CHICAGO | 130 N Franklin | 751 FT | 51 FLOORS

[LouisVanDerWright]

^^^ Excellent, could this be a rare example of a historically significant building was lost at replaced by something at least somewhat worthy of taking its place? Of course I would rather have the Sullivan, but this has the potential to at least be of similar quality and much higher use than the CDC building changing the whole sad saga from a total loss to a somewhat positive result since we can't go back and undo the original mistake.

Stay tuned to SSP to find out!

[Ned.B]

^Unless we cause some confusion, I just wanted to point out that the building that was here before was the 1927 Chicago Mercantile Exchange designed by Alfred Alschuler and demolished in 2002.

[Skyguy_7]

^Thanks for clearing that up. I was confused as well. Sullivan's Stock Exchange was located at 30 N Lasalle.

^^Not all was lost.. Got a sweet charcoal grill stand out of the deal:

[SamInTheLoop]

Originally Posted by Skyguy_7

^It's happening. They're digging up the old footings for the next 1-2 months and then banana time, I'm told. It's currently the same wrecking crew who took down the old Chicago Mercantile Exchange in '02. Go figure.

I've been asking around to some folks who would know, and was pretty much told same - this is for real, it's happening. I think we'll be hearing of at least a first anchor tenant deal soon - within the next couple months for certain, potentially within the next few weeks.....I've heard some names, don't want to reveal them (mainly because I don't want to jinx anything with this one!!).......good, good stuff.....

[LouisVanDerWright]

Originally Posted by Ned.B

^Unless we cause some confusion, I just wanted to point out that the building that was here before was the 1927 Chicago Mercantile Exchange designed by Alfred Alschuler and demolished in 2002.

That's what I had thought, then this is for sure an upgrade, even though it was senseless to demolish the Merc.

[SamInTheLoop]

Originally Posted by ardecila

Well, yeah... it's easily the biggest piece of empty land in the Loop, and it's a very visible site close to commuter flows.

After this, what are the obvious sites for new office towers? There's General Growth.... maybe one or two River North sites including Wolf Point. Beyond that, developers will have to start looking westward for marquee projects, or maybe even southward or northward. Could the site at Canal/Kinzie conceivably be an office site? Or the Blommer Chocolate parking lot?

General Growth is definitely an A+ riverfront site, as are the couple that Stunnies mentioned, toward the south end of Wacker - those two I think have been somewhat overlooked as most of the action obviously has been further north this boom....however, if you really think about their location, proximity to the train stations and Loop transit, they are really some truly prime sites (it's possible some sort of mixed-use is a possibility down there too. Then of course (I'm still very surprised Hines is opting to make the East Tower at Wolf Point residential instead of office.....such a strange choice) you have whatever happens with the South Tower at Wolf Point, which I'm assuming will be at least partly - or now maybe completely - office (office and hotel maybe?), that's although not quite as accessible as the others, still a very prime site just based on visibility, riverfront, views, etc)........you have sites still in the West Loop between the river and expressway, and there are in fact at least a couple less obvious sites (not thinking in terms of demolishing anything existing of actual significance) in the Loop proper....

Speaking of General Growth, I've seen a rendering - however I have no idea how recent/if current, etc - if it's something 'real' by an architect that's been commissioned or if it's just a quite good 'placeholder' for early marketing purposes or what have you.......I'm hoping it's real because my reaction was "yes, please"..........I no next to nothing as far as a prospective timeline, if they're serious about moving on it in the next few years, etc etc......

[headcase]

Originally Posted by ardecila

Well, yeah... it's easily the biggest piece of empty land in the Loop, and it's a very visible site close to commuter flows.

After this, what are the obvious sites for new office towers? There's General Growth.... maybe one or two River North sites including Wolf Point. Beyond that, developers will have to start looking westward for marquee projects, or maybe even southward or northward. Could the site at Canal/Kinzie conceivably be an office site? Or the Blommer Chocolate parking lot?

Another one would be 35 N State, the old Old Navy store/current GAP. If I remember correctly the lease on that space runs out next year, and it is assumed that the building was purchased in '10 or '11 with eyes towards a larger development.

SSDD

[SamInTheLoop]

^ That one is not likely to have a major office component, if any at all. Think retail, residential, hotel as the likely major program options there.......but it is indeed one of the absolute juiciest redevelopment sites in the Loop (along with 300 N Michigan - which would also heavily lean toward retail/resi/hotel and away from office - and potentially a couple others)....

[headcase]

Originally Posted by SamInTheLoop

^ That one is not likely to have a major office component, if any at all. Think retail, residential, hotel as the likely major program options there.......but it is indeed one of the absolute juiciest redevelopment sites in the Loop (along with 300 N Michigan - which would also heavily lean toward retail/resi/hotel and away from office - and potentially a couple others)....

You are absolutely right, I skipped over the "office" part of the quoted email. It would obviously be a location that could support nearly any use, but a new office tower would be against the recent trends.

SSDD

[LouisVanDerWright]

The funny part about the conversation people were having the other day about McDonalds locating in the West Loop is that it's quite clear the CBD has nowhere to go but West. Harpo is about the same distance from Union as the center of the Loop is, but much closer than any location in River North or South Loop. As such those areas are desirable for only retail/residential/hotel and not office. Things will start getting really interesting in the next boom when there will be almost no options for large new towers left East of the river and most of the lots between the river and freeway have been mopped up with econoboxes and medium sized hotels or residential. I've been saying this for years, but Chicago is rapidly spiraling towards the point where land is again scarce in the core and the only way to go is up or into previously undesirable neighborhoods. Who knows exactly how or where demand will manifest itself (McDonald's itself is a great example of the ability of markets to surprise), but it will sure be fun to watch. Let's hope this boom keeps rolling for a while longer and more surface lots continue to be gobbled up!

[SolarWind]

June 9, 2016

[trvlr70]

I can't recall, but is the parking lot (the one filled with cars) slated for development as well?

[aaron38]

^^^ Yes, just go to page 1 of the thread and look at the renders.

[SamInTheLoop]

Originally Posted by trvlr70

I can't recall, but is the parking lot (the one filled with cars) slated for development as well?

This tower itself goes extends maybe ~20-25'? into that lot, and then the rest of the lot is parking podium with amenity roofdeck and plaza.....

[SamInTheLoop]

Originally Posted by LouisVanDerWright

The funny part about the conversation people were having the other day about McDonalds locating in the West Loop is that it's quite clear the CBD has nowhere to go but West. Harpo is about the same distance from Union as the center of the Loop is, but much closer than any location in River North or South Loop. As such those areas are desirable for only retail/residential/hotel and not office. Things will start getting really interesting in the next boom when there will be almost no options for large new towers left East of the river and most of the lots between the river and freeway have been mopped up with econoboxes and medium sized hotels or residential. I've been saying this for years, but Chicago is rapidly spiraling towards the point where land is again scarce in the core and the only way to go is up or into previously undesirable neighborhoods. Who knows exactly how or where demand will manifest itself (McDonald's itself is a great example of the ability of markets to surprise), but it will sure be fun to watch. Let's hope this boom keeps rolling for a while longer and more surface lots continue to be gobbled up!

Again - you really accelerate these things in your head - there's plenty, plenty of total sites east of the expressway for the next cycle as well.........

[LouisVanDerWright]

Originally Posted by SamInTheLoop

Again - you really accelerate these things in your head - there's plenty, plenty of total sites east of the expressway for the next cycle as well.........

Except I keep being right, as you admit, I've been saying this for a while. The area between the freeway will fill in almost completely in the next 10 years. The West Loop will continue to fill in and see denser and denser uses. Big companies like Google and McDonald's will keep getting adventurous in their siting. The Post Office will go the way of 600 W Chicago, 111 n canal, merch Mart, etc. There will always be a handful of developable sites, but we are meat grinding about two square blocks of vacant land a year in that area right now, it's not unrealistic to see it fill in even more rapidly as vacant land becomes more scarce and therefore more valuable. This has happened in various other neighborhoods downtown from Streeterville to River North, to the South Loop. You can see the process in all stages in Chicago which is fascinating. However many of these traditional development zones are running out of space. The only direction to go is West.

[MultiModal]

Originally Posted by LouisVanDerWright

Except I keep being right, as you admit, I've been saying this for a while. The area between the freeway will fill in almost completely in the next 10 years. The West Loop will continue to fill in and see denser and denser uses. Big companies like Google and McDonald's will keep getting adventurous in their siting. The Post Office will go the way of 600 W Chicago, 111 n canal, merch Mart, etc. There will always be a handful of developable sites, but we are meat grinding about two square blocks of vacant land a year in that area right now, it's not unrealistic to see it fill in even more rapidly as vacant land becomes more scarce and therefore more valuable. This has happened in various other neighborhoods downtown from Streeterville to River North, to the South Loop. You can see the process in all stages in Chicago which is fascinating. However many of these traditional development zones are running out of space. The only direction to go is West.

I agree that the West Loop will continue to fill and get denser and denser but 10 years is really aggressive IMO. Even just East of the river there are a lot of developable sites. Just walk along Wabash and you can see numerous potential tower sites:


The corner of Wabash and Adams: https://goo.gl/maps/WcAoueZBjAm

The corner of Wabash and Van Buren has very large parking lots at 3 of the four corners: https://goo.gl/maps/QckqBqaWPo62

Just south of there is another opportunity with a parking lot and one story buildings; https://goo.gl/maps/jyHAz2pGkJR2

The corner of Wabash and Washington is a 3 story parking garage with first floor retail that is underutilized: https://goo.gl/maps/hFX91W4b4qR2

Just North is an empty parking lot which we just saw a proposal for: https://goo.gl/maps/j4DJwsL5XQG2

The 17th Church of Christ could also be redeveloped at some point (I know that a lot of people on here don't ever want to see it ever redeveloped but that doesn't mean it isn't a possibility): https://goo.gl/maps/ABDHqGJ1Gtq



That's eight developable lots in either in or just outside the loop on Wabash alone.

[LouisVanDerWright]

I don't disagree there are developable sites, but Wabash simply is not suitable for office, by the time you are the far East Harpo is as close or closer. McDonalds probably dropped their previous consideration in Illinois Center for that reason. Any site with a Wabash address is probably far more profitable as residential or hotel. Finally, just being vacant land doesn't make a site suitable for office. Office typically needs nice large square or rectangular parcels. A 75'x450' site crammed up against symphony center that also needs to accommodate symphony centers loading isn't going to be very efficient for office. It would be perfect for residential or hotel though. The near West Loop and West Loop is the last remaining area with a significant stock of big sites that's anywhere near Union and Olgavie.

[Notyrview]

Is the adjacent parking lot part of the site?

[SamInTheLoop]

^ Oh no you didn't.....