CHICAGO | Highrise Projects & Construction, v7

[munchymunch]

Business
Developer signs deal to build 62-acre neighborhood linking South Loop and Chinatown
Kim Janssen Contact Reporter
Chicago Tribune

The last large undeveloped swath of green space in downtown Chicago could finally be developed into a robust neighborhood linking the South Loop and Chinatown, thanks to a deal signed this week.

Related Midwest has taken part ownership of 62 acres southwest of Clark Street and Roosevelt Road, and will be the lead developer of a multibillion-dollar joint venture that promises to reshape Chicago's skyline and fill what has been described as a "hole in the center of Chicago."

Related Midwest president Curt Bailey said his company — Related is behind the 16-skyscraper, 14-acre Hudson Yards development in Manhattan and has completed a number of high-profile Chicago buildings — is "not in the habit of making small plans" and has the chops to see the project through.

It has brought more than $2 billion in residential, mixed-use and affordable housing communities to market in Chicago. Since last year, the company has owned the site of the failed Chicago Spire skyscraper.

Bailey said Related Midwest has yet to develop a detailed plan for the site and declined to give the terms of its deal with GMH, but acknowledged it would take around 15 years to complete at a cost of billions and would include residential, retail and office space. "We envision creating a great neighborhood, a great place to live, to work, shop and dine," he said.
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link

[BVictor1]

http://www.chicagobusiness.com/reale...outh-loop-site

May 12, 2016
Related Midwest reaches deal to develop huge South Loop site
By Alby Gallun

After more than a year of negotiations, Related Midwest has reached a deal to develop a 62-acre riverside property in the South Loop, one of the biggest vacant tracts in Chicago.

Related Midwest has acquired a stake in the parcel along the east side of the Chicago River, stretching a half-mile from Roosevelt Road to Chinatown, according to a statement from Mayor Rahm Emanuel and Ald. Daniel Solis, whose 25th Ward includes the property.

The site may be best known for the last developer who tried to build there: Antoin “Tony” Rezko, the former fundraiser and adviser to now-imprisoned Gov. Rod Blagojevich. More than a decade ago, Rezko planned to build more than 4,000 homes on the property, but that plan died after the real estate market collapsed and the federal probe that brought down Blagojevich ensnared Rezko, who served a prison sentence after being convicted of fraud and money laundering.

Now, with the South Loop booming once again, Related Midwest is taking on the site in what would be its biggest project ever in Chicago, one that could cost billions of dollars and last 15 years or more.

To read full story, copy/past headline into search engine.

[marothisu]

I thought Related bought a share of that site awhile ago? I remember news about it so this is interesting, or just old news being re-iterated.

[SamInTheLoop]

^ They were likely still in talks/loi when that news broke......deal formally just signed apparently.....

[SamInTheLoop]

Originally Posted by spyguy

The addition looks a lot better than the previous "top hat" design - I'm guessing they replaced Coffey as architect.

Very nice....glad to hear this one is revving back up....that's a good number of hotel rooms backed into this smallish, very well-located site.....also, much agree that the addition clearly looks better here than the previous version of the project, when it was to be an Indigo........I wonder if they replaced Coffey with Goettsch (given their work on Oxford's LondonHouse, which also includes an addition).....from the looks of the rendering, my guess would be so.....

[SamInTheLoop]

Originally Posted by UrbanLibertine

I hope the northern side of the building isn't left as a giant blank wall

My guess is this is one of those cases where by code it needs to be (I mean, they could 'dress it up' somehow aesthetically....but prob. needs to be a solid wall).....someone else with better knowledge of the case at hand may correct me, though....

[sox102]

Originally Posted by SamInTheLoop

Very nice....glad to hear this one is revving back up....that's a good number of hotel rooms backed into this smallish, very well-located site.....also, much agree that the addition clearly looks better here than the previous version of the project, when it was to be an Indigo........I wonder if they replaced Coffey with Goettsch (given their work on Oxford's LondonHouse, which also includes an addition).....from the looks of the rendering, my guess would be so.....

Architect is Hirsch Associates, along with New World Design.

[sox102]

Originally Posted by SamInTheLoop

My guess is this is one of those cases where by code it needs to be (I mean, they could 'dress it up' somehow aesthetically....but prob. needs to be a solid wall).....someone else with better knowledge of the case at hand may correct me, though....

The North wall will still be a solid wall, no windows or anything. Don't ask why, I'm just going from what's on the architecturals.

[Ryanrule]

So 1001 S state has some sort of mural on the south wall of the podium.

[BVictor1]

Originally Posted by UrbanLibertine

I hope the northern side of the building isn't left as a giant blank wall

It'll probably remain blank (in terms of no windows) because of the possibility of the buy;dings to the north one day being demolished and replaced with a bigger/taller structure.

[Randomguy34]

Originally Posted by munchymunch

Developer signs deal to build 62-acre neighborhood linking South Loop and Chinatown
link

Here's hoping that whatever gets proposed involves rerouting the Orange Line along the Metra ROW, unless they have a cool plan of it going subway

[marothisu]

Originally Posted by Randomguy34

Here's hoping that whatever gets proposed involves rerouting the Orange Line along the Metra ROW, unless they have a cool plan of it going subway

Yeah, I was going to say that they should definitely do that. Another one around 16th and State might be good, though I guess that's not far from the Red Line. One of the issues I see is Dearborn Park. They probably won't accept a bunch of people wanting to walk through their neighborhood, so the stop would have to be close to Ping Tom Park instead of ideally in the middle around 14th st. Metra stop would be easier to pull off I bet, but also only serves some people. Though if I had a dream it would be to make a new red line stop around 14th and Wabash, then make a new subway extension to this new area that you can xfer to much like the 7 extension to Hudson Yards. I've been working at Hudson Yards since December and the 7 line extension that opened last fall is very useful.

If there's anything to this though, it's that Dearborn Park screws up some of this.

[Ned.B]

Originally Posted by UrbanLibertine

I hope the northern side of the building isn't left as a giant blank wall

Seeing that another hotel within a couple blocks of there made the ill-advised decision to put windows and rooms right on a lot line some time ago, thinking the next door land would never be redeveloped and then got burned for it recently, they are smart to leave that wall blank. As hemmed in as that building is, that blank wall really won't have that much impact. It's there and blank right now...just 5 floors shorter.

Agreed that the glass top is better than the slopped cap it had before. I will reserve judgement until we get a better view of what they are doing with the bottom 3 floors.

[Randomguy34]

Originally Posted by marothisu

If there's anything to this though, it's that Dearborn Park screws up some of this.

At the same time though, if Related comes up with an extraordinary plan (knock on wood), and Dearborn Park residents start complaining about it, I think the city is going to scuff out some of those complaints and be bullish about the proposal. The city knows this site will bring on lots of money and people, so they definitely do not want to lose that opportunity to a bunch of South Loop NIMBYs. They already had that experience with the Lucas Museum and do not want to take any chances with the same thing happening here.

[marothisu]

Originally Posted by Randomguy34

At the same time though, if Related comes up with an extraordinary plan (knock on wood), and Dearborn Park residents start complaining about it, I think the city is going to scuff out some of those complaints and be bullish about the proposal. The city knows this site will bring on lots of money and people, so the definitely do not want to lose that opportunity to a bunch of South Loop NIMBYs. They already had that experience with the Lucas Museum and do not want to take any chances with the same thing happening here.

I'm sure the Friends of the Parks will intervene at this site and say that they're taking away precious land that could be converted into Chicago's next great park.

[Kngkyle]

Originally Posted by marothisu

I'm sure the Friends of the Parks will intervene at this site and say that they're taking away precious land that could be converted into Chicago's next great park.

Chances are whatever proposal Related comes up with will include ample parkland. Not that it matters because this is private property. Related could pave the entire parcel to create a 62 acre parking lot if they wanted and FOTP wouldn't be able to stop them. Although given their recent battles, a 62 acre parking lot might be something they would actually advocate for.

[Mr Downtown]

Related Midwest signed a letter of intent in March 2015, but only now concluded the deal with GMH.

Transit access to that area is certainly a concern, but I don't think it will prove a huge problem. The first step is to either extend the 36 Broadway bus down Wells-Wentworth, or add service to the 24 Wentworth and route it that way—or both. That immediately gives the area better service than West River North has. A new bus line via Kingsbury-Wacker-Wells-Wentworth would give all the newly developing areas pretty good service.

Over the long term (30-50 years), we should route the Larrabee-Clinton subway through there:



A station on the Rock Island is pointless unless you need to go to Tinley Park or Joliet; one on the Red Line at Clark is problematic for operational reasons (curve and slope).

The bigger transportation problem for this site will be giving it adequate east-west access. Sixteenth Fifteenth should be continuous from State and go into it, but some guy who lives in a townhouse there had the ear of Mayor Daley and demanded it be broken up with two cul-de-sacs. CDOT will make the perfect the enemy of the good when it looks at the clearance underneath the Metra tracks, where you can only get about 13 feet, and will refuse to construct a substandard underpass. This is the fight worth fighting for the future of the city. Otherwise you end up with a fourth closed-off compound in the South Loop.

[rlw777]

^ agreed connecting Clark and Wabash through Dearborn Park is essential. In it's current form that urban subdivision is a detriment to the south loop.

[LouisVanDerWright]

Originally Posted by Kngkyle

Chances are whatever proposal Related comes up with will include ample parkland. Not that it matters because this is private property. Related could pave the entire parcel to create a 62 acre parking lot if they wanted and FOTP wouldn't be able to stop them. Although given their recent battles, a 62 acre parking lot might be something they would actually advocate for.

Actually most of this land was at one point navigable river and therefore protected under the public trust doctrine (if FOTP wins their suit that is). It's important not to impair the wharfage along the former riverbed.


uchicago.edu

[Kumdogmillionaire]

Crane just went up on the student housing/apartments on Wabash near Printers Row