CHICAGO | Highrise Projects & Construction, v7 - Page 1169

SolarWind · #**23361** Posted **May 27, 2024, 5:18 PM**

May 2, 2024

May 20, 2024

SolarWind · #**23362** Posted **May 27, 2024, 5:19 PM**

April 30, 2024

May 23, 2024

SolarWind · #**23363** Posted **May 27, 2024, 5:21 PM**

May 2, 2024

May 6, 2024

May 13, 2024

May 20, 2024

SolarWind · #**23364** Posted **May 27, 2024, 5:22 PM**

May 6, 2024

SolarWind · #**23365** Posted **May 27, 2024, 5:23 PM**

May 9, 2024

May 23, 2024

SolarWind · #**23366** Posted **May 27, 2024, 5:24 PM**

May 7, 2024

May 14, 2024

BrickellBased · #**23367** Posted **May 27, 2024, 9:29 PM**

Honestly I think they did a great job with the fascade.

That balcony will be quite cool too.

Quote:

Originally Posted by SolarWind

May 7, 2024

sentinel · #**23368** Posted **May 28, 2024, 1:48 AM**

Praise be and HUGE thank you to our very own SolarWind for the massive project updates, throughout many threads!! Thank you, SW!!

ithakas · #**23369** Posted **May 28, 2024, 2:32 AM**

Yes, thank you so much, SolarWind! Always great to see when you've updated multiple threads with your wonderful photos.

iguy · #**23370** Posted **May 28, 2024, 7:13 PM**

https://x.com/CrainsChicago/status/1795530533088149872

Former NEMA II site update.

BrickellBased · #**23371** Posted **May 28, 2024, 9:21 PM**

Nice find.

Of note

Quote:

Crescent Heights refinanced the property in 2016, getting a $30 million loan from Grupo Financiero, property records show. That mortgage’s maturity date was initially March 2019 but was extended four times, ultimately to Aug. 31, 2023.

Crescent Heights listed the property for sale the same month, hiring the Chicago office of real estate brokerage CBRE to seek buyers for the land, but the property never traded. It’s possible Crescent Heights was looking to use the proceeds from a sale to pay off the debt. The lot's zoning would allow a new tower as high as 900 feet to be built, with as many as 621 residential units, according to marketing materials from CBRE.

Quote:

Originally Posted by iguy

https://x.com/CrainsChicago/status/1795530533088149872

Former NEMA II site update.

Zapatan · #**23372** Posted **May 28, 2024, 9:45 PM**

That sucks, didn't expect otherwise but it still sucks.

BrickellBased · #**23373** Posted **May 28, 2024, 11:09 PM**

Site I will have some competition now as far as saleable land on the market for development.

sentinel · #**23374** Posted **May 29, 2024, 1:35 AM**

Folks that are upset because certain developments aren’t happening (at least, not in the current cycle), need to remember that borrowing costs are still pretty high. That is perhaps the biggest reason as to why we aren’t seeing new cranes out there right now.

Zapatan · #**23375** Posted **May 29, 2024, 2:26 AM**

Quote:

Originally Posted by sentinel

Folks that are upset because certain developments aren’t happening (at least, not in the current cycle), need to remember that borrowing costs are still pretty high. That is perhaps the biggest reason as to why we aren’t seeing new cranes out there right now.

Yea, next cycle better be good. Hope it's no more than five years away once rates drop next year.

Not sure what other factors play in as Canada's interest rates are only slightly lower than the US's yet Toronto is cranking out several supertalls. Maybe it's just their cycle / time in the sun / more demand.

Ogdenman36 · #**23376** Posted **May 29, 2024, 5:16 AM**

Quote:

Originally Posted by Zapatan

Yea, next cycle better be good. Hope it's no more than five years away once rates drop next year.

Not sure what other factors play in as Canada's interest rates are only slightly lower than the US's yet Toronto is cranking out several supertalls. Maybe it's just their cycle / time in the sun / more demand.

Just look at a list of Chicago tallest skyscrapers from 2000-2024. Majority are in this era, include south loop and what is going on in west loop, only NYC and Toronto are outdoing Chicago.

Yes Nashville, etc. has more cranes, but look at the total size of Chicago and height.

Chicago was due for a slowdown.

chicubs111 · #**23377** Posted **May 29, 2024, 1:02 PM**

^ Unfortunately Chicago has a pretty meh track record for developing prime sites into something special...Developers in this city don't have the same vision of grandeur like we used to have...Politics aside Trump tower might be the last prime site that was truly developed to its max potential in this city...all others were just filled in with mediocre to good looking developments (ala wolfpoint, spire site, etc)

west-town-brad · #**23378** Posted **May 29, 2024, 1:22 PM**

Quote:

Originally Posted by sentinel

Folks that are upset because certain developments aren’t happening (at least, not in the current cycle), need to remember that borrowing costs are still pretty high. That is perhaps the biggest reason as to why we aren’t seeing new cranes out there right now.

also we have to separate office projects from residential projects.... office is not going to be a serious contributor to the volume of new projects for quite a while if ever again, and residential is hampered by desirability of condos as well as interest rates like you mention... single family has never been better even with interest rates being elevated

BrickellBased · #**23379** Posted **May 29, 2024, 2:00 PM**

In Toronto it has everything to do with rapid population increase, as well as Nashville. Chicago has static/shrinking population.

Per capita things in NYC are very slow right now aside from a couple marquee projects. Toronto has like 300 cranes to NYC's 10-15. Miami has 5% of the population as NYC and something like 50+ cranes.

Quote:

Originally Posted by Ogdenman36

Just look at a list of Chicago tallest skyscrapers from 2000-2024. Majority are in this era, include south loop and what is going on in west loop, only NYC and Toronto are outdoing Chicago.

Yes Nashville, etc. has more cranes, but look at the total size of Chicago and height.

Chicago was due for a slowdown.

Zapatan · #**23380** Posted **May 29, 2024, 3:21 PM**

Quote:

Originally Posted by BrickellBased

In Toronto it has everything to do with rapid population increase, as well as Nashville. Chicago has static/shrinking population.

Per capita things in NYC are very slow right now aside from a couple marquee projects. Toronto has like 300 cranes to NYC's 10-15. Miami has 5% of the population as NYC and something like 50+ cranes.

I think it's just Chicago's city proper that's shrinking, not so much the metro.

Toronto's cranes are mostly high-rises though, it still falls behind NY and Chicago by many actual skyscraper metrics.

Quote:

^ Importantly Chicago has a pretty meh track record for developing prime sites into something special...Developers in this city don't have the same vision of grandeur like we used to have...Politics aside Trump tower might be the last prime site that was truly developed to its max potential in this city...all others were just filled in with mediocre to good looking developments (ala wolfpoint, spire site, etc)

It's quite sad, there are some exceptions but I hope at least one or two prime sites are done well next cycle. Vista was pretty awesome last cycle.