CHICAGO | Highrise Projects & Construction, v7

[harryc]

Jan 14

[danielschell]

8 East Huron glasses up River North http://wp.me/p7uLxw-1Sj

[VKChaz]

Originally Posted by Randomguy34

Has anyone been near 508 W. Diversey lately? I that's a high-rise that I think started back in the summer and it's not on pg. 1

From what I could tell, looked like excavation work underway.
http://www.44thward.org/site/epage/154823_1026.htm
http://chicago.curbed.com/2016/8/15/...keview-chicago

[SamInTheLoop]

Originally Posted by harryc

Jan 14

So this shot, from just a couple days ago (thanks for the updates btw!) with the gravel, makes me think I was wrong and this one has not in fact begun foundation construction yet......which is strange because they've had this rig on site for some time now (and typically major equipment such as this doesn't show up at a site and just remain more-or-less idle for an extended period - especially, I'd think, in the midst of a boom) ....perhaps the developer has not quite closed their construction loan yet (I haven't seen anything in the media on it yet), and thus the delay.......the permits are definitely in place afaik..............

[SamInTheLoop]

So Crain's is just out with an interesting piece profiling Bank of the Ozarks, and its lending for multiple big ticket projects downtown this cycle - jumping into the market in a big way over the last couple years....

One tidbit in particular that caught my attention was an executive at the bank mentioning that they have two big loans ('big' based on various numbers provided within the article) working their way toward closing in the market (my assumption here is that they are also construction loans, and not permanent commercial mortgages, eg for existing buildings - however this is only an assumption, based on the type of lending the bank was profiled for - and given examples thereof - in the article).....I wonder which two major projects these will be (undoubtedly they are ones we know of here and are in advanced planning stages)?? The exec. also mentioned that Bank of the Ozarks has strong conviction in the South Loop and West Loop - possibly one important clue as to identity.....

My guess (hope?): 1326 S Michigan and 130 N Franklin..............who knows? (perhaps someone reading this!) We shall see........


PS one very interesting facet to this bank's current lending here is that they are the exception to the rule in a US-based traditional depository institution (traditional bank) being willing to be the sole construction lender on large-scale (my guess might be 150mil and up for Chicago - or perhaps 200mil and up) projects at this point in the cycle......pretty much every other bank requires participation of at least one other bank, if not two in many cases.....the potential 'riskiness' of this approach is of course discussed in the article.....

[chicubs111]

Would love to see 130 North Franklin finally get going...seems like from all word on this forum its a "Go" just waiting for official word?

[harryc]

Jan 12

[Notyrview]

Would love to see tower cranes for 130 and WPE at the same time 🙋🏾

[harryc]

Jan 12
- from the Green line

[danielschell]

The glass action suits 165 North Desplaines

http://wp.me/p7uLxw-1Sd

[jpIllInoIs]

Originally Posted by danielschell

The glass action suits 165 North Desplaines

I see what you did here..

[Steely Dan]

Tonight's exciting news of the new 800' proposal for 110 N Wacker now has its own dedicated thread. Please continue the discussion there:

http://forum.skyscraperpage.com/showthread.php?t=226651

[harryc]

July 12
The plaza from Wabash



Sept 6
The view from the plaza



Dec 16


Models

[danielschell]

Bye bye MoCA, hello Aloft?

http://wp.me/p7uLxw-1Wv



(render from tishman.com)

[danielschell]

Another round of soil sampling. Tuesday, 1/17/17

[IMG]One South Halsted by Daniel Schell, on Flickr[/IMG]

[IMG]One South Halsted by Daniel Schell, on Flickr[/IMG]

[IMG]One South Halsted by Daniel Schell, on Flickr[/IMG]

[the urban politician]

^ Friggin rental boom is over and these champs are still poking around in the dirt

[XIII]

Originally Posted by the urban politician

^ Friggin rental boom is over and these champs are still poking around in the dirt

That is the most thoroughly tested patch of sand in the city at this point.

[Freefall]

Did One South Halsted ever lose their zoning change? Curbed reported this back in March 2016:

While the request was granted by the city, it did come with a caveat that work would need to begin within 12 months or the plan would revert to its previous specification.

Based on a report of soil testing taking place onsite this week by Chicago Architecture Blog, it is clear that the team behind One South Halsted is keen on not letting their zoning amendment lapse this June.

[LouisVanDerWright]

Originally Posted by the urban politician

^ Friggin rental boom is over and these champs are still poking around in the dirt

There must be something reallly interesting down there, maybe Hoffa's body?

[SamInTheLoop]

Originally Posted by the urban politician

^ Friggin rental boom is over and these champs are still poking around in the dirt

There are going to be a good number of rental tower starts this year (in other words, the rental construction boom is still on this year.....the demand/rate boom is definitely at least slowing meaningfully, and at least at present). Expect the slowdown in starts to be next year. Which implies a slowdown in deliveries not until around 2020. Will the rental market be overbuilt? Yes Will effective rents stop growing and in fact drop at least a bit over next few years? Yes Will you need to lower rents in your units? I don't know But be prepared for that possibility......

Also, let me just add that the rental market shifting back toward a tenants market for a couple years or even more is not at all an inherantly bad thing overall. We've had an incredible run of many consecutive years of market leverage firmly belonging to landlords with strong rent increases......that never - thankfully, as that would be a very bad economic outcome - lasts forever, nor should it. Market leverage shifts back and forth over time. Shifting toward better news for tenants over the next few years....