CHICAGO | General Developments

[MultiModal]

A bizzare facade went up yesterday on 73 W Monroe (across from Chase Tower Plaza). It is black panels with yellow stripes and has the word Level written across it. A quick google search pulled up this: http://leveloffice.com/locations/73-west-monroe/

Sorry no pic, was divvying past it

[Justin_Chicago]

I was trying to invoke more height in the conversation because the Sheridan Redline has limited space for future benefit. Thorek is land banking all the property Northeast of Irving/Sheridan and we are stuck with a suburban Walgreens on the Southeast corner. The west is limited by a cemetery. Maybe someone will buy up all of the one floor retail on the Southeast side south of the tracks and build a mid-rise there. I wish someone would purchase the one floor retail on the Southeast corner of Irving/Broadway and build something of significance, but I think the area extends beyond the new TOD ordinance. Lastly, there is a piece of property east of the auto repair shop (southern end of Irving) that has been sitting vacant for 10 years. I am surprised no one has tried to develop the lot.

[emathias]

Originally Posted by VivaLFuego

Slow follow-up, but my total tax bill for my condo in the 42nd ward has gone up maybe 15% since then, if that. But our building also hires aggressive attorneys for every assessment cycle. So maybe one of the takeaways is that your mileage may vary with the complicated property tax system in Chicago...

I'd love a referral, if you're up for PM'ing me the lawyers you use.

[emathias]

Originally Posted by patrick84

...
iphone quality, sorry bout it.

Is it just me, or is there a warp in the space-time continuum in the second pic?

[marothisu]

Originally Posted by MultiModal

A bizzare facade went up yesterday on 73 W Monroe (across from Chase Tower Plaza). It is black panels with yellow stripes and has the word Level written across it. A quick google search pulled up this: http://leveloffice.com/locations/73-west-monroe/

Sorry no pic, was divvying past it

Cool - seems similar in a way to WeWork. These things can be good to encourage businesses with less money to be in certain areas and stay in business by spending less on real estate.

[the urban politician]

Originally Posted by emathias

Is it just me, or is there a warp in the space-time continuum in the second pic?

It's not just you. The world's first experimental warp drive is being developed inside that building.

[patrick84]

Originally Posted by emathias

Is it just me, or is there a warp in the space-time continuum in the second pic?

Definitely not just you... Pretty sure the left over ovens from Scoozi! have some quantum-flux capacitation left in them. The iphone camera is invariably a testy device of photography.

[r18tdi]

http://www.dnainfo.com/chicago/20150925/...-lincoln-park-with-new-hotel-still-alive

Looks like we'll have another iteration of the Inn at Lincoln Park to be shown to angry old people next Tuesday.

The modified proposal calls for a nine-story hotel with ground-level retail, 143 hotel rooms and 75 parking spaces, which is 23 more than the initial proposal.

Expect other updates, including adding a loading zone mechanism to the rear of the building, modifying the building's facade and redesigning the retail base, according to the email.

While some of the amendments sound reasonable we can probably expect beigeification of the facade as not to offend Lincoln Park's geriatric sensibilities.

Speaking of Lincoln Park, I hear from a friend at Hines that the Children's Memorial Hospital project is being referred to internally as "Lincoln Commons." I don't remember seeing or reading that anywhere so I guess it's kind of an inside scoop. Not very imaginative but it certainly rolls off the tongue better than "that old ass empty fucking hospital are they ever going to do something with it jesus christ!"

[BrandonJXN]

Anyone know what's happening at Belmont/Lincoln/Ashland? There has been a lot of digging with heavy equipment for the past couple of weeks.

[SamInTheLoop]

^^ Is that the new Whole Foods (just a guess)?

^ Unbelievable the amount of construction the just this portion of the South Loop (general River South) could have over the next few years. Unbelievable. This parcel, the one tower parcel that is inset into RC (PREI now controls), Franklin Point Parcel, Lend Lease/CMK South, Lend Lease/CMK North, and oh yeah - the rest of the South Loop is going to be booming too! If this cycle is going to end in a bust, let's at least make the bubble one to remember! (nervous chuckle)

[wierdaaron]

A commenter on this South Loop roundup I posted today (http://chicago.curbed.com/archives/2015/...en-lit-for-the-south-loops-next-boom.php) mentioned that an apartment bubble can be less dangerous than a condo bubble because if it pops, people will still need to live somewhere. Buying a condo requires a stable economy, cooperative banks, and a big life decision. Renting is easier, and what people want to do when the housing market sinks. Worst case, if the buildings are already built they'll just have to lower rents. If they aren't built yet, then they'll probably get cancelled.

[UrbanLibertine]

Originally Posted by r18tdi

http://www.dnainfo.com/chicago/20150925/...-lincoln-park-with-new-hotel-still-alive

Looks like we'll have another iteration of the Inn at Lincoln Park to be shown to angry old people next Tuesday.

While some of the amendments sound reasonable we can probably expect beigeification of the facade as not to offend Lincoln Park's geriatric sensibilities.

Speaking of Lincoln Park, I hear from a friend at Hines that the Children's Memorial Hospital project is being referred to internally as "Lincoln Commons." I don't remember seeing or reading that anywhere so I guess it's kind of an inside scoop. Not very imaginative but it certainly rolls off the tongue better than "that old ass empty fucking hospital are they ever going to do something with it jesus christ!"

I just threw up.

[LouisVanDerWright]

Originally Posted by wierdaaron

A commenter on this South Loop roundup I posted today (http://chicago.curbed.com/archives/2015/...en-lit-for-the-south-loops-next-boom.php) mentioned that an apartment bubble can be less dangerous than a condo bubble because if it pops, people will still need to live somewhere. Buying a condo requires a stable economy, cooperative banks, and a big life decision. Renting is easier, and what people want to do when the housing market sinks. Worst case, if the buildings are already built they'll just have to lower rents. If they aren't built yet, then they'll probably get cancelled.

The problem with the apartment bubble is not going to be damage to homeowners, it's going to be damage to retirees. All of these buildings are being funded and purchased by entities like pension funds who are chasing yield at 4.5% which is fucking lunacy. They need to provide yield to even begin to keep up with their obligations to their retirees, so they are fighting over who gets to fund the next "low risk" apartment project. The problem is going to be when the market gets over saturated at some point in the future and a 4.5% cap rate becomes a -4.5% cap rate. Then it's going to get real hard to fund those pensioners when you are taking massive losses on your portfolio of income properties. Especially if rates increase you need to refinance at 7% instead of 3.5%.

You think we've got pension problems now, just wait 3 to 6 years when rates have risen and the next recession hits. The bubble we are building now is going to be fundamentally terrifying because it's going to shake core institutions like insurance companies and pension funds, not just your average homeowner.

[Skyguy_7]

^Hopefully people affiliated with those institutions have the foresight you do.

[Ned.B]

Originally Posted by r18tdi

http://www.dnainfo.com/chicago/20150925/...-lincoln-park-with-new-hotel-still-alive

Looks like we'll have another iteration of the Inn at Lincoln Park to be shown to angry old people next Tuesday.

While some of the amendments sound reasonable we can probably expect beigeification of the facade as not to offend Lincoln Park's geriatric sensibilities.

I don't want beige precast either but that facade needs revisions badly. Who produced this?

Edit: apparently it's still KOO, even though I remember the initial renderings being more impressive. They have done some good work, but this ain't it, kid.

[Near North Resident]

I'm surprised nobody posted this thing about "the Fields" adaptive re-use

https://www.bisnow.com/chicago/news/mixed-use/a-look-inside-the-fields-50195

1.5 million square foot renovation on 22 acres in the Logan Square/Hermosa/avondale area, meeting for it at the CAA Hotel September 29th @ 7AM

300k sqft of office space
150k sqft of residential lofts
150k sqft of retail
400k sqft of heated parking (700 spaces)
500k sqft of warehouse

[Randomguy34]

Originally Posted by Near North Resident

400k sqft of heated parking (700 spaces)

Who knows, maybe it will count as TOD because there will be 1,400 units for residential

[OrdoSeclorum]

The great thing about calling a bubble is that you're never wrong. If it doesn't happen for 20 years, why, that's even more impressive. "Look how early I called it!"

[ithakas]

Replacing the Wicker Park Milwaukee Ave. Walgreens?


http://www.hparchitecture.com/projects/commercial/retail/milwaukee-collection/

Interesting that they're using the space to create four separate buildings, but the corner building strikes me as heinously suburban, and the whole development should be twice as high.

[King of Chicago]

Originally Posted by wierdaaron

Kay....

I remember when the Old Proposal was proposed.

I do like the Hausman style, and would buy in there. Although, I think thats a strange style for that corner.

Having said all of that, I wonder why they are changing the style. The New proposal seems like it would not fit on the same corner as the Old proposal. I wonder if they are sensing the Old style wont sell?

The reason I wonder this, is because even though the Old proposal is cool to look at from the street, I lived in a unit like that, and because of the huge windows, you cannot keep light or noise out of the unit. Brick buildings are MUCH quieter at night. I wonder if the average buyer has realized this, and is not interested in the glass box concept anymore as buyers?