CHICAGO | Boom rundown - everything over 12 floors. v5

[Mojava]

Here's one I was hoping would not secure financing...

http://www.chicagorealestatedaily.com/cgi-bin/news.pl?id=29278

(Crain’s) — The Ritz-Carlton Residences condominium project got its financing this week, clearing the way for the planned 40-story tower at 664 N. Michigan Ave. to finally begin construction.

On Wednesday, the developer of the high-end condo building landed a $137.5-million construction loan from German financial institution Helaba and $40 million in preferred equity from the Kuwait Finance House, says Michael Schramm, a principal with Prism Development Co.

[trvlr70]

^^^^^
I have mixed feelings about this one. I'm definitely pleased to know that a project that's just sold 40% of its units CAN obtain financing in this market. But I remain concerned about the Farwell building...one of my favorites.

[CenIL_LA]

well crap

[Tom Servo]

Originally Posted by Mojava

Here's one I was hoping would not secure financing...

http://www.chicagorealestatedaily.com/cgi-bin/news.pl?id=29278

(Crain’s) — The Ritz-Carlton Residences condominium project got its financing this week, clearing the way for the planned 40-story tower at 664 N. Michigan Ave. to finally begin construction.

On Wednesday, the developer of the high-end condo building landed a $137.5-million construction loan from German financial institution Helaba and $40 million in preferred equity from the Kuwait Finance House, says Michael Schramm, a principal with Prism Development Co.

damn.



here's an updated rendering of this POS:

[VivaLFuego]

Originally Posted by Mojava

Here's one I was hoping would not secure financing...

http://www.chicagorealestatedaily.com/cgi-bin/news.pl?id=29278

(Crain’s) — The Ritz-Carlton Residences condominium project got its financing this week, clearing the way for the planned 40-story tower at 664 N. Michigan Ave. to finally begin construction landmark desecration.

Fixed.

[spyguy]

It's too bad that this junk (Ritz) is moving forward while better towers like Canyon Ranch were cancelled.

[harryc]

May 2 - Lunch
Overview


Series

Putting in a caisson top




Waiting while they redrill the hole


Measure twice - drill once ( nice in theory ).

[Nowhereman1280]

They are spreading dirt at the Parkview West park today, you can start seeing the park take shape now.

[SamInTheLoop]

Originally Posted by spyguy

It's too bad that this junk (Ritz) is moving forward while better towers like Canyon Ranch were cancelled.

My exact same reaction - especially as they were only a block apart, this one manages to get financed while the plug was pulled on CRL - the absolute worst of both worlds....

[Alliance]

[QUOTE=AdrianXSands;3526466]here's an updated rendering of this POS:

"WHAT A PIECE OF JUNK!"

...fits right in with the neighborhood.

[jjk1103]

Originally Posted by Mojava

Here's one I was hoping would not secure financing...

http://www.chicagorealestatedaily.com/cgi-bin/news.pl?id=29278

(Crain’s) — The Ritz-Carlton Residences condominium project got its financing this week, clearing the way for the planned 40-story tower at 664 N. Michigan Ave. to finally begin construction.

On Wednesday, the developer of the high-end condo building landed a $137.5-million construction loan from German financial institution Helaba and $40 million in preferred equity from the Kuwait Finance House, says Michael Schramm, a principal with Prism Development Co.

........good bye Hanig's Shoe Store (they were the only local (Chicago) business left on the Mag Mile ....

[Busy Bee]

Well, they just opened a store in the JHC so they're not really going anywhere—but yeah, this building SUCKS. Limestone and active lower floors? WRONG! Precast and a deco structure disemboweled for parking? YEP!

[VivaLFuego]

Originally Posted by Busy Bee

Well, they just opened a store in the JHC so they're not really going anywhere—but yeah, this building SUCKS. Limestone and active lower floors? WRONG! Precast and a deco structure disemboweled for parking? YEP!

"Honey would you look at this parking space? I can see the Magnificent Mile over hood of my Beamer! I'm in love, we have to buy it!"

[BorisMolotov]

So Im the only one who doesn't think negatively of it?

[Alliance]

^^^ They're gutting a 1920's landmark building to use it as a parking garage and building another POS Lucien LaGrange tower. Though...it fits right in with the quality of highrises in the area: crap.

How do we stop stuff like this from hapening?

[the urban politician]

^ Well, the garage doesn't begin until the 6th floor. Not that it makes things better, but at least people won't look up and see opaque windows on the 2nd floor.

I'm only interested in this project from an economic perspective. It continues to bring more and more wealth downtown, and that's always a good thing.

[VivaLFuego]

Originally Posted by the urban politician

I'm only interested in this project from an economic perspective. It continues to bring more and more wealth downtown, and that's always a good thing.

Yeah, it should provide a decent little property tax bump. Let's try to focus on that, rather than on the Farwell being converted into a parking garage.

[Alliance]

wouldn't MSOT developments bring more wealth?

Its like saying this project will increase density...ANY project is expected to do that.

[Nowhereman1280]

I was just thinking, can we move to create a separate thread for the new McClurg dual tower proposal? The taller one is only 5' under our 700' limit (taller than the Elysian which has its own thread), the second tower is huge as well, and the proposal is so sweet that it deserves its own thread to draw attention to it.

I am completely in favor of separate thread for those towers. Who's with me?

Or maybe we should wait a little bit?

[the urban politician]

Originally Posted by Alliance

wouldn't MSOT developments bring more wealth?

Its like saying this project will increase density...ANY project is expected to do that.

^ True, but this isn't any project. This is the Ritz Carlton Residences. This is where the big hedge fund manager and the CEO lives.