CHICAGO | Aqua | 858 FT / 262 M | 87 FLOORS - Page 81

BlueStar · #**1601** Posted **Aug 12, 2007, 3:13 PM**

I was by the sales office recently and have a few interesting tid bits. Aqua is, as you know, well underway with no known issues impeding construction. That said, talk with sales will reveal the standard finish date of the end of 2009, early 2010. Further questioning reveals only the same, but reading between the lines strongly suggests that the official construction schedule terminates in early Spring, 2010. This would be most relevant to the condo purchasers near the top floors. Other facilities below (rental & hotel) will likely be in operation long before that.

Another note of great interest: sales have surpassed 90%. That is very encouraging if not to say that it would be shocking if a single unit remained unsold by the time construction had reached the top. I know in January sales told me they were at 85%. So, they filled 5% in 9 months. Resting on the strength of extrapolation, there should be little if anything unsold in 18 months, granted the last handful are the units that are least desirable.

I reconfirmed the previous note on Bed, Bath & Beyond as an anchor tenant. That turns out to be no longer the case. From what I can tell, either there was false information in the pipe, strong interest that never came to light or a cancellation of contract. Currently the information being provided by sales to the public indicates no signed tenants for the retail space in Aqua.

Ancillary projects that may be related to owners of Aqua might include the construction of the mall next to 340 OTP. The site has been cleared, but the project is on hold for the winter. The only signed space is Treasure Island. They intend to sit on the project for a few months in an effort to contract more sales with a hopeful start date in the spring.

A side note. I've noticed that there seems to arising a division between the Hotel conference add on and the main pedestal of Aqua. I'm wondering if that is going to be treated as an entirely separate project, if not being constructed for some months to come.

In the same light, it may be argued that the town homes underneath the pedestal of Aqua facing the park are now half constructed. Strange I haven't heard a peep from sales or their website about selling what could clearly be certified as habitable in less than 9 months. I forgot to ask while I was there.

hartss · #**1602** Posted **Aug 12, 2007, 3:32 PM**

Have they named the hotel operating company yet?

Kngkyle · #**1603** Posted **Aug 12, 2007, 3:34 PM**

Quote:

Originally Posted by hartss

Have they named the hotel operating company yet?

I'm pretty sure it is Strategic.

Dr. Taco · #**1604** Posted **Aug 12, 2007, 4:18 PM**

^^^ very good words, Bluestar. thanks for that

Alliance · #**1605** Posted **Aug 12, 2007, 4:23 PM**

Quote:

Originally Posted by BlueStar

I was by the sales office recently and have a few interesting tid bits. Aqua is, as you know, well underway with no known issues impeding construction. That said, talk with sales will reveal the standard finish date of the end of 2009, early 2010. Further questioning reveals only the same, but reading between the lines strongly suggests that the official construction schedule terminates in early Spring, 2010. This would be most relevant to the condo purchasers near the top floors. Other facilities below (rental & hotel) will likely be in operation long before that.

Another note of great interest: sales have surpassed 90%. That is very encouraging if not to say that it would be shocking if a single unit remained unsold by the time construction had reached the top. I know in January sales told me they were at 85%. So, they filled 5% in 9 months. Resting on the strength of extrapolation, there should be little if anything unsold in 18 months, granted the last handful are the units that are least desirable.

I reconfirmed the previous note on Bed, Bath & Beyond as an anchor tenant. That turns out to be no longer the case. From what I can tell, either there was false information in the pipe, strong interest that never came to light or a cancellation of contract. Currently the information being provided by sales to the public indicates no signed tenants for the retail space in Aqua.

Ancillary projects that may be related to owners of Aqua might include the construction of the mall next to 340 OTP. The site has been cleared, but the project is on hold for the winter. The only signed space is Treasure Island. They intend to sit on the project for a few months in an effort to contract more sales with a hopeful start date in the spring.

A side note. I've noticed that there seems to arising a division between the Hotel conference add on and the main pedestal of Aqua. I'm wondering if that is going to be treated as an entirely separate project, if not being constructed for some months to come.

In the same light, it may be argued that the town homes underneath the pedestal of Aqua facing the park are now half constructed. Strange I haven't heard a peep from sales or their website about selling what could clearly be certified as habitable in less than 9 months. I forgot to ask while I was there.

This is excellent. Too bad it wasn't taller

EarlyBuyer · #**1606** Posted **Aug 12, 2007, 4:35 PM**

Thank you BlueStar for this update!

EarlyBuyer · #**1607** Posted **Aug 12, 2007, 4:41 PM**

Quote:

Originally Posted by hartss

Have they named the hotel operating company yet?

The owner of the hotel portion in Aqua is Strategic Hotels (a Chicago based REIT that owns hotel and resort buildings, however does not operate them). The operator of the hotel at Aqua will be Fairmont Hotels and Resorts, and will be considered the "upgraded" or "heightened luxury" tower of the existing Fairmont Hotel.

EarlyBuyer · #**1608** Posted **Aug 12, 2007, 4:48 PM**

Presently only six units are left unsold at Aqua with prices ranging from $647,000 for a one-bedroom plus den, to $2.1 million for a three-bedroom plus den penthouse.

Click here to see the listings: http://magellansells.com/properties.php?catID=2

PansitPinoy · #**1609** Posted **Aug 12, 2007, 5:59 PM**

That's awesome. Aqua II isn't that far along now, I hope.

Nowhereman1280 · #**1610** Posted **Aug 12, 2007, 6:02 PM**

^^^ Actually, the "Aqua II" site will not be developed for several years, the next building in LSE to be marketed and built will be the architeqtronica one that was announced a few months ago...

You know, the one that is the vagina to the CS phallice...

Alliance · #**1611** Posted **Aug 12, 2007, 6:30 PM**

..ie not at all.

PansitPinoy · #**1612** Posted **Aug 13, 2007, 4:43 AM**

Quote:

Originally Posted by Nowhereman1280

^^^ Actually, the "Aqua II" site will not be developed for several years, the next building in LSE to be marketed and built will be the architeqtronica one that was announced a few months ago...

You know, the one that is the vagina to the CS phallice...

Ah, thanks for the info, nwm.

Knightwing · #**1613** Posted **Aug 13, 2007, 5:01 AM**

Quote:

Originally Posted by Nowhereman1280

You know, the one that is the vagina to the CS phallice...

I never thought of it like that; hmmm...

EarlyBuyer · #**1614** Posted **Aug 13, 2007, 11:27 PM**

Taken 8/13/07 by EarlyBuyer

harryc · #**1615** Posted **Aug 13, 2007, 11:33 PM**

Quote:

Originally Posted by EarlyBuyer

Taken 8/13/07 by EarlyBuyer

Does anyone know what the thing is in the lowest yellow crane section ?
Almost looks like a lifting jack.

hartss · #**1616** Posted **Aug 14, 2007, 1:32 AM**

Quote:

Originally Posted by EarlyBuyer

The owner of the hotel portion in Aqua is Strategic Hotels (a Chicago based REIT that owns hotel and resort buildings, however does not operate them). The operator of the hotel at Aqua will be Fairmont Hotels and Resorts, and will be considered the "upgraded" or "heightened luxury" tower of the existing Fairmont Hotel.

Thanks for the info (to all who responded). I stayed at the existing Fairmont last year, and it is showing its age. I would think that the new tower opening will necessitate a major renovation of the older hotel. Looking forward to staying at the Fairmont Aqua someday!

aaron38 · #**1617** Posted **Aug 14, 2007, 1:56 AM**

Quote:

Originally Posted by harryc

Does anyone know what the thing is in the lowest yellow crane section ?
Almost looks like a lifting jack.

It IS a lifting jack. It's how the tower crane grows taller, by jacking up the crane so new frame sections can be placed.

JuniorReb · #**1618** Posted **Aug 14, 2007, 3:18 AM**

Aaron, you are wrong on that. The Yellow Aqua crane will be a bottom climber just like the Trump Cranes. That is the same device we have at the bottom of our tower cranes at Trump.

aaron38 · #**1619** Posted **Aug 14, 2007, 7:28 PM**

Ah, okay, thanks JR.

harryc · #**1620** Posted **Aug 14, 2007, 7:43 PM**

Quote:

Originally Posted by JuniorReb

Aaron, you are wrong on that. The Yellow Aqua crane will be a bottom climber just like the Trump Cranes. That is the same device we have at the bottom of our tower cranes at Trump.

So it is a lifting jack, only it lifts the entire tower, which doesn't go all the way to the ground but is hanging on in the same manner as the self raising forms.

This answers another question as well, thx.