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-   -   CHICAGO | 1000M (1000 S Michigan) | 805 FT | 73 FLOORS | ON HOLD (https://skyscraperpage.com/forum/showthread.php?t=218947)

LouisVanDerWright Apr 5, 2019 2:51 PM

If John Buck has actually joined the team that greatly increases the odds of this little project getting built. The original development team didn't really have the chops, but when JBC is involved in a project it always gets built eventually.

Steely Dan Apr 5, 2019 3:23 PM

Quote:

Originally Posted by LouisVanDerWright (Post 8530848)
If John Buck has actually joined the team that greatly increases the odds of this little project getting built. The original development team didn't really have the chops, but when JBC is involved in a project it always gets built eventually.

true.

JBC coming aboard does give this development considerably more legitimacy.

i had been filing this one away as "extreme longshot", but now it's more like "well shit, it might actually get built".

Skyguy_7 Apr 5, 2019 3:31 PM

Considering the legitimacy of JBC, and the quality of their work, maybe they throw out the current design and opt for the original.

A guy can dream!

chicagodeckerdude Apr 5, 2019 4:18 PM

Quote:

Originally Posted by Skyguy_7 (Post 8530912)
Considering the legitimacy of JBC, and the quality of their work, maybe they throw out the current design and opt for the original.

A guy can dream!

You have link to current rendering?

Skyguy_7 Apr 5, 2019 4:39 PM

^ Thanks to our awesome contributors, page one of just about every Chicago thread has the latest renderings, 'dude.

moorhosj Apr 5, 2019 6:18 PM

Quote:

Originally Posted by Skyguy_7 (Post 8531019)
^ Thanks to our awesome contributors, page one of just about every Chicago thread has the latest renderings, 'dude.

The images on page one of this thread don't show up for me.

Zapatan Apr 5, 2019 6:25 PM

That's good news I guess, I was wondering about this project the other day.

When is NEMA II supposed to start? If they could be u/c simultaneously that'd be awesome

Goose Island Guru Apr 5, 2019 9:12 PM

JBC has been involved in this project for over two years as a local owner's rep as the developer is from New York. Lendlease was originally hired on as the pre-construction manager but lost that role to McHugh about 18 months ago. The project has been condos from day 1 and they've been in pre-sales for over a year and a half but have not hit the minimums. I haven't read the PD (if there is one) but if they were to revise the PD now to allow apartments, they might get hit with a huge ARO change that they didn't need to comply with given current approval status.

Steely Dan Apr 5, 2019 9:17 PM

Quote:

Originally Posted by Goose Island Guru (Post 8531412)
JBC has been involved in this project for over two years as a local owner's rep as the developer is from New York.

thanks for the info. i wasn't aware that JBC had been involved with this one.

with JBC working as just the owner's rep, as opposed to a partnership, this one goes back to "longshot" in my mind.

BonoboZill4 Apr 5, 2019 10:49 PM

Quote:

Originally Posted by Steely Dan (Post 8531419)
thanks for the info. i wasn't aware that JBC had been involved with this one.

with JBC working as just the owner's rep, as opposed to a partnership, this one goes back to "longshot" in my mind.

Exactly

Zapatan Apr 5, 2019 11:12 PM

I'm not an expert on Chicago real estate but wouldn't park adjacent be really desirable, kind of like Central Park in NYC? How did they do so poorly in sales? If higher residential towers in the downtown area are feasible wouldn't this be moreso?

Forgive my ignorance, I'm just wondering...

There are more exciting things going on I guess, but this design is pretty rad.

donnie Apr 5, 2019 11:51 PM

Wonder how Jahn feels now that Pritzker has signed off on the sale for Thompson Center eventual demise?

Mr Downtown Apr 6, 2019 2:32 AM

Quote:

Originally Posted by Zapatan (Post 8531515)
wouldn't park adjacent be really desirable, kind of like Central Park in NYC? How did they do so poorly in sales?

Several dampening factors:
  • it's on South Michigan, not right next to the Mag MIle or Art Institute
  • Chicago doesn't have the local money chasing top-end condos
  • the overseas money—both clean and dirty—seeking safe havens in US real estate doesn't see Chicago as the same kind of investment as Miami or Manhattan
  • At least two high-end condo projects (Bennett Park and Vista) are better located (in investor owners' minds) and further along

TimeAgain Apr 6, 2019 1:02 PM

Quote:

Originally Posted by Zapatan (Post 8531207)
That's good news I guess, I was wondering about this project the other day.

When is NEMA II supposed to start? If they could be u/c simultaneously that'd be awesome

NEMA II? Come on, man. It'll be years, if it ever happens at all.

LouisVanDerWright Apr 6, 2019 1:09 PM

Quote:

Originally Posted by Goose Island Guru (Post 8531412)
JBC has been involved in this project for over two years as a local owner's rep as the developer is from New York. Lendlease was originally hired on as the pre-construction manager but lost that role to McHugh about 18 months ago. The project has been condos from day 1 and they've been in pre-sales for over a year and a half but have not hit the minimums. I haven't read the PD (if there is one) but if they were to revise the PD now to allow apartments, they might get hit with a huge ARO change that they didn't need to comply with given current approval status.

It wouldn't require a PD amendment to change from condo to apartment. The city only refers to them as "dwelling units" and doesn't care if you sell them, lease them, or leave then vacant.

bhawk66 Apr 6, 2019 3:33 PM

Quote:

Originally Posted by donnie (Post 8531532)
Wonder how Jahn feels now that Pritzker has signed off on the sale for Thompson Center eventual demise?

That f'ng sucks. Something had too be done as far as the state goes. I get that. Maybe this will light a fire under someone/something.

If that bldg goes down, it will blow arse.

[off topic. carry on]

maru2501 Apr 7, 2019 1:50 AM

on some of the renderings for that site the atrium remained stuck to a supertall

BonoboZill4 Apr 7, 2019 3:12 AM

Quote:

Originally Posted by maru2501 (Post 8532282)
on some of the renderings for that site the atrium remained stuck to a supertall

If you are referring to the Thompson Center, that was just Jahn's wet dream of what he wishes they would do in place of a demolition. His desires will not reflect reality.

OrdoSeclorum Apr 7, 2019 2:35 PM

Quote:

Originally Posted by Zapatan (Post 8531515)
I'm not an expert on Chicago real estate but wouldn't park adjacent be really desirable, kind of like Central Park in NYC? How did they do so poorly in sales? If higher residential towers in the downtown area are feasible wouldn't this be moreso?

It is desirable to have a place on the park, with skyline views and the lake and park. But Grant Park isn't as amenity-rich as parks farther north. And the South Loop area nearby is fine, but doesn't have a lot of cachet. So high rises here are viable, but the main selling points are easy access to the Loop and views. And Chicago doesn't lack for places to build with those features. If it was easy to get approval for this tower on the north lakefront, it would be a different game.

AlpacaObsessor Apr 7, 2019 10:13 PM

Quote:

Originally Posted by Zapatan (Post 8531515)
I'm not an expert on Chicago real estate but wouldn't park adjacent be really desirable, kind of like Central Park in NYC? How did they do so poorly in sales? If higher residential towers in the downtown area are feasible wouldn't this be moreso?

Forgive my ignorance, I'm just wondering...

There are more exciting things going on I guess, but this design is pretty rad.

It would probably be helpful to spend some time going around the South Loop on streetmaps vs its competing markets to get an idea why. Locations in the Gold Coast and around the Mag Mile have historically carried the most weight in this town. That whole area is home to restaurants, luxury brands, and flagship retailers.

I'd also describe River North as another condo hotspot. It's home to a competitive stock of office space so you get a lot of people looking to live close to the office, proximity to the retail and amenities around the Mag Mile, and access to the central loop via the red and brown lines.

Check out Michigan Avenue further south past congress though and it gets a lot quieter. Although there's a lot of apartment construction it still feels like the area suffers from a lack of retail. Here's some more streetviews further west to give you an idea: Wabash, State, and State again.

Finally, as OrdoSeclorum mentioned, Chicago doesn't really lack areas to build highrises with views and park access. Any building along the lakefront can offer that so it's not a significant driving force.


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