CHICAGO | Highrise Projects & Construction, v7 - Page 1194

Zapatan · #**23861** Posted **May 21, 2025, 3:43 PM**

Quote:

Originally Posted by munchymunch

I think you are confused. Magellan, the developer who has owned and developed all the sites in Lakeshore East for 20+ years, still owns the site. They lost a potential equity partner in Lend Lease but still own the land.

Maybe that's what I was thinking of. I wonder if they still plan on building as is then in better market conditions, in any case rumor was in that thread the building got shortened to <800 feet.

Jstange059 · #**23862** Posted **May 21, 2025, 10:26 PM**

Quote:

Originally Posted by Ned.B

I wouldn't put this all on architects. A lot of this is economic. Office space typically pays much more per square foot than apartments, and offices build out their own interiors so there is a greater ability for developers to do interesting and more costly designs.

Also we are now in an era (for the last few years) where it is difficult in general to get projects off the ground. Our office is seeing the multi-family rental projects that are still going forward being beat down to be as economical as possible while still being just luxury enough in appearance to get the desired renters. Granted none of our projects are currently in Chicago, but I imagine the same is happening here. One of my most recent projects went through round after round of value engineering and still wasn't able to get down to the cost that would allow it to be financed and start construction on time. It is now in limbo while the developer figures out what to do next.

Even before that with apartments a lot of the client focus is where the renter focus has been: on the apartment interiors and amenities. So tight budgets means any non-essential on the exterior or more complex forms get axed first.

Do I think this building could be better? Sure. I just thought I'd explain why residential proposals probably aren't living up to their earlier office counterparts.

Thanks. I myself am currently an architecture student still living by the ideals of architecture school before we are released into the real world where the economy inevitably takes hold of the design parameters. I still feel that the design of this particular building could be improved with no increased cost (I think it looks like they are “trying too hard” to do something in the design, while actually arguably making the building look worse). Really hope they can make some small streetscape changes, such as removing the diagonal parking or consolidating or removing the dropoffs, but that doesn’t really have anything to do with the design of the building itself.

Jstange059 · #**23863** Posted **May 22, 2025, 10:03 PM**

Community meeting for 215 N Racine is coming up on June 4th, 6PM. Register at the link below

https://us02web.zoom.us/webinar/register/WN_0yiAJDkZTVape4s1Vc8Zug#/registration

Randomguy34 · #**23864** Posted **May 24, 2025, 12:50 PM**

Construction permits have been issued for 370 N Morgan

twister244 · #**23865** Posted **May 28, 2025, 7:23 PM**

This isn't really news since we already got wind of construction permits, but the word is official on financing for 370 Morgan - https://www.chicagobusiness.com/commerci...mpaign=Newsletter-breaking-news-20250528

The thing I find interesting about the article is it seems to hint that the market is calibrating itself to higher interest rates. While higher rents suck, it's pushing projects like 370 to get financing.

Seems to jibe with the uptick in announcements we've seen in other parts of the city. This is also happening as housing prices here seem to be outpacing other parts of the city, which is wild IMO.

https://www.chicagobusiness.com/resident...mpaign=Newsletter-breaking-news-20250527

Razorback · #**23866** Posted **May 28, 2025, 7:39 PM**

Make it two financing press releases in one day.

https://therealdeal.com/chicago/2025/05/...s-chicago-multifamily-construction-loan/

Quote:

Originally Posted by twister244

This isn't really news since we already got wind of construction permits, but the word is official on financing for 370 Morgan - https://www.chicagobusiness.com/commerci...mpaign=Newsletter-breaking-news-20250528

The thing I find interesting about the article is it seems to hint that the market is calibrating itself to higher interest rates. While higher rents suck, it's pushing projects like 370 to get financing.

Seems to jibe with the uptick in announcements we've seen in other parts of the city. This is also happening as housing prices here seem to be outpacing other parts of the city, which is wild IMO.

https://www.chicagobusiness.com/resident...mpaign=Newsletter-breaking-news-20250527

r18tdi · #**23867** Posted **May 29, 2025, 3:26 PM**

From Ald. Reilly's newsletter:

Quote:

PD Amendment Proposal for 150 West Hubbard Street:

In 2016, the City Council approved a Planned Development (PD) for a 19-story (235’ tall) Hyatt Andaz Hotel at 150 West Hubbard Street / 430 North LaSalle Street. The approved project included 196 hotel rooms and nearly 19,000 square feet of public food, beverage, and event space, including a rooftop bar. The development was intended for luxury travelers and long-stay guests, with no on-site parking due to the site’s proximity to public transit. Andaz locations are known for being a destination for weddings and corporate gatherings.

Based upon changed market conditions, the property owner is now seeking to amend the PD to revise the program for a new hotel concept. The proposed new hotel is designed for The Cloud One Hotel, a popular “affordable luxury” company, which operates nearly 100 locations in Europe.

The revised building was previously proposed as shorter (16 stories and 193 feet tall) with more and smaller rooms (341 keys), and eliminating all of the public event space, including the rooftop bar. After thorough review, Alderman Reilly directed the property owner to scale back the project. The project is now proposed with 297 rooms, and a further reduced height to 15 stories and 186 feet in height. Approximately 3,800 square feet of ground-floor restaurant space is proposed as the only commercial space in the building, and all outdoor spaces would be limited to hotel guests. No on-site parking is included in the amended plan. The revised plans, comparison images and traffic study can all be found here.

djc2 · #**23868** Posted **May 30, 2025, 2:29 AM**

Quote:

Originally Posted by Randomguy34

Construction permits have been issued for 370 N Morgan

May 28

r18tdi · #**23869** Posted **Jun 3, 2025, 5:28 PM**

Quote:

Originally Posted by r18tdi

From Ald. Reilly's newsletter:

More info on the 150 W. Hubbard St hotel revisions here: https://www.costar.com/article/121548298...joins-long-planned-chicago-tower-project

Jstange059 · #**23870** Posted **Jun 4, 2025, 11:29 PM**

Unfortunately wasn't able to capture all the slides because the guy was going really quickly through the slides

Randomguy34 · #**23871** Posted **Jun 17, 2025, 6:33 PM**

170 N May has pending permits

cloudbod · #**23872** Posted **Jun 17, 2025, 6:41 PM**

220 N Ada in the background, 370 N Morgan in the foreground

cloudbod · #**23873** Posted **Jun 20, 2025, 5:59 PM**

I'm happy that 626 S Wabash's money faucet is officially on-- the building itself isn't much to write home about (basically a mini Reed), but the four other pending residential/hotel buildings on that little stretch of Wabash will benefit from it. I imagine it'll become an easier sell as more gets built over there, maybe eventually becoming something like the Wells st corridor

https://chicagoyimby.com/2025/06/funding-secured-for-626-s-wabash-avenue-in-south-loop.html

BVictor1 · #**23874** Posted **Jun 21, 2025, 12:30 AM**

Tower crane base in place.

06.19.25

LA21st · #**23875** Posted **Jun 23, 2025, 10:33 PM**

400 S LaSalle to become another data center.

Feels like there's 3-4 of these planned in this area.

Crazy how many data centers are u/c in the entire nation. Its....Idk. Feeling strange.

dewbs · #**23876** Posted **Jun 24, 2025, 12:07 AM**

Quote:

Originally Posted by LA21st

400 S LaSalle to become another data center.

Feels like there's 3-4 of these planned in this area.

Crazy how many data centers are u/c in the entire nation. Its....Idk. Feeling strange.

That building was a dump inside, and was barely even used anymore pre-pandemic (they only really had/have two active trading pits -- everything else has been 100% online for a very long time now), but it presumably has really great internet infrastructure connectivity.

Chi-Sky21 · #**23877** Posted **Jun 24, 2025, 12:27 AM**

Probably needed those connections when stuff was actually run from there before but come on, lets put a data center at the terminus of some rail lines? Its a hideous building , nuke it.

BVictor1 · #**23878** Posted **Jun 24, 2025, 3:18 AM**

06.23.25

BVictor1 · #**23879** Posted **Jun 25, 2025, 4:31 AM**

Tower crane rising.....

06.24.25

chi_raven · #**23880** Posted **Jun 25, 2025, 3:57 PM**

With 626 S Wabash progressing and 424 S Wabash releasing new renderings, it seems like this area is finally getting some decent infill.

Does anyone know the status of 410 S Wabash? It seems very stalled or perhaps dead?