Height: 850 ft
Floor count: 71
Location: North Michigan and East Grand
Neighborhood: Steeterville
Construction end:
Architect: Lucien Lagrange Architects
Developer: Unknown

http://img120.imageshack.us/img120/8145/intercontinentalvo9.jpg (http://imageshack.us)

InterContinental plans skyscraper
Hotel/condo tower would reshape part of Magnificent MileBy Thomas A. Corfman
Tribune staff reporter
Published November 1, 2005


The nondescript north tower of the InterContinental Chicago hotel on Michigan Avenue would be replaced with a 71-story hotel/condominium skyscraper, under a dramatic proposal that would reshape the south end of the Magnificent Mile.
The ambitious plan would not affect the key architectural features of the 42-story Art Deco south tower, which is topped by a Moorish-styled dome, said Laurence Geller, chief executive of Strategic Hotel Capital Inc., which acquired the hotel about seven months ago. The 26-story north tower, notable for its blank concrete exterior along the avenue, was built as a separate hotel in 1961.

The proposal must receive city zoning approval. Construction, which would depend on sales of the high-priced condo units, is not expected to start until mid-2007 at the earliest.

The proposed skyscraper, to be designed by Chicago architect Lucien Lagrange, "adds an elegance" to the historic tower, without a "dwarfing factor," Geller said. "Truthfully, it would replace a building that is not particularly pleasing," he added.

Even so, the new tower is sure to prompt scrutiny by preservationists, concerned about the continued "canyonization" of North Michigan Avenue, and by some Streeterville neighbors, who already feel cramped from the building boom east of the hotel, including plans for two 2,000-foot skyscrapers in the last four months.

But the financial aspects of the plan also are expected to spark questions on Wall Street, even for a company known as an aggressive asset manager. While most hotel owners would only consider development plans for a poorly performing property, Chicago-based Strategic is proposing a redevelopment of a well-performing asset to make it better.

"Strategic is never shy about changing a property type to maximize value," said hotel analyst John Arabia with Newport Beach, Calif.-based Green Street Advisors Inc., who hadn't been briefed on the plan. "It would be a pretty big move."

Strategic paid about $170 million for an 85 percent interest in the 807-room property at 505 N. Michigan Ave. The hotel pulled in almost $6.4 million in the second quarter, accounting for nearly 17 percent of the real estate investment trust's earnings of $37.6 million before interest and other expenses, according to a financial statement. Room rates averaged about $193 a night during the quarter, and the hotel was more than 83 percent occupied.

The new tower would include 150 hotel suites, 310 condos, parking and 11,000 square feet of prime, first-floor retail space. It would replace a building with 477 rooms, reducing the overall number of rooms to 480.

The 330-room historic south tower would receive a $15 million renovation, a key part of a repositioning of the property.

"We're moving it from being a big, bulk group hotel, which is doing very well, into a luxury hotel that will compete against the top end of the market," Geller said.

Strategic, which is represented by prominent zoning attorney Jack Guthman of Shefsky & Froelich Ltd., is filing an application for a planned development Tuesday.

The plans also include construction of a landscaped plaza over a portion of Grand Avenue east of Michigan. And the hotel's entrance would be moved to Illinois Street to reduce congestion on Michigan, Geller said.

The proposed 850-foot tower would be almost twice the height of the historic south tower, which was built in 1929 as the Medinah Athletic Club and is known for its blend of design features inspired by sources that range from ancient Egypt to the Italian Renaissance.

Moreover, some of the city's best-known skyscrapers of that era, including the Wrigley Building, Tribune Tower and the McGraw-Hill Building, which was rebuilt in 2000, are within steps of the InterContinental, further highlighting the differences in height.

But key to the new development is the continued strength of the high-end condominium market, which is seemingly overcrowded with projects.

"I believe a building like this on Michigan Avenue is a unique opportunity that stands to segregate itself out from the bulk of the stuff that's being put out there," Geller said

Strategic, which is advised by Chicago-based U.S. Equities Realty Co., has already held talks with several local developers, including LR Development Co. and Magellan Development Group Ltd., he said.

----------

tcorfman@tribune.com

http://img39.imageshack.us/img39/9582/hotel6ur.jpg
At 850 feet, the new skyscraper would soar above the Hotel InterContinental's dome-topped south tower.

http://img39.imageshack.us/img39/8073/hotel19oi.jpg

OMG, I stayed in that tower just 3 months ago! :eek:

More retail space too, although that is expected, being on Michigan.

Damn there goes my chance to post breaking news! Saw it on the Trib this morning, wow these things just don't stop coming. 850, who cares? lol, we are so spoiled.

and i didnt have to leave the forum for a few days for this one to happen! lol

So is it blue glass or green glass, or are the contradictory renderings implicitly saying "don't trust us"?!?

OMG, I stayed in that tower just 3 months ago! :eek:

100 years ago a writer (can't remember who) commented on how every time he left Chicago and came back, he felt like he was in a different city.

To some degree, the same phenomenon seems to be happening today, eh?

come back in 5 years and youll barly recognize the place

In years 2009-2010, we including the tourists and naysayers will experience shock and awe.

You have got to start wonder how many more 70-120 story buildings that are in the pipeline, but not made public at this point.

100 years ago a writer (can't remember who) commented on how every time he left Chicago and came back, he felt like he was in a different city.

To some degree, the same phenomenon seems to be happening today, eh?

It is hopeless for the occasional visitor to try to keep up with Chicago-she outgrows his prophecies faster than he can make them. She is always a novelty; for she is never the Chicago you saw when you passed through the last time.
- - - Mark Twain "Life On The Mississippi," 1883

How much in terms of money do you figure the Intercontinental has put into a project like this up to this point? Enough that we can be assured that they are really serious? Or so little that they may just be playing games with the market? Like trying to flush out expansion plans of their competitors?

Beautiful.

I'm suprised that this design came out of LaGrange's office. I know that the firm has designed several wonderful modern buildings, but I remember reading an article several years ago that he would never designa modern building for Michigan Avenue, and because of his stance I couldn't see him allowing any of the associates do that either.

I don't believe that this project will have a problem selling its high end units. I mean it's right on the Mag Mile in the thick of everything. The units will all have superior service. And seeing as it's mainly hotel they don't have to market all of the units, just a small portion.

As someone mentioned in the SSP Forum, this tower is exterenly similar to the old Cityfront Plaza project.
[img]http://www.lohan.com/images/projects/ciplweb_1.jpg

Intercontinental Tower
http://www.chicagotribune.com/media/thumbnails/photo/2005-11/20263883.jpg

^^ It's such a shame this building wasn't built at front of NBC Tower. Hey at least, we got Jahn as a consolation prize.

Hurry, Jahn! We are waiting for your rendering to come out.

Better come up with something new now :)

http://www.hotel-online.com/News/2005_Nov_01/p.665.1130867881.html

From Hotel Online
Here's an excerpt:

The new tower is being designed by the award-winning Lucien Lagrange Architects and will provide approximately 150 new luxury hotel suites and 310 luxury condominium units. Strategic intends to work with a leading residential developer to develop and market the condominiums. The redevelopment effort will include a unique pedestrian park connected to Michigan Avenue, which will extend over Grand Avenue.

As well as for the Fairmont:
The 692-room Fairmont Chicago was recently acquired by the company and has a premier location at the gateways to Millennium Park, recognized as one of the top urban parks in the country, and Lakeshore East, the city's most significant urban and upscale high-rise housing development. The Rockwell Group, an international award-winning design firm, is working with the company on the interior and exterior design, in addition to the development of high-end fractional ownership units and hotel condominium units.

Just some perspective...
http://img37.imageshack.us/img37/1104/hotelintercontinentallge6tl.jpg


http://img39.imageshack.us/img39/9582/hotel6ur.jpg

:cheers:

That building is such a beauty. The outside is very unique, but the detail is carried into the interior as well.

thats a nice building! chicago is my favorite skyline

Thats a great building. 850 is just small IMO, make it like 900+ foot...but I guess you can't always get what you want.

Thats a great building. 850 is just small IMO, make it like 900+ foot...but I guess you can't always get what you want.

haha. 850 is plenty! It's a good design as it is; doesn't need to go taller.

Hmm, a Yahoo (probably AP) article stated 72 story building. Oh well, doesn't change that too much :)

Oh hell yes! Another 800+ footer, when is the madness going stop in this town? I hope the answer is never, because this is just too much fun. If this project happens we get to see demolition of a eyesore on our most elliete street, construction of a 850' tower that will soar above everything around it and a new pocket park above a drab streetscape along Grand Avenue. Check and mate, this project kicks ass and so does this city.

And additionally we have the 65 East Huron project back on (as I predicted with tall tower wiping out 500 LSD) with a height increase toboot. And top it all off, One Musuem Park is ready to start construction within a week.

Wow I just love this building. I think I'm going to be first in line when they start selling units in this building. I really like the idea of covering up grand right there. Now I'm going to have 550 st.clair on one side and this on the other side with 535 st clair behind me. I love it.

haha. 850 is plenty! It's a good design as it is; doesn't need to go taller.


Indeed, what a bunch of spolied brats we are. At 850', this would be the tallest building in most cities on the entire planet. :)

True. Even 850 right now would be our #9 or 10 tallest. Scary how fast the skyline is going to change. Dare I say it? If all these (or at least most) towers are built at current heights, this might be the greatest boom of all time in our fair city's history, at least in terms of supertall height.

If the trump and waterview tower is complete we would have 6 1000+ footer, and 8 900+ footer...

Spoiled we are... some cities even want one 1000 footers...

Here some pics of it now.

The entrance.

http://img45.imageshack.us/img45/654/dsc024800uh.jpg

Views from it.

http://img319.imageshack.us/img319/9347/dsc024818gu.jpg

http://img62.imageshack.us/img62/884/dsc025874gv.jpg

Looking up

http://img399.imageshack.us/img399/7091/dsc025883ur.jpg

I hope the City Hall would say "Add 150' spire to the top and it's a done deal. Oh, don't worry about SOAR. We'll take care of it." :)

Spires look weird on rectangle boxes though. Don't want a NY Times on our hands.

wai wai lucky chicago forumers... that is such a beautiful building/design. just hope it gets built and matches with the original art deco building. both are beauties!

True. Even 850 right now would be our #9 or 10 tallest. Scary how fast the skyline is going to change. Dare I say it? If all these (or at least most) towers are built at current heights, this might be the greatest boom of all time in our fair city's history, at least in terms of supertall height.


Actually 850' (Bank One Plaza) is already 9th on the city's ranking. With just Trump and Waterview, 850' slips to 11th place. Now add in Fordham Spire, 29 S. LaSalle, Studio Gang Tower, The Legacy, Mandarian Oriental, Hotel Intercontential and 830 S. Michigan and that gives us 19 buildings over 800 feet (should all of the proposals be built). Compare that to 16 (built, UC, proposed) in NYC, 16 in Hong Kong. Chicago kicking ass, but our major up and commming skyline competitor Dubai has 27, with 13 over 1,000 feet in the works.

That is one sexy building.

Great news for Chicago!

Bring back luxury to the magnificent mile. Thumps up

I fucking love it. Hope it goes through.

Actually 850' (Bank One Plaza) is already 9th on the city's ranking. With just Trump and Waterview, 850' slips to 11th place. Now add in Fordham Spire, 29 S. LaSalle, Studio Gang Tower, The Legacy, Mandarian Oriental, Hotel Intercontential and 830 S. Michigan and that gives us 19 buildings over 800 feet (should all of the proposals be built). Compare that to 16 (built, UC, proposed) in NYC, 16 in Hong Kong. Chicago kicking ass, but our major up and commming skyline competitor Dubai has 27, with 13 over 1,000 feet in the works.

^ BAH!

Chicago would never want to be Dubai. When the petroleum runs out Dubai will look like a crumbling 1970's Coney Island.

A diversified economy is what saves us

^If you want to see what happens to an oil dependent city after the energy industry goes elsewhere just look at OKC in the 1990's. That is what Dubai will become only with fancier towers.

Not a fan of this at all. I love tall buildings as much as the rest of you, but this would stick out like a sore thumb. Before anyone counters with Hancock - that balanced the skyline and possesses an elegance that this design lacks. Bah humbug to this. Looks like something that should be built on South Wabash, not Michigan Avenue.

^ I think I agree. Most people will disagree, but I actually would rather this building be a lot shorter, say 40 floors or less. Then again, that Intercontinental north building as it stands today is a sorry excuse for an addition to an otherwise elegant inn, and I'm glad it will eventually be replaced.

deleated post

Okay, if the Hancock "balanced" the skyline, what about 900 N., Chicago Place and the Park Hyatt? Just because there happens to be a four or five block stretch of Michigan Avenue that doesn't have any supertalls doesn't mean that putting one there will be a bad thing.

November 2, 2005

BY DAVID ROEDER SUN-TIMES COLUMNIST

HOTEL HIGH-RISE: Although he previously downplayed the chance of massive new construction at the InterContinental Chicago hotel, 505 N. Michigan, that's exactly what Laurence Geller, chief executive of Strategic Hotel Capital Inc., has proposed. A submission to the City Council on Tuesday seeks zoning authority for a 71-story building that would replace the architecturally drab 26-story north tower of the hotel. The project promises a substantial upgrade in the hotel's image and new retail life for the Mag Mile's south end. But the scale is enormous.

Despite the addition's size, Geller's actually proposing a downsizing of the InterContinental, from 800 rooms to 480. The rest of the new space would be 310 condos for the rich.

I love it! :cheers2:

Does anyone subscribe to bid clerk? Caught this snippet there:

Chicago, IL : Retail, Multi-Residential, Hotel / Motel : Reported Date: 11/02/2005 Aerial Photograph AvailableJobsite Map Available
Site work and addition to an existing hotel in Chicago. Working design plans call for a 71-story tower with 150 hotel rooms and 310 condominiums. The tower will also include 11,000-square-foot retail space. Plans also call for a pedestrian bridge ...

I guess I'm just not that thrilled with the design of this one. It kind of seems like an inferior version of the Legacy at Millenium Park. More saturation of an already saturated market, making it less likely again that other, better designs will actually get off the ground. And the rich people who buy these places may be more likely attracted by a Mag Mile location than by fabulous architecture.

But that's making the assumption that there aren't enough buyers to support these buildings, which thus far hasn't been the case. But yes, I too often wonder how long the dream can last. Hopefully long enough to see the construction of these beauties.

In addition to being too large for the spot, I think its a poor design. I agree with the post above "inferior version of the Legacy"

Inferior version or not, it will help push the retailing powers southward on Michigan Ave. Also, it will increase square footage for top-notch retailers desperate enough to make debut on that boulevard.

Well, I don't mean to be a naysayer, but its not like it can push it much further south. Between the Intercontinental and the river is what, NBC Tower and the Tribune Tower?

Tribune Tower and Equitable Building which houses local NBC station. NBC Tower is few blocks east of Tribune Tower.

Sweet hotel skyscraper replacement!
Now, chicago downtown becomes even more urban,lol!

I'm not sure that I agree with this building being inferior to the Legacy; in fact, I think I may prefer it.

Better image of the base:

http://img63.imageshack.us/img63/4971/intconbase27jr.png

^ I really think its a very good looking building.

Is this the location?

http://im1.shutterfly.com/procserv/47b5cf22b3127cce9562c5f202ec00000016108AZuHLly1btx

Basically, yeah.

Like the base and location!

Is this the location?

http://im1.shutterfly.com/procserv/47b5cf22b3127cce9562c5f202ec00000016108AZuHLly1btx

Just imagine this same view in 4 to 5 years. It will be amazing and this building make quite an impact as well.

Since I went through the trouble of making this (really fast):

http://img56.imageshack.us/img56/6172/fakeskyline23cr.png

wow spyguy that is some crazy shite right there. I almost want them to build all those in one giant cluster away from downtown just to see that lol.

That would easily be the 2nd or 3rd best skyline by itself in North America if it was built like that. Kind of reminds of lower Manhatten how it looks (only taller!!!!!)

Here are scans from the zoning application.

http://img474.imageshack.us/img474/4613/10qi.jpg

http://img474.imageshack.us/img474/4104/22pw.jpg

http://img474.imageshack.us/img474/9254/35mu.jpg

http://img474.imageshack.us/img474/5818/43ld.jpg

http://img474.imageshack.us/img474/4782/57wd.jpg

Since I went through the trouble of making this (really fast):

http://img56.imageshack.us/img56/6172/fakeskyline23cr.png

A new vision for Streeterville.

Thanks for showing the site plan. So, the hotel lobby is pushed back away from Michigan Ave. It makes room for future retailers to be fronted there.

Nice work.

I received this high resolution rendering yesterday for the InterContinental north tower.

https://extranet.emporis.com/files/transfer/6/2006/01/432910.jpg

Heck, yeah! That is one nice-looking tower!
:eek2:

God I love this one. I hope this gets built.

am I goofy or is it vaguely reminiscent of WV and Legacy

am I goofy or is it vaguely reminiscent of WV and Legacy

I can see the reminiscence of Legacy, but I don't see the WV.

I wish we could see the other side where there is sort of a set back. Anyway, thanks for the new rendering.

Does anyone have news about how the process of receiving city zoning approval is going? Have they started the process or are they still getting all the paperwork together?

am I goofy or is it vaguely reminiscent of WV and Legacy

Yeah I've noticed a lot of towers (not just in Chicago) that look similar to this style... the Orion in NYC comes to mind, and the Marriott Center in Chongking.

That's a keeper. :)

Since I went through the trouble of making this (really fast):

http://img56.imageshack.us/img56/6172/fakeskyline23cr.png
Spyguy help me out.....I count a total of 13 buildings in the rendering.....mvoing from left to right 71 Huron, legacy, elysian, WV, trump, calatrava, Intercontinental??, then the rest I am not sure of other than 340 OTP

Since I went through the trouble of making this (really fast):

http://img56.imageshack.us/img56/6172/fakeskyline23cr.png

WOW! This picture looks like Lower Manhattan on steroids! This is way more than cool!!!!!!!!!

Forumly the other towers in the picture are 300 N LaSalle, One museum park, 4th pres, 50 chestnut, and 600 n fairbanks.

can't wait for it to be u/c

I received this high resolution rendering yesterday for the InterContinental north tower.

https://extranet.emporis.com/files/transfer/6/2006/01/432910.jpg

wow, what a wonderful design :eek2:

anyone know anything about this one?

anyone know anything about this one?

It looks to be on the back-burner--for now. The hotel market is doing very well right now. Basically, InterContinental will incur losses during the window of time within which the old building is demolished and the new building is constructed. Therefore, it makes sense from a business standpoint to incur such losses at a time when the hotel market is a bit slower. Of course, once the new building is complete, InterContinental stands to make much more money, as it will have many more hotel rooms which are also of a higher caliber.

Damn, that's some pretzel logic right there. A good hotel market is actually DISCOURAGING a hotel expansion. Capitalism is messed-up, haha (but still the best way).

Damn, that's some pretzel logic right there. A good hotel market is actually DISCOURAGING a hotel expansion. Capitalism is messed-up, haha (but still the best way).

Exactly. This is only the case because this project involves demolition of a revenue-generating structure. If it were a simple addition, then the timing wouldn't be as much of an issue.

So, when this boom finally comes to an end (hopefully not anytime soon,) this will be the last project, and the boom will end on a bang!

The booms always worry me . . . the biggest booms come before the biggest busts. E.G. 1929.

http://chicagobusiness.com/cgi-bin/news.pl?id=25196

Strategic Hotels sells a 49% stake in InterContinental

May 31, 2007
By Thomas A. Corfman

Strategic Hotels & Resorts Inc. has sold a stake in two hotels, including the historic InterContinental Chicago on North Michigan Avenue, to the real estate investment arm of the government of Singapore, in a deal that values the properties at $450 million.

The Chicago-based real estate investment trust (REIT) said Thursday it had sold a 49% stake in the 792-room Chicago property and the 419-room Hyatt Regency La Jolla, north of San Diego.

The net proceeds from the transaction will be between $130 million and $150 million, says Laurence Geller, Strategic’s CEO.

“It gives us balance sheet flexibility; we can put it (the money) into higher-growth investments,” he says.

The joint venture could boost Strategic’s long-running plans to replace the lackluster north tower of the InterContinental, 505 N. Michigan Ave., with a 71-story hotel/condominium skyscraper.

A starting date for that project, which was announced in November 2005, has not yet been set.

The InterContinental is “is a very complicated asset with lots of upside,” Mr. Geller says.

The deal may also help placate restless shareholders, who have seen Strategic’s stock trade at a discount to its rival hotel companies — a sector many consider undervalued. Meanwhile, Mr. Geller has seemingly been resolute in his effort to discourage a buyout, even though private-equity firms and other hotel companies have targeted high-end hotel portfolios. Instead, the REIT has focused in recent months on improving the performance of its 20-hotel portfolio.

Strategic didn’t have to look too far for a joint venture partner: GIC Real Estate Pte Ltd., a unit of Government of Singapore Investment Corp., which manages that country's foreign investments. GIC Real Estate was previously a partner with Strategic in InterContinental Hotel in Prague. In August, the REIT bought GIC Real Estate’s stake.

"This is the right partner for us," Mr. Geller says of about GIC.

That same month, Strategic began exploring financial alternatives for the Michigan Avenue hotel.

The REIT bought an 85% stake in the Chicago property in 2005, and subsequently bought the remaining interest.

As a part of the deal with GIC, Strategic will contribute the two hotels to a new joint venture, but retain management of both properties. Combined the hotels are expected to have earnings, before depreciation and other charges, of $34.5 million in 2007.

Great find, spy. Now I have a glimmer of hope this one may end up a reality.

was in the starbucks today at the Intercontinental... walked in a chatted briefly with an employee... seems this project is still very much alive... she knew all about the proposed tower and said it was "waiting for city approval" but did not have any info on when it may actually happen. She said that part of the new project would be 2 floors of expanded retail for the ground floor...

encouraging news? I think so!

Don't stop believing

http://www.chicagorealestatedaily.com/cgi-bin/page.pl?id=2166

Chicago: Intercontinental Hotel Expansion, 505 N. Michigan Ave., 71-story hotel expansion and renovation, August 2010, $60 million.

Only $60 million?