CHICAGO | 108 North State (Block 37) - Page 68

Nowhereman1280 · #**1341** Posted **Mar 19, 2007, 6:30 AM**

Quote:

Originally Posted by spyguy

Bring back P+W! Or pretty much anyone else besides SCB, LL, or P/H.

Really the most pathetic part about this development is the office tower which has a height appropriate for the suburbs, not for a valuable piece of property downtown.

^^^
Its ok, at least somethings being built, besides, I'm sure that short little shit will get torn down and replaced by something in the next boom, or the boom after that, but for now we have a short little filler building at least...

denizen467 · #**1342** Posted **Mar 19, 2007, 6:50 AM**

Can anyone explain why they're using these trusses and other diagonal load-transferring columns on a measly 18-story office building? What we're seeing is happening a few floors up (not near the ground floor), and the only reason I can think of is that it's to reduce the number of columns, but I doubt that there's much benefit to anyone from getting rid of a few columns for the top 10 stories of offices (unless CBS needs something special, but their studios will be closer to the ground level I think). Is there some unique structural need here? Could this maybe enable some sort of 'vertical expansion' in the future?

honte · #**1343** Posted **Mar 19, 2007, 10:08 AM**

^ I was able to get a glimpse of the foundation plans for the whole block, and they were an absolute mess. The train cuts obliquely through the site, making things really complicated at times. Then, you also have all of these competing systems that must be accommodated.

I didn't see it closely enough to know if this is the cause, but I would guess something along those lines.

Chicago Shawn · #**1344** Posted **Mar 19, 2007, 10:15 PM**

SamInTheLoop · #**1345** Posted **Mar 20, 2007, 12:03 PM**

Quote:

Originally Posted by spyguy

Bring back P+W! Or pretty much anyone else besides SCB, LL, or P/H.

Really the most pathetic part about this development is the office tower which has a height appropriate for the suburbs, not for a valuable piece of property downtown.

Absolutely. It made no sense for Mills to launch a building with 80% pre-leasing. This has led to the building having such a low return projection for new construction (7% or so, compared to more typical 10%+). They were intent on taking the absolute minimum of risk, when they really should have aimed for a pre-leasing rate of 50-60%, thus adding several floors and enhancing the projected return by having the upside of additional floors to lease at higher rental rates.

Here's what's most shocking though - until Morningstar came along as the building's anchor tenant, Mills was actually prepared to construct just a 5-story building for CBS. The city pushed back on this. This was mentioned by (I believe CEO Larry Siegel) on an earnings call 1-2 years ago... Can you imagine what a tragedy that would have been? A low-rise building at that corner 'framing' Daley Plaza? So I'm certainly thankful we didn't end up with that nonsense!

At the end of the day, after all of this drama involving the residential component shifting from Golub to Freed, I have to remind myself of the ultimate light at the end of the tunnel: one day soon Mills will be completely gone and will have NOTHING to do with the project - now that will be an event worthy of hearty celebration!

honte · #**1346** Posted **Mar 20, 2007, 1:34 PM**

^ No joke. Mills was such a schlocky developer, I was always surprised the Daley administration went for them.

pherek · #**1347** Posted **Mar 21, 2007, 7:51 AM**

3/20/07

The CBS building thru Macy's dirty glass

Looks like caisson action at the northwest corner of the block. Is this new?

headcase · #**1348** Posted **Mar 21, 2007, 10:44 PM**

Quote:

Originally Posted by Lukecuj

Daley plaza pics looks so much cooler now with cbs/morningstar office in the back ground.

The other thing that is interesting is since that picture they have put a small fence around the Picasso, about the same size as the one around the flame.

SSDD

ardecila · #**1349** Posted **Mar 21, 2007, 11:34 PM**

That sucks. Picasso only did the sculpture under the assumption that it would be publicly enjoyed, not displayed as if in a gallery.

Citizen · #**1350** Posted **Mar 21, 2007, 11:57 PM**

Not to worry. The fence is probably a leftover from the recent protests in Daley Plaza. Get a job people. :-)

i_am_hydrogen · #**1351** Posted **Mar 22, 2007, 4:31 PM**

delete.

SamInTheLoop · #**1352** Posted **Mar 23, 2007, 1:53 PM**

With all of the drama involving the project in the last couple weeks, it was great to walk by the site yesterday and see visible progress - steel erection continuing on the office building (they are working on floors 7 and 8 now) and caisson work continuing for the residential towers.

I think Freed has done some great projects (particularly I'm thinking of their adaptive re-use developments) and I don't worry too much about them taking over the retail and now the residential components. However, one thing about Golub that I like is their partnerships with very deep-pocketed institutional equity investors (such as BlackRock, AEW etc). I'm not certain if Freed has such strong partnerships with these types of investor partners, but I sure hope that they do!

SamInTheLoop · #**1353** Posted **Mar 24, 2007, 7:54 PM**

Walked by the site at about 9pm yesterday and they were still pouring caissons.....this morning there was excavation work on a Saturday - it's nice to see they are working as if on a firm deadline on this project!

I have another question re the Freed takeover of the residential portion: I am wondering if they are as committed as Golub seemed to be of moving forward with the residential towers almost immediately upon completion of the retail podium (Golub indicated construction of both residential towers would begin in 2008), or are they going to needlessly 'dilly-dally' for a couple years? This question could be related to my previous one regarding the existence of equity investment partners that Freed will undoubtedly need to pull off this massive project...

Chi_Coruscant · #**1354** Posted **Mar 24, 2007, 9:06 PM**

I am thinking about that too. I am hoping Freed would bring the hotel portion back to the mix. Plus it would be even nicer to bring the movie theater as well. This is a promising project that would eventually replace now-dead Marshall Field's and recently-vacated Carson as the heart and pulse of the State Street. I cannot see any reason why they shouldn't be there.

SamInTheLoop · #**1355** Posted **Mar 26, 2007, 4:02 AM**

Quote:

Originally Posted by Chi_Coruscant

I am thinking about that too. I am hoping Freed would bring the hotel portion back to the mix. Plus it would be even nicer to bring the movie theater as well. This is a promising project that would eventually replace now-dead Marshall Field's and recently-vacated Carson as the heart and pulse of the State Street. I cannot see any reason why they shouldn't be there.

An upscale movie theater makes so much sense at this location that I'm sure it probably won't happen (also it's been reported that Daley has a certain distaste for movie theaters resulting from what the old theaters on block 37 turned into). In fact, if done right, it would probably be the ideal use for part of the 3rd and 4th floors.

SamInTheLoop · #**1356** Posted **Mar 28, 2007, 12:16 PM**

I'm hoping the transaction with Freed can close fairly quickly, so we can learn about Freed's plans. Perhaps I'm being too pessimistic, but I really worry we'll actually wind up with a worse design than the Gensler podium-SCB residential towers. The design could certainly be improved, but frankly I think the chances are greater for it to get worse. If they do bring back a hotel, I hope it has more than the previoulsy planned 300 rooms. Unless we're talking about huge luxury suites, a hotel at Block 37 should easily have at least 500 or so rooms. At any rate, I hope Freed is as up-front with their plans for the 2 non-office towers as Golub seemed to be, and hopefully they are much, much, much more up-front with their plans for the retail portion than Mills was (afterall, there is public money involved - this is reason enough for some level of public transparency regarding this development)...

honte · #**1357** Posted **Mar 28, 2007, 12:27 PM**

^ I hadn't thought of the notion that they could scrap the Gensler part.... that would be a shame, I agree, because I doubt that part would get any better.

But the retail design is so far along in development, I highly doubt they will be let go. If anything, they know so much about the phasing of the site and the peculiar aspects of its planning. The caisson plan I saw was really complex. Also, I think the CTA has hired them to do the station anyway (I can't recall if this is a hard fact), so they probably will continue to be involved.

SamInTheLoop · #**1358** Posted **Mar 28, 2007, 5:32 PM**

Quote:

Originally Posted by honte

^ I hadn't thought of the notion that they could scrap the Gensler part.... that would be a shame, I agree, because I doubt that part would get any better.

But the retail design is so far along in development, I highly doubt they will be let go. If anything, they know so much about the phasing of the site and the peculiar aspects of its planning. The caisson plan I saw was really complex. Also, I think the CTA has hired them to do the station anyway (I can't recall if this is a hard fact), so they probably will continue to be involved.

I'm definitely jealous that you got a look at the engineering schematics - I'm fascinated by the complexity of this project and what's going on right now underground...

SamInTheLoop · #**1359** Posted **Mar 31, 2007, 4:50 PM**

Walked by the site yesterday and they appeared to have removed most if not all of the larger rigs.....could caisson work be pretty much finished??

AnotherPunter · #**1360** Posted **Mar 31, 2007, 10:35 PM**

Fire hits Loop high-rise under construction

By Jason Meisner and Emma Graves Fitzsimmons
Tribune staff reporters
Published March 31, 2007, 4:14 PM CDT

Welders working in a high-rise building under construction in the Loop ignited a smoky fire this afternoon, but no injuries were reported, fire department officials said.

The fire broke out around 3:30 p.m. in the building at 22 W. Washington St., Chicago Fire Department spokesman Kevin MacGregor said.

"It's a building under construction, basically a steel structure with a concrete elevator shaft in the interior," MacGregor said. The building frame was currently about eight stories high, he said.

Fire Department Deputy District Chief Winston Williams said sparks from welders working on one of the upper floors fell into a pile of wood on the ground floor, igniting the fire.

The blaze spread to some plastic construction materials, causing "heavy black smoke" that poured from the structure before the blaze could be brought under control, MacGregor said.

Five ambulances were called to the scene as a precaution, but all the construction workers got out of the building safely.

"We knocked it down pretty quick," MacGregor said. The alarm was struck shortly before 4 p.m., he said.

Williams said there was no structural damage to the building and construction could resume on schedule.