CHICAGO | Boom rundown - everything over 12 floors. v5

[SamInTheLoop]

Originally Posted by Chicago Shawn

Well, originally the area to be built as LSE was supposed to be twice as dense, I talking somewhere in the range of 9,500 residential units and 1.7 million square feet of office space. Its part of PD 70, which includes ALL of Illinois Center. I would have obtain a copy of the PD and take a good look at the numbers to refresh my memory. The currently approved plan for Lake Shore East calls for about 5,000 units with some office space alang Columbus in towers up to 75 stories which was traded for Aqua, which I believe was through admistrative adjustments. The LSE plan was approved with basic massing "place holders", generic boxes that displayed the hieght and bulk regultions for each building. If major changes where to take place, especially with the FAR transfers from the Aqua II site for the placement of the school, as the newspaper article mentioned a while back, that would more than likely require an amendment, especially since the LSE project falls within the privately owned section of the Lakefront Protection Zone (i.e. near the lake but west of LSD), any sizeable changes often have to face extra review and approvals.

Ah - now it's coming back to me......it would be awesome if we could somehow split the difference and get back to around 7,000-7,500 units.....I wonder what the NIMBIEs would demand in order to accept....or would they ever???

[trvlr70]

Originally Posted by Chicago Shawn

The Congress addition is on the rear of the building. Only one floor will rise above the present roof line As for the Daley News raping, IMO that project needs to die quickly.

Is there an article concerning the Congress? The hotel is absolute dump yet has the potential to be amazing.

[aaron38]

Originally Posted by i_am_hydrogen

In order to answer your question, it's necessary to distinguish between the developer, Greystone Communities, and the individual owners. For Greystone, it depends on where the profits are going. Under the Internal Revenue Code, for a religious organization to maintain its tax exempt status, no profit can inure to any private shareholder or individual. Thus, if profits from the purchase and development of the parcel of real property are being used to further a religious or charitable purpose, tax exempt status is not endangered. As for the individual owners, I'll have to do some research on it. It would be helpful to be able to see the contracts of sale which promise tax exemption.

I agree it's not inconsistent for the Franciscan nuns to get the proceeds from the Clare tax free.
The main focus of the ABC 7 investigation was that
"The building has been promissed as a tax shelter to rich retirees, who won't pay property taxes and will get city services essentially for free."

Sam's right, there may be lawsuits comming if people were prommised a status they're not entitled to.

[wholehog]

Originally Posted by honte

Lynn Becker reports on possible forthcoming desecrations to Marina City:

http://lynnbecker.com/repeat/marinacitycurdles/marinacitycurdles.htm

I am a resident of Marina City. The total lack of respect for the complex by the commercial ownership is stunning. The Dick's Last Resort plans are a thumb in the eye of Goldberg's vision.

[wrab]

More on the Zell/2 N Riverside story from the Trib, and a map of the site. I hope that they tread carefully with this one.


http://www.chicagotribune.com/business/chi-thu_dailynews_0110jan10,1,7242532.story

[Norsider]

Originally Posted by wrabbit

More on the Zell/2 N Riverside story from the Trib, and a map of the site. I hope that they tread carefully with this one.
http://www.chicagotribune.com/business/chi-thu_dailynews_0110jan10,1,7242532.story

To me, this is a structure that you go to the mat over. My usual response to some random "gem" being torn down is a big who cares, but that's just cause I'm saving up all my energy for fights like these. Losing the Daily News building would just suck beyond belief..

[Alliance]

Its ok, I'm sure it will be replaced by a beautiful LaGrange MASTERPIECE

[honte]

Originally Posted by wholehog

I am a resident of Marina City. The total lack of respect for the complex by the commercial ownership is stunning. The Dick's Last Resort plans are a thumb in the eye of Goldberg's vision.

I'm curious, why don't the residents get together and go to the city with a demand for landmarking? Steely, want to head it up? Don't forget, you'd also get the Class L tax benefits from doing this.

The residential units (at least from the exterior) have been maintained impeccably. It's the commercial ownership, as you say, that is screwing the place up.

Furthermore, the most intriguing aspect of this is the spilt ownership. Clearly, the commercial owner would voice the loud objection to the landmark process, probably due to the (perceived) restrictiveness at the ground level. It would have very little impact on the residential owners, however. So - even more than normal - it seems like a winning situation.

[BVictor1]

http://www.chicagojournal.com/main.asp?SectionID=1&SubSectionID=60&ArticleID=3851&TM=64237.86

1/9/2008 10:00:00 PM

Development boom expected to slow
More ‘green’ development could sprout up

By HAYLEY GRAHAM
Editor


A new year means new trends and real estate may be interesting market to watch in 2008.

Development has been booming in the South Loop, and it has become one of the hottest and fastest growing neighborhoods in the country over the past few years. But due to a struggling economy and a slow housing market, development is expected to slow in 2008.

[ardecila]

Originally Posted by honte

I'm curious, why don't the residents get together and go to the city with a demand for landmarking? Steely, want to head it up? Don't forget, you'd also get the Class L tax benefits from doing this.

The residential units (at least from the exterior) have been maintained impeccably. It's the commercial ownership, as you say, that is screwing the place up.

Furthermore, the most intriguing aspect of this is the spilt ownership. Clearly, the commercial owner would voice the loud objection to the landmark process, probably due to the (perceived) restrictiveness at the ground level. It would have very little impact on the residential owners, however. So - even more than normal - it seems like a winning situation.

What residential owners? I thought Marina City was rental.

[Mr Downtown]

Marina City went condo in 1977.

[ardecila]

Oh. Well, then.....

[the urban politician]

Originally Posted by Norsider

To me, this is a structure that you go to the mat over. My usual response to some random "gem" being torn down is a big who cares, but that's just cause I'm saving up all my energy for fights like these. Losing the Daily News building would just suck beyond belief..

^ Yeah, it would suck. Luckily that's not what Zell has planned. It's the plaza that would be destroyed

[Northwest]

Originally Posted by Chicago Shawn

No reason as to why the Dominick's couldn't be under a couple of high-rises. Surface parking is a vast waste of land 1/4 mile from a transit station and at the start of the CTA bus route 147 express run to Michigan Avenue (only 8 minutes without traffic).

Well I greee with you here. The Dominick's site is closer to the Foster Ave red line trains than that shitty motel is. And the grocery store could be re-invented (in much better form I hope) at the base of possible new towers, ala that shitty sorta-tall thing built just west of 90-94 in the West Loop that has the grocery store at the base. I dont even want to remember its name, built in '02 or '03 or whereabouts, its nasty, and the grocery store is not convienient, except if you live in that ugly tower.
If we have a good proposal for that land, I would be more than happy to lose the suburban style grocery store, and get a nice tower on this spot!

[VivaLFuego]

Originally Posted by Northwest

shitty sorta-tall thing built just west of 90-94 in the West Loop that has the grocery store at the base. I dont even want to remember its name, built in '02 or '03 or whereabouts, its nasty, and the grocery store is not convienient, except if you live in that ugly tower.

Skybridge? Most people quite like that one.

[Northwest]

Originally Posted by VivaLFuego

Skybridge? Most people quite like that one.

Well it pushes the skyline west of the Kennedy. But the architecture does not please me, it just looks cheap to me. Im looking forward to the day when this does not stick out, and becomes simple infill for other, better towers.

[LaSalle.St.Station]

Zell is on my shit list.... used to respect the guy for finding value in uderdog companies..... but the utter lack of respect for the old Daley News building when your a frickin billionair.... Greed is such a destructive force... When so many of the old guard fought for public vistas of our water front.... this tool wants to destroy a treasured river site vista...... a big middle fing to you Zell.

[BVictor1]

Originally Posted by LaSalle.St.Station

Zell is on my shit list.... used to respect the guy for finding value in uderdog companies..... but the utter lack of respect for the old Daley News building when your a frickin billionair.... Greed is such a destructive force... When so many of the old guard fought for public vistas of our water front.... this tool wants to destroy a treasured river site vista...... a big middle fing to you Zell.

Amen!

[Chicago Shawn]

There are some caisson cranes on the K Station site. Keep an eye out for that one. I will go by there this weekend to see if we have our first construction start of 2008.

[brian_b]

Originally Posted by Northwest

Well I greee with you here. The Dominick's site is closer to the Foster Ave red line trains than that shitty motel is. And the grocery store could be re-invented (in much better form I hope) at the base of possible new towers, ala that shitty sorta-tall thing built just west of 90-94 in the West Loop that has the grocery store at the base. I dont even want to remember its name, built in '02 or '03 or whereabouts, its nasty, and the grocery store is not convienient, except if you live in that ugly tower.
If we have a good proposal for that land, I would be more than happy to lose the suburban style grocery store, and get a nice tower on this spot!

What?!? That grocery store is very convenient for the entire neighborhood. It has free underground parking for the west loopers that refuse to walk, the #8 Halsted bus, the #20 Madison bus and the #127 Circulator bus all have stops right there. And on any day of the week you'll see lots of pedestrians going in and out. I'm 5 blocks away and pretty much everybody in my building walks there for grocery shopping.