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  #14681  
Old Posted May 21, 2019, 12:06 AM
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145 S Wells

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  #14682  
Old Posted May 21, 2019, 12:51 AM
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1375 W Fulton

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  #14683  
Old Posted May 21, 2019, 2:02 AM
SamInTheLoop SamInTheLoop is offline
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Originally Posted by LouisVanDerWright View Post
The market doesn't exist in NY either considering most of Billionaires row is still unsold...

You think that stuff is sitting empty and unsold now, just wait til the real crackdown on money laundering is launched.

Oh - that’s coming.
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  #14684  
Old Posted May 21, 2019, 2:24 AM
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Originally Posted by BonoboZill4 View Post
The lot is also super skinny... I understand some thinking it could have added another 10 stories, but 700 feet? This isn't new york and budget developers don't build super skinnies here lol
Super skinny? It's basically the same width as 110 N Wacker's lot if it's just the garage. Maybe 700ft there isn't economical, but it's nowhere near the same class as an NYC 1500ft pencil tower.
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  #14685  
Old Posted May 21, 2019, 2:41 AM
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Originally Posted by SamInTheLoop View Post
You think that stuff is sitting empty and unsold now, just wait til the real crackdown on money laundering is launched.

Oh - that’s coming.
Preach
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  #14686  
Old Posted May 21, 2019, 1:04 PM
Investing In Chicago Investing In Chicago is offline
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Originally Posted by SamInTheLoop View Post
You think that stuff is sitting empty and unsold now, just wait til the real crackdown on money laundering is launched.

Oh - that’s coming.
First off, who cares if those buildings sit empty? It's not like they are going to un-build them, and there is no risk of those projects stopping mid construction a la waterview. It's not like that area needs more density, it's average density is like 300,000 people per square mile.

Secondly, the largest towers on "billionaires row" are still under construction, and the two largest that are complete, One57 and 432 Park, have sold reasonably well, with record breaking sales prices.

NYC is just a different beast than anywhere else in the US, and comparing real estate there to Chicago is just silly.
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  #14687  
Old Posted May 21, 2019, 2:24 PM
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^^^ A different beast? Sure. But not so different that they can just ignore the rules of economics like some Saudi Sheik.

Quote:
Originally Posted by SamInTheLoop View Post
You think that stuff is sitting empty and unsold now, just wait til the real crackdown on money laundering is launched.

Oh - that’s coming.
Oh trust me, I'm just making some popcorn while I wait for the bottom to drop out. Who'd have thunk that building hundreds of rediculous $10,000/SF penthouses for billionaires isn't a sustainable business model?
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  #14688  
Old Posted May 21, 2019, 9:08 PM
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845 W Madison

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  #14689  
Old Posted May 21, 2019, 9:44 PM
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  #14690  
Old Posted May 21, 2019, 10:57 PM
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Bush Temple of Music - 810 N Clark

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  #14691  
Old Posted May 22, 2019, 1:31 AM
SamInTheLoop SamInTheLoop is offline
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Originally Posted by Investing In Chicago View Post
First off, who cares if those buildings sit empty?

I would imagine the developers care. I might venture their banks too. The city as well. The overall real estate market. The lending markets. Just maybe the entire economy. Maybe.

I would not want to be Gary Barnett for the next several years, that’s for certain.
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  #14692  
Old Posted May 22, 2019, 1:32 AM
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Old Town Park

That Old Town Park tower is taller than I’d realized...wasn’t expecting that.
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  #14693  
Old Posted May 22, 2019, 3:14 AM
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Super skinny? It's basically the same width as 110 N Wacker's lot if it's just the garage. Maybe 700ft there isn't economical, but it's nowhere near the same class as an NYC 1500ft pencil tower.
Nah, it's probably 25-30% thinner(especially considering the fact all residential towers have bases in this city, further cutting down that width for the tower element) based off a rough eyeballing on google maps. Keep in mind most of the BOA tower is on the thicker side for 110 N
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  #14694  
Old Posted May 22, 2019, 5:59 PM
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That Old Town Park tower is taller than I’d realized...wasn’t expecting that.
Does anyone know what happened with phase 3? The planning commission had a split vote a while back...
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  #14695  
Old Posted May 22, 2019, 6:28 PM
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Does anyone know what happened with phase 3? The planning commission had a split vote a while back...
The split vote happened in December, this is Burnett's ward and he supported the third tower, but Tom Tunney broke aldermanic prerogative after hearing complaints from the affordable renters on the site who wanted access to the amenities in the new towers.

Looks like the PD amendment was ultimately approved last month.

Wish they had spent money on better architecture, though. This is among the most banal of banal glass boxes, and the huge windowless podium is awful even if it is clad in brick.
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  #14696  
Old Posted May 22, 2019, 7:34 PM
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yeah I think it was shoved through in the pile of things pre-Lightfoot

I assume they'll build it
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  #14697  
Old Posted May 22, 2019, 10:12 PM
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The buildings at Halsted & Fulton Market were all issued demolition permits. This is the site where the 18-story, ~300 foot building will go designed by SOM via Thor. Across the street from Gr333n - site of the former Isaacson & Stein, The Mid, etc.

https://chicago.curbed.com/2019/3/13...arket-thor-som
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  #14698  
Old Posted May 23, 2019, 8:46 AM
AlpacaObsessor AlpacaObsessor is offline
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Originally Posted by SamInTheLoop View Post
Completely agree. Perplexing. I mean, again my assumption is that they are simply avoiding a PD being triggered. Sure, there’s some time, expense and uncertainty involved in going through the PD process. But still, even accounting for that, it would appear that the developer is essentially leaving on the table what could be up to tens of millions in profit. Why? Is it just a very conservative approach on the part of this developer? Or, do they have reason to think that Reilly at the end of the day would not give them additional FAR/no of units to make it worth going through a PD in their mind? Are they not willing to do something to get a sufficiently large PD approved? Is Reilly disinclined to work through the PD process with this particular developer?
Wasn't Roszak forced to file for personal bankruptcy during the last downturn? Not to mention his businesses were forced to liquidate as well. Just guessing here but maybe that experience is a factor as to why their projects have been super conservative since then. Either way, I really wish some other developer had gotten their hands on this property and given us something actually noteworthy.
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  #14699  
Old Posted May 23, 2019, 9:36 AM
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Also . . . I just got back from ICSC's 2019 RECon Conference where I had the fortunate experience of running into representatives from some firms like McCaffery and Bucksbaum Retail.

As for Lincoln Commons, I wasn't able to find out too much new info since the project is pretty much done, but it sounds like things are going very well for the developers. The apartments are just over half leased (they expect to be full around the fall), I forgot what the figure was for the independent living structure but apparently that's doing super well too, they have 80 people on an email list for the 32 condos, and just one floor of office space and some retail spots left to lease.









I also met a guy on the Harper Court project who said they hope to start construction on the next phase in a years time, and from what I saw he was drawing a decent amount of interest from what I assume were tenant reps visiting the booth. He mentioned that they're really hoping the area grows into a research/incubator environment akin to the Research Triangle and that they have super preliminary plans for more lab space in the area if their hopes come to fruition and the project does well.



Lastly, I got the chance to hear John Bucksbaum talk about his projects (Addison & Clark, New City, IMD Gateway). The guy has a huge hard-on for developing retail property and has spent most of it doing so in suburban settings (he notably spent 10 years as CEO of GGP which was the largest owner of suburban shopping centers before being bought out by Brookfield). His real passion is retail and the only reason he got in the business of mixed-use was because he recognized that that's the only setting it really has a future in. Just hearing him talk made it sound pretty obvious as to how New City and Clark & Addison ended up so 'suburban' as they did. Anyways, Clark & Addison seems to have gotten a pretty slow start to leasing (60% so far) and a surprising amount of them are actually bringing their cars with them since the parking spots have been going like hotcakes. Also this may be dated information, but Bucksbaum was under the impression that a CVS was to replace that auto body shop being torn down next to his building. Apparently, there were once plans for them to go in the space that Harley Davidson currently occupies but it didn't happen (because Harley Davidson is admittedly a cooler sounding tenant).







Anyways, was a pretty fun time. Only wish I got the chance to talk with some people from Thor Equities and Hines since they had booths too but their receptionists were pretty adamant about my needing an appointment to talk with anybody there. I'm thinking next year I'll just pretend to be Amazon's tenant rep or something lol.

Last edited by AlpacaObsessor; May 23, 2019 at 10:06 AM.
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  #14700  
Old Posted May 23, 2019, 3:10 PM
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I so dislike the Clark & Addison developement. Living near it, the only thing I was looking forward to was the theater, which I am happy to see is still being included. The Addison front is pretty well leased up, but the Clark street side is dismal. Looking at their floor plan, it looks like it will be more active. Seems so odd that the entrance to the gym and the movie theater is so meh....when you walk by that entrance on Clark it looks like a meh entrance to meh parking garage. Not an entrance to a theater and gym. No open staircase or escalator. ugh.

Bummed about the the old body shop building. Money must have talked. That will be a small CVS.
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