CHICAGO | Aqua | 858 FT / 262 M | 87 FLOORS

[wrab]

Originally Posted by EarlyBuyer

Update from Magellan released 5/5/09:

"...Windows have been installed up to 78, framing is up to floor 70 excluding floors 57 & 58. The ceiling and walls have been painted up to apartment floor 52..."

These guys run a pretty tight ship.

[Chitown]

Originally Posted by EarlyBuyer

Aqua Building Tops Off

"...There is no repetition whatsoever in the ripples that make up the balconies, which range from zero to 12 feet deep, said Alexander. As a result, McHugh had to invent a way to custom-build all the forms to pour the concrete for the balconies, with every one unique and the shape of each edge custom-built, while still adhering to an aggressive schedule that called for pouring a floor every four days. McHugh Concrete Superintendent Paul Treacy's solution for easily laid and reusable forming edges, using light-gauge steel and brackets, was so successful Treacy was named one of Engineering News-Record's Top 25 Newsmakers of 2008.

Treacy's system proved so successful that McHugh beat its own estimates, pouring a floor every three days rather than the proposed four days.

"Innovation comes from experience, and we're proud of our field teams' skill at creative thinking and problem-solving," Alexander said. "It sets McHugh's concrete services apart..."

http://www.concreteconstruction.net/industry-news.asp?sectionID=718&articleID=948371

Wow, nice job McHugh.

[wrab]

5/3

[photoLith]

Holy crap, that photo is awesome wrabbit! Im glad to see that the railing didnt really screw up the flow of the building like we had previously though it might a long time ago.

[EarlyBuyer]

First renters drink in Aqua's views

"...Leasing is under way for the Aqua, a luxury mixed-use skyscraper in the Lakeshore East development, just north of Millennium Park. The posh high-rise, developed by the Magellan Development Group LLC, welcomed the first renters this month. Rents for the 474 studios, convertibles, and one- and two-bedroom apartments range from $1,375 to $3,111..."

"...This is all about Walter Payton, my golden retriever," said Henry, who is a registered cardiac sonographer. Henry will move into a convertible apartment at the Aqua on May 24. I wanted a place close to my work at Northwestern [Memorial Hospital], but most buildings in the downtown area are not conducive to dogs. There's no grass or parks. But the Aqua has a dog park across the street where I can let Walter run off the leash," Henry said. Having a room with a view was also important to Henry. "I have floor-to-ceiling windows and a huge 25-foot-long balcony. My apartment has a northeast view and I'll be able to see Navy Pier, right where the Chicago River meets the lake..."

http://www.suntimes.com/lifestyles/easy/1561841,HOF-News-easyahunt07.article

[EarlyBuyer]

I don't recall seeing this previously posted here:

Trump and Aqua at Large and in Detail

"...Where the Trump commands attention through its sheer size, Studio/Gang's Aqua, while no shrinking violet at 82 stories and 822 feet, dominates through it's distinctive appearance. As it nears completion, this may be the best time to see it, when it exists as pure form, before the addition of balcony railings whose presence is currently exaggerated by being wrapped in big plastic baggies..."

"...It's almost too bad we're in the era of digital photography, because developer Magellan might have compensated for the loss by getting indicted Illinois governor Rod Blagojevich to shake down Kodak for a cut of all the film sales engendered by a building that will undoubtedly become, after Da Bean and the Water Tower, one of the most photographed attractions in Chicago..."

http://arcchicago.blogspot.com/2008/12/trump-and-aqua-at-large-and-in-detail.html

[i_am_hydrogen]

Taken today:

[TorancisOMP]

do we know what hotel with occupy the lower half of the building?

[J_M_Tungsten]

Wow hydrogen, amazing shots as usual. Aqua looks like your run of the mill skyscraper from this angle, can barely notice the balconies! I've been watching these forums for about 9 months now and I finally joined, looking forward to chatting with my fellow Chicagoans and fellow skyscraper enthusiasts.

[Rizzo]

hydrogen, excellent perspective and shot!

[denizen467]

Originally Posted by TorancisOMP

do we know what hotel with occupy the lower half of the building?

Still no.

I keep betting on a Grand Hyatt (none exists in our city), because it could be connected to the Hyatt Regency, already one of the city's biggest several hotels, making a mini Hyatt City.

Or a boutique/chic hotel chain will finally realize how amazing a design and location is available there - like W Hotels. I just can't believe, even in this slump, that it won't be snapped up soon by some visionary hotelier.

[brian_b]

Originally Posted by denizen467

Still no.

I keep betting on a Grand Hyatt (none exists in our city), because it could be connected to the Hyatt Regency, already one of the city's biggest several hotels, making a mini Hyatt City.

Or a boutique/chic hotel chain will finally realize how amazing a design and location is available there - like W Hotels. I just can't believe, even in this slump, that it won't be snapped up soon by some visionary hotelier.

I'm going to go out on a limb and say it stays vacant for 3 to 5 years.

Things are bad and getting worse in the hotel industry.

http://www.hotelnewsnow.com/blog.aspx?PageType=Blogs&a=1&b=1145

OK, so now it’s official. The first quarter of 2009 experienced the worst year-over-year revenue per available room drop in the U.S. lodging industry’s organized history.
...
Will the luxury segment ever rebound? It’s not likely that it will happen any time in the next two years. And until the luxury segment recovers, the industry itself won’t experience boom times. The reason is simple: If luxury properties are hurting and continue to discount their rates, that puts downward pressure on hotels in other segments to do the same. However, one thing is different this time: Little corporate business is rushing to stay at luxury hotels because of the unfair stigma attached to them.
...
The two sure signs in my book that the hotel industry is in trouble: half-filled airport parking lots and rental-car agency reader boards that have one column filled and eight columns empty. Until Corporate America starts hitting the road, something else is going to continue hitting the fan.

http://www.chicagotribune.com/business/chi-sat-hotel-defaults-0425-apr25,0,3301155.story

Plummeting consumer demand and a glut of highly leveraged properties has the hotel industry bracing for widespread defaults.
...
With average rates falling below $120 and occupancy at an anemic 59 percent, revenue per available room is projected to decline more than 15 percent in Chicago this year, according to the report
...
Somewhat insulated during previous downturns, the luxury segment has been hit hardest during this recession, with revenue per available room down more than 26 percent this year. Comprising the lion's share of maturing commercial mortgage-backed securities, more than 50 percent of recent-vintage luxury hotels are in danger of not being able to meet debt service by year's end, according to New York-based Fitch Ratings
...
That stigma didn't deter HSH Nordbank from foreclosing on the swanky 224-room W hotel in Scottsdale, Ariz., in January, just four months after it opened, with an auction scheduled for this week

[spankbudda]

Originally Posted by Ryan81

About a year after 9/11, my fiance and I took a trip to Chicago. I took some shots of Aon. I don't recall whether I was on public property or not, but I too was approached by a rent a cop, and told that photographing the building was prohibited. I said 'OK' and went on my way. It would have been nice to have a response for him, but I didnt ask questions...I just walked away. I am going to try and do some research and ask an attourney friend of mine...maybe a thread about the "rights of photographers in public spaces" should be started to give those of us who want to know our rights and stick up for ourselves when approached. If I get some good legal advice and find good (official) sources for this, I will start a thread. I did a quick search and found this in a popular photography online magazine:

The Photographer’s Right
A Downloadable Flyer Explaining Your Rights When Stopped or Confronted for Photography

http://www.krages.com/phoright.htm

[sentinel]

Originally Posted by denizen467

Still no.

I keep betting on a Grand Hyatt (none exists in our city), because it could be connected to the Hyatt Regency, already one of the city's biggest several hotels, making a mini Hyatt City.

Or a boutique/chic hotel chain will finally realize how amazing a design and location is available there - like W Hotels. I just can't believe, even in this slump, that it won't be snapped up soon by some visionary hotelier.

Uh..well there is the Park Hyatt, perhaps not as big as the Grand Hyatt but keep in mind that the hotel would only accomodate 215 keys (at least, that's how many were in play when it was originally to be "Fairmont at the Aqua"). I do agree that it would be nice to have a cool, unique, boutique hotel, but something better/grander, more international marquee name, than the Monaco or Burnham, etc. Also to consider, now that Strategic wants to sell the existing Fairmont across the street (which in turn has the opportunity to be an amazing, new, int'l hotel like Shangri-la, Mandarin, St. Regis, etc - remember that the Fairmont has nearly 700 rooms and LOTS of Ballroom space), Strategic might be willing to go back to Magellan and re-negotiate that original deal they pulled out of because Loewenberg was asking for too much money, and they too (Magellan/Loewenberg) might be willing to re-negotiate too, since I believe a few pending deals have already fallen thru (read: Magellan STILL asking too much).

[denizen467]

^ I think a Grand Hyatt could be doable at only 215 keys. It's in the luxury tier. Not sure if there are facilities a Grand Hyatt usually requires that would be unavailable at Aqua though.

Incidentally, just because Strategic might sell the property does not mean the flag has to change. It could and may well remain a Fairmont.

brian_b, good point - I was thinking more that this might be a possibly good time to talk about beginning construction on a 3-year project (I'm always keeping fingers crossed on the InterContinental project on Michigan). But Aqua could be ready as a hotel in under 1 year, which is way too soon in this economy. Still, I can see operators/owners really wanting dibs on this unique property, perhaps signing a contract now but not actually opening until a couple years from now.

[EarlyBuyer]

Thanks spankbudda for the document, very helpful!

[wrab]

5/8

[the urban politician]

^ A pretty unimpressive & staid building from far away. Interesting how it sort of plays with you and teases you with its rippling facade when you get near, but when you're far away it locks step with the crowded, boxy jungle around it.

Aqua is a building with two personalities. I wonder how common that is..

[denizen467]

Where on the base will the hotel entrance be?

[sentinel]

Originally Posted by denizen467

Where on the base will the hotel entrance be?

Originally, it was designed to be directly across from the existing Fairmont, but who knows if that will change with a potential new hotel owner/operator because there was also originally to be an even larger entrance, yet lower in ceiling height for the Ballrooms, on the south elevation of the base, where that little drop-off roundabout is located south of the building.

To clarify on my point earlier denizen, yes, you are correct in that any potential new buyer for the existing Fairmont could very well keep the marquee name/brand/flag, but it's just been my experience in the past for hospitality, when something like this type of sale occurs, a buyer with a different, yet comparable portfolio (5-star hotels) main want to utilize a brand they already have, instead of keeping the original Fairmont name.