CHICAGO | Boom rundown - everything over 12 floors. v5

[honte]

@Staybridge: That's really too bad. I hope someone comes along and finishes this as planned... it was going to be one of the more interesting additions from the entire Boom.

[Chicago Shawn]

Originally Posted by aaron38

But the ~25 story brick building at the corner would remain, right? And the new tower would be L shaped and wrap around it? Interesting.

Right. That brick building is one of Village Green Construction's vintage office to new rental apartment conversions. They do amazing work on each project, and I can't wait to see the finished product at Randolph Tower which should soon shine like a gem. They are one the best things to come out of suburban Detroit.

The new tower will have a very large parking component, and a pretty hulking podium on Wabash, which I am not looking forward too, I hoping SCB does something to make it look good.

Speaking of SCB....
Streeter Place 08-19-2008

[denizen467]

Originally Posted by harryc

Maybe the crane is no longer necessary to finish the building anyway - comparing it to the rendering, it looks like the structure is basically finished.

Hoisting rooftop equipment and remaining items maybe could be done with a tall vehicle-based crane (the same kind that is taking down the tower crane in Harry's pics). Here's hoping anyway.

[the urban politician]

Planned condos dropped at New City Y site
By Eddie Baeb, Aug. 20, 2008

(Crain’s) — Adjusting to the sluggish condominium market, the developer of the mixed-use project at the New City YMCA site is dropping plans for condos and replacing them with luxury apartments.

The project at North Avenue and Halsted Street was to have about 280 condos and 220 apartments in five buildings spread over the 8.2-acre site. The residential now could be scaled back, with the 280 condos changed to about 225 apartments, says Daniel Lukas, a principal with Structured Development LLC.

[Busy Bee]

Shouldn't the formula be condo units out, MORE apartment units to replace them?

[the urban politician]

^ I guess, but at this point I'm just happy that they're moving forward. With all the shitty real estate news out there, I think we should take what we can get

[brian_b]

First they chased the condo boom, and then it was the hotel boom. Now they are chasing the apartment boom, and I am thinking it will end just as badly.

There are too many apartment towers going up in the city. And they are all "luxury" apartments. Where are the apartments for people with normal jobs and normal paychecks?

[nomarandlee]

http://www.suntimes.com/business/roeder/1116437,CST-FIN-roeder20.article
Could Tribune Tower go residential?
REAL ESTATE | Zell may not be thinking lease deal, as first believed

August 20, 2008Recommend (7)

DAVID ROEDER [email protected]

.........But hold on. Sources said Zell, who has hired Eastdil Secured LLC to market the tower and a parking lot abutting it, is thinking big. They said Zell wants nothing better than to turn over all of Tribune Tower to a residential developer. Such an owner could use it as a Gothic ornament for new construction on the parking lot.
That would mean moving Chicago Tribune staff somewhere else, possibly the company's printing plant at 777 W. Chicago. An alternative would have the downsized Tribune squished into the lowest floors of the tower, with the floors above converted to condos.

The tower holds 940,000 square feet, and the Tribune is believed to occupy about half of it. Around a third of the building is empty, sources said.
Clearing the newspaper out of the tower carries risk for Zell. With markets slow and credit excruciating, a buyer might pay more if Zell would keep the company there on a lease. But as one expert said, "Their credit is so lousy that it wouldn't matter that much."

The billionaire property mogul might take his chances with a developer willing to pay top dollar, maybe at least $250 million, for a career-capping, ego-elevating deal.

In other words, selling the tower is a bit like selling the Tribune-owned Chicago Cubs.............

...

[Chicagoguy]

Originally Posted by brian_b

First they chased the condo boom, and then it was the hotel boom. Now they are chasing the apartment boom, and I am thinking it will end just as badly.

There are too many apartment towers going up in the city. And they are all "luxury" apartments. Where are the apartments for people with normal jobs and normal paychecks?

Those apartments are all outside of the downtown area...Lincoln Park, Lakeview, South Loop, West Loop, and other neighborhoods in the city!

[VivaLFuego]

Originally Posted by brian_b

Where are the apartments for people with normal jobs and normal paychecks?

In places that used to be luxury, but whose "upscale" residents are moving out and into the new towers.

In Chicago, the high cost of development makes it very hard to build anything at any price point other than the high end, so the other market segments are simply served by "pre-existing" housing units. I think one can make some arguments both ways as to whether this is a good or bad thing.

[cbotnyse]

Originally Posted by nomarandlee

...

The assesments for residents on that building would have to be insane. I remember the Wrigley building went thorugh the same rumors of a condo takeover. It doesn't make much sense to me.

Also, finish staybridge!!! It seems so close, and isnt it all hotel? isnt that a lot less riskier than condos? with it so close and the risk is at least somewhat lower than condos, I am surprised to see this completely stall like this. what a downer.

[aic4ever]

Originally Posted by aaron38

They can't just leave it like that, can they? If that steel sits exposed through the winter, is it going to be okay? Are they at least going to paint it?

I doubt Walsh will be spending a dime out there until the money starts flowing from a legitimate source again.

[aic4ever]

Originally Posted by cbotnyse

The assesments for residents on that building would have to be insane. I remember the Wrigley building went thorugh the same rumors of a condo takeover. It doesn't make much sense to me.

Also, finish staybridge!!! It seems so close, and isnt it all hotel? isnt that a lot less riskier than condos? with it so close and the risk is at least somewhat lower than condos, I am surprised to see this completely stall like this. what a downer.

There was a story a while ago that the owners defaulted on their loan.

[Mr Downtown]

Why would assessments on Tribune Tower be particularly high? Surely they would put in new common-area lighting and HVAC during any conversion.

[cbotnyse]

Originally Posted by Mr Downtown

Why would assessments on Tribune Tower be particularly high? Surely they would put in new common-area lighting and HVAC during any conversion.

you dont think upkeep on a 85 year old historic landmark would be expensive.

[spyguy]

http://www.chicagorealestatedaily.com/cgi-bin/page.pl?id=2166

Chicago: Hom Chicago Apartments, 2039 S. Prairie Ave., 984-unit residential development, April 2010, $150 million.

Chicago: Sheridan Road Residential, 2946-2958 N. Sheridan Rd., 19-story residential tower, March 2009, $25 million.

Evanston: 1890 Maple, 1890 Maple Ave., 183,927-sq.-ft. mixed-use building, April 2009, $20 million.

-----
984 units? That doesn't sound right...

[Mr Downtown]

Originally Posted by cbotnyse

you dont think upkeep on a 85 year old historic landmark would be expensive?

Not particularly; no more than the Palmolive Building. It's real stone, not terra cotta. So they'll have many fewer façade problems than, say, the Mentor Building or the Manhattan Building. The window detailing is probably quite straightforward, so none of the curtain-wall problems that have plagued the "innovative" midcentury modern highrises. East Lake Shore Drive, the Gold Coast, and parts of North Lake Shore Drive are full of condo and coop buildings of roughly the same vintage.

[cbotnyse]

Originally Posted by Mr Downtown

Not particularly; no more than the Palmolive Building. It's real stone, not terra cotta. So they'll have many fewer façade problems than, say, the Mentor Building or the Manhattan Building. The window detailing is probably quite straightforward, so none of the curtain-wall problems that have plagued the "innovative" midcentury modern highrises. East Lake Shore Drive, the Gold Coast, and parts of North Lake Shore Drive are full of condo and coop buildings of roughly the same vintage.

yeah and all of those buildings' assesments are insanely high. And if that stone does get damaged? you bet your ass it will cost a great deal to have it fixed properly. Any 85 year old building is going to have problems, and expensive problems. Not to mention the entire base is filled with priceless artifacts from all over the world, those cant be cheap to maintain. It doesnt make much sense to have this building go condo.

[the urban politician]

Originally Posted by spyguy

: Hom Chicago Apartments, 2039 S. Prairie Ave., 984-unit residential development, April 2010, $150 million

^ What the hell is this? Sounds like a huge project

[cbotnyse]

Originally Posted by the urban politician

^ What the hell is this? Sounds like a huge project

yeah thats gotta be 80 stories, or else its really wide. But almost 1000 units? thats a huge development.