CHICAGO | The Row (900 W Randolph) | 495 FT | 43 FLOORS

[BVictor1]

A step in the right direction.


https://www.chicagobusiness.com/comm...opers-actually

June 04, 2021

Here's an affordable housing solution developers actually like

A tax credit could become a carrot for a sector that's long groused about the sticks.

ALBY GALLUN

Residential developers grumbled when the City Council approved a tougher affordable housing ordinance in April. They're happier with the Illinois General Assembly, which has just given them something they like: tax breaks.


On May 31, the last day of the spring legislative session, state lawmakers passed a sweeping housing bill with property tax incentives for developers that set aside some units in their projects for low- to moderate-income residents. One Chicago builder, Related Midwest, already is pushing to break ground this summer on a 43-story apartment tower in the Fulton Market District that could receive tax relief under the bill.

The omnibus legislation passed unanimously in both houses with the support of the real estate industry and tenant groups...

In Fulton Market, Related plans to build 300 apartments at 900 W. Randolph St. With a property tax break, the developer will include all 60 its affordable units—20 percent of the total—in the building, Bailey says.

The firm is in the process of securing financing for its Fulton Market high-rise, which will cost about $200 million to build. It may seek tax-exempt bond financing through the Illinois Housing Development Authority or just take out a construction loan from a private lender, says Bailey, who aims to break ground this summer.

[the urban politician]

Here’s to hoping. We’ve been waiting for Related to start one of their West Loop highrises for a very long time

[Razorback]

LOL....Indeed. "Just build something..."

Originally Posted by the urban politician

Here’s to hoping. We’ve been waiting for Related to start one of their West Loop highrises for a very long time

[ardecila]

Interesting. Exciting that this will add even more fuel on the fire of downtown development and create more affordable housing in the process.

Related's got multiple projects in the hopper too and they were pushing hard for this legislation. I wonder if this will jumpstart 400 LSD and 1061 W Van Buren as well, or some unspecified residential building at The 78.

[marothisu]

So this building's address is 900 W Randolph but really it's not going to be on Randolph, right? Looks like it will be on Peoria really going over a surface lot and 1 or 1.5 story industrial building. I'll actually take that over tearing down some of those building on Randolph.

And speaking of West Loop - is there any serious chances any part of the Kennedy get capped? That would kind of do wonders from a walkability/continued urbanity (in a way) kind of perspective.

[ardecila]

Yeah the tower may end up with a Peoria address. The overall development includes the retail properties on Randolph though so it goes by 900 W Randolph.

The city is usually pretty strict with house numbers so the Fire Dept shows up at the correct place in the event of an emergency.

[ChiPlanner]

Originally Posted by ardecila

Interesting. Exciting that this will add even more fuel on the fire of downtown development and create more affordable housing in the process.

Related's got multiple projects in the hopper too and they were pushing hard for this legislation. I wonder if this will jumpstart 400 LSD and 1061 W Van Buren as well, or some unspecified residential building at The 78.

Short answer: yes
Long answer: I can't say anymore

[gebs]

Demo permits issued to make way for 906 W Randolph Street Tower in Fulton Market via Chicago YIMBY

[ChiPlanner]

Originally Posted by gebs

Demo permits issued to make way for 906 W Randolph Street Tower in Fulton Market via Chicago YIMBY

This will be starting construction by October at the latest

[Handro]

Originally Posted by ChiPlanner

This will be starting construction by October at the latest

Great news! The not-so-slow march of high rises westward toward Ashland continues. Not to beat a dead horse but the transformation of this neighborhood in such a short amount of time is insane. Its fun to take a time machine back to the mid-2000s via Google Streetview to remember just how dead it was over there only 10-15 years ago.

[marothisu]

Originally Posted by ChiPlanner

This will be starting construction by October at the latest

The building permit for this is filed under 164 N Peoria, but hasn't been issued yet. It's for the foundations. The last action on it was a landscape review for zoning, which was approved just 2 days ago on 7/6. My guess is that them getting the permit is probably imminent sometime in the next month. Just my hunch.

[rivernorthlurker]

I am conflicted as I love the design but really don't like how tall/big it is for the neighborhood. But hopefully everything turns out looking alright.

[dweeprise]

Originally Posted by marothisu

The building permit for this is filed under 164 N Peoria, but hasn't been issued yet. It's for the foundations. The last action on it was a landscape review for zoning, which was approved just 2 days ago on 7/6. My guess is that them getting the permit is probably imminent sometime in the next month. Just my hunch.

With Geotech pending, it could be months before that permit is issued. The Geotech review is an astoundingly onerous process. Although they cleared prescreen back in April of 2020, they should be well into the Geotech review.

[gandalf612]

Originally Posted by rivernorthlurker

I am conflicted as I love the design but really don't like how tall/big it is for the neighborhood. But hopefully everything turns out looking alright.

Don't worry in a few years it will be short for the neighborhood

[twister244]

I am bad about posting pics, but I walked by the site today on my way into WeWork and demo has begun on the site for the few buildings they need to tear down.

[marothisu]

The first new construction permit was issued yesterday, for the foundation only.

[the urban politician]

Originally Posted by marothisu

The first new construction permit was issued yesterday, for the foundation only.

Well, that’s about as good a sign as any

[RedCorsair87]

I realize there are many factors in play, but I'm still amazed that OC is nearly fully-glassed at twice the height, and 900 Randolph is finally about to break ground. News broke for both towers on the same day in 2017. Wild.

[ChiPlanner]

Originally Posted by RedCorsair87

I realized there are many factors in play, but I'm still amazed that OC is nearly fully-glassed at twice the height, and 900 Randolph is finally about to break ground. News broke for both towers on the same day in 2017. Wild.

It's because Related had to wait for a state legislative change to property tax assessments for the 80/20 structure of the building (80% market rate, 20% affordable). That passed and was signed in June. This structure follows Related's affordable development track record in New York, and will likely be replicated in Chicago again.

See more here:
https://www.chicagobusiness.com/comm...opers-actually

[SolarWind]

July 22, 2021



August 3, 2021