CHICAGO | Boom rundown - everything over 12 floors. v5 - Page 316

BVictor1 · #**6301** Posted **Mar 11, 2008, 12:55 PM**

I forgot to mention yesterday that Walton on the Park is now officially under-construction.

I don't recall this being posted here. They started drilling caissons on Friday. I assume that this is going to be counted as 2 seperate buildings, and the sales center is still on site, but it was closed when i got over there.

the urban politician · #**6302** Posted **Mar 11, 2008, 2:23 PM**

^ Heh, when I was last in Chicago, that entire zone was full of parking lots and lowrise structures.

I figure I'm going to wonder into that area some day (by foot) and find myself a wee bit bewildered by all the change.

ardecila · #**6303** Posted **Mar 11, 2008, 8:59 PM**

^^ You're telling me. I go there every couple weeks, and even I'm astounded by how different Rush feels with The Clare and Elysian going up. 10 East Delaware and Walton OTP will do the same thing for State, once they start going vertical.

Basically, the whole area between State and Michigan is becoming very Manhattan-like, at least from a street-level perspective.

BVictor1 · #**6304** Posted **Mar 11, 2008, 9:02 PM**

Quote:

Originally Posted by ardecila

^^ You're telling me. I go there every couple weeks, and even I'm astounded by how different Rush feels with The Clare and Elysian going up. 10 East Delaware and Walton OTP will do the same thing for State, once they start going vertical.

Basically, the whole area between State and Michigan is becoming very Manhattan-like, at least from a street-level perspective.

That's not a bad thing is it?

emathias · #**6305** Posted **Mar 11, 2008, 10:33 PM**

Quote:

Originally Posted by BVictor1

That's not a bad thing is it?

Certainly not from a skyscraper standpoint. It'll only be a bad thing if the City can't figure out how to expand grade-separated transportation in the general area.

emathias · #**6306** Posted **Mar 11, 2008, 10:45 PM**

Quote:

Originally Posted by honte

Thanks for the link, Sam. You are looking at the NE corner of Canal and 18th. I do not think that site is Wong's.

Site may not be his, but I believe it is his project.

cbotnyse · #**6307** Posted **Mar 11, 2008, 10:54 PM**

Quote:

Originally Posted by ardecila

^^ You're telling me. I go there every couple weeks, and even I'm astounded by how different Rush feels with The Clare and Elysian going up. 10 East Delaware and Walton OTP will do the same thing for State, once they start going vertical.

Basically, the whole area between State and Michigan is becoming very Manhattan-like, at least from a street-level perspective.

I pass by there almost everyday and i agree. I love it. I think the Rush St boom is pretty late actually. Its a really great part of the city.

Its hard to imagine what the city will be like in 5 years. We are right in the middle of an awesome boom.

Dan in Chicago · #**6308** Posted **Mar 12, 2008, 1:49 AM**

Quote:

Originally Posted by Chicago Shawn

IF such a plan was in the works, it better be good; and be a modern design with some great intended contrast. No pre-cast attempted Gothic-lite mocking the heavy detail and craftsmanship of a true gem.

I agree with you 10000%. Nothing would be worse than a misguided attempt to "blend" with the gothic architecture. Sometime in the 1980s architects picked up this horrible idea that they could harmonize new designs with historical architecture by creating pastiches, and no one would notice the difference. Nothing could be further from the truth. The new buildings use mass-produced parts and lack any craftsmanship; they do NOT blend in. A modern foil would be much better for the Quigley site.

JV_325i · #**6309** Posted **Mar 12, 2008, 4:36 AM**

Thought I would start by doing a little virtual cheers to some of our recently completed/T.O. projects to put this boom into perspective a little. Best ones first!!!

Allure

Fairbanks at Cityfront Plaza

Dana Hotel

Parkview West

Streeter 1

600 Fairbanks and 550 St. clair

550 St. Clair

600 N. Fairbanks

Here are some construction updates from today:

Palomar

353 N. Clark

The Wit

Streeter Place

The first tower here is a mystery to me; one of you probably knows what it is. This picture was taken looking east from State and Oak/Erie (one of those). The second picture is mystery tower #1 (on the left) and another one on the right. I also don't know what this one is (|\|00|3 I know):

???

Dan in Chicago · #**6310** Posted **Mar 12, 2008, 7:03 AM**

^ The first picture (looking west from State on Superior) shows Superior 110. The second picture shows Superior 110 on the left and 757 Orleans on the right.

harryc · #**6311** Posted **Mar 12, 2008, 12:54 PM**

Great set JV325i. the one of Fairbanks - with all the reflectins - didn't look like that a few years ago.

aaron38 · #**6312** Posted **Mar 12, 2008, 1:20 PM**

Quote:

Originally Posted by JV_325i

Best ones first!!! - Allure

Ooh, you're gonna get flamed for that.

Complex01 · #**6313** Posted **Mar 12, 2008, 2:03 PM**

Very nice updates. Looking kewl...

VivaLFuego · #**6314** Posted **Mar 12, 2008, 3:30 PM**

Quote:

Originally Posted by cbotnyse

I pass by there almost everyday and i agree. I love it. I think the Rush St boom is pretty late actually. Its a really great part of the city.

Its hard to imagine what the city will be like in 5 years. We are right in the middle of an awesome boom.

Hate to be a downer/contrarian (well, no I don't) but we're really at the end of an awesome boom. The residential market in many neighborhoods throughout this city is now laughably oversaturated with de-valuing condos, which over the past couple months is starting to bring apartment rents down with them (because of all the accidental landlords who now have rentals on the market). Expect the high-equity big boys to finish their projects under construction, but otherwise we're in for a rough few years of homeownership in Chicago. Here's hoping the hotel sector can spearhead some new highrise construction so we don't go into withdrawal circa 2009 when most of these projects are wrapping up.

EDIT TO ADD SOME NUMBERS:
Currently well over 5,000 condo units in the downtown area are listed on the MLS. Approximately 1,500 of these have market times listed as over a year (in fact its probably substantially more because of re-listings, which resets the market time). Approximately 750 have asking prices in excess of $1 million. A few thousand more units are expected to come online over the next 2 years. A great website that has been on the cutting edge of the implosion in progress: http://www.cribchatter.com/ Sabrina runs a great blog, I highly recommend forumers check it out periodically to get a pulse on the boom from a real estate market standpoint.

JV_325i · #**6315** Posted **Mar 12, 2008, 4:37 PM**

Quote:

Originally Posted by aaron38

Ooh, you're gonna get flamed for that.

Did you know that I was being sarcastic? Because I actually ranked these worst to best, not best to worst. I should have used one of these [

] guys, but I tend to shy away from using them for some reason.

Oh and thanks for the info Dan in Chicago.

Alliance · #**6316** Posted **Mar 12, 2008, 5:34 PM**

Park View West is...haermmm.

That precast brick stuff is distracting

aaron38 · #**6317** Posted **Mar 12, 2008, 5:52 PM**

^^^Sorry, the sarcasm detector was broken this morning.

Sir Isaac Newton · #**6318** Posted **Mar 12, 2008, 6:18 PM**

Quote:

Originally Posted by VivaLFuego

Hate to be a downer/contrarian (well, no I don't) but we're really at the end of an awesome boom. The residential market in many neighborhoods throughout this city is now laughably oversaturated with de-valuing condos, which over the past couple months is starting to bring apartment rents down with them (because of all the accidental landlords who now have rentals on the market). Expect the high-equity big boys to finish their projects under construction, but otherwise we're in for a rough few years of homeownership in Chicago. Here's hoping the hotel sector can spearhead some new highrise construction so we don't go into withdrawal circa 2009 when most of these projects are wrapping up.

You are definitely right, for the most part, but I think that we will see our fair share of construction cranes for at least a few more years or so. While we won't see nearly as many condo towers going up, there will still be some that will probably break ground in the next year or two, as many developments that haven't started construction yet sold a decent amount of units before the market went downhill (eg - MO, X/O, Walton on the Park, Lincoln Park 2520, New City, 1349 South Wabash, etc.). Also, new condo developments in great areas like LSE and Central Station will still be successful. As you mentioned, the hotel sector will spearhead some new highrise construction....the commercial sector will contribute a few more high rises as well. The rental apartment should also contribute at least a few more high rises to the mix....and there should even be a couple decent sized hospital and student dorm buildings too. And don't forget, the Chicago Spire construction will be going on for a few more years!

Long story short, while there will be nothing close to the 61 highrises under construction now, in let's say 2010 or 2011, I still think that we'd probably have at least 20 under construction, which while comparatively low, is still not all that bad.

Alliance · #**6319** Posted **Mar 12, 2008, 6:29 PM**

Waldorf? Arqui? 200 N Riverside? Waldorf Rental? X/O?

The Boom wasn't so big in 2002 or 2003. Why is it suddenly over? Perhaps we're just returning to a sane development rate?

Kngkyle · #**6320** Posted **Mar 12, 2008, 7:13 PM**

BP narrows office search to 2 sites

Real estate sources say BP is looking for about 350,000 to 400,000 square feet of office space downtown, including a trading floor space as large as 50,000 square feet.

The two sites are 601-625 W. Monroe St., a parcel controlled by Chicago-based Fifield Cos., and the two-tower 10 and 30 S. Wacker Drive block-long site, home to the Chicago Mercantile Exchange trading floors and other office space.

"To make the more than 20-year-old Wacker Drive complex more competitive with a new building, sources say Tishman is working with the Chicago architecture firm of Krueck & Sexton on replacing the exterior walls of the trading floor portion of the building with new glass windows. "

Read all: http://www.chicagorealestatedaily.com/cgi-bin/news.pl?id=28557