowizard · #**1444** Posted **Jan 14, 2020, 2:09 PM**

Hasn't 1000M already sold over a quarter of all condos? That sounds pretty good to me, even though I've heard that most of them are the smallest units. Do most other condo buildings in Chicago sell a lot more than a quarter of their condos prior to construction?

For comparison, what percentage of the condos at One Chicago has been sold so far? People seem much more optimistic about One Chicago than about 1000M.

tm30 · #**1445** Posted **Jan 14, 2020, 2:46 PM**

It just feels like they're desperately trying to get this one under the wire. i.e., the boom is coming to an end.

I have nothing empirical to prove that, but this is the most "forced" construction I can remember in a while.

Anyhow, those are my amateur thoughts.

Skyguy_7 · #**1446** Posted **Jan 14, 2020, 3:00 PM**

^^People are optimistic about One Chicago because it's funded and is currently in the vertical phase of construction, whereas 1000M is not quite there yet.

bgsrand · #**1447** Posted **Jan 14, 2020, 3:25 PM**

Also, it's apples to oranges...OC is a mixed use project where lenders would not require a certain % of condos be presold. That & JDL has a proven track record with condos, ie 9 W. Walton, so I am sure lenders are a little more comfortable working with them...

The Pimp · #**1448** Posted **Jan 14, 2020, 5:33 PM**

Quote:

Originally Posted by kolchak

"Construction has begun on what will be the third tallest building in London..."

jk - but how funny is the lack of enthusiasm here? Are we really so scarred from Waterview and the Spire? Or is it because this so into uncharted territories in so many ways that we just can't convince ourselves its feasible?

Great shots btw! Thanking you

These folks have their financing in place. But, at least for me Waterview will always loom large. My wife and I lost a portion of our deposit due to the Teng fiasco.

pianowizard · #**1449** Posted **Jan 14, 2020, 7:52 PM**

Quote:

Originally Posted by bgsrand

Also, it's apples to oranges...OC is a mixed use project

It's true that some websites call it a mixed-use building, but the CTBUH's definition for "residential" is a building where at least 85% of its total floor area is residential, and the CTBUH site does categorize One Chicago as residential: http://www.skyscrapercenter.com/buil...st-tower/31296

rivernorthlurker · #**1450** Posted **Jan 15, 2020, 2:10 AM**

Quote:

Originally Posted by kolchak

"Construction has begun on what will be the third tallest building in London..."

jk - but how funny is the lack of enthusiasm here? Are we really so scarred from Waterview and the Spire? Or is it because this so into uncharted territories in so many ways that we just can't convince ourselves its feasible?

Great shots btw! Thanking you

I think we're all protecting our previously broken skyscraper hearts by under-enthusing and hoping they over-deliver.

Bombardier · #**1451** Posted **Jan 15, 2020, 2:38 AM**

Quote:

Originally Posted by pianowizard

It's true that some websites call it a mixed-use building, but the CTBUH's definition for "residential" is a building where at least 85% of its total floor area is residential, and the CTBUH site does categorize One Chicago as residential: http://www.skyscrapercenter.com/buil...st-tower/31296

Whether or not it is classified as residential use is beside the point here as the discussion is related to condominium sales. At One Chicago there are 77 condo units and 735 apartment units in addition to significant retail and parking area. Of the building, the condos make up a relatively small overall square footage. And the massively qualified retail tenants (Whole Foods and Lifetime Fitness) make it a no brainer with or without condo sales. For what it is worth, I've heard 8 - 10 of the condo units are "sold or in play" for whatever that means. Rest assured JDL will sell these units out. They just sold out 9 Walton at record breaking prices and these units start at the height 9 W Walton left off.

https://liveonechicago.com/

pianowizard · #**1452** Posted **Jan 15, 2020, 2:17 PM**

Quote:

Originally Posted by Bombardier

At One Chicago there are 77 condo units and 735 apartment units in addition to significant retail and parking area...https://liveonechicago.com/

Thanks for the perfectly logical explanation. I had no idea that One Chicago will have a lot more apartments than condos. I had visited that website several times and when I saw the phrase "Exquisite homes - Condominiums & Apartments", which mentions condos before apartments, I probably subconsciously expected this project to have more condos than apartments. But it's the exact opposite, so it's actually more similar to NEMA than to 1000M.

simon07 · #**1453** Posted **Jan 15, 2020, 6:00 PM**

Probably a descent chance that they convert this building into a luxury apartment building if the sales are not where they want it to be when the building is done and they have to start closing units. They will just cancel the contracts and turn it into a rental building as was done at multiple buildings that finished construction in the midst of the great recession in 2009.

harryc · #**1454** Posted **Jan 19, 2020, 3:46 PM**

Jan 16

Chicago | 1000 S Michigan by Harry Carmichael, on Flickr

KWillChicago · #**1455** Posted **Jan 20, 2020, 1:16 AM**

Harry, can I borrow your VIP pass? Lol. Keep the pics rollin.

kolchak · #**1456** Posted **Jan 20, 2020, 5:31 AM**

Great shots again Harry

Can anyone here enlighten me as to what the cost of this initial foundation work might be? What kind of financing is in place already in other words? Or did the full financing package happen a la GS

SamInTheLoop · #**1457** Posted **Jan 20, 2020, 5:09 PM**

Quote:

Originally Posted by kolchak

Great shots again Harry

Can anyone here enlighten me as to what the cost of this initial foundation work might be? What kind of financing is in place already in other words? Or did the full financing package happen a la GS

Someone here will be very familiar with approximate costs for this type of foundation work. $5 mil?? Just a guess from what's shown up on various other foundation only permits.

My founded suspicion is that the developer has yet to wrap-up financing for this project. Difficult to believe they would be shy about letting the public know that. I would expect a press effort when financing closes - at minimum a press release....I'd think we'd see an article from Crain's or the Trib as well (given the high profile of this one and that it's a very rare very large condo tower for this cycle).....or at least a blurb or two in industry rags for certain.

spyguy · #**1458** Posted **Jan 25, 2020, 8:22 PM**

https://1000southmichigan.com/blog/1...uction-update/

1000M CONSTRUCTION UPDATE
14 JANUARY 2020

CAISSONS NEARING COMPLETION
In December, the team was beginning the process of placing caissons across the construction site. Now, 34 of those 55 caissons are finished.

The caissons for the site fall into two categories: bell caissons and rock-socketed caissons. The geometry of all caissons is that they’re essentially large cylinders that sit on bedrock and support the foundation of the building. On one hand, bell caissons are markedly wider towards their bottom, and sit perched on the bedrock itself, meaning that there’s no requirement to core into the rock to stabilize bell caissons. Meanwhile, rock-socketed caissons require coring into the bedrock, and therefore need more force to get to the required depth (one foot deep into the bedrock), and take longer to install. Installation of all bell caissons is complete, and the team now turns their focus to finishing up the rock-socketed caissons.

With this accelerated schedule, all caisson work is slated for completion in early February.

NEXT STEPS: INSTALLING THE FOUNDATION
In last month’s update, we shared that the team was preparing to install the building foundation by removing the underground tanks discovered at 1000M’s site. With the site cleared, full excavation for the foundation, lasting 4-5 weeks, will begin after caisson completion.

Next steps will require reinforcing the rebar and formwork, installing underground utilities, doing site civil work and grading the ground, lasting about 6 weeks. In late March, the team will then pour an 11-foot thick slab foundation, serving as the full building footprint.

Construction will begin to go vertical in April and May; that’s when we’ll begin to see the tower take form.

Zapatan · #**1459** Posted **Jan 25, 2020, 8:27 PM**

Quote:

Construction will begin to go vertical in April and May; that’s when we’ll begin to see the tower take form.

I wonder if they'll put a mockup of the facade anytime soon?

Ricochet48 · #**1460** Posted **Jan 25, 2020, 9:18 PM**

This is great news, the impact this will have on the Alder skyline view will be hyyyuge