CHICAGO | Highrise Projects & Construction

[Mr Downtown]

Why would height be an important attribute for a rehab hospital? So the people could do some serious stairclimbing?

[LouisVanDerWright]

Originally Posted by Mr Downtown

Why would height be an important attribute for a rehab hospital? So the people could do some serious stairclimbing?

So the poor neighbors are not constantly subjected to the devilish fiend known as "shadows" all day long? I thought you were a big fan of mitigating shadows? Let's be careful not to "Manhattanize" a modest cowtown like Chicago.

This is all sarcastic BTW. While the RIC design is less horrendous than most of the — NW has built, it's still a boring box that doesn't do our city justice.

[VivaLFuego]

Not sure if it's been mentioned yet, but the parking lot on the NE corner of Washington & Desplaines is fenced off and it looks like the small 1-story building on the north end of the site has been demolished.

Last I recall this was the site of "Catalyst" --- but I also seem to remember some series of ownership changes and major program/composition changes. Does anyone have the most recent rendering and building specs?

[ardecila]

Originally Posted by VivaLFuego

Not sure if it's been mentioned yet, but the parking lot on the NE corner of Washington & Desplaines is fenced off and it looks like the small 1-story building on the north end of the site has been demolished.

Last I recall this was the site of "Catalyst" --- but I also seem to remember some series of ownership changes and major program/composition changes. Does anyone have the most recent rendering and building specs?

The program switched to rental in 2011 and the site/project was purchased by Marquette Cos.

Last year, they projected a groundbreaking in 4Q 2012, claimed they had secured financing, and had a commitment to lease most of the retail space (13500sf) to a single tenant. If they're breaking ground now, that's only 1 quarter behind schedule.

My guess for the retailer is Walgreens, which has no locations between the South Branch and the Kennedy (whereas CVS has three), and matches the square footage.

[PerryPendleton]

Originally Posted by ardecila

The program switched to rental in 2011 and the site/project was purchased by Marquette Cos.

Last year, they projected a groundbreaking in 4Q 2012, claimed they had secured financing, and had a commitment to lease most of the retail space (13500sf) to a single tenant. If they're breaking ground now, that's only 1 quarter behind schedule.

My guess for the retailer is Walgreens, which has no locations between the South Branch and the Kennedy (whereas CVS has three), and matches the square footage.

I noticed this as well. Definitely preparing to break ground on something.

Walgreens... really? Good lord they are everywhere.

[simon07]

Originally Posted by PerryPendleton

I noticed this as well. Definitely preparing to break ground on something.

Walgreens... really? Good lord they are everywhere.

Walgreens is a solid tenant at that location. Perhaps it will spur more residential devleopment in all those parking lots.

[the urban politician]

If the site plan is similar to the Catalyst condo project, the Walgreens will even have a surface parking lot, although that lot will be long the alley, not along the sidewalk.

[ardecila]

Supposedly Catalyst was redesigned... much less of a fruit salad that the original. The first was designed by Lucien Lagrange, and now this one looks strongly like Brininstool & Lynch. There's no question that both designs are for the same site.

[J_M_Tungsten]

I find that very appealing. That's only a fiscal quarter behind schedule?

[the urban politician]

^ That is definitely an improvement over the LaGrange —-beast that was about to defecate onto that corner.

[Steely Dan]

as my current view of the sears tower from my R+D 659 balcony will be blocked by this project, i'm very heartened to see that the new design is nowhere near as offensive as the old lagrange "—-beast" (great word, TUP!), in fact it's even pretty decent looking. it's better than bad, it's good!

also, i'll have a pretty sweet vantage point for construction pics from the air.

and most importantly, another dreaded west loop surface lot bites the dust. we still have WAY too many of them, but 1 less is a step in the right direction.

[chicubs111]

Exclusive - For sale: Chicago land, once site for tallest condo tower

NEW YORK (Reuters) - A prime Chicago parcel that was the site of an ill-fated project to build North America's tallest residential building may again have a chance to be developed, albeit on a smaller scale and by a different owner.

http://www.wina.com/Exclusive-For-sale-Chicago-land-once-site-for-tall/11458736?newsId=199533

[HomrQT]

Originally Posted by chicubs111

Exclusive - For sale: Chicago land, once site for tallest condo tower

NEW YORK (Reuters) - A prime Chicago parcel that was the site of an ill-fated project to build North America's tallest residential building may again have a chance to be developed, albeit on a smaller scale and by a different owner.

http://www.wina.com/Exclusive-For-sale-Chicago-land-once-site-for-tall/11458736?newsId=199533

News of something happening is better than no news I guess... even if we're not getting our supertall.

[Dale]

Over on SSC, awhile back, someone expressed the confidence that another 2,000 footer was in the works for the Spire site.

[HomrQT]

Originally Posted by Dale

Over on SSC, awhile back, someone expressed the confidence that another 2,000 footer was in the works for the Spire site.

Really? Who is this person?

[LouisVanDerWright]

Originally Posted by HomrQT

Really? Who is this person?

Mr. Downtown or someone on this site suggested a while back that a friend of theirs had been approached to market units in a 2,000' tower at the Spire site as well.

I've heard rumblings along those lines as well though all these rumors could be originating from the same source which could be a complete pipe dream.

Then there is the old "Trump Tower II" rumor that Trump is looking to do another supertall project in Chicago and might try to buy the Spire site.

[ardecila]

I'll believe it when I see it.

As Crain's correctly notes, there aren't any banks that are willing to lend on a 2000' condo tower, and there are very few people who could finance it purely through equity. You'd probably need someone to come in with foreign capital, as Garrett Kelleher did. I'm sure European investors aren't looking to take a chance on American real estate right now, but you might interest some Asians.

[jcchii]

good news on whatever catalyst is now. filling gaps and parking lots is now key. adding density

if wolf point couldn't get the juice for 2000ft then I think it's on hold for a while. That was best candidate IMO.
something better than nothing there right now. fill fill fill

[jet cm]

Originally Posted by ardecila

I'll believe it when I see it.

As Crain's correctly notes, there aren't any banks that are willing to lend on a 2000' condo tower, and there are very few people who could finance it purely through equity. You'd probably need someone to come in with foreign capital, as Garrett Kelleher did. I'm sure European investors aren't looking to take a chance on American real estate right now, but you might interest some Asians.

I've heard that Bill Davies wants to buy the site.

[sentinel]

Originally Posted by jet cm

I've heard that Bill Davies wants to buy the site.

Bill Davies also wants to build a 2000' tower within the footprint of old main post office as well as 10,000 or so parking spaces and 600,000 square feet of retail. Nothing more than a smoke and mirrors.

Seriously, he's a commercial slum-lord and will sit on the Old post office building (which is a jewel in my opinion and should be rescued from his clutches) until it crumbles to the ground and he shouldn't even be considered in the running for the old Spire site.