SkyscraperPage Forum

SkyscraperPage Forum (https://skyscraperpage.com/forum/index.php)
-   Skyscraper & Highrise Construction (https://skyscraperpage.com/forum/forumdisplay.php?f=103)
-   -   CHICAGO | 300 N Michigan Ave | 523 ft | 47 FLOORS (https://skyscraperpage.com/forum/showthread.php?t=240138)

the urban politician Aug 27, 2020 1:32 PM

:tup:

A sight for sore eyes

the urban politician Aug 27, 2020 1:35 PM

Quote:

Originally Posted by Skyguy_7 (Post 9023987)
Considering the pandemic and the sharp rise in crime due to social unrest, I’d like to know what you attribute this to.

Most of the world is betting that in 1-2 years we will be well on our way to recovery, if not another economic boom

Our major cities aren’t going anywhere, despite some of their problems.

300 N Michigan is in a prime location.

This project is very much a safe bet. If I had $150 MM (I’m about 500 bucks short of that right now... :uhh: ) I’d be financing this thing

The Pimp Aug 27, 2020 3:08 PM

Quote:

Originally Posted by Steely Dan (Post 9023980)
^ HUZZAH!

I still can't believe this one landed financing in the middle of the pandemic.

Does anyone know anything about the financing on this bad boy?

r18tdi Aug 27, 2020 3:48 PM

Quote:

Originally Posted by The Pimp (Post 9024095)
Does anyone know anything about the financing on this bad boy?

Wanxiang cash machine goes BRRRRRRR

Steely Dan Aug 28, 2020 2:21 AM

Quote:

Originally Posted by The Pimp (Post 9024095)
Does anyone know anything about the financing on this bad boy?

From trib article from last month:

"The lead lender is Bank OZK, formerly known as Bank of the Ozarks, an active lender for high-rise developments in Chicago and other large cities. There also will be mezzanine debt from Pearlmark Real Estate Partners and Monroe Capital.

Investors include Wanxiang America Real Estate Group, a Chicago-based arm of Chinese auto parts manufacturer Wanxiang Group, and crowdsourced equity raised through CrowdStreet, according to the developers."


Source: https://www.chicagotribune.com/colum...urce=onesignal

harryc Aug 29, 2020 1:56 AM

Aug 24



Aug 27



That's UC





harryc Sep 14, 2020 12:19 AM

Sept 10




Skyguy_7 Sep 14, 2020 2:04 AM

bKL posted photos of their official groundbreaking on the Gram on Friday :cheers::banana:

harryc Sep 19, 2020 1:23 AM

Sept 14




KWillChicago Sep 19, 2020 12:00 PM

Whats the new timeline/completion goal for this one?

Skyguy_7 Sep 30, 2020 12:17 PM

Crane going up yesterday. Please excuse the stop light.

https://live.staticflickr.com/65535/...a8a892b1_b.jpg

maru2501 Sep 30, 2020 2:46 PM

impressed this wasn't at least temporarily shelved

Skyguy_7 Sep 30, 2020 3:12 PM

^It makes no sense to me considering downtown is still so desolate (French Market at Ogilvie shops are closing til March), but I am of course thrilled to see construction continue. :shrug:

ardecila Sep 30, 2020 3:20 PM

Maybe they can launch it on the strength of the apartments alone, and postpone the hotel portion until the hospitality market recovers. If it never recovers, they just turn the hotel rooms into micro-apartments or co-living (assuming the plumbing systems are installed with this in mind).

Realistically by the time this tower wraps up in 2022 we should have Covid under control, so I'm not too worried.

the urban politician Sep 30, 2020 3:23 PM

As I've said multiple times, developers starting projects that won't deliver for about 2 years are being shrewd. The market will be fully rebounding by then, there will be relatively less supply coming online, thus higher demand. Plus, this is a prime location.

Skyguy_7 Sep 30, 2020 3:32 PM

^ I understand where you're coming from. Margins have plummeted in the construction industry, so any developer awarding contracts right now are getting a damn good deal.

SamInTheLoop Oct 2, 2020 5:22 PM

As others have mentioned, the timing here may work out for Sterling bay and Magellan. I'm also floored that they pulled off the financing for a project with a hotel component right now. I'm not in the least worried about the apartment component here, but the hotel portion is a huge question mark - even potentially in 2022, 2023, maybe further out. The market could always roar back once covid subsides likely next year, but the recovery may also drag out for several years.

One thing I had been wondering about previously was why this project didn't begin construction in Nov '19 as it was slated to. Something held it up obviously, and I never saw any reporting or heard chatter as to what was up at the time - no macro concerns certainly then - I wonder if it had something to do with the landing of the hotel flag, the deal which was finalized around that very time....something design wise, or financing wise related to it? Regardless, it may have worked out better for the developers and investors that it was delayed, giving an 8-10 mo delay in project delivery, and additional time for the hotel market to begin recovering?

SamInTheLoop Oct 2, 2020 5:25 PM

Quote:

Originally Posted by ardecila (Post 9059187)
Maybe they can launch it on the strength of the apartments alone, and postpone the hotel portion until the hospitality market recovers. If it never recovers, they just turn the hotel rooms into micro-apartments or co-living (assuming the plumbing systems are installed with this in mind).

Realistically by the time this tower wraps up in 2022 we should have Covid under control, so I'm not too worried.


Regarding the conversion option - I wonder if this would run up against problems with respect to MLA for the zoning here?

Market-wise, I like this general area for thousands of additional apartment units in the coming years. (Hotel as well absent our newfound reality)

Chicagolover88 Oct 26, 2020 2:22 AM

Is this project still going or what?

Tom In Chicago Oct 26, 2020 4:24 PM

Quote:

Originally Posted by Chicagolover88 (Post 9085082)
Is this project still going or what?

Yes. . . what's the confusion?

. . .


All times are GMT. The time now is 11:12 PM.

Powered by vBulletin® Version 3.8.7
Copyright ©2000 - 2021, vBulletin Solutions, Inc.