CHICAGO | Highrise Projects & Construction, v7

[ithakas]

Originally Posted by ardecila

LSE probably can sustain a handful of dining options, but it's already got Three Forks and Eggy's, and the remaining retail spaces aren't well-sized for restaurants.

I was going to cite Mezcalina and MingHin as good anchors for restaurants, but there you went and wrote about the other two restaurants in the neighborhood!

[marothisu]

Originally Posted by ardecila

You need surprisingly large populations to sustain retail districts. 10,000 is fairly low to even sustain the Mariano's - I'm sure it's only successful because of purchases from office workers and hotel guests.

First of all, when I say "retail" - I mean everything from shops to restaurants to bars. I know it's wrong, but bear with me. Needless to say, there is absolutely no reason why there shouldn't be a handful of more restaurants/bars in the least right in that immediate area if the space is already there for them. I have friends who live in that area or have lived in that area and they almost always had to go out of their area to eat out and/or drink because there was almost no options of that kind there, and they did not like it. LSE is almost like living in a gated community in the middle of a city. There is absolutely zero reason why a handful of more options of at least that kind (i.e. restaurants) could not exist. There's over 5500 people there (probably more - that was 2010 numbers) with many hotel rooms - hotel rooms without kitchens. Stop making excuses for LSE. Most people who live there make enough money to be able to support at least 5 more restaurants, not to mention the hotel guests.

[James_Mac]

Originally Posted by marothisu

Lack of demand? No - how would there be a lack of demand to fill up more retail/commercial? If that's the case, then most businesses are extremely stupid.

As of the 2010 census, the tract at LSE had a population of 10,848 (10,534 estimate for the 2014 5 year ACS). As of the 2014 5 year ACS, the median household income was $103,318 and a MEAN household income of $147,242. The median family income was $132,610 while te MEAN family income was $233,607 per year. 51.9% of households made at least $100K/year and 15.23% of the households in the tract made over $200K/year. Not only that but there's hundreds of hotel rooms in the immediate area.

There must be some reason why so many retail spaces have been vacant for years. The obvious answer is that rents are too high, but then the question is why they're not lowered to meet the market. I have a recollection of this topic being discussed here before, and someone had a reason - perhaps that lowering rent affected valuation and could cause problems for debt financing, or something similar.

It's certainly weird. I live in the area and would love it if more fast food or other restaurant options opened up -- I get sick of walking to Michigan if I want something more than Subway.

[marothisu]

Originally Posted by James_Mac

There must be some reason why so many retail spaces have been vacant for years. The obvious answer is that rents are too high, but then the question is why they're not lowered to meet the market. I have a recollection of this topic being discussed here before, and someone had a reason - perhaps that lowering rent affected valuation and could cause problems for debt financing, or something similar.

It's certainly weird. I live in the area and would love it if more fast food or other restaurant options opened up -- I get sick of walking to Michigan if I want something more than Subway.

It's a question of economics, and also individual actors in a system. Most things in real life systems are not logical. If you built a high rise for a certain amount of money, and needed your retail/commercial to make a certain amount of money, you probably wouldn't go that much below what you thought was sufficient to make money (or at least cover).

Let's take around State & Walton for example. Walton on the Park has existed since 2009, and maybe 1.5 or 2 years ago they FINALLY got their their first retail tenant - a Chase Bank brach. However, down at State & Chestnut, that new building was completed a year and a half ago, and within a small handful of months already had a restaurant signed on to open (which is opening any day now). There was also a building built next to that, which had a restaurant signed on within a month or two and has been open for a bit (Lyfe Kitchen). Meanwhile, the 2nd space at Walton on the Park finally got a building permit issued yesterday for a LensCrafters store - only their 2nd tenant in around 7 years even though they have 3 or 4 spaces total. Meanwhile, 50 E Chestnut has never had a tenant other than an art gallery pop up last summer for a month or two.

You could ask how a new building got a restaurant tenant right away. I could make the point that the Walton on the Park one didn't offer good enough outdoor space if a patio was a must, but the Rush & Chestnut one did. I think it's a matter of rent prices for businesses to be honest. Where Amorino is at State & Chestnut right now for example - the previous tenant Johnny's left because the landlord jacked up the prices to a ridiculous level. It took them a number of months to find a new tenant - which is Amorino which is based in Paris - and these rents may seem fine to them.

[XIII]

Originally Posted by James_Mac

There must be some reason why so many retail spaces have been vacant for years. The obvious answer is that rents are too high, but then the question is why they're not lowered to meet the market. I have a recollection of this topic being discussed here before, and someone had a reason - perhaps that lowering rent affected valuation and could cause problems for debt financing, or something similar.

It's certainly weird. I live in the area and would love it if more fast food or other restaurant options opened up -- I get sick of walking to Michigan if I want something more than Subway.

I've always assumed that the "village market" is just an amateur design with too many undesirable spaces and Magellan isn't really focused on filling the vacancies.

Other than the Mariano's space, none of the other retail or restaurant spaces make any logical sense. (Edit: The Mariano's space doesn't make any sense, either). There are a handful with access only in the stairwell and tucked behind illogical pillars. The park level seems oddly short at one end and oddly tall at the other. Three Forks has a bizarre corner entrance. The Randolph plaza doesn't align with the buildings next to it. The views over the park are squandered. The list goes on....

With all of the offices, residential and hotels in that area and the proximity to Millennium Park, there is definitely a market for some good retail design. Maybe Vista or Site O will finally do it right.

[Via Chicago]

it took me about 30 minutes to find the marianos over there the first time i went looking for it. like i knew it was in LSE but could not for the life of me figure out where the hell it was. wandered around for what felt like forever, then i finally saw it across the damn park moat when i was standing over by aqua. so i climb down all the stairs, get to ground level, and then take anther elevator back up. even if youre walking down randolph, you still have to be pretty savvy to know the entrance is in the fricking rear. place is awkward as hell to navigate, i cant believe anyone would ever defend it.

[2PRUROCKS!]

I love LSE. if I could live anywhere in the city it would be one of my top choices if not #1. It has great access to the Lake, River, and Grant Park. Overall the architecture is above average and will only improve with Vista. I think it is fascinating how they turned such an unusual site with a fascinating history as a railroad yard and then a golf course into an urban high rise neighborhood. The park is fantastic and on nice days always brimming with activity as well as the walkways around the neighborhood. I have never found it very difficult to navigate but I have been following its development since 2004 and visit it regularly. Maybe if I came into it being totally unfamiliar with it I would find it challenging. However, one of the things I like about it is that it is so interesting to explore with multiple levels, stairs and elevators, the pedway, and multiple street levels. I find the nooks and crannies of the place very stimulating. That is something I like about Chicago and other great cities is that there are so many cool places to explore and LSE is certainly one of them. I do agree that it would be nice to have more fast food options and there are some connectivity issues but Vista will go along way to addressing the later.

[nergie]

Originally Posted by marothisu

First of all, when I say "retail" - I mean everything from shops to restaurants to bars. I know it's wrong, but bear with me. Needless to say, there is absolutely no reason why there shouldn't be a handful of more restaurants/bars in the least right in that immediate area if the space is already there for them. I have friends who live in that area or have lived in that area and they almost always had to go out of their area to eat out and/or drink because there was almost no options of that kind there, and they did not like it. LSE is almost like living in a gated community in the middle of a city. There is absolutely zero reason why a handful of more options of at least that kind (i.e. restaurants) could not exist. There's over 5500 people there (probably more - that was 2010 numbers) with many hotel rooms - hotel rooms without kitchens. Stop making excuses for LSE. Most people who live there make enough money to be able to support at least 5 more restaurants, not to mention the hotel guests.

As a LSE Resident for 3+ years, I enjoy the area. I can state there are plenty of restaurant options in LSE: III Forks, MingHing, Mezcalina, Eggy's, Brownbag Seafood, Filini's, Columbus Taproom, Palm, Subway, RON Coffee, Seven Club and with direct access to the Pedway countless other options during the workweek
Furthermore, there are two markets in this area 155 N Harbor and Mariano's. Not saying there could not be more restaurants but there are plenty of options in And on the periphery of LSE.

[r18tdi]

The tower crane at 833 N. Clark appears to have started its descent.

[harryc]

Originally Posted by r18tdi

The tower crane at 833 N. Clark appears to have started its descent.

Sept 14 - AM

[KWILLSKYLINE]

This may be old news but this is the first I've seen what the front of 228 e. ontario will look like.

http://hotelemc2.com/

[Near North Resident]

Originally Posted by KWILLSKYLINE

This may be old news but this is the first I've seen what the front of 228 e. ontario will look like.

http://hotelemc2.com/

LALALALALALALALALALALALALALALA

I can't take my eyes off of that Also the woman sitting on the bush on top there


On a side note... 311 W. Illinois is such a busy and compact site, construction fans should definitely check it out!

[UPChicago]

Originally Posted by KWILLSKYLINE

This may be old news but this is the first I've seen what the front of 228 e. ontario will look like.

http://hotelemc2.com/

Trying to discern what I'm looking at here..... At first I thought it was a split pic.

[maru2501]

covering up the bracing? booo

[emathias]

Originally Posted by marothisu

It's a question of economics, and also individual actors in a system. Most things in real life systems are not logical. If you built a high rise for a certain amount of money, and needed your retail/commercial to make a certain amount of money, you probably wouldn't go that much below what you thought was sufficient to make money (or at least cover).
...

Part of it, too, is that there is relatively a lot of parking in those buildings, so the initial residents tended to drive to get what they needed, which meant there wasn't built-in local demand, which meant fewer businesses, which meant pedestrian-oriented people seeking a place to live don't consider it, which means just a cycle. You see the same effect in the Kingsbury Park section of River North near Erie and the River - too much parking has essentially prevented that part of River North from living up to its potential. It certainly has enough residents to support more businesses than it has, it's just that those residents don't spend their money in that part of the neighborhood.

[denizen467]

Originally Posted by KWILLSKYLINE

http://hotelemc2.com/

Seeing as there's no particular connection between Streeterville and the dawn of understanding of the atom and gravity and light, this branding looks like a really stupid idea.

Originally Posted by maru2501

covering up the bracing? booo

ugh!

[ChickeNES]

Originally Posted by denizen467

Seeing as there's no particular connection between Streeterville and the dawn of understanding of the atom and gravity and light, this branding looks like a really stupid idea.

Well Lindsey Light did its best to make Streeterville radioactive....

[harryc]

Aug 23




Sept 12



with Vantage OP in the background

Sept 13
(From Vantage OP)




From the Harlem CTA stop

[Steely Dan]

^ keeping with the suburban theme, here's a shot of the core rising for 1571 Maple up in Evanston.

interestingly, there's no tower crane for this one. they appear to be doing all of the lifting on the job with that big red manitowoc on the left

image hosting

[the urban politician]

Curbed is reporting that the larger 11 story Nobu hotel received Plan Commission approval