Chicago really hasn't had a lot of commercial office development over the last decade so demand should be strong in 2-3 years.

What do you mean? At least in terms of office development in a concentrated urban area, probably only NY and maybe DC have built more office space than Chicago. A solid 20 or so office towers have gone up in the last 10 years.

Waterview has an OK location for office space in my opinion. But the potential anchor tenants for new office space are mostly financial firms and I don't see why they would choose a fairly risky project like this over buildings in more desirable areas with reputable developers behind them.

Why is that? The base was certainly designed for a taller residential tower so at 60 stories, the loads might even out between commercial and the 90 story residential. either way, Chicago really hasn't had a lot of commercial office development over the last decade so demand should be strong in 2-3 years.

Sorry? But you really have no idea what you are talking about.....there have been several million square feet of office space added via tall office towers in the past decade or so

#

300 North LaSalle office 785 ft ... .. 60 2009 website

#

Blue Cross-Blue Shield** office 743 ft ... .. 57 2009

#

111 South Wacker Drive office 681 ft ... .. 51 2005

#

Hyatt Center office 679 ft 678 ft 48 2005

UBS Tower office 651 ft ... .. 50 2001

155 North Wacker office 638 ft ... .. 48 2009

353 North Clark office 624 ft ... .. 44 2009

Citadel Center office 580 ft ... .. 39 2003

1 South Dearborn office 571 ft ... .. 40 2005

191 North Wacker Drive office 516 ft ... .. 37 2002

ABN AMRO Plaza I office 453 ft ... .. 29 2003

And those are those above 450ft. The numbers I have seen going off the top of my head here on floor areas...these building range roughly between about 1.25 million sq ft and 2.7 million sq ft or so....didn't do a full check so might be a bit off. So the above 11 building are put probably on the order of 15-20 million sq feet give or take a few million sq ft into the downtown chicago office market.

You mean at this site right?

Who knows, the way this economy is going... of course I meant at this site! :lol:

Sorry? But you really have no idea what you are talking about.....there have been several million square feet of office space added via tall office towers in the past decade or so
...
And those are those above 450ft. The numbers I have seen going off the top of my head here on floor areas...these building range roughly between about 1.25 million sq ft and 2.7 million sq ft or so....didn't do a full check so might be a bit off. So the above 11 building are put probably on the order of 15-20 million sq feet give or take a few million sq ft into the downtown chicago office market.

Which is an annualized absorption of what? 1.5 million sq. ft.? In Las Vegas, 28 million sq.ft. of product was built in that market between 2000 and 2010. Not the same kind of product but that's some indication of where a market gets seriously overbuilt. Chicago is NOT overbuilt with commercial office. Occupancy rates may be soft because of the economy but Chicago has a tendency to absorb a lot of office during upswings. Why should the coming upswing of 2012-2015 be any different?

via spyguy.
:cheers:


http://www.chicagobusiness.com/artic...#axzz1CRZ30Qab
Developer Reschke takes crack at unfinished Waterview Tower
By: Alby Gallun January 31, 2011

Fresh off a 610-room Loop hotel project, Michael Reschke has signed up for a tougher job: reviving the Waterview Tower, a 26-story concrete carcass on Wacker Drive.

The Chicago developer has reached a tentative agreement to buy the unfinished condominium-and-hotel tower, which was supposed to reach 90 stories but stalled when the original builder ran out of money in 2008. Sources say Mr. Reschke wants to complete the hotel but plans to build offices on top of it, similar to a plan pushed last year by local developer Mark Goodman, who tried to buy the project but couldn't (Crain's, Nov. 14, 2010).

planning to keep it at 90 stories?? Link wouldn't work...

I highly doubt they will build an office tower to 90 stories on that small of a footprint. Too many elevators required. If it ends up 70 or higher, I'll be shocked.

Why finish this thing, we should leave it empty for a couple decades. We can have our own Ryugyong (http://www.skyscrapercity.com/showthread.php?t=769546)Hotel in the middle of Chicago!

Why finish this thing, we should leave it empty for a couple decades. We can have our own Ryugyong (http://www.skyscrapercity.com/showthread.php?t=769546)Hotel in the middle of Chicago!

^^
:lol:
I don't think anything in the whole US will beat the Willis Tower anytime soon (new WTC does not count). And even by the time they finish 1 WTC, Willis will have had a 40 year reign in the US, as long as the Empire State Building's. :cheers:

^^
:lol:
I don't think anything in the whole US will beat the Willis Tower anytime soon (new WTC does not count). And even by the time they finish 1 WTC, Willis will have had a 40 year reign in the US, as long as the Empire State Building's. :cheers:

Nice Waterview Tower comment.

I had the right city, at least. Usually I'm not even that close.

From SSP:

I had the opportunity to attend a Crain's Chicago Business event featuring Michael Reschke.

There was discussion about the Waterview Tower site. If they get the property, they're looking to add about 40 floors to whats already been built.

The architect: Ricardo Bofill. Sorry Steely...

When I asked him how tall the building would be, he said in the 650' - 700' range. I also happened to be sitting next to his partner, J. Paul Beitler. I'd asked him the same question earlier and he said 700'+.

There was no timetable given or anything else of real value regarding the project.

^Yes! I'll take it - hopefully turns out to be true. While not a full 1,000 footer (which would've been awesome), another 700+ footer sure sounds nice these days.

Wonder if these guys would stick to same initial design, including the rooftop?

I didn't know this shell was tall enough for a base jumper.

But, I guess you learn something new every day.

http://abclocal.go.com/wls/story?section=news/local&id=8050928

ABC 7 showed a video tonight as well.

ChicagoAgent (http://chicagoagentmagazine.com/new-plan-for-waterview-tower/)


New Plan for Waterview Tower

11 May 2011

http://chicagoagentmagazine.com/wp-content/uploads/2011/05/waterview.jpg

Waterview Tower has been a prospective 90-story skyscraper, a potential 60-story hotel and office, and even a BASE jumping locale, but Chicago developer, Related Midwest now plans to morph the building.

Related Midwest signed a letter of intent to form a development joint venture with the current owners of the building at 111 W. Wacker Drive, according to Crain’s.

While no details of the agreement have been released, it is speculated that the developer may plan to construct apartments at the location, as they are frequently recognized for building condiminium high-rises.

---


Add this from Curbed: http://chicago.curbed.com/archives/2011/05/11/longstalled-waterview-tower-to-be-completed-with-apartments.php


"According to Crain's, Related has signed a letter of intent to Related Midwest team up with the group of creditors that currently owns the unfinished building, but there are zero details about their plans. Whatever they decide to do with the site, don't expect it to approach the 90 stories that the original developer, Teng & Associates, sought to build."

http://www.chicagotribune.com/business/breaking/chi-new-developer-plans-to-restart-construction-at-waterview-tower-20110727,0,4636597.story

http://online.wsj.com/article/SB10001424053111904772304576470552102253090.html?mod=googlenews_wsj

New Life for Stalled Project
By ELIOT BROWN - JULY 27, 2011

Related Cos. bought control of a half-built skyscraper in Chicago's downtown on Tuesday in a bid to restart construction on the site, people involved with the deal said.

Construction on the project froze at 25 stories in 2008. The developer at the time, a group led by Ivan Dvorak, was planning a 90-story, mixed-used project including condominiums and a Shangri-La hotel called Waterview Tower.

Instead, Related plans to turn it into a luxury rental building of about 500 apartments, rising over 50 stories. The New York-based company is using money from a $1 billion distressed real-estate fund it is raising to finance the project, according to people familiar with the matter. Terms of the transaction weren't available.

...Related, for example, still needs to arrange new construction financing for the Chicago project.

The Wall Street Journal is reporting that developer Related Midwest recently closed on the sale of the long-stalled Waterview Tower, an unsightly, unfinished building that has marred the Wacker Drive canyon since work stopped in 2008. According to Crain's, the developer plans to add roughly 38 stories to the 27-story base, to produce a 65-story, 500-unit apartment building. Related Midwest, which is also planning to build another 500-unit new-construction apartment building in Streeterville, plans to begin construction on the Waterview building in the first quarter of 2012, however, it hasn't obtained a construction loan yet. At 65 floors, the latest plan for the Waterview site is a far cry from the 90 stories that the original developer, Teng & Associates, sought to build, but it would still be the tallest new building in the current apartment boomlet. What will the completed building look like? And what architect is Related working with? These are still open questions.

Crain's Chicago (http://www.chicagorealestatedaily.com/article/20110726/CRED03/110729878/developer-closes-on-deal-for-stalled-waterview-tower-project)


Developer closes on deal for stalled Waterview Tower project

By: Alby Gallun
July 26, 2011

http://2.bp.blogspot.com/_CO0zjjgBW3s/SRnMYXfNonI/AAAAAAAAB7w/1Sho8mSD0JY/s400/Waterview+Tower.jpg
The unfinished Waterview Tower at 111 W. Wacker Drive.

(Crain's) — Related Midwest has completed its acquisition of the stalled Waterview Tower project, with plans to convert the Wacker Drive structure into a 65-story, 500-unit luxury apartment building.

The developer, a unit of New York-based Related Cos., closed Tuesday on a deal Crain's first reported it struck back in May to buy a controlling stake in the project at 111 W. Wacker Drive, said Curt Bailey, president of Related Midwest.

Related is buying its stake from a group of creditors that took over the project last year. Its original developer, an affiliate of Chicago-based Teng & Associates Inc., had planned a 90-story condominium-hotel tower there but ran out of money in 2008 and only completed a 27-story concrete shell. Teng has retained an ownership stake in the project.

Related pulled off a deal after unsuccessful attempts by Chicago developers Michael Reschke and Mark Goodman, who both wanted to refashion the project into hotel and office space. But apartments are a more appealing choice amid a booming downtown rental market. Four new downtown apartment towers are under construction, and at least 10 more are on the drawing boards. In addition to Waterview, Related also plans a 500-unit apartment tower at 500 N. Lake Shore Drive.

Related likes the site because of its proximity to the downtown business district and the restaurants and entertainment attractions in River North, Mr. Bailey says. In addition, “the views afforded from the site are spectacular,” he says. Related aims to begin construction in first-quarter 2012 and complete the project 18 to 24 months later, he says.

[...]

Well that's better than nothing!

How high does the neighboring United Building rise?

^^668FT according to wikipedia.

So how tall the tower supposed to be now?