CHICAGO | Highrise Projects & Construction, v7 - Page 222

Skyguy_7 · #**4421** Posted **Jun 22, 2016, 8:26 PM**

^You left out the juiciest part, 'Vic...

"..to buy the 36-story tower and nearby land for about $240 million and embark on a major redevelopment"

per Crains

emathias · #**4422** Posted **Jun 22, 2016, 9:05 PM**

Quote:

Originally Posted by Chi-Sky21

I love all the new buildings and all, but I highly doubt Chicago can absorb all these new apts. I just do not see it. the affordable housing crowd should love it though, cause when this bubble pops...there will be plenty of affordable units.

And yet, most of them are being filled ahead of schedule. Jobs growth in downtown is as strong as its ever been. Manufacturing and other non-construction blue collar work is not doing particularly well, but many other areas that tend to support upper-middle-class professional-class populations are doing well in the city.

UPChicago · #**4423** Posted **Jun 22, 2016, 10:01 PM**

Quote:

Originally Posted by BVictor1

http://www.chicagobusiness.com/realestat...m_campaign=ccb-realestatereport-20160622

Block 37 Owner Nears Deal for Tribune Tower

All I need to know to in order to be unenthused.

Kngkyle · #**4424** Posted **Jun 22, 2016, 11:54 PM**

Quote:

Originally Posted by UPChicago

All I need to know to in order to be unenthused.

The current Block 37 owner is not the original Block 37 developer. I wouldn't say it's suggestive of anything.

Notyrview · #**4425** Posted **Jun 23, 2016, 12:24 AM**

I think they know it's the current developer, that's the point. Block 37 looks like 🞵🞵🞵🞵.

the urban politician · #**4426** Posted **Jun 23, 2016, 12:42 AM**

But most of B37 was built by the previous developer.

The best part (the new residential highrise) is being developed by the current owner. I think there is hope

chicubs111 · #**4427** Posted **Jun 23, 2016, 1:30 AM**

^ CIM group is a reputable development group...we should be happy they have the tribune project... They have deep pockets as well... they took over Block 37 and did a decent job considering what they had to work with at the time...

BVictor1 · #**4428** Posted **Jun 23, 2016, 2:21 AM**

Quote:

Originally Posted by Skyguy_7

^You left out the juiciest part, 'Vic...

"..to buy the 36-story tower and nearby land for about $240 million and embark on a major redevelopment"

per Crains

Hard to do all that on my phone

spyguy · #**4429** Posted **Jun 23, 2016, 2:52 AM**

CIM + Golub. I'm worried we are getting a (maybe more than one) SCB special next to an iconic building in a prime spot. At least with O'Donnell (Riverside development) I'm sure we'd get something solid from Goettsch.

denizen467 · #**4430** Posted **Jun 23, 2016, 6:23 AM**

Not as 🞵🞵🞵🞵 a topic, but 2950 Sheridan, a 19-story shorty, already has plenty of curtainwall installed, despite being barely halfway erected.

Ned.B · #**4431** Posted **Jun 23, 2016, 12:38 PM**

Quote:

Originally Posted by denizen467

Not as 🞵🞵🞵🞵 a topic, but 2950 Sheridan, a 19-story shorty, already has plenty of curtainwall installed, despite being barely halfway erected.

Yes, I noticed that they had parts of two floors clad Monday night, but it was too dark to take a photograph. I believe that the building was up to floor 11 or 12.

Chi-Sky21 · #**4432** Posted **Jun 23, 2016, 2:09 PM**

Quote:

Originally Posted by emathias

And yet, most of them are being filled ahead of schedule. Jobs growth in downtown is as strong as its ever been. Manufacturing and other non-construction blue collar work is not doing particularly well, but many other areas that tend to support upper-middle-class professional-class populations are doing well in the city.

Most of them SO FAR. There are so many going up right now and or planned to start soon i just do not see Chicago being able to fill them. I hope I am wrong believe me. But it does concern me.

spyguy · #**4433** Posted **Jun 23, 2016, 2:46 PM**

61 W Erie - 10 units, 11 parking spaces

marothisu · #**4434** Posted **Jun 23, 2016, 3:11 PM**

Quote:

Originally Posted by Chi-Sky21

Most of them SO FAR. There are so many going up right now and or planned to start soon i just do not see Chicago being able to fill them. I hope I am wrong believe me. But it does concern me.

Do you have any actual data to back up your feeling, or are you just "feeling it" and really have no idea based off of your own view of what's happening in Chicago? Here's the news for you - there continues to be people to be hiring well paying positions in Chicago, contrary to popular belief, and that includes all those startups as well as established companies. Unless it's a super expensive apartment on the level of a luxury Manhattan apartment - say over $4K/month for a 1 bedroom, I don't see any of the upcoming apartments in Chicago not at least half way filling up. We'll see how long that lasts though.

SamInTheLoop · #**4435** Posted **Jun 23, 2016, 3:30 PM**

^ Half-way filling up doesn't come close to making the numbers work, fyi.

There will be meaningful oversupply in the downtown apartment market (not at all necessarily a bad thing I'd point out - it will be a great thing for tenants, as they'll experience more attractive pricing, special deals and choice at some point coming up) - as I've been saying, it's only a matter of when. It could be 18 months hence.....it could be 36 or perhaps as much as 48.........condo conversions are quite likely to mitigate to some extent, however there will still be oversupply later this cycle (or at its conclusion) and rents (effective/'economic' rents for sure - but also asking rents, as developers/owners will try very hard, but will be unable to prevent it) will fall outright......nothing to be terrified of, folks - this is Chicago - it's happened before (in all property types), and it will happen again......

SamInTheLoop · #**4436** Posted **Jun 23, 2016, 3:31 PM**

Quote:

Originally Posted by spyguy

61 W Erie - 10 units, 11 parking spaces

This looks interesting......do you know who the architect is?

marothisu · #**4437** Posted **Jun 23, 2016, 3:35 PM**

Quote:

Originally Posted by SamInTheLoop

^ Half-way filling up doesn't come close to making the numbers work, fyi.

FYI I was making a statement in general, it's not based off of hard data "ONLY HALF OF THESE WILL FILL UP." You need to understand when someone is saying something that's completely secondary to the point. I do not believe that the recent apartments coming to Chicago will not fill mostly up. There continues to be jobs added to Chicago, as well as people moving up who can afford them and want to live there.

SamInTheLoop · #**4438** Posted **Jun 23, 2016, 3:35 PM**

Quote:

Originally Posted by spyguy

CIM + Golub. I'm worried we are getting a (maybe more than one) SCB special next to an iconic building in a prime spot. At least with O'Donnell (Riverside development) I'm sure we'd get something solid from Goettsch.

Definitely not an unreasonable worry. It's Golub's (not CIM's) relationship with SCB of course that pushes them to be a probable immediate frontrunner to land the commission here (who knows though - they might always surprise with a different selection).

I'd also point out that SCB is capable of stepping it up from their more common 'phoning it in' designs....they do have some talent for sure - they just don't nearly often enough truly deploy these talents and apply themselves..........

SamInTheLoop · #**4439** Posted **Jun 23, 2016, 3:36 PM**

Quote:

Originally Posted by marothisu

FYI I was making a statement in general, it's not based off of hard data "ONLY HALF OF THESE WILL FILL UP." You need to understand when someone is saying something that's completely secondary to the point. I do not believe that the recent apartments coming to Chicago will not fill mostly up. There continues to be jobs added to Chicago, as well as people moving up who can afford them and want to live there.

You could reduce your posts and avg length by half - there's a lot of filler that's not necessary, just fyi.....

marothisu · #**4440** Posted **Jun 23, 2016, 3:54 PM**

Quote:

Originally Posted by SamInTheLoop

You could reduce your posts and avg length by half - there's a lot of filler that's not necessary, just fyi.....

True, but there are things that need to be said sometimes, and explanations for people who don't understand what's actually happening in the city economically (many people). Unless you have hard data to suggest that people can't afford all of these, there's absolutely no point in saying it.