CHICAGO | Highrise Projects & Construction, v7

[BuildThemTaller]

Originally Posted by bcp

i like that this is a boardwalk...like the El stations.

Think of it as a good placeholder....the city can come through later and add "real" river walk infrastructure that we are seeing at the split (that cost would be way prohibitive for a developer)

As I understand it, there is a city ordinance that requires any developer that builds along the river to include a publicly accessible riverwalk. That's why there's a section in front of 150 N Riverside and River Point towers with pedestrian access. The city is building the riverwalk from Lake St. to Lake Michigan to enhance the public access.

[ardecila]

Originally Posted by jpIllInoIs

Does anyone even know what Wells St itself will look like? even though a rendering could be done without regard to the physical street limitations.
What kind of street structure will be built on Wells?

Structure? It will remain a traditional, at-grade street. Current plans show the street will be widened somewhat to accommodate greater traffic volumes. The city's plan also calls for it to be connected southward to Wentworth in Chinatown, but that's really outside the scope of Riverline.

Remember that between the Wells/Harrison parcel that CMK does not own, and River City, the total frontage along Wells is not as big as you think. In the north half, there are several small retail/restaurant spaces fronting Wells and lobby spaces. Parking entrances off Wells too, because where else would they go? Further south across from Roosevelt Collection, there is a townhouse development. Side walls of townhouses facing Wells...

[LouisVanDerWright]

Construction is also imminent on another pomo gem:

https://www.bisnow.com/chicago/news/...-55695?rt=7728

The weird 80's pomo hotel at 1101 S Wabash is in site prep. They have begun demolishing the garage. Though this design is a dud, it will wipe out an equally heinous parking garage and provide a much needed boost to this parking laden section of the south loop.

[UrbanLibertine]

Originally Posted by Randomguy34

In other news, 4 E. Huron was issued a demolition permit yesterday. Is this a sign that the State & Huron highrise is moving forward?

It better be because those old rowhouses were beautiful.

[J_M_Tungsten]

This morning
Various

[the urban politician]

Originally Posted by LouisVanDerWright

Construction is also imminent on another pomo gem:

https://www.bisnow.com/chicago/news/...-55695?rt=7728

The weird 80's pomo hotel at 1101 S Wabash is in site prep. They have begun demolishing the garage. Though this design is a dud, it will wipe out an equally heinous parking garage and provide a much needed boost to this parking laden section of the south loop.

Good, the south loop really needs more hotels

[Kumdogmillionaire]

Originally Posted by the urban politician

Good, the south loop really needs more hotels

Is that a twinge of sarcasm i sense?

There really are wayyyy too many hotels getting built. I'm waiting for this to backfire in the coming years.

[BrandonJXN]

^ Though wouldn't it make sense to have hotels in the South Loop with the Lucas Museum and the Obama library in the works?

[Kngkyle]

Originally Posted by Kumdogmillionaire

Is that a twinge of sarcasm i sense?

There really are wayyyy too many hotels getting built. I'm waiting for this to backfire in the coming years.

Chicago tourism is at record highs, hotel vacancy rates are at or near record lows. There is a reason they are getting built - the demand is there for them. Either way though, I'd much rather see an oversupply of hotel rooms than an oversupply of apartments or condos. The ramifications of a collapse are far less severe to the local population.

[the urban politician]

I realize all of the talk of a hotel glut. But I was referring more to geography. Most of the hotel supply is north of the said site, or around McCormick Place. I'm just saying that I would like to see more hotels in the south loop itself. More out of town visitors to patronize south loop businesses and restaurants. The south loop needs this kind of boost.

In other news, Crains is reporting that 215 w Lake has landed construction financing.

[marothisu]

Loop apartment project lands $91 million in construction financing

About seven months after selling a new apartment tower in the West Loop for $82 million, developers Thomas Roszak and Dan Moceri scored $91 million in financing for their next luxury high-rise.

The developers already have broken ground on the 33-story apartment building at 215 W. Lake St. in the Loop, next to Monk's Pub. To finance the project, they took out a $63.4 million construction loan from a lender group led by FirstMerit Bank and obtained a $27.4 million equity investment from LaSalle Investment Management, according to Chicago-based Jones Lang LaSalle, which arranged the financing. Roszak and Moceri also invested about $7 million in the 265-unit development.

Roszak expects to finish his project in mid-2017. He likes the site because it's in the Loop but within walking distance of the restaurants and nightlife in River North, not unlike OneEleven, a successful riverside apartment tower a few blocks away.

Though dozens of apartment developments are under construction or in the works, lenders have become more conservative, said David Hendrickson, managing director at JLL. He and Managing Director Keith Largay led the team that arranged the financing for the Lake Street tower.

Most lenders today will loan only 50 to 55 percent of an apartment development's cost, down from 65 to 70 percent two years ago, Hendrickson said. Still, Roszak and Moceri were able to get a 65 percent loan from FirstMerit, which teamed up with First Midwest Bank and First Bank of Highland Park.

The lending climate “is getting tougher, but I think it's a healthy balance,” Hendrickson said. “It keeps a governor on too much development.”

http://www.chicagobusiness.com/reale...loop-apartment

[ithakas]

Originally Posted by the urban politician

In other news, Crains is reporting that 215 w Lake has landed construction financing.

With this underway, I hope Roszak has time to pull off the Printers Row project before the end of this cycle. (Assuming it's not dead because of the garage owner, as rumored.)

[maru2501]

Originally Posted by the urban politician

215 w Hubbard and the hotel on 11th and Wabash getting started soon are pretty exciting.

Interesting how we've heard little from Related on their proposal in Streeterville, and all has gone silent on that new dual hotel/apt tower in Lakeshore East (the one planned just south of Aqua). I'm kind of surprised that in the midst of a pretty substantial echo boom of apartment highrises, LSE, one of the most successful communities in the city, was only able to pull off 1 residential tower up until now (Coast).

What is headed for 215 W Hubbard again?

I recall the whiskey bar plan fell through

[munchymunch]

Originally Posted by maru2501

What is headed for 215 W Hubbard again?

I recall the whiskey bar plan fell through

A very nice residential/office building, I'm pretty sure someone said they where repaving the lot. Only to have soil testing occur there a couple weeks later.

[r18tdi]

Originally Posted by maru2501

What is headed for 215 W Hubbard again?

I recall the whiskey bar plan fell through

I think the whiskey bar thing you're thinking of was proposed for little surface lot at 20 W. Hubbard.

[maru2501]

Originally Posted by r18tdi

I think the whiskey bar thing you're thinking of was proposed for little surface lot at 20 W. Hubbard.

yep, thanks


site under the L is always farther west than 200s in my head

[harryc]

1/28




2/3




2/10

[maru2501]

Halsted overdue for another start

[ithakas]

Children's Memorial redevelopment starting soon:

https://www.dnainfo.com/chicago/2016...as-deal-closes

[prelude91]

Originally Posted by ithakas

Children's Memorial redevelopment starting soon:

https://www.dnainfo.com/chicago/2016...as-deal-closes

This is great news; one of the most important developments in the city, IMO.