CHICAGO | Boom rundown - everything over 12 floors. v5

[Pandemonious]

I don't get it... it is on Michigan Ave. Shit, they can give the site to me if they aren't going to do anything with it. What better site are they going to find? If they can't pull off a tower ON Michigan Ave. then how do they think their luck will be better somewhere else?

I am kind of glad they may not be building there, as I would rather see a much taller building on that site that would capitalize more on the river views once you build taller than the buildings on the NW Side of that block. Actually, the same applies to the buildings jusr a block or two south. If it was significantly taller, they would have great park/city views to the south as well.

It is pretty weak that it may already be dead even before any rendering though.

[sentinel]

Originally Posted by Chi_Coruscant

http://chicagorealestatedaily.com/cgi-bin/news.pl?id=25309

300 N. Michigan project may be dead. Peebles Corp walked away from the deal due to slumping condo market in downtown.

This was that second Arquitectonica proposal, correct? Too bad, guess we'll never see a rendering now

[Pandemonious]

I wonder what this bodes now for the Motor Club Building now that they wont be moving forward with the new tower adjacent to it?????

[Marcu]

Originally Posted by Pandemonious

I don't get it... it is on Michigan Ave. Shit, they can give the site to me if they aren't going to do anything with it. What better site are they going to find? If they can't pull off a tower ON Michigan Ave. then how do they think their luck will be better somewhere else?

I am kind of glad they may not be building there, as I would rather see a much taller building on that site that would capitalize more on the river views once you build taller than the buildings on the NW Side of that block. Actually, the same applies to the buildings jusr a block or two south. If it was significantly taller, they would have great park/city views to the south as well.

It is pretty weak that it may already be dead even before any rendering though.

Yes. That site can easily support something in the 70-80 story range. As for not being able to pull it off on Michigan Ave, I'm guessing they mean that they can get a better deal on the land elsewhere, thereby reducing their costs and making construction during the housing slump a potentially better investment.

[Norsider]

Originally Posted by Chi_Coruscant

http://chicagorealestatedaily.com/cgi-bin/news.pl?id=25309

300 N. Michigan project may be dead. Peebles Corp walked away from the deal due to slumping condo market in downtown.

People have been expecting the condo market to slump for literally 5 years straight as growth continued unabated. But I feel like this is kind of huge here. Downtown condo market looks to be losing steam in a major way.

[chicubs111]

^ not huge at all...This project was never anything but a specuated annoucenment...like everyone said..tehre was not even a sketch of the building...didnt even get excited about this.

[ardecila]

Isn't anybody gonna mourn the loss of the Showmens' League Building, now that Buck is gonna tear it down?

[museumparktom]

Is this the one Franklin with the elephants in the window sills? Can’t say that I will morn it. But educate me is there architectural or historic significance to the building? I had thought that Buck was not going to take the entire block.
(Wacker to Franklin) When did this change?

[spyguy]

Originally Posted by Dan in Chicago

Actually there were two plazas facing each other across Franklin -- one for 155 North Wacker and another for phase two at 222 West Randolph.

This one?

[honte]

Originally Posted by museumparktom

Is this the one Franklin with the elephants in the window sills? Can’t say that I will morn it. But educate me is there architectural or historic significance to the building? I had thought that Buck was not going to take the entire block.
(Wacker to Franklin) When did this change?

It's actually one of the oldest structures left in the Loop. Under the elephants, which were added via Dryvit after a recent fire, is a handsome Italianate commercial building.

It would look similar to the Washington Block at Washington and Wells if it were restored correctly (although, to be honest, it's not as fine as the Washington Block).

[spyguy]

[VivaLFuego]

^as a Hyde Parker of 18 years, fine by me. The squat Dr.'s building really wasn't useful for anything other than a hospital, and I'd rather the site be put to good use than sit vacant and sucking life from the street. Plus, it keeps the ball rolling on hopefully getting a nice streetwall surrounding Jackson Park.

[SamInTheLoop]

Originally Posted by museumparktom

Is this the one Franklin with the elephants in the window sills? Can’t say that I will morn it. But educate me is there architectural or historic significance to the building? I had thought that Buck was not going to take the entire block.
(Wacker to Franklin) When did this change?

Apparently it changed when Buck persuaded the city to step in and threaten to force a sale of the properties. Otherwise, it's pretty clear he was not going to arrive at a deal on the private market. Frankly I think this is an absurd abuse of power. Now - don't get me wrong - I don't care for the structures themselves - the history of the Showman's Leagure? Huh? - I think Jonathan Fine makes himself look bad when he gets involved (or at least makes comment about) with fairly ugly little structures that have some obscure history. The preservation movement would be better served focusing on the truly significant architecture and history.

So why does this move by the city really turn me off? Is it because I've been known to frequent the Giordano's. No - that would make me the neighborhood NIMBY. We are talking about the city stepping in and interfering with what should remain strictly a private transaction (or in this case, a non-transaction) This is clearly an abuse of TIF district powers. Under the guise of "beautifying" Randolph St., the city is making sure Buck gets his plaza. Or is it "park" (I'm surprised it wasn't referred to as a "community park" in the CDC document!! I like the plaza design - I think it will be a nice enough space. The issue here is the process by which it will happen - the city is completely overstepping in making this happen.

I'm no fan of Ben Joravsky and his single-minded continuous rant against all things Daley and TIF. I've been supportive overall of how TIFs have been used, but episodes like this, Union Station and any effort to extend the life of the Central Loop TIF (perhaps even the LaSalle St TIF - I'm not entirely convinced it was necessary) sure give me reason for pause...

[nomarandlee]

Originally Posted by chicubs111

^ not huge at all...This project was never anything but a specuated annoucenment...like everyone said..tehre was not even a sketch of the building...didnt even get excited about this.

I diagree. This is a very important parcel. The whole Wacker/Water St. triangle makes a huge presence along the river and it would have provided a new face to Michigan Ave.

I was really excited to se how Arquitectonica proposal would juxtipose and backdrop against Mather, Carbide-Carbon buildings, and Hotel 71.

[chicubs111]

^ dont worry...its eventually gonna be developed

[Dan in Chicago]

Originally Posted by spyguy

This one?

Yes, that's the one. I saw a model in the Goettsch office that illustrated the full impact. I'm not usually one to be seduced by renderings, but I do think it's important to have oases in the city and this looks like a nice one.

Interesting news about the Marriott on Stony Island. The design is not as exciting as it should be, though. The two other proposals for the edge of Jackson Park (Studio Gang's building and 6400 South) look a lot better. The Marriott has Emporis ID# 301552.

[nomarandlee]

Originally Posted by chicubs111

^ dont worry...its eventually gonna be developed

I agree. I would just like to see such visible and prominent locations see developed sooner rather then later. There are only a few other locations that I would like to see get developed as much as this. It is a bit disconcerting that such a good location would have problems. Even with a more apprehensive market I would hope that such a good location would be resistant enough to downturns.

[SolarWind]

June 12, 2007

155 North Wacker

^ not much left

660 North State




The Clare at Water Tower

[Sir Isaac Newton]

Originally Posted by nomarandlee

I agree. I would just like to see such visible and prominent locations see developed sooner rather then later. There are only a few other locations that I would like to see get developed as much as this. It is a bit disconcerting that such a good location would have problems. Even with a more apprehensive market I would hope that such a good location would be resistant enough to downturns.

I would say that given the Chicago real-estate market is quite saturated with condos at this point in time - especially high-end condos (with Trump, Legacy, MO, Waterview, the upcoming Spire, etc.) - that we might be better off having the few visible and prominent locations be developed a few years from now as opposed to right now. Since there is such a large supply of condos on the market, the would-be developer of the visible and prominent 300 North Michigan site proposed a building that was only 50 stories (yes I know, this is still fairly high, but for this site we can do better)....and felt that the economics of a 50-story building at such a great location is currently not feasible. I think that our city would be better served to let this enormous supply of condos get saturated over the next couple years or so.....and then once the supply has dwindled, supertall buildings close to, if not greater than 1,000 feet will have a much greater chance of success at 300 North Michigan and the few other remaining visible and prominent locations downtown.

[honte]

^ Yeah, let's wait until we can get something really great on that site. I have no doubt it will happen.

Originally Posted by SamInTheLoop

This is clearly an abuse of TIF district powers. Under the guise of "beautifying" Randolph St., the city is making sure Buck gets his plaza. Or is it "park" (I'm surprised it wasn't referred to as a "community park" in the CDC document!! I like the plaza design - I think it will be a nice enough space. The issue here is the process by which it will happen - the city is completely overstepping in making this happen.

Agreed 100%.

I almost bought property near McCormick Place before the new addition went up, but when I got word of the city's possible power-play on the block, I was out of there. Abuse of city powers leads to fear and disinvestment.

Buck is probably going to pitch in to pay for a good part of the improvements (he'd better), so the city likely feels that it's an offer too good to pass up. Everyone's always asking them to add green space, but of course the costs are usually prohibitive, leading them to choose dumb sites that contain "useless" things like, oh, convention centers and fire stations and post offices , which are conveniently City-owned. So, they'll bill this as a "public-private partnership" or some junk like that.