CHICAGO | Highrise Projects & Construction, v7

[gebs]

Originally Posted by r18tdi

Or perhaps they're just removing the buildings to lower their tax assessments while they wait to sell more units.

Active demolition can also spur undecided buyers off the fence because they no longer have to rely on speculation.

[the urban politician]

Originally Posted by BonoboZill4

Crazy they are doing site prep with only 30% of the units spoken for

This same article says that there are still 2 other nearby condo projects that haven't broken ground yet.

I hope we aren't stuck with vacant lots for another few years...

[Barrelfish]

Originally Posted by marothisu

The 12 W Maple zoning application is online now. Top height to be 330 feet. Also will include ground floor restaurant and commercial. Only 16 parking spaces.

It's only 12 units, so that's still a 1.33/1 ratio of parking to units

[marothisu]

Originally Posted by Barrelfish

It's only 12 units, so that's still a 1.33/1 ratio of parking to units

LOL Which is still a low amount of parking for a high luxury project like that. I'd expect more like 30 to 40 spaces tbh

[LouisVanDerWright]

Originally Posted by BonoboZill4

Crazy they are doing site prep with only 30% of the units spoken for

For a smaller building like that it's not entirely crazy. They are likely only getting like a 50% construction loan or something. If you put down enough equity, lenders aren't as concerned about presales. 30% is enough to demonstrate demand particularly if they racked up the sales pretty quickly...

[BonoboZill4]

Originally Posted by the urban politician

This same article says that there are still 2 other nearby condo projects that haven't broken ground yet.

I hope we aren't stuck with vacant lots for another few years...

That's what I'm always fearful of with these sorts of developments.

"For a smaller building like that it's not entirely crazy. They are likely only getting like a 50% construction loan or something. If you put down enough equity, lenders aren't as concerned about presales. 30% is enough to demonstrate demand particularly if they racked up the sales pretty quickly..."

True, I have no idea what the financing of this project looks like, nor do I know what it is going to cost them. I always have big 9 figure numbers floating around in my head, which probably isn't close to the case with a short, low unit project like this one.

[BonoboZill4]

I've been waiting for a good day to take pictures, but I just said screw it and took some today.

The Mill:



Gr333n:



Really hard to see, especially with the reflection on half the window, but I stare outside a lot, and I noticed a big ole concrete pump/core visible in the West Loop. Any guesses?

[PittsburghPA]

That might be Union West Bonobo.

[marothisu]

There's a new zoning application for the corner of Illinois and La Salle where the landmarked building that used to have English bar was. In July 2017 on here there were some renderings floating around, but looks like the plan is different now.

The application now calls for a 12 story, 183.5 foot office building with ground floor retail/restaurant space (23,100 sq ft). No parking. Architect is Lamar Johnson Collaborative (which was purchased by Clayco recently). It looks like they will build on the intersection and also behind the landmarked building.

The previous design looked twice as tall as this. I found an article from last year talking about the court battle of the current owner Jamie Javors with Jake Porritt which included this lot. Apparently a 300 unit apartment building was going to be built here (probably the renderings floating around) but apparently Brendan Reilly rejected the plan (surprise surprise). It was changed to a 9 story office building after that, so it looks like they've at least added 3 more floors to that and it's more like the height of a standard 17 or 18 story building.

[Ricochet48]

Originally Posted by marothisu

The application now calls for a 12 story, 183.5 foot office building with ground floor retail/restaurant space (23,100 sq ft)

More excited about the retail / noms on the first floor (better than walking by a vacant lot), but disappointing it will not improve my balcony view.

Side note, anyone hear anything about the Blanc down the street?

http://www.theblancchicago.com/

Did the Bentham beat them to the pump and absorb all those ultra luxury condos?

[marothisu]

Originally Posted by Ricochet48

More excited about the retail / noms on the first floor (better than walking by a vacant lot), but disappointing it will not improve my balcony view.

Yes, that could be good - also on the other side of that landmarked building I believe is where a proposed hotel is (Andaz).

Side note, anyone hear anything about the Blanc down the street?

http://www.theblancchicago.com/

Did the Bentham beat them to the pump and absorb all those ultra luxury condos?

The developer from Milwaukee sold it a few months ago and scrapped the plans. Crossroads Partners from Schaumburg bought it. They established a parking lot on the already existing parking lot, but no idea what their plans on. Their website lists the property with no other information.



Also, a few days ago Curbed reported that a few buildings were knocked down at Superior & Sedgwick to make way for a 12 story, 34 unit building. Building permits for new construction were issued yesterday for it.

[spyguy]

Halsted and Fulton

[Busy Bee]

Ok, i love it all except for those wacky braces.

[Ricochet48]

Those braces actually look solid imo.

Very sad to see the MID go though. Closing party next weekend after the Navy Pier rave (but I doubt this forum is the targets crowd haha).

I suspect the demo will start right after the MID shuts down.

[jc5680]

I quite like this— even if those braces are kind of weirdly bendy. The scale works better than I had expected from the drawings we initially saw

They were soil testing last week (I posted last week, but it may have gotten lost among other's posts)

[marothisu]

Ooo, that's nice.

[PittsburghPA]

I was nervous when we first saw the drawings but I actually really like those renderings. Other than the restaurant concept going in it should be a great addition to the neighborhood.

[LouisVanDerWright]

Speaking of that corner, Revcon is on site on the SW corner for that office building...

[the urban politician]

Regarding the Halsted and Fulton proposal:

Nice design, but the brick looks out of place with that design. They should just make it all glass

[west-town-brad]

bonus points for trees on roofs