CHICAGO | General Developments - Page 974

Justin_Chicago · #**19461** Posted **Jun 28, 2013, 12:05 AM**

That new skatepark looks great! This project and "The Bakery" in Pilsen is putting Chicago on the map for alternative sports. I hope Rahm nails the X-Games.

bnk · #**19462** Posted **Jun 28, 2013, 2:09 AM**

The skate park might be fun for hipsters and will likely be as popular as the 70's tennis courts that were built in the 70-80-s I am much more interested in the latest hospital 525 Million dollar building that will break ground in a few weeks. That is a real deal and not a play toy for the kids.

Rizzo · #**19463** Posted **Jun 28, 2013, 2:32 AM**

Quote:

Originally Posted by bnk

The skate park might be fun for hipsters and will likely be as popular as the 70's tennis courts that were built in the 70-80-s I am much more interested in the latest hospital 525 Million dollar building that will break ground in a few weeks. That is a real deal and not a play toy for the kids.

So are you saying the hospital should be near the skatepark? That would be for me when I crashed on my face on those pesky Michigan ave expansion joints.

wierdaaron · #**19464** Posted **Jun 28, 2013, 2:41 AM**

Grant Park is such stale toast in most places I don't mind any attempt to improve it. In addition to skating obstacles the design also has seating and performance areas and a screen for movies in the park. It should be great for the south loopers to have a park feature other than soggy grass fields or rusty iron leg statues.

My only concern is how they'll choose which member of the Daley or Pritzger family to name it after.

untitledreality · #**19465** Posted **Jun 28, 2013, 2:42 AM**

Quote:

Originally Posted by bnk

The skate park might be fun for hipsters and will likely be as popular as the 70's tennis courts that were built in the 70-80-s

I guess we should never pursue anything that might not be popular 40 years into the future for fear of obsolescence then huh? That $525mm hospital will be out of date in 40 years, guess we shouldnt build that either, right?

bnk · #**19466** Posted **Jun 28, 2013, 3:10 AM**

If the park can build and bring in 600 million in private funds to build and secure a park for international hipsters you would not hear one peep from me but this is local tax dollars at work on a fad. Luckly they are only spending a fraction of what is going up soon in streeterville in a vacant lot.. I would expect more joy from that than a silly little play thing in a corner of the park that will only be a target for local kids that are up to no good anyway.

ardecila · #**19467** Posted **Jun 28, 2013, 4:27 AM**

I don't think skating is a fad. The sport has enjoyed popularity for decades now, generally among teenagers but I don't see why that's a bad thing. We haven't stopped building baseball fields that are largely used by children. Teenagers can often generate a negative perception if they hang out or skate in other parts of the city (not saying it's fair, but it's true) so I'm glad this is being encouraged.

Guess you missed this part:

Quote:

To make the park a reality, the Grant Park Conservancy is looking for private funding to supplement the $1 million in Near South TIF money already allotted to the project.

A skate park in such a prominent location could easily attract sponsors from some of the larger skate companies or a corporation that's interested in promoting physical activity/recreation.

Honestly, like Hayward said, there's absolutely no reason to compare the skate park to the new RIC tower. Apples and orangutans.

wierdaaron · #**19468** Posted **Jun 28, 2013, 4:37 AM**

And hipsters ride bikes and think tricks are a macabre form of depersonalized expression. Skaters ride skateboards.

spyguy · #**19469** Posted **Jun 28, 2013, 6:36 AM**

Anyone notice that the demolition of 6-8 West Maple (Mr. Kite's) is under review?

http://goo.gl/maps/fCEUG

It's really sad seeing all of these small-scale historic buildings being eliminated throughout the Near North Side.

SOAR has created a nice list of some of these endangered buildings:
https://www.dropbox.com/s/xcheee55nl...%20streets.pdf
https://www.dropbox.com/s/sznhdef2l7...%20streets.pdf

Mr Downtown · #**19470** Posted **Jun 28, 2013, 2:40 PM**

Tower crane going up at AMLI Clark & Polk.

wierdaaron · #**19471** Posted **Jun 28, 2013, 3:50 PM**

Whatever this thing is going up at GEMS school LSE

VivaLFuego · #**19472** Posted **Jun 28, 2013, 5:08 PM**

Quote:

Originally Posted by spyguy

Anyone notice that the demolition of 6-8 West Maple (Mr. Kite's) is under review?

http://goo.gl/maps/fCEUG

It's really sad seeing all of these small-scale historic buildings being eliminated throughout the Near North Side.

SOAR has created a nice list of some of these endangered buildings:
https://www.dropbox.com/s/xcheee55nl...%20streets.pdf
https://www.dropbox.com/s/sznhdef2l7...%20streets.pdf

That's incredibly unfortunate.

the urban politician · #**19473** Posted **Jun 28, 2013, 5:34 PM**

^ A process that was occurring in the Loop from the 1870's onward.

It's going to happen in the Near North Side, and as long as they are replaced by much larger structures I don't have a problem with it. For the most part, that has been the case, but sometimes you'll see something torn down and replaced with a bland version of the same thing, of the same scale (ie Oak and Rush St).

VivaLFuego · #**19474** Posted **Jun 28, 2013, 6:25 PM**

Quote:

Originally Posted by the urban politician

^ A process that was occurring in the Loop from the 1870's onward.

It's going to happen in the Near North Side, and as long as they are replaced by much larger structures I don't have a problem with it. For the most part, that has been the case, but sometimes you'll see something torn down and replaced with a bland version of the same thing, of the same scale (ie Oak and Rush St).

The bolded sentence is why it's unfortunate. As with the rowhomes and flats on Walton a few years ago, these will in all likelihood (given existing zoning and precedent) be replaced with 1 or 1.5 story retail --- i.e. less density in addition to the architectural loss.

Rizzo · #**19475** Posted **Jun 29, 2013, 12:35 AM**

One of the things that drew me to the neighborhood was the hodgepodge mixture of architecture. With the exeception of Michigan Ave, State St, and the old warehouses in River North, I find most of downtown Chicago rather uninteresting at street level. Mariano Park thrives off the fine grain architecture and those old buildings contribute. I love the multi level retail with signs in the windows. Instead they want some sterile polished up building. Since it will probably be demoed, I demand it be some narrow 8+ story NYC style mixed use density building with cutting edge architecture. If they build a 1.5 story building I will be sure to protest that it will do nothing economically to the neighborhood

the urban politician · #**19476** Posted **Jun 30, 2013, 5:43 PM**

Just read an article today that a lot of downtown commercial buildings are about to see whopping 10-20% increases in their property tax bills. That right there may raise several millions for the city/region (depending on how successful property owners are at appealing them).

Do any real estate experts have any thoughts on whether this can have an impact on office tower development? (higher taxes affecting what are otherwise narrow profit margins and thus leading to higher rents, companies defecting, perhaps creating demand for a new tower or two...?) Again, I'm still learning more about this business but I'd love to hear if anyone has a take on how this tends to affect the development side, if at all.

LouisVanDerWright · #**19477** Posted **Jun 30, 2013, 6:24 PM**

Most office leases are triple net meaning the lessee is going to have the taxes (and operating expenses) passed through to them. Having higher taxes at existing buildings could make moving to a new tower seem somewhat more appealing to existing tenants, but if it hits the new towers too, then it is a moot point.

A lot will depend on whether this is a $2-3/SF/YR bump in taxes or a $0.50/SF/YR bump in taxes for the tenants.

Rizzo · #**19478** Posted **Jun 30, 2013, 6:32 PM**

On another note, just got a whopping 20% increase on my rent. I'll deal with it but this certainly shows there's demand for more buildings in the central area of the city. It would be a dream to see a couple more 60+ story residential towers sprouting up around downtown.

the urban politician · #**19479** Posted **Jun 30, 2013, 6:46 PM**

Quote:

Originally Posted by Hayward

On another note, just got a whopping 20% increase on my rent. I'll deal with it but this certainly shows there's demand for more buildings in the central area of the city. It would be a dream to see a couple more 60+ story residential towers sprouting up around downtown.

^ Sorry to hear about the rent increase.

There is talk about a glut, but if you think about it, 5,000 housing units per year for the galactic center of a metropolitan area approaching 10 million people isn't really all that much.

the urban politician · #**19480** Posted **Jun 30, 2013, 6:46 PM**

Quote:

Originally Posted by LouisVanDerWright

Most office leases are triple net meaning the lessee is going to have the taxes (and operating expenses) passed through to them. Having higher taxes at existing buildings could make moving to a new tower seem somewhat more appealing to existing tenants, but if it hits the new towers too, then it is a moot point.

A lot will depend on whether this is a $2-3/SF/YR bump in taxes or a $0.50/SF/YR bump in taxes for the tenants.

Thanks, wasn't aware of "triple net"