CHICAGO | Highrise Projects & Construction

[Stained]

Thanks! It seems to have been on ice for quite a while. That is much too nice of a location to be sitting empty.

[george]

8/2

360 N Mich addition

[Notyrview]

🙏 130 N franklin 🙏

[PEORIA]

" CHICAGO is, simply, amazing! "

[untitledreality]

Originally Posted by Stained

I am fairly new to the city and was wondering if anybody here knows the story behind the vacant lot at the intersection of Franklin and Washington? I have not seen anything online that indicated that there was ever a plan to put anything there pre-recession or since. I was surprised that there is not a tower there, given its location.

It was the location of the old Chicago Mercantile Exchange.


sauce

It stood there from 1927 until its hasty demolition in 2003, which ultimately led to the creation of the Demolition Delay Ordinance.

[The Lurker]

[QUOTE=untitledreality;7117211]It was the location of the old Chicago Mercantile Exchange.


sauce

What a tragic loss. Why was it demolished? I got mad love for the current proposal but would gladly trade it in to save this historic beauty. Any link to a video depicting the last moments of its life?

[Skyguy_7]

By George, great to see glass on the 360 N Mich addition!

[Mr Downtown]

The Mercantile Exchange was demolished by its owner so that—if they happened to be part of a development group lucky enough to sign up a big anchor tenant—they could get a new building finished within 30 months or so. To develop a new building, you need to prelease somewhere around 15 percent of it, and there are only a few big law firm and accounting firm tenants who'll take that much space. They'll start looking around at their options 36 months out, but not much more. That means developers can't easily go much more than 50 floors/1.2 million square feet, and need to deliver the space within about 30 months from negotiation.

[SamInTheLoop]

^ Big tenants (that are within reason potentially considering a new construction option, I should caveat, as many of course do not) are looking somewhat earlier these days. I'd say 4-5 years is much more common than ~3............in rare cases, it can be 6+ (starting search).........

[hawainpanda]

well with Riverpoint and 150N riverside already well under way with est delivery in 2016 or early 2017, Hopefully we will see 130N franlin and 151N franklin to be underway starting this or early next year so that they will be delivered before the end of this decade. Its crazy how Chicago was avg almost 15-20 million sq feet of new downtown office space each decade in the past 4 decades, and this decade brings a measly 5-6. (I recognize the factors that caused this, but still this is pretty disappointing and don't really see how Chicago can catchup to other cities)

[SamInTheLoop]

^ 151 will be well underway this year. If everything goes according to plan, 130 will be well underway by the end of '16. I'd expect an another 1, perhaps as many as 2 large towers to also launch this cycle (for completion by '19-20). Chicago is not out-of-line in terms of other major cities when it comes to supply pipeline as a % of stock. Lots of cities were overbuilding in the 70s-early '90s, don't forget. Those building cycles contributed to the severity of downturns. If you'd like another 8-10 year drought in office high-rise starts (like in the 90s), then by all means, root for 7-9 large starts this decade, as opposed to the 5-6 we're much more likely to get.....

[wierdaaron]

Some streeterville project nobody really cares about (on mcclurg I think) is visible here:

[Chi-Sky21]

^^^^Nice, i like that project.

[sentinel]

Crain's reported yesterday that the boring 25 story resi building on Hudson (750 N.?) got a $74 million construction loan. Should be starting up soon....



http://www.chicagobusiness.com/realestat...s-bank-construction-loan-for-river-north

[South Side]

The current boom we are in , how many buildings are under construction in downtown so far ?

[sentinel]

Originally Posted by South Side

The current boom we are in , how many buildings are under construction in downtown so far ?

If you jump to page 1 in this thread (which is constantly updated), I believe there are almost 30 that are officially under construction, with about 7-10 more that are in site prep stage....and then about 60 more (?) that are proposed or approved but have not commenced construction yet.

[emathias]

Originally Posted by sentinel

Crain's reported yesterday that the boring 25 story resi building on Hudson (750 N.?) got a $74 million construction loan. Should be starting up soon....
...
http://www.chicagobusiness.com/realestat...s-bank-construction-loan-for-river-north

Meanwhile across the street:
https://www.dnainfo.com/chicago/20150803/river-north/river-north-shooting-leaves-man-wounded

[Via Chicago]

Originally Posted by wierdaaron

How do I get an eagle like that for my apartment?

http://www.architecturalartifacts.com/

[emathias]

Originally Posted by sentinel

If you jump to page 1 in this thread (which is constantly updated), I believe there are almost 30 that are officially under construction, with about 7-10 more that are in site prep stage....and then about 60 more (?) that are proposed or approved but have not commenced construction yet.

Speaking of which, references to "Clark and Chestnut" under "Proposed" should be removed since it was replaced by the name 833 North Clark, yes?

[LouisVanDerWright]

aHilarious, the official name of the Grec designed Gerdling Elding tower is "Xavier" in reference to Mother Cabrini's (one of the first American saints after whom the Cabrini homes were named) middle name. So much for "NoCa", hilarious to see them respond so brazenly to the competition.



http://chicago.curbed.com/archives/2015/...m_medium=email&utm_source=Curbed+Chicago