CHICAGO: boom rundown - everything over 12 floors. v4

[Segun]

what the hell is going on in this rendering?

Its like they moved Grant Park North of downtown and changed the direction of the lake.

[honte]

^ Yeah, the rendering is BS. Aside from the building directly to the left, the site does not look like that. And I am afraid the project might be BS too.

Absolutely beautiful design, just what I used to dream about when I passed by this site. But as I used to live about 1/2 mile from here, and I just can't see how this would work in Woodlawn in today's market. It's a hot market, but is it that hot? Nothing even remotely this cool has been built there yet, the market for modernist design is unproven, and there certainly haven't been any large buildings built yet.

Of course, I'd love to be proven wrong. Never doubt Chicago. I'm sure we can count on David Roeder to be a firm believer in this one - maybe he'll change my mind.

[X-fib]

Originally Posted by Dan in Chicago

WOOOOOWWWW!!! That will make a big difference in the south side skyline if it happens. And it'll look right over my avatar! I've added it to Emporis as building #289543.

The description is a bit off... I only count 34 stories, and the site is in Woodlawn, not South Shore. But that's okay, this is VOA's best design yet.

I thought this was in Woodlawn! I grew up in South Shore and don't ever remember anything this far north being within South Shore! Paid a visit to your avatar and to the Field Museum last spring. Spent many hours as a child playing around the historic lagoons in Jackson Park and thoroughly enjoyed reading "Devil in the White City"!

I really like this design! Great to see new development proposed for the park borders.

[Wild Onion Mike]

I truley thought everyone forgot how to design a tower without a parking podium. This is rather beautiful. I go to the YMCA across the street almost every day, just to the north at 63rd. This, if a real project, would be absolutely wonderful for the location.

And about the renderings background.. the one with the skyline completely wrong...it makes you wonder if the architects have ever been south of Roosevelt let alone to 64th and Stoney Island.

[honte]

^ Sad, but they've probably never had an occasion to need a South Side skyline before...

It's interesting to me how many of the Boom Rundown forumers appear to be South Siders or have a South Side connection!

[Eventually...Chicago]

I never really have had much to add to the discussion but i just wanted to let you all know your work in the forum is great! I have been visiting since early v.2. It has been suprisingly helpful during my current condo search in the West Loop/South Loop. Its been very useful to determine the future of an area and what it may be like a few years from now.

My fiancee and I settled on the South Loop (just north of wabash & roosevelt) because of the great retail and street life.

We liked the West Loop but it really seemed like the retail market was lagging far behind and the street life was strugling (except for maybe halsted) anyone have any ideas why?

Also, anyone know if there is any chance the SE corner of Wabash & Roosevelt (currently a BP) has any chance of going away soon? I hate city gas stations. (Especially the BP at LaSalle & Ontario)

Keep up the great work!

[pip]

Originally Posted by VivaLFuego

Yeah, I really hope it turns into something more than a mere concept. The south side has largely been left out of the boom of the last decade (not including South Loop, and only recently some gentrification in Bridgeport and Bronzeville). It would be awesome to see a slew of new highrises along the lakes and parks down south, so Jackson Park is lined with highrises like Lincoln Park is.

In a column today in the Sun Times about the South Side lakefront plans this building was mentioned. Which I view as positive.

Originally Posted by Wild Onion Mike

truley thought everyone forgot how to design a tower without a parking podium.

Yeah no kidding.



Awesome looking building.

[Chicago2020]

Chicago office building sales jump to record in 2006

By Brian Louis
Bloomberg News
Published December 28, 2006, 10:56 AM CST


Downtown Chicago office building sales surged to a record $5 billion this year as vacancy rates fell and some investors found returns there as attractive as those in New York and Los Angeles.

A total of 29 office building sales have been completed this year in Chicago's downtown, with about 28.5 million square feet changing hands. Last year, 22 buildings with 16.8 million feet sold for $3.29 billion, according to Bruce Miller, a managing director with Jones Lang LaSalle Inc., the world's second-largest commercial broker.

Chicago downtown office vacancy rates are falling as employers add jobs and a dearth of new construction leaves them with little room to expand. The cost of prime Chicago office space is also less than half that of similar space in New York and Los Angeles, the two biggest U.S. office markets.

``There are many investors who find Chicago attractive versus the markets on the coast,'' said Dan Fasulo, the director of market analysis at New York-based Real Capital Analytics.

The city's downtown office vacancy rate fell to 14.2 percent in the third quarter from 15.7 percent a year earlier, according to CB Richard Ellis Group Inc., as the Chicago area's unemployment rate fell in October to 3.5 percent from 5.1 percent the year before.

Strong demand, particularly for new buildings that already have high occupancy rates, pushed prices to a Chicago record of $416 a square foot, the amount paid last month for the 40-story One South Dearborn Street by closely held Newport Beach, California-based Olen Properties Corp., according to information from Holliday Fenoglio Fowler L.P., which handled the sale.

With prime New York office space already going for more than $1,000 a square foot, Igor Olenicoff, chief executive officer of Olen Properties, said he has not bought in New York because it is ``a bit overpriced and the competition was just too fierce.''

The sale of former Trizec Properties Inc. buildings in Chicago by Blackstone Group LP and Brookfield Properties Corp., which bought Trizec in October for about $7.2 billion, helped boost Chicago sales.

Miller's 2006 total doesn't include the $114 million sale of Chicago-based Equity Office Properties Trust's 32-story 200 W. Adams St to New York-based Sterling American Property Inc., part of Sterling Equities Inc., and Dallas-based Lincoln Property Co. That sale closed on Dec. 13.

Nationally, hiring by companies in financial, professional and business services will continue to drive the demand for office space, Boston-based Colliers International, an association of commercial real estate brokers, said in its 2007 Real Estate Forecast released on Dec. 18.

In midtown Manhattan, San Francisco, Chicago and Seattle, where demand is strong and space is scarce, office rents could rise by more than twice the national average of 12 percent to 15 percent for prime downtown buildings. U.S. office rents averaged $38.55 a square foot in the third quarter, the highest since the third quarter of 2001, when rents tumbled after the dot-com bust and Sept. 11 terrorist attacks.

In Chicago, developers are also cashing out on properties they have built in the last few years.

``It's been a good market to build them new and flip them,'' said Rick Schuham, an executive vice president in New York-based Studley's Chicago office. Studley is a commercial real estate firm that specializes in tenant representation.

Real estate investors expect demand next year to be strong for office buildings in Chicago.

``I can't see it slowing down a whole lot,'' said Michael Newman, the chief executive officer of Golub & Co., a closely held Chicago-based real estate company. ``I don't know why it would slow down.''

Some brokers expect many, if not all, of Equity Office's buildings in Chicago to come on the market once Blackstone Group L.P.'s $20 billion purchase of the Chicago-based company closes next year. With the sale of 200 W. Adams, billionaire Sam Zell's Equity Office now owns eight buildings in downtown Chicago, according to the company's Web site, including the Civic Opera Building on Wacker Drive.

``Blackstone will keep a lot of assets but I'd be surprised if they kept Chicago,'' Schuham said.

John Ford, a spokesman for New York-based Blackstone, declined to comment. The purchase is expected to be completed in the first quarter of 2007.

[Loopy]

Originally Posted by Eventually...Chicago

I never really have had much to add to the discussion but i just wanted to let you all know your work in the forum is great! I have been visiting since early v.2. It has been suprisingly helpful during my current condo search in the West Loop/South Loop. Its been very useful to determine the future of an area and what it may be like a few years from now.

My fiancee and I settled on the South Loop (just north of wabash & roosevelt) because of the great retail and street life.

We liked the West Loop but it really seemed like the retail market was lagging far behind and the street life was strugling (except for maybe halsted) anyone have any ideas why?

Also, anyone know if there is any chance the SE corner of Wabash & Roosevelt (currently a BP) has any chance of going away soon? I hate city gas stations. (Especially the BP at LaSalle & Ontario)

Keep up the great work!

I'm glad to hear that "street life" was one of your criteria. You will find plenty of it on South Wabash.

The BP property on Wabash and Roosevelt is only a couple of years old, so it's not a likely candidate for redevelopment any time soon.

Welcome!

[Dan in Chicago]

Welcome to the forum, EC!

A few changes for Steely:

1. According to the Seven Bridges website, occupancy has begun for The Condominiums at Seven Bridges in Woodridge, so it looks like this building is complete.

2. The Streeter won't quite be finished this year. I'll check on Museum Park Place this weekend. Can anyone else say whether any work remains at Sherman Plaza (Evanston) or Park View East (Lakeview)? Both are still listed for 2006 completion.

3. I looked at blueprints for The Tides today. The architect who responded to Victor's e-mail didn't read the blueprints carefully enough, and forgot to count the two slightly sloping wings on top of the elevator penthouse. The actual height will be 499'-10". That rounds up to 500', so you can decide for yourself whether to count this as a true 500-footer.

4. The River North Marriott Suites will be 297'-6" (taken from blueprints).

5. 550 St. Clair will be a little bit taller than the 310' we have it as. Unfortunately there was an ambiguity in the blueprints, and I have to wait to see the top of the building before announcing a final figure. There will either be a short parapet or a tall parapet over the elevator penthouse, and the final height will round to either 312' or 319' (the lower one seems more likely). I think there was a forumer here with a view of this site from a nearby building - if you're reading this, can you contact me when the building tops out?

[Steely Dan]

^ thanks for all the updates dan. page 1 has been updated accordingly.

Originally Posted by Dan in Chicago

2. Can anyone else say whether any work remains at Sherman Plaza (Evanston) or Park View East (Lakeview)? Both are still listed for 2006 completion.

Sherman Plaza will definitely not be finishing up before year end. folks have begun moving in on the lower levels, but they still have yet to install the windows on the top 3 penthouse levels, so there is still some actual exterior work that needs to take place.

[brian_b]

Originally Posted by Dan in Chicago

1. According to the Seven Bridges website, occupancy has begun for The Condominiums at Seven Bridges in Woodridge, so it looks like this building is complete.

My friend lives in this building. Right now occupancy is only up to about the 7th floor or so. The remaining floors are still under construction (all interior work).

[Dan in Chicago]

^ Do you know if the exterior of the building is complete? (i.e. fully clad, all windows in place, all architectural features finished?) Emporis lists buildings as completed as long as the exterior is complete and at least part of the interior is ready for occupancy. It's common for interior fit-out to continue after completion... with some buildings, interior fit-out goes on for months afterward while the building looks complete and is partly functioning.

Would you be able to find out the month of completion at Seven Bridges?

[Bucky]

What is the criteria for declaring a building to be complete. I would think that issuance of an occupancy permit along with tenant move-ins might be the most objective measure. It can be difficult to determine when all construction is finished considering some features and amenities are still being built long after occupancy.

[Bucky]

Sorry - you just answered my question as I was typing it.

[Chicago Shawn]

I was in the South Loop yesterday, and 1600 Museum Park was assembeling a caisson crane. This one is a definate go for January, which is shapping up to be a great month for construction starts.

Also, I had not relized this before, but Avalon 2100 and Lexington Park are not only on the same block, but will rise within a few feet of each other.


The Tides is a 500 footer, as far as I am concerned. Anything above 499'-6" will be marked as 500' in the record books. Does this make the Tides number 99?

Originally Posted by Eventually...Chicago

I never really have had much to add to the discussion but i just wanted to let you all know your work in the forum is great! I have been visiting since early v.2. It has been suprisingly helpful during my current condo search in the West Loop/South Loop. Its been very useful to determine the future of an area and what it may be like a few years from now.

My fiancee and I settled on the South Loop (just north of wabash & roosevelt) because of the great retail and street life.

We liked the West Loop but it really seemed like the retail market was lagging far behind and the street life was strugling (except for maybe halsted) anyone have any ideas why?

Also, anyone know if there is any chance the SE corner of Wabash & Roosevelt (currently a BP) has any chance of going away soon? I hate city gas stations. (Especially the BP at LaSalle & Ontario)

Keep up the great work!

Welcome to the forum.

West Loop lacks activity because it is still converting from a former industrial neighborhood, and has not reached the critical mass of density needed for active streetlife. Don't expect that level anytime soon because West Loop Community Group is the central area's most annoying NIMBY group, not allowing any buildings over 115' in height (averages to 10 stories). This means ugly clunky buildings maxing out square footage on the lot + higher prices + no views = Higher vacancies and a lackluster retial scene, which in turn causes more people to purchase elsewhere. WLCO has screwed up the potential of its own community.

[brian_b]

Originally Posted by Dan in Chicago

^ Do you know if the exterior of the building is complete? (i.e. fully clad, all windows in place, all architectural features finished?) Emporis lists buildings as completed as long as the exterior is complete and at least part of the interior is ready for occupancy. It's common for interior fit-out to continue after completion... with some buildings, interior fit-out goes on for months afterward while the building looks complete and is partly functioning.

Would you be able to find out the month of completion at Seven Bridges?

I visited his place in November and I'm pretty sure the exterior was complete. I'm pretty sure he moved in in October, but at that time I don't know if the exterior was complete. I'll ask him what the building looked like next time I see him.

[brian_b]

Originally Posted by Chicago Shawn

West Loop lacks activity because it is still converting from a former industrial neighborhood, and has not reached the critical mass of density needed for active streetlife. Don't expect that level anytime soon because West Loop Community Group is the central area's most annoying NIMBY group, not allowing any buildings over 115' in height (averages to 10 stories). This means ugly clunky buildings maxing out square footage on the lot + higher prices + no views = Higher vacancies and a lackluster retial scene, which in turn causes more people to purchase elsewhere. WLCO has screwed up the potential of its own community.

Do you consider the area between the river and the highway to be the west loop (I do)? The section north of Washington is actually becoming fairly lively as of late and should continue in the near future. Retail is popping up (in the last few months a Starbucks, a 7-11, Quiznos, and a Dunkin Donuts all opened) along Lake Street between Clinton and Des Plaines. The Metra Market is moving along, and that part north of Lake Street (what was it called again?) has had an amazing restoration completed and occupancy of the office portions has started. I think this section of the West Loop is out of the field of view for the West Loop NIMBYs and is on the verge of a major boom, especially since the Pink line has doubled the train frequency at the Clinton el station.

[Chicago Shawn]

^Yes I do, where WLCO concentrates (west of the Kennedy) I refer to as West Loop Gate, which was a real estate term used for the area a few years ago. When talking about WLCO I am usually tlking about WLG, its just that alot of people lump everything together as West Loop. The Kinze-Fulton corridor between Canal and Halsted will be a nice concentration of density in the near future.

[2PRUROCKS!]

I went by the 7 Bridges condominiums today. The exterior was almost completely done, but there remained at least one section on the mechanical penthouse to be covered in facade cladding. Last month when I went by there were already people moving in and only a little more exterior work to be done. This one will be complete very soon. I would guess completion by Emporis standards will be in January.