CHICAGO | Boom rundown - everything over 12 floors. v5 - Page 137

i_am_hydrogen · #**2721** Posted **Aug 10, 2007, 2:36 PM**

Quote:

Originally Posted by Knightwing

Anyone heard from Steely?

He's on vacation for about a week.

Knightwing · #**2722** Posted **Aug 10, 2007, 2:44 PM**

Quote:

Originally Posted by i_am_hydrogen

He's on vacation for about a week.

Time to act a fool

Knightwing · #**2723** Posted **Aug 10, 2007, 2:56 PM**

Quote:

Originally Posted by Tom In Chicago

Shouldn't SoNo begin construction by Q3 '07?

Dont know if you've read this article but yea it looks like they should be going forward pretty soon:

http://chicagobusiness.com/cgi-bin/news.pl?id=25951&seenIt=1

spyguy · #**2724** Posted **Aug 11, 2007, 4:17 AM**

Quote:

Originally Posted by SamInTheLoop

I know - it's extremely refreshing if true that the neighbors actually are demanding tall and thin. I also hope they're demanding much better aesthetics than the initial rendering that was previously posted. It was some pretty grotesque dreck.....again, had a design-build look to it.....

What I believe the updated version looks like

ardecila · #**2725** Posted **Aug 11, 2007, 4:22 AM**

Still nowhere near groundbreaking, but it looks much better.

The brown color is reminiscent of the tower in K Station, but less reddish and more yellowish.

SamInTheLoop · #**2726** Posted **Aug 11, 2007, 5:09 PM**

^ Agree - that design is at least definitely moving in the right direction...

Steely Dan · #**2727** Posted **Aug 11, 2007, 6:03 PM**

i'm back, did any big news drop while i was gone? any updates that need to be made to page 1?

Rocket1 · #**2728** Posted **Aug 11, 2007, 6:26 PM**

^^^

Nothing major that I know of.

You go anywhere interesting on vacation?

Loopy · #**2729** Posted **Aug 11, 2007, 7:21 PM**

Renaissant is throwing a gala tent party tonight at 1000 South Michigan to celebrate "ground breaking" on Park 1000.

So, hopefully this one will finally happen soon.

jpcoco50 · #**2730** Posted **Aug 11, 2007, 7:48 PM**

Anyone hear what happened to HoM Chicago? Their website reads they are no longer taking contracts.

SamInTheLoop · #**2731** Posted **Aug 11, 2007, 9:00 PM**

Quote:

Originally Posted by Loopy

Renaissant is throwing a gala tent party tonight at 1000 South Michigan to celebrate "ground breaking" on Park 1000.

So, hopefully this one will finally happen soon.

Good news, let's get this one under construction so hopefully Renaissant can start to make serious progress on a project that will truly be a great addition to the South Loop - of course Park Michigan...

SamInTheLoop · #**2732** Posted **Aug 11, 2007, 9:04 PM**

Quote:

Originally Posted by jpcoco50

Anyone hear what happened to HoM Chicago? Their website reads they are no longer taking contracts.

I saw that as well. I'm sure the units didn't sell well (for the second time, mind you!). I think it's pretty funny actually - after the project sold poorly the first time (Aristocrat Tower), the goofy developer (Provence - is it Warman?) thought he could change the name and marketing strategy and that would lead to a different result. It apparently did not occur to him that it might help to radically change the POS design. I believe the is the same character that is bringing us the silly sentimentally designed.....

SamInTheLoop · #**2733** Posted **Aug 11, 2007, 9:05 PM**

Which, by the way, finally has the base of its tower crane up...

Knightwing · #**2734** Posted **Aug 11, 2007, 9:05 PM**

^Welcome back

SamInTheLoop · #**2735** Posted **Aug 11, 2007, 9:22 PM**

Speaking of superficial ceremonial groundbreakings, I walked by Wacker and Randolph today and it didn't look like anything has really changed since the groundbreaking party Buck held a couple weeks ago. I found it curious that National Wrecking equipment is still just sitting there on the site. Perhaps a minor hiccup getting this one underway - shortage of caisson equipment? Dispute with a contractor? Problem securing all necessary permits (I thought this unlikely due to the LEED pre-cert.) Or (and I'm hoping this isn't the case) has the lending consortium approached Buck demanding renegotiation of terms? One has to admit with the current turmoil in the debt markets the timing for this one to have a construction loan finalized could not be worse. Hopefully if this is the case one of the the JV partners (Morgan Stanley and I'm blanking on the other one at the moment) or the latest Buck opportunistic fund could just inject another $30-50 million of equity to satisfy new lender requirements. One thing is for sure on this project - with Skadden Arps under lease to take occupancy of their space in July 2009, there is little time to waste - this project was already on a fast track as it was, now there is even less room for delay. I would think caisson construction needs to begin within 1 month at most for a reasonable chance of an on-schedule delivery...

the urban politician · #**2736** Posted **Aug 11, 2007, 11:03 PM**

EDIT--mispost

brian_b · #**2737** Posted **Aug 12, 2007, 1:03 AM**

Quote:

Originally Posted by SamInTheLoop

Speaking of superficial ceremonial groundbreakings, I walked by Wacker and Randolph today and it didn't look like anything has really changed since the groundbreaking party Buck held a couple weeks ago. I found it curious that National Wrecking equipment is still just sitting there on the site. Perhaps a minor hiccup getting this one underway - shortage of caisson equipment? Dispute with a contractor? Problem securing all necessary permits (I thought this unlikely due to the LEED pre-cert.) Or (and I'm hoping this isn't the case) has the lending consortium approached Buck demanding renegotiation of terms? One has to admit with the current turmoil in the debt markets the timing for this one to have a construction loan finalized could not be worse. Hopefully if this is the case one of the the JV partners (Morgan Stanley and I'm blanking on the other one at the moment) or the latest Buck opportunistic fund could just inject another $30-50 million of equity to satisfy new lender requirements. One thing is for sure on this project - with Skadden Arps under lease to take occupancy of their space in July 2009, there is little time to waste - this project was already on a fast track as it was, now there is even less room for delay. I would think caisson construction needs to begin within 1 month at most for a reasonable chance of an on-schedule delivery...

I walk past the site almost every morning on my way to work. They're still jackhammering away at the old foundation. It's been a busy worksite in the mornings as recently as yesterday

the urban politician · #**2738** Posted **Aug 12, 2007, 4:46 AM**

Posted at SSC:

Quote:

Originally Posted by Lux Veritas

XO is dead. Financing was via Countrywide; they've pulled out for a number of reasons:

1) pending downzoning (they don't want to be involved with any legal uncertainty),
2) slow sales (a month ago, the fraction of units sold was about a third),
3) armageddon in credit markets,
4) Coutrywide's particular woes (they are pulling financing all over and will likely go bankrupt).

Unfortunately, that financing was sort of a package deal -- taking with it many of their other projects (including some financing for the parcel south of River City). Overall, F&G are spread thin; they hold an ungodly amount of unlet commercial space. I'd hazard that they might even go into bankruptcy.

Where will this leave all these projects? People who've "bought"? No idea; we're entering uncharted territory.

honte · #**2739** Posted **Aug 12, 2007, 4:59 AM**

^ TUP, I know where you got this, but what the hell is that? Is it April Fools' Day?

the urban politician · #**2740** Posted **Aug 12, 2007, 5:10 AM**

^ No, why would you say that?

EDIT: Unless this Lux Veritas guy is a reincarnation of Jeff Ayersman. But I doubt that...