CHICAGO: boom rundown - everything over 12 floors. v4

[TROCK]

AS of a week ago, about 300 units have been sold by CMK. All they needed to get financing was about 290 units under contract. The building shouldn't have a problem getting the financining and once they go public and market the project in May, the number of units sold will go through the roof.

[denizen467]

Originally Posted by SamInTheLoop

I agree - developers of the new Class A+ office towers are obsessive about the image that they're creating for prospective tenants...don't look for a McDonald's or Subway in the 353 Clark retail space, as I would be very surpised to find them there...

What they want and what they actually can get are two different things. Look at how long it took to get Townhouse to open at 111 South Wacker. There was an article in Crain's last month about how the guy running the restaurants in the two newest Buck Wacker towers is a guy who often ends up undertaking these risky restaurant ventures. Now look at where 353 is - it's not Wacker, and it's not the Loop. It's at the edge of the boonies officewise, so if Wacker has trouble, then this will be even tougher. (Caveat is that this would get less lunch traffic but more dinner traffic because of the River North location, which could help mitigate.)
Finally, notice how large that podium is -- it's an outsized podium, 2 floors in places, that is big enough for several retail/restaurant tenants, so one or two of the spaces, especially on the sides facing the slightly shabby Kinzie/Clark sides, is likely to end up having fast food. Imagewise, I think the tower will present difference faces to different sides, so that the south and maybe east are the corporate-like image you expect a la Wacker (south will have the ballyhooed motor court), but from the north the podium's image could somewhat be regarded as a distinct structure, thereby avoiding the marring of the 'corporate' image. All those office workers want a burger place nearby, and I'm not sure there is one within a 2-block radius there (nearest one is behind Trump maybe?). Let's just hope it ends up a Taco Fresco or something interesting along those lines.

[Neuman]

** Deleted for copyright infringement **

- Dylan Leblanc

[DePaul Bunyan]

Originally Posted by DANTHEDISCOMAN

Anyone else find those ventilation panels half way up, disrupting to the flow of the building? It seems a blueish color matching the glass would of been easier on the eyes than grey. Oh well, the retail looks amazing...

I like them. I think they play off of the IBM Building (and probably Trump) nicely.

Nice construction pics btw.

[SamInTheLoop]

Originally Posted by denizen467

What they want and what they actually can get are two different things. Look at how long it took to get Townhouse to open at 111 South Wacker. There was an article in Crain's last month about how the guy running the restaurants in the two newest Buck Wacker towers is a guy who often ends up undertaking these risky restaurant ventures. Now look at where 353 is - it's not Wacker, and it's not the Loop. It's at the edge of the boonies officewise, so if Wacker has trouble, then this will be even tougher. (Caveat is that this would get less lunch traffic but more dinner traffic because of the River North location, which could help mitigate.)
Finally, notice how large that podium is -- it's an outsized podium, 2 floors in places, that is big enough for several retail/restaurant tenants, so one or two of the spaces, especially on the sides facing the slightly shabby Kinzie/Clark sides, is likely to end up having fast food. Imagewise, I think the tower will present difference faces to different sides, so that the south and maybe east are the corporate-like image you expect a la Wacker (south will have the ballyhooed motor court), but from the north the podium's image could somewhat be regarded as a distinct structure, thereby avoiding the marring of the 'corporate' image. All those office workers want a burger place nearby, and I'm not sure there is one within a 2-block radius there (nearest one is behind Trump maybe?). Let's just hope it ends up a Taco Fresco or something interesting along those lines.

Is your point that there is too much retail space planned for the project to ensure some sort of minimum quality level or uniqueness throughout? I agree it's a lot, but I really think the location warrants it. Another factor is that high construction costs will ensure the retail rents are quite high here. I wouldn't be surprised if there are some causual eateries planned, but again I would truly be shocked if a McDonald's ended up as a tenant. Also, full disclosure: I am not one of these people that curses chains - I think they have their place in a balanced market with locals and independents and overall variety. There's also another factor when it comes to retail - a lot of people complain about the lack of retail variety in various neighborhoods, overwhelming predominance of chains, etc. You've got to remember that the retail industry are extreme laggards when it comes to really "getting it" about location decisions - this applies to new individual developments as well as new (or dramatically changing) neighborhoods as a whole. Most Retail companies (and small independent retailers for that matter) are extraordinarily risk-averse when it comes to making a new location decision. IMO too risk averse in many cases. Retailers are generally behind the curve and want to actually see the final product prove itself first before jumping in (the final product could be a large mixed use development in the case of 353 Clark or a rapidly gentrifying neighborhood) I find mixed-use projects and neighborhoods are particularly problematic for retailers as far as 'getting it', as many of them can't seem to grasp the concept of multiple sources of demand, around the clock.....it doesn't fit neatly into their traditional way of projecting overall demand, store sales, etc........it's very unfortunate. This is where I think the City could play a huge role in doing more to help educate retailers of all types...I know there's a Retail Chicago program, but frankly it feels to me as if it's not as strong as it was before...

[SamInTheLoop]

Originally Posted by TROCK

AS of a week ago, about 300 units have been sold by CMK. All they needed to get financing was about 290 units under contract. The building shouldn't have a problem getting the financining and once they go public and market the project in May, the number of units sold will go through the roof.

That is just incredible. CMK should be used for case studies in real estate development courses for how you consistently get things done and make other developers in the market look like chumps...

[SamInTheLoop]

Originally Posted by Neuman

Is it just me or does this tower look a lot like 111 South Wacker? Especially the way the base is framed with the glass. It almost looks like you can see another parking ramp hanging from the ceiling.

I thought the same thing - this new rendering makes it look more similar to 111 than all the previous renderings. Here's a question I don't think anyone asked: Has the height been reduced again? The Crain's article stated 46 stories. I thought it was 48 (down from a previous 50) the last we heard.....

[dboggie]

Got this email concerning Children's Hospital moving to Streeterville:

Northwestern University today (Friday, March 9) filed an amendment with the City of Chicago to the
University’s planned development of the Chicago campus to enable Children’s Memorial Hospital to
move to the campus. This formal request to the City of Chicago begins the approval process for
construction of the new Children’s Hospital, which would be located on Chicago Avenue, west of
Fairbanks Court. The move of Children’s to the Chicago campus is an exciting step in the efforts of
the University and its affiliated hospitals to continue the development of a truly great academic
medical center. Children’s hopes to break ground on the project next year and open in the new
building in 2012.

Northwestern University, Northwestern Memorial Hospital, the Rehabilitation Institute of Chicago
and Children’s Memorial Hospital have been involved for months in the planning process for this
important project. We know that for many University faculty and staff transportation and parking
will be among the area of interest. Our studies show that when Children’s is completed in 2012,
there will be more than adequate parking on site for all patients of the medical facilities and
their visitors and for most faculty and staff. The University and its affiliated hospitals are in
the process of developing plans for additional parking, improved shuttle bus service and other
transportation services for faculty and staff.

As plans for the new hospital are more fully developed, officials from Children’s will share them
with the campus community and neighborhood residents. The Chicago Plan Commission and Chicago City
Council are expected to review the amendment later this year. We wanted to let you know that this
first step is being taken today as the University and its affiliated hospitals work together to
bring this significant addition to our campus.

Eugene S. Sunshine
Senior Vice President for Business and Finance

[SamInTheLoop]

Originally Posted by dboggie

Got this email concerning Children's Hospital moving to Streeterville:

Northwestern University today (Friday, March 9) filed an amendment with the City of Chicago to the
University’s planned development of the Chicago campus to enable Children’s Memorial Hospital to
move to the campus. This formal request to the City of Chicago begins the approval process for
construction of the new Children’s Hospital, which would be located on Chicago Avenue, west of
Fairbanks Court. The move of Children’s to the Chicago campus is an exciting step in the efforts of
the University and its affiliated hospitals to continue the development of a truly great academic
medical center. Children’s hopes to break ground on the project next year and open in the new
building in 2012.

Northwestern University, Northwestern Memorial Hospital, the Rehabilitation Institute of Chicago
and Children’s Memorial Hospital have been involved for months in the planning process for this
important project. We know that for many University faculty and staff transportation and parking
will be among the area of interest. Our studies show that when Children’s is completed in 2012,
there will be more than adequate parking on site for all patients of the medical facilities and
their visitors and for most faculty and staff. The University and its affiliated hospitals are in
the process of developing plans for additional parking, improved shuttle bus service and other
transportation services for faculty and staff.

As plans for the new hospital are more fully developed, officials from Children’s will share them
with the campus community and neighborhood residents. The Chicago Plan Commission and Chicago City
Council are expected to review the amendment later this year. We wanted to let you know that this
first step is being taken today as the University and its affiliated hospitals work together to
bring this significant addition to our campus.

Eugene S. Sunshine
Senior Vice President for Business and Finance

Great - I can't wait to see the first renderings. I hope we'll get something design-wise that's a notch above the most recent campus developments - I'm thinking a little more progressive......and I hope the nonsense with the state looking into reforming the hospital construction approval process does not hold this one up!

[Marcu]

Originally Posted by dboggie

which would be located on Chicago Avenue, west of
Fairbanks Court.

Does anyone know what's on this site now?

[SamInTheLoop]

Originally Posted by Chicago3rd

Walking across the Randolph bridge today was thinking the same thing. The city use to drop off at the river at that corner....high rises then plains. Now it is really becoming denser. Love the tilt off axes and and the curves.

Walked across the Randolph Bridge this morning and saw exactly what you are saying - that is such an awesome improvement to the skyline view in that direction!!

[SamInTheLoop]

Originally Posted by Mr Roboto

^I dunno. 155 N wacker sure looks like a tall monster to me either way. Especially compared to whats there, obviously.

Im wondering though, is the building with giordano's going to stay? i cant tell from the rendering. Its just three buildings being demolished, is that correct?

As far as I know here's the deal: Buck wants the giordano's and showman's league buildings for a plaza but has thus far been able to get them......my feeling is the tower is not impacted and goes up either way, but i'm curious as to how FAR allowance will be impacted - imo buck should get a huge bonus for enviornmental friendliness, particulary if the goal is a LEED-Gold rating or higher (which I believe it is even though 155 is only pre-certified for Silver........

Also on my walk this morning I saw something interesting which I'm sure is good news for all you Potbelly's fans out there (I include myself at the top of this list) - it looks as though Potbelly's may have found a replacement store for their current 155 location - there is a sign in the window of the office building at the southeast corner of Franklin and Randolph for a Potbelly's opening soon...

[SamInTheLoop]

Originally Posted by Marcu

Does anyone know what's on this site now?

Not a 100% positive, but I believe most of it is just a lot now (it was planned to be a garage connected to the new Prentice, but Northwestern Memorial backed off that and now everyone I'm sure is very happy that they did!

[Chicago Shawn]

Originally Posted by SamInTheLoop

As far as I know here's the deal: Buck wants the giordano's and showman's league buildings for a plaza but has thus far been able to get them......my feeling is the tower is not impacted and goes up either way, but i'm curious as to how FAR allowance will be impacted - imo buck should get a huge bonus for enviornmental friendliness, particulary if the goal is a LEED-Gold rating or higher (which I believe it is even though 155 is only pre-certified for Silver........

Good, I hope those buildings stay. I belive these buildings provide a more interesting, pleasent and active streetscape than a plaza would. Besides, the SBC building kitty corner from Shoman's legaue already has a small plaza/expanded sidewalk out front, and it is always pretty desolete. It would be more environemntally sustainable to keep the rest of the block anyway.

[chicubs111]

A step forward for old Post Office redo
The long-awaited revamp of the old Main Post Office downtown has moved a step closer to reality. A proposal to convert the 2.5-million-square-foot building into 300 residential units, 240 hotel rooms and 455,000 square feet of office space is scheduled for consideration at the April 19 Chicago Plan Commission meeting. Chicago real estate investor Walton Street Capital has been working for more than eight years on the plan. "There are so many government entities that have an interest," says Walton exec Raphael Dawson. "Everyone from the (Army) Corps of Engineers to IDOT has something to say about this." [Alby Gallun]

[spyguy]

Originally Posted by denizen467

Finally, notice how large that podium is -- it's an outsized podium, 2 floors in places, that is big enough for several retail/restaurant tenants, so one or two of the spaces, especially on the sides facing the slightly shabby Kinzie/Clark sides, is likely to end up having fast food.

I do not know the full extent of the tower's retail space, but I know there will be at least two white-tablecloth restaurants.

[i_am_hydrogen]

Taken today. I spoke with a couple of construction workers who told me the north tower is nearly topped out, and they'll be moving over to the south tower very soon.

[i_am_hydrogen]

[i_am_hydrogen]

Taken today:



Looking down Illinois

[BVictor1]

Originally Posted by i_am_hydrogen

Taken today. I spoke with a couple of construction workers who told me the south tower is nearly topped out, and they'll be moving over to the north tower very soon.

I think you mean the north tower is almost topped out and they will be moving on to the south tower soon.