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  #1081  
Old Posted Jan 18, 2007, 5:36 AM
hoju hoju is offline
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If that is the case, I hope someone in the city would feel compelled to force the height up so that it at least somewhat matches the scale of CS(assuming it gets built). For me, 311 Wacker and AT&T flanking Sears is enough to at least provide a few counterpoints so that it doesnt stick out like a sore thumb. From the few renderings we have seen of CS, it will do just that unless the few opportunities to build talls next to it are seized. I would hope that even a 1200 foot design or so would serve as a nice intermediate step to the 2000ft CS, particularly if the design of this new tower is wide and boxy like momo.
     
     
  #1082  
Old Posted Jan 18, 2007, 5:45 AM
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That won't be a problem for a really long time. Just look at Google Earth and you can see the huge amount of vacant/parking lots or lowrise junk that could easily be demolished around the city.

Yeah, like West Loop Gate...Dearborn Park.....
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  #1083  
Old Posted Jan 18, 2007, 6:42 AM
SamInTheLoop SamInTheLoop is offline
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That won't be a problem for a really long time. Just look at Google Earth and you can see the huge amount of vacant/parking lots or lowrise junk that could easily be demolished around the city.

Exactly. We are benefitting from all the old industrial/railroad, etc land uses in and around downtown that are simply not viable as industrial any longer and are basically completely vacant parcels, not to mention there are still so many surface parking lots and historically and architecturally insignificant low-rises all over the place. I truly think, if it had the wheels, this boom could continue non-stop for 30 or 40 years and we still wouldn't be running out of room!
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  #1084  
Old Posted Jan 18, 2007, 10:05 AM
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Exactly. We are benefitting from all the old industrial/railroad, etc land uses in and around downtown that are simply not viable as industrial any longer and are basically completely vacant parcels, not to mention there are still so many surface parking lots and historically and architecturally insignificant low-rises all over the place. I truly think, if it had the wheels, this boom could continue non-stop for 30 or 40 years and we still wouldn't be running out of room!
True. There are a lot of places. The south branch of the Chicago River seems like it could have some potential. There are many lots within a mile of the lakefront and south of the Loop. What if developement extended south all the way into Hammond along the lake? This will, of course, take a long time. I also wonder sometimes why the most profitable casino in NW Indiana is the only one that hasn't proposed a hotel as it continues to spend $hundreds of millions in redevelopement.

I think the depressed far south lakefront would benefit by more rail access and an extending of LSD.
     
     
  #1085  
Old Posted Jan 19, 2007, 3:26 AM
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I have copies of the Aqua floor diagrams for street level and P1. There are four parking levels: P1 through P4 with P4 being the lowest level. Most interesting is a hand note between Aqua and the BCBS building. It simply states, "Hotel". This makes a lot of sense given the tight location and the fact that there will be two incredibly tall buildings (Aqua & BCBS) to each side not to mention quite a bit of structure to the West. It would be difficult to market a condo given the squeezed in nature of the spot.
Per the initial records submitted to Emporis which I would presume are based on permit submissions to the city, the hotel would occupy lot O, which is registered at 650 feet in height.
There has been some discussion regarding the height of buildings along Wacker. Can't say I know anything on the topic and sales has been good about not saying a word, but that seems reasonable in that they probably haven't grounded any numbers. But, if we are to operate on the information initially given to Emporis, then those four buildings along Wacker are:

I 525 ft Wacker & Lake Shore Drive
A 550 ft Wacker
B 290 ft Wacker
C 620 ft Wacker
D 290 ft Wacker

If the number of units for Lakeshore East is indeed capped, then making one taller would no less make another tower shorter. But, in all likelihood, the development company would request a variance on the initial cap for the project and offer a prize such as the expansion of the pedway to accommodate considerably more retail.
I do have definitive plans for the pedway. I am happy to report that Aqua is perhaps the most pivitol connection point in the entire system. At the mid-point of the site there is a tunnel that runs behind the fire station north to the pedway intersecting between the Swissotel and the office building. This connects what has otherwise been a completely separate branch of the pedway. On the West side of the site near the midpoint (the southwest corner of Aqua - the building), there is a connection running from Aqua to the Fairmont Hotel and this is fully connected to the southern branch of the pedway running all the way over to Block 37. Also note that this connection runs around the west and north side of the Aqua building back to the first connection I spoke of between the Swissotel and the office building. In fact, the pedway runs east/west along the north face of the building all the way to the park where a spiral stairwell lets pedestrian traffic directly onto the park.
Then, yet there is one more link, just short of this stairwell, basically along the entire eastern face of the Aqua pedestal the pedway runs from the aforementioned north to south and then through the area marked "hotel" and on to emerge in the planned shopping center where Treasure Island has been a confirmed tenant. Additionally, the pedway continues to connect 340 on the park. There is no information as to whether it will connect to the BCBS pedway that runs below the street out to Grant Park.
Also noted, all residents of Aqua can proceed down their elevators, then 'round to the parking elevators where they may descend to P1, first parking level below the top of the pedestal where a closed off corridor leads directly into the pedway, or one may take a door out of the corridor into the garage.
To see a complete overview of the Chicago pedway, visit this site. It is very nice.

http://www.spiegl.org/pedway/pedway.html

The city has a site too:

http://egov.cityofchicago.org/webpor...pandlegend.pdf

Not as nice, but effectively the same.

Lastly as comes to mind, all the retail in Aqua has no access to the pedway. They, at this time, are not connected, but have standard retail entrances on the street. A full street called the Columbus Wacker Thru Drive is being built on the North edge of the pedestal running from upper Columbus east and wrapping around the Swissotel to return to upper East Wacker.
Oh, almost forgot, construction should begin in the first week of Febuary. At least that is the word from the city as to when the permits are to be rendered okay, should there be no problems.
     
     
  #1086  
Old Posted Jan 19, 2007, 4:57 AM
SamInTheLoop SamInTheLoop is offline
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^ "If the number of units for Lakeshore East is indeed capped, then making one taller would no less make another tower shorter. But, in all likelihood, the development company would request a variance on the initial cap for the project and offer a prize such as the expansion of the pedway to accommodate considerably more retail."

I have realized for some time (even before Aqua came along but it's even more obvious afterward) that the developers will need an increase in the total number of residential units). The buildings are just more dense (not to mention in some cases taller) than originally envisioned, which is a great thing. Also, as office will likely not be a major component (originally anticipated to have 2 large office towers), there will be even more residential (and possibly more hotel) than originally planned. The developers will definitely need to make public contributions in some way to get the extra unit allowance (which I'm just wildly guessing may be on the order of 1,500 units or so), such as affordable housing contribution, environmental features, etc...
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  #1087  
Old Posted Jan 19, 2007, 5:21 AM
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Thanks and welcome to the forums, Bluesky!
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  #1088  
Old Posted Jan 19, 2007, 10:13 AM
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Originally Posted by SamInTheLoop View Post
^ "If the number of units for Lakeshore East is indeed capped, then making one taller would no less make another tower shorter. But, in all likelihood, the development company would request a variance on the initial cap for the project and offer a prize such as the expansion of the pedway to accommodate considerably more retail."

I have realized for some time (even before Aqua came along but it's even more obvious afterward) that the developers will need an increase in the total number of residential units). The buildings are just more dense (not to mention in some cases taller) than originally envisioned, which is a great thing. Also, as office will likely not be a major component (originally anticipated to have 2 large office towers), there will be even more residential (and possibly more hotel) than originally planned. The developers will definitely need to make public contributions in some way to get the extra unit allowance (which I'm just wildly guessing may be on the order of 1,500 units or so), such as affordable housing contribution, environmental features, etc...

They do have the park in the center of the developement.

One thing that would benefit this neighborhood and many others would be a lakefront subway. This would be too expensive though. Yes, there is the Red Line, but it is not close to lake in many places. Try taking a train to Lincoln Park Zoo or the Conservatory.


As for caissons, do they really need to presell that many units to set the foundation? It seems like their profits could all be eaten up by inflation and higher material costs if enough other projects increase the demand for materials. Maybe they are planning to pull a Trump on their customers. Or maybe they are planning to use Aqua1 to market Aqua2.
     
     
  #1089  
Old Posted Jan 19, 2007, 11:03 AM
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90% before construction... and another cheap-out from our favourite developers... the unit completion time is very flexible in the contracts, but the people at the sales center were always very gung-ho to potential customers about *imminent* construction, now they pull this delay to save a few bucks... well, maybe a million or two, but this doesn't pass the smell test. Wondering how valid the "permits delay" excuse is.
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Last edited by Jaroslaw; Jan 19, 2007 at 11:10 AM.
     
     
  #1090  
Old Posted Jan 19, 2007, 3:25 PM
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^ I don't think it's a big deal.

Sure, for us skyscraper geeks a few months is long and painful, but if I were a developer and a few months meant a few million, then delaying things a bit sounds like a reasonable business plan.
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  #1091  
Old Posted Jan 19, 2007, 3:54 PM
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Well, of course it's not a big deal, objectively. But the principle of it... do anything you can to make another buck, never mind your customers. If I'd bought there, I might be a little pissed.
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  #1092  
Old Posted Jan 19, 2007, 4:50 PM
Nowhereman1280 Nowhereman1280 is offline
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Originally Posted by Jaroslaw View Post
Well, of course it's not a big deal, objectively. But the principle of it... do anything you can to make another buck, never mind your customers. If I'd bought there, I might be a little pissed.
Umm, Its called capitalism, get used to it, its here to stay...

Yeah I'm of the opinion that it doesn't really matter, if it nets them a million more dollars, all the better, economic savings are good for the entire economy, less waste. Heck its locking in lower interest rates that spurred this entire boom anyhow. If they have a million more dollars, good, then they can put it towards building that sweet arched supertall!
     
     
  #1093  
Old Posted Jan 20, 2007, 3:55 AM
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The LSE people are pushing the envelope on a lot of things--"luxury" 8'8 ceilings, "architectural" design (pre-Aqua), quality of construction, etc. This has become a recurrent theme for those who read this thread, that's all.

Capitalism and greed are not equivalent. End of OT.
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  #1094  
Old Posted Jan 21, 2007, 1:12 AM
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Lenders line up to launch Aqua tower
http://www.chicagobusiness.com/cgi-b...ate=2007-01-20

Magellan Development Group says LaSalle Bank, National City Bank and German bank Eurohypo have signed letters of intent to provide a $427-million construction loan for Aqua, an 82-story residential tower in the Lakeshore East development. [Eddie Baeb, Alby Gallun]
     
     
  #1095  
Old Posted Jan 23, 2007, 2:25 PM
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Aqua tower in Lakeshore East close to financing

Rendering of Aqua
The proposed 82-story Aqua high-rise, which features an undulating exterior that evokes rippling water, is close to obtaining a $427-million construction loan that would allow the developer to break ground on the tower next month.

Chicago-based Magellan Development Group LLC has signed letters of intent with three banks to provide the loan, and also has lined up about $24 million in mezzanine financing from a Wall Street firm for the mixed-use building.

Aqua, which was designed by Chicago architect Jeanne Gang, is to be the tallest high-rise in the massive Lakeshore East development downtown. The tower, which is to include condominiums, apartments and a hotel, is to open to apartment residents in mid-2009, while condo owners are to take occupancy in the fourth quarter that year, says Magellan President David Carlins.

“We’re on schedule,” Mr. Carlins says.

LaSalle Bank, National City Bank and the German bank Eurohypo are providing the construction loan. In addition, Lehman Bros. has agreed to provide a $24-million mezzanine loan while Magellan will put in $24 million in equity to cover Aqua’s total projected cost of $475 million, says Mr. Carlins.


The tower will be a hotel on the lower floors topped by 34 floors of apartments and then condos beginning on the 53rd floor. About 80% of the condos are already sold, and the remaining ones begin at about $600,000.
“This is going to be the most prominent building at Lakeshore East,” says Gail Lissner, a vice-president with Appraisal Research Counselors, a Chicago-based real estate consulting firm.

Ms. Lissner says it will also be the first downtown building to combine condos, apartments and a hotel. She says the mix has been a draw because it means there will be additional amenities — restaurants, health facilities and conference rooms — not found in some residential towers.

“People seem to like these large, planned communities,” she says.

Chicago-based Strategic Hotels & Resorts Inc. agreed in late September to buy the 15-floor hotel portion of the Aqua building for $82.4 million once construction is complete. The new hotel would have about 200 suites.

The Aqua is across the street from the Fairmont Chicago, 200 N. Columbus Drive, which Strategic already owns.

Lakeshore East is a $4-billion development on 28 acres just northeast of Millennium Park that used to be a golf course. The development is ultimately to include 16 high-rises with more than 5,000 new condominiums and apartments as well as the hotel at Aqua and retail shops.

http://chicagobusiness.com/cgi-bin/news.pl?id=23561
     
     
  #1096  
Old Posted Jan 24, 2007, 7:50 PM
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Just got back from the Aqua CAF presentation, and I have to say anyone that has a chance to attend the Friends of Downtown one in March should go. There wasn't a whole lot of new info, really what don't we know about the project? But some of the slides showing exactly why the building is shaped like it is, are very cool.

SSDD
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  #1097  
Old Posted Jan 24, 2007, 8:34 PM
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Originally Posted by headcase View Post
Just got back from the Aqua CAF presentation, and I have to say anyone that has a chance to attend the Friends of Downtown one in March should go. There wasn't a whole lot of new info, really what don't we know about the project? But some of the slides showing exactly why the building is shaped like it is, are very cool.

SSDD
Shit!!

That was today? I thought it was tomorrow...damn,damn,damn
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  #1098  
Old Posted Jan 24, 2007, 9:13 PM
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Shit!!

That was today? I thought it was tomorrow...damn,damn,damn
Sorry....

CAF = Wednesdays
Friends of Downtown = Thursdays.

SSDD
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  #1099  
Old Posted Jan 25, 2007, 2:10 PM
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CAF Meeting

Gang also mentioned this site a couple of times during her presentation.
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  #1100  
Old Posted Jan 25, 2007, 5:01 PM
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Shit!!

That was today? I thought it was tomorrow...damn,damn,damn
I thought so too, I was about to head down there. I thought about posting a reminder yesterday, but I didn't. I guess I would have seen that I missed it if I had.
     
     
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