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  #7361  
Old Posted Aug 5, 2020, 8:10 PM
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Originally Posted by KWillChicago View Post
Any info on what restaurant is moving in?
?
The base will be the lobby/lounge/restaurant of the Vista hotel (the boxy portion with frustrum mullions that looks north over the river)..is that the part you're referring to?
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  #7362  
Old Posted Aug 5, 2020, 10:41 PM
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Originally Posted by sentinel View Post
?
The base will be the lobby/lounge/restaurant of the Vista hotel (the boxy portion with frustrum mullions that looks north over the river)..is that the part you're referring to?
Yeah. Is it going to be a seperate restaurant/lounge like sixteen/rebar like trump? Just wondering if any company or chef signed.
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  #7363  
Old Posted Aug 7, 2020, 12:14 AM
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Originally Posted by KWillChicago View Post
Yeah. Is it going to be a seperate restaurant/lounge like sixteen/rebar like trump? Just wondering if any company or chef signed.
Looking for the restaurant I found this: https://www.enr.com/articles/48869-a-double-decker-road-tower-runs-through-vista-tower-chicagos-third-tallest-building awesome read

and this:

Quote:
Wanda Hotel Development has agreed to sell its ownership stake in Vista Tower for $270 million, the Chicago Tribune reported. Locally based Magellan Development Group has agreed to buy the 90% ownership stake from the unit of Dalian Wanda Group.

Magellan owns the other 10% stake in the 1,191-foot-tall condominium and hotel project, which has been under construction for almost four years at 363 E. Wacker Dr. It’s part of Magellan’s Lakeshore East mixed-use development.

The sale agreement was reached July 24, according to a Hong Kong stock exchange securities filing. The deal was first reported by Bloomberg.

Construction of the 101-story skyscraper along the Chicago River is expected to cost $1 billion, including construction debt.

It’s backed by a Chicago-record $700 million construction loan, which the developers secured in 2017, almost a year after the project broke ground without financing in place. Construction topped out in April.
[URL="https://www.chicagotribune.com/columns/ryan-ori/ct-biz-vista-tower-sale-magellan-ryan-ori-20200730-xar3h25bpjabxblhhkftzaha4i-story.html[/URL], https://www.chicagotribune.com/colum...a4i-story.html



Magellan owns the whole thing now. I don't know how construction financing works, anybody know it's likely that Wanda took a loss on this?
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Last edited by cozy; Aug 7, 2020 at 12:16 AM. Reason: src
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  #7364  
Old Posted Aug 7, 2020, 4:47 PM
jjk113 jjk113 is offline
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Cool

...I live about four blocks north of Vista and it seems that work on the north facade has ground to a halt. I keep waiting for the final corner to be glassed in and the skip removed.......nothing seems to have changed on the north facade in almost a month.
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  #7365  
Old Posted Aug 7, 2020, 7:34 PM
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It’s very odd. I saw them dissemble the base 2 was ago, so it’s no longer in use. Limited activity that day.
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  #7366  
Old Posted Yesterday, 1:29 AM
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Credit: John Crouch
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  #7367  
Old Posted Yesterday, 2:00 AM
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^ hot damn!

that sure is one hell of a beautiful skyline.
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  #7368  
Old Posted Yesterday, 2:33 AM
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My, My, where is that Chicago skyline picture taken from. Simply marvelous.
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  #7369  
Old Posted Yesterday, 4:09 AM
Rooted Arborial Rooted Arborial is offline
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What an amazing image! That is a massive amount of electricity.

I'm guessing that's a forest preserve in the foreground out in the direction of Schaumburg or Elgin, maybe?
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  #7370  
Old Posted Yesterday, 11:24 AM
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Originally Posted by jjk113 View Post
...I live about four blocks north of Vista and it seems that work on the north facade has ground to a halt. I keep waiting for the final corner to be glassed in and the skip removed.......nothing seems to have changed on the north facade in almost a month.
Ive been saying the same things for months!...has to be the slowest glass installation i have ever seen...its just been dragging to almost zero movement on the north corner for months.. I guess there in no rush
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  #7371  
Old Posted Yesterday, 12:28 PM
LouisVanDerWright LouisVanDerWright is offline
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Quote:
Originally Posted by cozy View Post
Looking for the restaurant I found this: https://www.enr.com/articles/48869-a-double-decker-road-tower-runs-through-vista-tower-chicagos-third-tallest-building awesome read

and this:



[URL="https://www.chicagotribune.com/columns/ryan-ori/ct-biz-vista-tower-sale-magellan-ryan-ori-20200730-xar3h25bpjabxblhhkftzaha4i-story.html[/URL], https://www.chicagotribune.com/colum...a4i-story.html



Magellan owns the whole thing now. I don't know how construction financing works, anybody know it's likely that Wanda took a loss on this?
As usual Magellan probably killed it on this deal by taking advantage of the stupidity of others. They timed everything similarly perfectly with Aqua when they finished selling all the condos (or most of them) right before the crash hit, then we're able to collect a huge fee for the hotel backing out in the recession, then a short time later secured an even better hotel deal as Chicago's tourism boom picked up steam, and then finally scored massively on the apartment component as the apartment boom ramped up.

The same thing is likely happening here. Odds are they took Wanda for a ride on this deal and are probably using bank money to buy them out now that the project is nearly done. Pretty sweet deal to borrow hundreds of millions of dollars from an investor who is then forced to sell to you right when the biggest bump in equity is achieved. Refinance, give them their money back, and enjoy your new supertall. Magellan isn't as flashy as Sterling Bay or Related, but they sure as hell are just as shrewd if not moreso.
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  #7372  
Old Posted Yesterday, 1:12 PM
the urban politician the urban politician is offline
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Originally Posted by chris08876 View Post

Credit: John Crouch
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  #7373  
Old Posted Yesterday, 1:14 PM
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Very interesting.. thanks for that response!
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  #7374  
Old Posted Yesterday, 3:33 PM
Chicagolover88 Chicagolover88 is offline
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Originally Posted by chris08876 View Post

Credit: John Crouch
This is amazing!!
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  #7375  
Old Posted Yesterday, 3:39 PM
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That's an amazing skyline photo from a rarely seen angle! Too bad it doesn't include the NEMA cluster, but it's still impressive enough that I have just downloaded it. This view will get even better in 5 - 7 years, after One Chicago, Lakeshore East's Parcel I, and all those ~600 to ~900 footers are done. If we are really lucky, perhaps we will get the Tribune Tower Addition as well!
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  #7376  
Old Posted Yesterday, 4:52 PM
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Originally Posted by chris08876 View Post

Credit: John Crouch
Incredible...the whole skyline also looks...brighter/whiter, which I wonder if that's an effect of changing out the old orange streetlights for the new, white LEDs, even within building interiors as everyone is switching to more energy efficient and long lasting LEDs..which has it's negative side too, considering that most people don't know anything about color temperature (I cringe whenever I walk past a residence at night, and the interior is flooded with white, 3700K-4000K bulbs )
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  #7377  
Old Posted Yesterday, 6:36 PM
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Quote:
Originally Posted by chris08876 View Post

Credit: John Crouch
WOW, thanks for sharing!!!
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  #7378  
Old Posted Yesterday, 8:02 PM
bhawk66 bhawk66 is offline
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Quote:
Originally Posted by LouisVanDerWright View Post
As usual Magellan probably killed it on this deal by taking advantage of the stupidity of others. They timed everything similarly perfectly with Aqua when they finished selling all the condos (or most of them) right before the crash hit, then we're able to collect a huge fee for the hotel backing out in the recession, then a short time later secured an even better hotel deal as Chicago's tourism boom picked up steam, and then finally scored massively on the apartment component as the apartment boom ramped up.

The same thing is likely happening here. Odds are they took Wanda for a ride on this deal and are probably using bank money to buy them out now that the project is nearly done. Pretty sweet deal to borrow hundreds of millions of dollars from an investor who is then forced to sell to you right when the biggest bump in equity is achieved. Refinance, give them their money back, and enjoy your new supertall. Magellan isn't as flashy as Sterling Bay or Related, but they sure as hell are just as shrewd if not moreso.
That was pure dumb luck. Right place, right time. I wouldn't be too quick to call them savvy or shrewd business types. They got effing lucky. Good for them. I'm sure you've heard what the Chinese government has imposed on foreign real estate investing? Wanda's decision to back out was most likely not all free will. And Aqua's perfect economic timing had nothing to do with the braininess at the Megellan think tank. Good on them for taking advantage, however.
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  #7379  
Old Posted Today, 6:03 AM
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Quote:
Originally Posted by Rooted Arborial View Post
What an amazing image! That is a massive amount of electricity.

I'm guessing that's a forest preserve in the foreground out in the direction of Schaumburg or Elgin, maybe?
I'm thinking that's the comms tower in Norridge to the right of the Hancock (with the blue light, there's another comms tower between it and the Hancock with a red light that is probably the one in Cragin). So my best guess is that this is from Busse Forest Preserve, but I can't positively identify the foregroundish building on the right.
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