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-   -   CHICAGO | SoMi Tower | 488 FT | 47 FLOORS (https://skyscraperpage.com/forum/showthread.php?t=225446)

SamInTheLoop Mar 20, 2017 6:29 PM

Simon07 reported in the high rise thread that the parking lot has closed....just making conversation around this migrates here.....My guess is construction loan just closed and foundation permit was just issued or will be this week....

BVictor1 Mar 20, 2017 7:25 PM

Quote:

Originally Posted by SamInTheLoop (Post 7745933)
Simon07 reported in the high rise thread that the parking lot has closed....just making conversation around this migrates here.....My guess is construction loan just closed and foundation permit was just issued or will be this week....

If a construction loan has closed, it will be reported sooner than not (usually).

Seems to be jumping the gun a bit to say this is in site prep just because the lot is closed. No equipment yet.

SamInTheLoop Mar 21, 2017 3:30 PM

^ It's possible I could be jumping the gun just slightly.........but maybe not....

Typically there is a lag from anywhere between a few days and a few months between loan close and when it's reported on. Perhaps on average 2-3 weeks maybe? It is true that sometimes when the players are eager for press, they'll issue a release almost immediately on closing......I'd say that's definitely a minority of cases though.....

I'm expecting this one to be quite rapid fire ala One South Halsted (loan close, permits issued, excavate, caissons)......I have a hunch - and it's only a hunch, however a strong one - that this project has the same lender.....this project also has a very strong equity investor in the form of CIM Group......I'd look for action sooner rather than later here....

SamInTheLoop Apr 7, 2017 2:20 PM

ChiRaz reported over in high-rise thread that foundation permits have been issued, per Curbed post. Just mentioning here in case post isn't moved. Now loan closing has likely either occurred or is imminent.....

KWILLSKYLINE Apr 7, 2017 2:30 PM

Banana's hopefully within a month or two. South loop is a boom'n

Notyrview Apr 7, 2017 8:30 PM

All the news lately is excellent, and while not in sloop, wolf point east should break ground soon too.

SamInTheLoop Apr 9, 2017 10:57 PM

An excavator and some new fencing showed up as of this weekend....

The Lurker Apr 10, 2017 4:37 AM

Quote:

Originally Posted by SamInTheLoop (Post 7767647)
An excavator and some new fencing showed up as of this weekend....

Good news. Potentially another big week ahead for South Loop if drilling begins up the street at Essex and 'site prep' activity commences here. Also can't wait to see the crane for OGP. Looks like its going to be massive.

BVictor1 Apr 11, 2017 4:20 PM

They're digging up the lot.

We're in SITE PREP

KWILLSKYLINE Apr 11, 2017 4:49 PM

Quote:

Originally Posted by BVictor1 (Post 7769462)
They're digging up the lot.

We're in SITE PREP



Hell yeah!!!

harryc Apr 11, 2017 5:43 PM

Apr 10







SolarWind Apr 12, 2017 1:53 AM

April 11, 2017




SolarWind Apr 26, 2017 3:19 AM

April 25, 2017




BVictor1 Apr 26, 2017 5:46 PM

http://www.chicagobusiness.com/reale...struction-loan

April 26, 2017
South Loop apartment project scores $92 million construction loan

By Alby Gallun

Quote:

The developers of a 46-story luxury apartment tower in the South Loop have secured a construction loan for the $175 million project, one of three big multifamily buildings in the area to get underway this year.

Chicago developer John Murphy and Los Angeles-based CIM Group have already begun work on the 500-unit high-rise at 1326 S. Michigan Ave., but financing is typically the biggest hurdle for big projects, marking the official transition from planning to construction phase. Murphy and CIM obtained the $92 million loan from Pittsburgh-based PNC Bank, according to Cook County property records.

Developers say construction lenders have become more cautious about financing apartment projects amid increased regulatory scrutiny and a historic building boom that's flooding the downtown market with new apartments. Developers are expected to complete about 8,000 apartments in downtown Chicago in 2017 and 2018, and the market is already showing signs of softness.

gebs Apr 26, 2017 5:46 PM

South Loop apartment project scores $92 million construction loan

"Chicago developer John Murphy and Los Angeles-based CIM Group have already begun work on the 500-unit high-rise at 1326 S. Michigan Ave., but financing is typically the biggest hurdle for big projects, marking the official transition from planning to construction phase. Murphy and CIM obtained the $92 million loan from Pittsburgh-based PNC Bank, according to Cook County property records."

KWILLSKYLINE Apr 28, 2017 2:21 PM

I know there's still alot of clean up/prep work to do but does anybody got any info on when the first drills are supposed drop? Fingers crossed for late May?

Kumdogmillionaire Apr 29, 2017 6:01 AM

Shouldn't this one be tagged as SITE PREP?

denizen467 Apr 29, 2017 12:15 PM

Quote:

Originally Posted by Busy Bee (Post 7613984)
Horrible street interface and base design. Symetrical? Are they trying to make it look like cocknballs?

It's as though they were trying for that. How else do you end up with those symmetrical bustles entirely different from the tower's design language? Normally you'd translate the chamfer/frustum motif onto the bustle, or there would be a unitized podium expressing a single design, or something like that. In the first place, normally there aren't two small sundecks, usually the tower is on one side and a sundeck of maximum area fills out the rest of the lot, to fit a pool, etc. Then, add to all of this the fact that the bustles are not fused to the ground but appear to float carefree one or two stories above street level... I think the partner went home one Friday thrilled with his tower, and left some randy junior guys to finish up the bustles over the weekend.

the urban politician Apr 29, 2017 1:19 PM

At least there are no curb cuts on Mich Avenue like there were with some of the earlier condo towers built in the 2000s.

I wonder if the city has banned new curb cuts outright? I certainly wouldn't count on developers to voluntarily give them up.

Also, does anyone know the parking count on this? All I can find is that it will be 500 apts

BVictor1 Apr 29, 2017 2:18 PM

Quote:

Originally Posted by the urban politician (Post 7789247)
At least there are no curb cuts on Mich Avenue like there were with some of the earlier condo towers built in the 2000s.

I wonder if the city has banned new curb cuts outright? I certainly wouldn't count on developers to voluntarily give them up.

Also, does anyone know the parking count on this? All I can find is that it will be 500 apts

As of March 2016, the number of parking stalls was about 180.


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