CHICAGO | Boom rundown - everything over 12 floors. v5 - Page 232

VivaLFuego · #**4621** Posted **Nov 30, 2007, 5:45 PM**

Quote:

Originally Posted by Chicago Shawn

Oh well. The land those projects are sitting on is only getting more valuble the longer they sit empty.

...which just means that whenever something is built there, the developer will have to increase the price of the units to make his margin on the project to please the investors...and the price would increase even further assuming Slick Bobby keeps density down to "keep the neighborhood hot". Hooray for cost-of-living increases.

SamInTheLoop · #**4622** Posted **Nov 30, 2007, 6:57 PM**

Quote:

Originally Posted by Loopy

Avalon/2100 is OK. It is outside of PDNA's area, and sales have begun.

I'm not quite as sure. Isn't this also a JV with the same investors? Also, they don't even own the land yet, do they (I assumed it was just under contract, with again the same investors)? This could be very problematic despite being well into the marketing program....which by the way, how are sales going - what's the current percentage sold, anybody?

BVictor1 · #**4623** Posted **Nov 30, 2007, 7:02 PM**

2 things:

1- The base of the tower crane is in place for Streeter Place.

2- I've just herad a rumor that MCL is thinking about pushing the height of Park View East to about 57 stories.

Alliance · #**4624** Posted **Nov 30, 2007, 7:11 PM**

You mean Parkview East...

...but wow, thats more than doubling it.

Mr Downtown · #**4625** Posted **Nov 30, 2007, 7:12 PM**

Um, reality check, guys.

Rokas International is not a big diversified REIT or experienced multifamily developer. It's some guy who has some friends in Europe with money. At the moment, it looks like they've built and delivered a grand total of something like 15 units.

So the downtown condo market softens, the dollar plunges like crazy, the partners start squabbling--and you guys think a minor redesign of one building is evidence of a vast NIMBY conspiracy? What's next? Discovery that a PDNA member was on a school trip in Dallas in Nov. 1963?

BVictor1 · #**4626** Posted **Nov 30, 2007, 7:50 PM**

Quote:

Originally Posted by Mr Downtown

Um, reality check, guys.

Rokas International is not a big diversified REIT or experienced multifamily developer. It's some guy who has some friends in Europe with money. At the moment, it looks like they've built and delivered a grand total of something like 15 units.

So the downtown condo market softens, the dollar plunges like crazy, the partners start squabbling--and you guys think a minor redesign of one building is evidence of a vast NIMBY conspiracy? What's next? Discovery that a PDNA member was on a school trip in Dallas in Nov. 1963?

Wouldn't be suprised

Marcu · #**4627** Posted **Nov 30, 2007, 8:20 PM**

I wouldn't be overly concerned about "Slick Bobby" just yet. Developers still run the show. He knows that if they really want him out, he'll be out. And Daley needs the property taxes. Union hack Reilly needs to deliver the union construction jobs to stay in power as well. You won't see any Wal-Marts, but you will see development.

aaron38 · #**4628** Posted **Nov 30, 2007, 8:35 PM**

Quote:

Originally Posted by BVictor1

2- I've just herad a rumor that MCL is thinking about pushing the height of Park View East to about 57 stories.

Interesting rumor, that would hit 600'. Streeterville must be doing quite well on sales, everything is getting height increases as the available land dwindles.

I wouldn't be surprised if that stubby W=A rental tower gets a growth spurt.

VivaLFuego · #**4629** Posted **Nov 30, 2007, 9:31 PM**

Quote:

Originally Posted by Marcu

I wouldn't be overly concerned about "Slick Bobby" just yet. Developers still run the show. He knows that if they really want him out, he'll be out. And Daley needs the property taxes. Union hack Reilly needs to deliver the union construction jobs to stay in power as well. You won't see any Wal-Marts, but you will see development.

I hope you're right on both counts; based on their election circumstances (which gave Reilly his nickname), your take is plausible, but I've yet to see any action or hear any words from either of them suggesting that these interests are being taken into consideration; it's been nothing but NIMBY and BANANA acquiescence on all matters relating to development. The last elections were devastating to City Hall's influence in the Council Chamber, so I'm not sure such concerns (namely, property taxes and powerful developers) will have much sway on Slick Bobby. Hack Reilly certainly knows who put him in power, but I wouldn't put it past this budding power broker to try to make a clean break and lock-in a loyal and well-funded constituency of Gold Coast NIMBYs; lest we forget the amount of money those people spent to keep anything from getting built at 1350 Lake Shore Drive.

GregBear24 · #**4630** Posted **Nov 30, 2007, 11:29 PM**

Is it possible that the aldermen are slowing things down in order to bring more quality design and function to these neighborhoods? They may come off as a bit anti-development, but there have been a fair share of problems residents have had with some developments that have gone through- at least in the 2nd ward from what I know. X/O looks like a go eventually, and maybe Fioretti just doesnt want things to be so easy for developers so that more Visions on State and Marquee Michigans don't happen.

brett7three · #**4631** Posted **Nov 30, 2007, 11:54 PM**

FYI - The Citygate Central Grand appears to be topping out (in Naperville). It's listed in page 1 of the thread as being Proposed.

the urban politician · #**4632** Posted **Dec 1, 2007, 2:44 AM**

I wonder how See Wong's Imperial Plaza Hotel (or whatever) development in Chinatown is coming along. That's one I've been wanting to see happen. Chinatown has so much potential but is so underutlized (HATE all those damn parking lots)

simcityaustin · #**4633** Posted **Dec 1, 2007, 4:25 AM**

According to http://seewong.com/foremeraldhomes.html construction is slated to start in Spring '08

denizen467 · #**4634** Posted **Dec 1, 2007, 5:07 AM**

Quote:

Originally Posted by aaron38

I wouldn't be surprised if that stubby W=A rental tower gets a growth spurt.

Do you mean the 40-story building north of W-A being developed by that Texas firm? If so, it's not a "W-A rental tower"; it has absolutely nothing to do with W-A except that it's next door.

Nowhereman1280 · #**4635** Posted **Dec 1, 2007, 5:10 AM**

^^^ It was joke pointing out how fortunate we are here in Chicago to have buildings like W=A lurking in the shadows of our other buildings...

denizen467 · #**4636** Posted **Dec 1, 2007, 5:27 AM**

I don't think so - W-A is not a rental but a condo tower, so I think aaron38 was referring to the neighbor between W-A and the movieplex as opposed to joking how short W-A is being in the shadow of CS. And indeed, 40 stories (or whatever it was) is getting to be stubby for that location.

Nowhereman1280 · #**4637** Posted **Dec 1, 2007, 6:46 AM**

Yeah, perhaps you are right?

honte · #**4638** Posted **Dec 1, 2007, 3:42 PM**

Quote:

Originally Posted by the urban politician

I wonder how See Wong's Imperial Plaza Hotel (or whatever) development in Chinatown is coming along. That's one I've been wanting to see happen. Chinatown has so much potential but is so underutlized (HATE all those damn parking lots)

As I mentioned earlier, the building is being marketed as a hotel condo all over Chinatown. They certainly have the marketing in full swing (within the community, at least), but unless they have a backup plan to construct and operate it as a normal hotel, I am very curious to see if the plan will be realized. I don't have any numbers on the ratio of for sale / traditional units, or the sales velocity at this time, but certainly this is a rather new concept in Chicago overall (with mixed results), and an entirely new one in Chinatown.

the urban politician · #**4639** Posted **Dec 1, 2007, 3:48 PM**

^ I thought I once read that See Wong is also marketing this development to investors back in China

skobabe8 · #**4640** Posted **Dec 1, 2007, 4:36 PM**

Quote:

Originally Posted by SamInTheLoop

I'm not quite as sure. Isn't this also a JV with the same investors? Also, they don't even own the land yet, do they (I assumed it was just under contract, with again the same investors)? This could be very problematic despite being well into the marketing program....which by the way, how are sales going - what's the current percentage sold, anybody?

I purchased a loft unit at 2100 early summer. As of 3 or 4 weeks ago:

20/42 lofts have been sold and around 40/163 condos. I dont pretend to be an expert on sales or marketing, but it seems to me that 2100 isnt as well known as some other projects in the south loop. They should pay me for trying to spread the word.

By the way, if anyone is interested: http://www.2100condos.com/