CHICAGO | Post Office Redevelopment - Page 50

KWillChicago · #**981** Posted **Dec 20, 2017, 4:51 PM**

Quote:

Originally Posted by the urban politician

I don’t know about Amazon, but perhaps some other large tenant

I'm looking at you Uber.

tjp · #**982** Posted **Dec 20, 2017, 8:35 PM**

JP Morgan definitely wouldn't do this without pre-leasing. But that doesn't mean the building already has tenants lined up... it just means JP Morgan wouldn't fund until a certain percentage of the building is under lease.

LouisVanDerWright · #**983** Posted **Dec 20, 2017, 9:34 PM**

I'm looking at you Walgreens...

marothisu · #**984** Posted **Dec 21, 2017, 12:05 AM**

Hoping this means they landed a tenant who will lease a lot of space

KWillChicago · #**985** Posted **Dec 28, 2017, 12:21 PM**

How big of a roadbump is this lawsuit going to cause?

http://www.chicagotribune.com/busine...228-story.html

the urban politician · #**986** Posted **Dec 28, 2017, 2:18 PM**

Quote:

Originally Posted by KWillChicago

How big of a roadbump is this lawsuit going to cause?

http://www.chicagotribune.com/busine...228-story.html

None

LouisVanDerWright · #**987** Posted **Dec 28, 2017, 3:25 PM**

None considering the subs are the ones getting blasted by OSHA, not the owners or even the GC. Also:

$225,000 / $500,000,000 = 0.045%

And that's just on the total construction costs, not including acquisition costs of the building. Two hundred grand might sound like a lot to the average person, but it's not even a blip on the radar for a project of this size.

r18tdi · #**988** Posted **Dec 28, 2017, 5:02 PM**

Quote:

Originally Posted by LouisVanDerWright

I'm looking at you Walgreens...

I thought that ship had sailed.

marothisu · #**989** Posted **Jan 16, 2018, 5:13 AM**

So, 601W Companies who owns the Old Post Office bought the parking lot on Clinton between Harrison and Congress - just to the west of the Holiday Inn which is across from Old Post Office. They bought this for $10M on 12/5.

https://www.google.com/maps/place/52...!4d-87.6404979

I know that Old Post Office had the option for other land when they pitched to Amaon, but were they going to purchase it no matter if they had a potential client or not?

ardecila · #**990** Posted **Jan 16, 2018, 6:06 AM**

Didn't Davies own that land as well? I'm not sure when 601W purchased the post office, but maybe they deferred purchase of the outlots until the main building reached a certain stage.

marothisu · #**991** Posted **Jan 16, 2018, 2:01 PM**

527 S Clinton LLC owned it since at least 2007. I don't think that's Davies, but I could be mistaken.

Jim in Chicago · #**992** Posted **Jan 16, 2018, 3:30 PM**

Quote:

Originally Posted by ardecila

Didn't Davies own that land as well? I'm not sure when 601W purchased the post office, but maybe they deferred purchase of the outlots until the main building reached a certain stage.

Who owns the Holiday Inn building and/or the land it sits on? That isn't exactly a prime development.

marothisu · #**993** Posted **Jan 16, 2018, 3:32 PM**

Quote:

Originally Posted by Jim in Chicago

Who owns the Holiday Inn building and/or the land it sits on? That isn't exactly a prime development.

I believe Westloop Equities owns it

Jim in Chicago · #**994** Posted **Jan 16, 2018, 10:27 PM**

Quote:

Originally Posted by marothisu

527 S Clinton LLC owned it since at least 2007. I don't think that's Davies, but I could be mistaken.

Quote:

Originally Posted by marothisu

I believe Westloop Equities owns it

In googling Westloop Equities I found links to a long-standing legal battle between 527 S. Clinton and Westloop Equities over an easement for what I think is the parking lot that was just sold.

marothisu · #**995** Posted **Jan 16, 2018, 11:32 PM**

Quote:

Originally Posted by Jim in Chicago

In googling Westloop Equities I found links to a long-standing legal battle between 527 S. Clinton and Westloop Equities over an easement for what I think is the parking lot that was just sold.

Found that too. I'm wondering if that hotel would consider selling to 601W - I'm sure you could build a sizable tower on half that lot, but the entire lot could yield a really big tower or two. It looks like 601W pretty much was able to buy half of that block - minus the hotel and the small building with Don Fresco in it. Everything else is now theirs.

I know that 601W said they could develop on adjacent land, so I'm just wondering if purchasing a lot like they just did was always part of the plan regardless, or if it was more of a conditional thing that they'd buy the lot of land if they had a legitimate interest/signing.

If it's conditional then this gets really, really interesting, otherwise it's just business as usual.

the urban politician · #**996** Posted **Jan 16, 2018, 11:57 PM**

Quote:

Originally Posted by marothisu

Found that too. I'm wondering if that hotel would consider selling to 601W - I'm sure you could build a sizable tower on half that lot, but the entire lot could yield a really big tower or two. It looks like 601W pretty much was able to buy half of that block - minus the hotel and the small building with Don Fresco in it. Everything else is now theirs.

I know that 601W said they could develop on adjacent land, so I'm just wondering if purchasing a lot like they just did was always part of the plan regardless, or if it was more of a conditional thing that they'd buy the lot of land if they had a legitimate interest/signing.

If it's conditional then this gets really, really interesting, otherwise it's just business as usual.

There is much interesting here with the Old Post Office project, really.

I am still intrigued that while other developments need an anchor tenant, this project landed $500 million in financing from one of the nation’s premier lenders despite no major announcements. That’s not just a vote of confidence, that’s SCREAMING to the world that something really legit is happening here.

I’m not necessarily saying it’s Amazon, but something is going on behind the scenes.

marothisu · #**997** Posted **Jan 17, 2018, 12:12 AM**

Quote:

Originally Posted by the urban politician

There is much interesting here with the Old Post Office project, really.

I am still intrigued that while other developments need an anchor tenant, this project landed $500 million in financing from one of the nation’s premier lenders despite no major announcements. That’s not just a vote of confidence, that’s SCREAMING to the world that something really legit is happening here.

I’m not necessarily saying it’s Amazon, but something is going on behind the scenes.

Yeah - I think the loan is very interesting for sure. You don't usually land a loan that big unless you can show you have something legit. That's a bit of money - the last thing anybody would want to do is have to make up for the $500M + interest you couldn't pay back.

Obviously I hope it's Amazon, but I would be just as happy with a major HQ relocation type of announcement here too.

Vlajos · #**998** Posted **Jan 17, 2018, 12:16 AM**

I've heard rumors of Walgreens and United Airlines taking space in the OPO.

Randomguy34 · #**999** Posted **Jan 17, 2018, 12:25 AM**

^ Walgreens AND United, from who?

the urban politician · #**1000** Posted **Jan 17, 2018, 12:30 AM**

Quote:

Originally Posted by Vlajos

I've heard rumors of Walgreens and United Airlines taking space in the OPO.

Come on. Those must be some really bad sources.

And I have to say, I will be pissed beyond belief if all of this was for fucking United Airlines...