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Is this still the design ?
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Caisson rigs, rebar and liners are on site.
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Awesome. Glad this isn't dead.
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Nice, Chicago's boom still going strong
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Wish it was a better design.
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the 2nd 500 footer to start DURING the pandemic. kind of amazing. |
Aug 24
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^ HUZZAH!
I still can't believe this one landed financing in the middle of the pandemic. |
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:tup:
A sight for sore eyes |
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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 |
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"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 |
Aug 24
 Aug 27  That's UC    |
Sept 10
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bKL posted photos of their official groundbreaking on the Gram on Friday :cheers::banana:
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Sept 14
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Whats the new timeline/completion goal for this one?
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Crane going up yesterday. Please excuse the stop light.
https://live.staticflickr.com/65535/...a8a892b1_b.jpg |
impressed this wasn't at least temporarily shelved
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^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:
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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. |
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.
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^ 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.
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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? |
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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) |
Is this project still going or what?
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. . . |
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Welp, it's still under construction, so not sure what else folks want:
https://twitter.com/bKLarchitecture/...084737/photo/1 |
Oct 26
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ask and you shall receive in this forum
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https://img.index.hu/imgfrm/3/7/8/1/BIG_0015833781.jpg |
^ LOL, it's worth a shot.
Even BkL realized it's been too long since an update. Here's a link to their IG post from yesterday: https://www.instagram.com/p/CG0ehmGhR76/ https://www.instagram.com/p/CG0ehmGh...on_share_sheet |
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Nov 3
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I always hope for the best quality glass on all downtown scrapers but I cross my fingers thrice for this glass to be at the highest level. The way that the Wacker/Wabash buildings reflect and contrast off this building's glass looking from the west will be noticeable to say the least.
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it's also directly beside one of the most magnificent skyscrapers in the whole city... the design is unfortunately a real snooze, so let's at least hope the glass is high quality an plays a subtle role in building up the canyon wall!
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Nov 23
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Dec 3
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Dec 14
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I hope that they add the beautiful sidewalk landscaping that Chicago is famous for. That’s a nice touch.
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This building is gonna add some good density
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Any updates on the tower?
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Jan 14
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Whoa! That's bad ass. Didn't see that comin'. Nice update, Harry.
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Very cool! Thanks for capturing that!
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