CHICAGO | NEMA Chicago | 896 FT | 81 FLOORS

[SamInTheLoop]

Fantastic news. This will be one of the true signature towers of this boom. Can't wait for the rigs to roll on up to the site. This will be one of the largest all residential (no true mixed-use), no matter how you measure - no.of units, sq ftge, no. of stories, height, etc)

The South Loop is about to go true boom. You have Riverline that's just getting its move on, this massive tower, CA Residential tower just starting next to Five Guys, Essex tower, 1326 S Michigan, the residential/medical office project next to Firehouse, the multi flag hotel tower at 11th and Wabash, all of the stuff near convention center/motor row that hasn't started yet - and most or all of this stuff is going to be under way before spring......a little further down the road (this time next year?), we'll have the tower in the 1400 block of s Wabash that gets approved at next week's plan commission, Jahn tower, and who knows what else to look forward to......

[Halsted & Villagio]

Originally Posted by the urban politician

Hmm not sure. I think this boom is just about out of steam. Trust me, apartments are about to seriously get soft.

Perhaps some condos will get going soon?

I agree that it may seem that way but most trends support the continued growth and viability of this boom in part due to employment trends. See the article that I have linked below. I really like this article because it comes from a reputable source and it provides a graph of how we stand with respect to other cities. The long and short of it is that jobs are moving to the core of the city (particularly to the core of Chicago - which is outperforming New York, Los Angeles, San Francisco, Miami, etc.) and millennials want to live close to where they work.

http://www.nytimes.com/2015/02/24/upshot...-growth-shrinks-in-the-suburbs.html?_r=1


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[skyscraper]

Originally Posted by the urban politician

Hmm not sure. I think this boom is just about out of steam. Trust me, apartments are about to seriously get soft.

Perhaps some condos will get going soon?

Phase 2 of this project will have condos.

[the urban politician]

Originally Posted by LouisVanDerWright

^^^ I've been hearing that from a lot of people and have yet to see it myself. I'm renting two bedrooms in little village for $1400+ a month and 3 BRs for $1600. I've been getting like a call a day just off craigslist. Already over 50% rented and I don't even have my CO yet. I've heard scattered anecdotes about people having trouble moving apartments in certain places like Logan Square near all the new TOD, but you aren't going to get $2000/mo for a half assed rennovation of a tiny old three bedroom when they are leasing brand new 2 BDs with amenities closer to the train for $2500/

I responded to this post in the Chicago Economy Thread

[rlw777]

Awesome news about the construction permit. This one is gonna be great for the south loop.

[BVictor1]

This will become Chicago's 'tallest all residential tower' when completed.

[Skyguy_7]

I cannot wait for this tower and the other upcoming Michigan Ave towers to further enclose, or Central Parkitize, Grant Park.

[Kumdogmillionaire]

Originally Posted by BVictor1

This will become Chicago's 'tallest all residential tower' when completed.

That assumes it beating out A.M. Sterns building in terms of timetables, which it won't.

[ardecila]

Originally Posted by BVictor1

This will become Chicago's 'tallest all residential tower' when completed.

Define "all-residential". The building will have offices for the developer and a co-working space on the first two floors, so it's likely that there will be some commercial use as well.

[BVictor1]

Originally Posted by ardecila

Define "all-residential". The building will have offices for the developer and a co-working space on the first two floors, so it's likely that there will be some commercial use as well.

So does the Legacy, and it counts.

[colemonkee]

Originally Posted by Skyguy_7

I cannot wait for this tower and the other upcoming Michigan Ave towers to further enclose, or Central Parkitize, Grant Park.

I think that's already a pretty damn impressive street wall next to that Park. But this will only make it better.

[Kngkyle]

I walked by the site today and there is no activity to report, yet.

[TimeAgain]

This and the Jahn tower desperately need to be built just to expand and balance out the skyline. Wish we had a better idea of the Essex tower.

[LouisVanDerWright]

Still crickets? That's odd they would get the permit and idle like this.

[ithakas]

Originally Posted by LouisVanDerWright

Still crickets? That's odd they would get the permit and idle like this.

I walked by as recently as Sunday and still nothing...

[Steely Dan]

Originally Posted by LouisVanDerWright

That's odd they would get the permit and idle like this.

yeah. come on crescent, you've pulled the permit, it's time to get the rigs spinning!

[Le Baron]

This is ~10 weeks old but looks like CH is calling this "One Grant Park."

https://www.instagram.com/p/BJI35dMAQgu/

[the urban politician]

Originally Posted by LouisVanDerWright

Still crickets? That's odd they would get the permit and idle like this.

Well the real barrier to entry for these projects is $$, of course, not city permits. Maybe they are still tying up loose ends with that?

[LouisVanDerWright]

Yes, but usually one does not get to the point of having permits issued without funding already lined up.

[Bombardier]

Originally Posted by LouisVanDerWright

Yes, but usually one does not get to the point of having permits issued without funding already lined up.

That's not at all true. Often the development teams, especially the more seasoned teams that have a proven track record of success, will progress designs and get permits lined up in advance of construction loans. Especially on projects of this magnitude. My personal opinion is that they are still trying to get the GMP down, and get the loan closed before starting.