CHICAGO | Highrise Projects & Construction, v7

[prelude91]

Originally Posted by ithakas

While we're seeing developers get more progressive with parking ratios in apartments and hotel buildings (this is the third? hotel in this small sub-area of River North with no parking announced in the last few weeks), there still seems to be the belief that condos need at least 1 space per unit, even for a location like this. Perhaps the constrained site and desire to leave out structured parking meant they felt they couldn't include condos.

From a resale perspective, a condo owner is at a tremendous disadvantage if their unit doesn't come with a parking space, that is a challenge that will be very difficult to overcome. I know for me personally, I would never buy a unit in a highrise w/out a dedicated parking space.

Hotels and Rentals, easily can do without 1:1 parking ratio.

[marothisu]

Originally Posted by prelude91

From a resale perspective, a condo owner is at a tremendous disadvantage if their unit doesn't come with a parking space, that is a challenge that will be very difficult to overcome. I know for me personally, I would never buy a unit in a highrise w/out a dedicated parking space.

Hotels and Rentals, easily can do without 1:1 parking ratio.

Yeah, agreed. If you are buying a condo - especially a luxury one - you're going to want to have at least one space. The difference is - don't build a f'ing podium. Build it underground.

[emathias]

Originally Posted by prelude91

From a resale perspective, a condo owner is at a tremendous disadvantage if their unit doesn't come with a parking space, that is a challenge that will be very difficult to overcome. I know for me personally, I would never buy a unit in a highrise w/out a dedicated parking space.

Hotels and Rentals, easily can do without 1:1 parking ratio.

Yeah, I haven't owned a car since 1999 and yet I wanted a parking spot when I bought my place in River North. I currently rent it out to a neighbor, too, so it's even become a financial benefit. If I did that every month for the entire mortgage, the parking revenue will have paid over 10% of my total mortgage cost and a significant chunk of the actual purchase price, far exceeding the differential cost of the space.

[tintinex]

Originally Posted by emathias

Yeah, I haven't owned a car since 1999 and yet I wanted a parking spot when I bought my place in River North. I currently rent it out to a neighbor, too, so it's even become a financial benefit. If I did that every month for the entire mortgage, the parking revenue will have paid over 10% of my total mortgage cost and a significant chunk of the actual purchase price, far exceeding the differential cost of the space.

I also bought a place with a parking spot last year, I don't use it and rent it out. It covers one month of mortgage payment a year, and in the meantime I'm happy being car-free and using the train, buses and Divvy bikes. I get the whole resale value thing and that will probably be the case for at least another generation

It doesn't mean that sometimes on rainy days I didn't wish I had a car, but I usually just take an Uber

[Rizzo]

What s pleasant surprise. Awhile back I was thinking "oh no, this lot will probably never be developed with all those facing Windows." But now we get something dramatic. I hope the aluminum panel they choose is something striking

[Jim in Chicago]

Originally Posted by migueltorres

I also bought a place with a parking spot last year, I don't use it and rent it out. It covers one month of mortgage payment a year, and in the meantime I'm happy being car-free and using the train, buses and Divvy bikes. I get the whole resale value thing and that will probably be the case for at least another generation

It doesn't mean that sometimes on rainy days I didn't wish I had a car, but I usually just take an Uber

And in my building, when a space goes up for rental it's taken within like 20 seconds.

[SamInTheLoop]

Thanks for digging up, Spyguy!

Very nice surprise, and looks to have a lot of potential to be a worthy river corridor addition.......

[Notyrview]

Omg i just realized this is on the river. I thought that was Dearborn Station in the renderings. So fucking sweet.

[marothisu]

Originally Posted by Notyrview

Omg i just realized this is on the river. I thought that was Dearborn Station in the renderings. So fucking sweet.

Yeah it's not right on the river, but if you're on the river/across from it you'd be able to see it. Still adds a little bit of canyon to it like right here:

https://www.google.com/maps/@41.8872...8i6656!6m1!1e1

[ChiTownWonder]

Originally Posted by spyguy

hmmm... from this view it looks like the building could have an interesting facade facing clark

[munchymunch]

Wow, this sure looks like a fantastic development.

[Randomguy34]

Rahm Emanuel submitted his proposal to expand downtown zoning designation as well as allow developers to increase FAR bonus by donating to neighborhood projects (Ex: "an extra 10,000 square feet of space would yield a $344,000 payment in an area where land sells for $43 a square foot"). Essentially, you can now buy FAR bonuses instead of offering affordable housing or adopt a landmark. The proposal's main page and the Crain article have tons of information more about it, so I won't write too much more. But, quick observation of the new zoning map is that for the North and Northwest expansion, all lots are considered for DX-5 zoning while for the West and South expansion, all lots next to CTA lines are considered for DX-5 zoning while all other lots are considered for DX-3 zoning.

http://www.cityofchicago.org/city/en...od-growth.html
http://www.chicagobusiness.com/artic...borhood-growth

[UPChicago]

this is more like it lol

[J_M_Tungsten]

^^^ haha, yeah looks good to me!

[spyguy]

900 W Randolph block - Tucker Development/ Acadia/ OKW Architects
Combination of rehab and a new residential tower in the middle of the block
260 units, office, retail, parking




Immediately to the east (and south of the new Hoxton hotel), the Bridgford Foods development - Hartshorne Plunkard
322 units, retail/office, parking





Oh and a fancy Starbucks at 1000 W Randolph

[prelude91]

^^^So that 15 story building will be next to the Nobu hotel? That will make a huge impact on the area. I love all of the repurposing of these buildings.

Now if only we can add some stop signs to Randolph, so I don't need to play frogger in that intersection.

[spyguy]

Originally Posted by prelude91

^^^So that 15 story building will be next to the Nobu hotel? That will make a huge impact on the area. I love all of the repurposing of these buildings.

Yes, although the second proposal is the one actually on the same block as Nobu. I would also say that the first tower is actually looking more like 18 stories (15 story tower + 3 story base).

[BVictor1]

THIS IS BIG.....


http://www.chicagobusiness.com/artic...borhood-growth

April 13, 2016

Emanuel submits plan to link downtown, neighborhood growth

GREG HINZ ON POLITICS

Mayor Rahm Emanuel today introduced legislation to give neighborhood projects a direct cut of money spent on many developments in the central area.

The proposal appears to follow earlier outlines, revamping the old zoning density program to provide cash for neighborhood projects. But there is more detail on who will get what.

As described by the mayor's office—I'll include the actual language when the city makes it available—developers who want to build a larger-than-normally-allowed structure would "buy" permission by donating to a fund for neighborhood projects.

The amount paid would be based on the median cost of land per buildable square foot, multiplied by 80 percent. For instance, an extra 10,000 square feet of space would yield a $344,000 payment in an area where land sells for $43 a square foot.

The city says the plan will pull in about $50 million over the next several years. Eighty percent of the money would go to develop grocery stores, restaurants and cultural facilities in underserved neighborhood commercial corridors. The remaining 20 percent would be split between preserving landmark buildings and neighborhood streetscape and public transit facilities

THE ORDINANCE

https://www.scribd.com/doc/308440999/Ordinance


Sorry Random... I didn't realize you'd already posted this info.

[SolarWind]

Originally Posted by spyguy

330 N. Clark - designed by HKS
Ground floor retail/lobbies, office space on 2-7 connected to the Reid Murdoch Building, topped by 500 hotel rooms

June 29, 2009


July 17, 2008


Pictures of the location, albeit somewhat old.

[Kngkyle]

From those sketches it kind of reminds me of the Sofitel, which is one of my favorite buildings in the city: