Height: 490 ft
Floor count: 46
Location: South Franklin and West Van Buren
Construction end: 2009
Architect: Perkins & Will
Developer: CMK Development Corporation

Website (http://www.235vanburen.com/)

http://img293.imageshack.us/img293/7456/235wvan3op1.jpg
http://img166.imageshack.us/img166/1692/vbf3nc8.jpghttp://img488.imageshack.us/img488/7440/vbf4op4.jpghttp://img488.imageshack.us/img488/6934/vbfrenderingwcity120ih2.jpg
http://img516.imageshack.us/img516/8039/dusk3wl3.jpghttp://img507.imageshack.us/img507/8310/235wvan2pu8.jpg
http://img293.imageshack.us/img293/7456/235wvan3op1.jpghttp://img516.imageshack.us/img516/834/235vbfbuildinglookingqr4.jpg
http://img516.imageshack.us/img516/7770/235vbfbuildingtoplookdc5.jpghttp://img516.imageshack.us/img516/5682/235vbfbuildingtop2qn8.jpg

http://chicagobusiness.com/cgi-bin/news.pl?id=23426

48-story condo project planned near Sears Tower

Jan. 10, 2007
By Alby Gallun

The Chicago Plan Commission next week will consider a 48-story, 714-unit condominium tower proposed for a site just a couple blocks south of the Sears Tower.

An affiliate of Chicago-based CMK Development Corp. plans to build the high-rise at 235 W. Van Buren St., which would be one of the largest Loop condo projects in several years. The development is on the agenda for the Plan Commission's Jan. 18 meeting.

If the commission approves the project, CMK still must sell enough units to secure financing, a challenge in the current soft condo market. Sales of downtown condos and townhomes fell 7.6% in the first nine months of 2006 from the year-earlier period, according to Appraisal Research Counselors, a Chicago-based residential real estate consulting firm.

The falling sales, however, haven't discouraged developers, who had started marketing about 6,100 condos and townhomes through the third quarter, eclipsing 4,700 for all of 2005.

CMK, one of the busiest downtown condo developers, is targeting the lower end of the condo market, a segment that has held up well during the slowdown. A vast majority of the units in the Van Buren project will sell for less than $350,000.

"They're very aggressively priced," says CMK President Colin Kihnke.

That formula has worked well with CMK's other projects. At the end of the third quarter, buyers had signed contracts for 70% of the units in a 498-condo CMK development at 1720 S. Michigan Ave. and 98% of the units at a 249-unit project at 1620 S. Michigan, according to Appraisal Research.

Designed by Perkins & Will, CMK's newest project would be the firm's largest to date. Sitting just north of the Congress Parkway on-ramp, it would include retail and office space and 570 parking spots. CMK executives did not return phone calls.

This is a pleasant surprise. What was or is on this site?

It's mostly a parking lot, but I think there are a couple of small (perhaps old) buildings on part of the site that would come down. But 700 units :eek: that will do a lot for the surrounding areas.

It's mostly a parking lot, but I think there are a couple of small (perhaps old) buildings on part of the site that would come down. But 700 units :eek: that will do a lot for the surrounding areas.

Agreed. That number of people would serve that area of the Loop quite well.

Do 700 people work in the Sears Tower?

I can imagine this place essentially filling up with the entire contigent of Sears Tower employees

^I'm sure more than 700 people work at the Sears Tower. Kirkland and Ellis has about 40 people per floor spread out on 13 floors, and the Sears Tower has far more square footage.

Is that a joke re: the Sears Tower? It has a daily office population well over 15,000.

^^ I think TUP is making a joke because of the high vacancy rate, 20%.

My first impression of this building is UGLY. In that pic with the Sears cluster, it just looks like an eyesore blocking the magnificent view. Hopefully it grows on me, but I doubt this one will.

I think you feel that way becasue its a residential building place with in the middle of an office district..it sticks out alot..but i think it will grow on people...hopefully the trend will be mixing in residential with office in this area of the loop :)

I actually enjoy it with the protruding balconies, I don't know but I'm always a sucker for a glassy white building. I believe the parking base could definetely use a little tweaking,but actually I don't mind it now that I look at it contrasting with the top portion.

Looks great!!!,

Do 700 people work in the Sears Tower?

I can imagine this place essentially filling up with the entire contigent of Sears Tower employeesthere's well over 700:lol: , and there's 4.5 million sq ft, so i highly doubt the building will fill up with tenant's and employees. the building even today is not even half full.

there's well over 700:lol: , and there's 4.5 million sq ft, so i highly doubt the building will fill up with tenant's and employees. the building even today is not even half full.

The current occupancy rate is 80%. Sears just landed a new tenant which will bring it to 84%.

http://www.globest.com/news/820_820/chicago/152064-1.html

there's well over 700:lol: , and there's 4.5 million sq ft, so i highly doubt the building will fill up with tenant's and employees. the building even today is not even half full.

don't know but is a number of 10.000 People realistic?

The current occupancy rate is 80%. Sears just landed a new tenant which will bring it to 84%.

http://www.globest.com/news/820_820/chicago/152064-1.html

Thtas pretty cool and surprising. Just about the average for downtown. I always figured those numbers would be significantly less.

don't know but is a number of 10.000 People realistic?
I answered your question above. The daily population is ~16,500.

Wow... it looks like it was sold in Nov 05 for $4.75M! It looks like there are a couople of small structures that need to be bought.

I received this in my e-mail.... Very aggressively priced.

Van Buren Condos



Expected Completion Date - Early 2010

Amount Invested - $2,500 to reserve a unit and 5% due after attorney review.

Location - Downtown Loop Chicago - Financial District

48-story condo project planned near Sears Tower

Opening: Our exclusive clients will be able to reserve units before the VIP Grand Opening in March during the Developer's Family and friends opening.



From the same development/architectural team that won the American Institute of Architects prestigious National Honor Award for Architecture in 2005 - Modern condominiums in Chicago’s Financial District




Pricing breakdown as follows:

Studios start at $180

1bd will start at $206K

2bd/1bth $240-250K

2bd/2bth $267-$520K

Parking $30-50K and Tandoms $50-54K



One of the busiest downtown condo developers, is targeting the lower end of the condo market, a segment that has held up well during the slowdown. A vast majority of the units in the Van Buren project will sell for less than $350,000.
"They're very aggressively priced."

That formula has worked well with the developer's other projects. At the end of the third quarter, buyers had signed contracts for 70% of the units in a 498-condo in the South Loop on Michigan Ave. and 98% of the units at a 249-unit project in the South Loop on Michigan Ave, according to Appraisal Research.


Designed by award winning architects, Perkins & Will, it will be sitting just north of the Congress Parkway on-ramp, it would include retail and office space and 570 parking spots.

It is one of the few residential buildings found in the middle of an office district.

The Sears Tower, which is just North of this development, has a daily office population well over 15,000 and is 84% occupied, which gives this building great potential for rentals.

^ 570 parking spots for 700 units?

I love it.

I think this will sell out like mad-cakes. I honestly think a lot of people would love to live closer to their jobs in the west loop. In fact, I imagine the entire district south of the Sears Tower down to Polk filling up with residential buildings serving the west loop office district. I envision several bus routes sprouting in this area, running north along Wells, Clark, etc taking thousands of people to their jobs.

Designed by award winning architects, Perkins & Will, it will be sitting just north of the Congress Parkway on-ramp, it would include retail and office space and 570 parking spots.

^ Office space?

Eh?

I think the amount of residential units has been reduced since the original post. In fact, I would not be surprised if the building had exactly 570 units, with the space from the other 144 units becoming office space.

I currently have a 28th floor unit under contract in this building. Residential units begin on 14 and continue up to 44. Penthouses on 45-46.

Currently the plan for retail is to have a fitness center/gym on street level.

I currently have a 28th floor unit under contract in this building. Residential units begin on 14 and continue up to 44. Penthouses on 45-46.

Currently the plan for retail is to have a fitness center/gym on street level.

Cool. Do you have any idea how the sales are going?

Cool. Do you have any idea how the sales are going?

I have a unit under contract as well, and I think that sales are going unbelievably well. About a week and a half ago, I was looking at one of the sales agent's list of all the units, and it looked like about 25% of them were marked as SOLD. And this is all before the official grand opening, nor are do they have a website, the units on MLS searches, or are they officially marketing the units. All of these sales are just coming from their friends and family/exclusive agents period.

25%? That IS amazing, anybody have any word on when they will open a sales center, or at this rate I don't think they will need one!

25%? That IS amazing, anybody have any word on when they will open a sales center, or at this rate I don't think they will need one!

The sales agent made it sound like the "official" sales kickoff would be in a few weeks, probably in March. I'm not sure if they will open a sales office nearby 235 West Van Buren of if they would just use the CMK office on South Michigan Ave.

Also, don't take my figure of 25% as the gospel - I don't want to spread around bad information....that's just what it looked like, looking at the unit list. What the sales agent did specifically say himself, is that they had at least 100 units under contract (as of a week and a half ago). Looking at the unit list, it seemed like there may have been a decent amount more than 100 units listed as sold.

So are floors 2-13 all parking?

Oh, and good news on the 25% estimate. I'm hoping the unique location of this development very near the southern end of the financial district will unlock some serious pent up demand.

What the sales agent did specifically say himself, is that they had at least 100 units under contract (as of a week and a half ago). Looking at the unit list, it seemed like there may have been a decent amount more than 100 units listed as sold.

I wouldn't take available units list as gospel either. They ussually save a certain amount of the prime units for sale when the project get closer to completion. I haven't seen the list, but I bet it lists most of the units with great views as sold. They have saved a lot of those units to mark-up and sell in the last 6 months.

I wouldn't take available units list as gospel either. They ussually save a certain amount of the prime units for sale when the project get closer to completion. I haven't seen the list, but I bet it lists most of the units with great views as sold. They have saved a lot of those units to mark-up and sell in the last 6 months.

You could be right....that would explain why the sales agent said 100 units had been sold whereas looking at the units list, it seemed like 150-200 units had been sold.

TUP - you are correct, floors 2-13 are parking, which is a lot. At least you will be happy to hear that the parking spot/unit ratio is less than 1....I think something like 80%.

Floors 2-12 are parking. No 13th floor in this building.

CMK will be opening up a sales office soon on Wells Street (actually, they're moving the whole company headquarters there from their current location at 1637 N. Milwaukee.)

One of the things about CMK is that they have a strong contingent of repeat buyers who have moved from project to project. The 235 W. Van Buren building also has a strong pull because of the partnership with Ralph Johnson.

Re: High Life's comment on great views - the entire space to the south of this building is permanently open, due to the Eisenhower off-ramps and the old Grand Central Station vacant space along the river. So - any unit with a south view is going to sell like hotcakes and I don't think they're holding any back at this point.

"SirIsaacNewton" is right. CMK has done pretty well so far with sales on this building without an flashy website, sales center, or cheesy radio commercials. The sales contracts currently in effect are contingent on the sale of 286 units by 8/1/07. At this rate, they should well exceed that goal.

I could be wrong, but when I walked by the site today, it looked like a couple piles had already been driven into the ground. Can anyone back me up on this?

I could be wrong, but when I walked by the site today, it looked like a couple piles had already been driven into the ground. Can anyone back me up on this?
Easy. Photos on Emporis.

Yes. They are driving piles into the ground, although I was surprised they didn't rip up all of the asphalt parking lot first before starting...I guess that's why I fly airplanes instead of work construction. I am curious if anyone knows when they might start demolishing the Chinese restaurant and vacant club?

There are photos on Emporis as well.

I saw that too... I had to drive by the site to make sure I was seeing what was happening.

I am not so sure the developer owns the lot with the Chinese restaurant yet (and if he does, he probably acquired it recently since it does not show up at the recorders office).

I have a little inside information on this since I work for the developer. The owner of the Chinese restaurant was playing a lot of games with the developer as far as selling the property. Ultimately, the city decided to use eminent domain to get the parcel. I know the eminent domain is well underway, but I haven't had a chance to ask him where it stands yet.

I went by this site today while out taking photos. It didn't look any different that it did around St. Patrick's Day. Piles driven or not, there's no way this one is u/c. I'm bumping it back down to site prep.

Following the successful completion of the Contemporaine condominium building, Perkins+Will was selected again by CMK Development Corporation to design this 740,000 square foot residential building in Chicago's financial district.

This building sits on a prime site, as a threshold to the city from the Eisenhower Expressway and one of the first things people see as they arrive downtown. The predominantly glass southern facade corresponds to the more commercial buildings of the Chicago skyline to the north while the dynamic expression of the cantilevered balconies adds a residential scale. In contrast, the articulation of concrete and glass of the north façade blends well in proportion with the residential background of the South Loop Neighborhood.

The 714 condominium units are designed to target first time home owners, typical 1-2 bedroom units range in size from 580 to 1800 square feet. The 47 story tower contains 650,000 square feet of residential space, and provides 11 floors of parking for a total of 572 spaces. The first and second floors of the building will house approximately 10,000 square feet of retail space.

http://img262.imageshack.us/img262/6626/lg125afh8.jpg

^ Nice find, Spyguy.

Good architecture, less parking than units, and a fast-moving project.

I can't complain about ANYTHING here..

^ Nice find, Spyguy.

Good architecture, less parking than units, and a fast-moving project.

I can't complain about ANYTHING here..

And retail at the base...

Does anyone else feel like this buiding is way out of place? I looked to buy a unit there, and could not convince myself that this building would be considered overly desirable in 3-5 years. I just feel that the residents will be looking out their windows and wishing they had lived south in the Printers Row / Roosevelt Collection area or look west and wish they had lived in the West Loop. There is little life after 6 pm Mon-Fri except a few bars for the suits that hang out Friday evening. I think it is good for one market: young urban people who want to rent an apartment close to work (or people who want to live downtown with a balcony that can't afford a 2 BR in any of the other new developments). I just don't see the value of the units going up very much.

FYI... I got an e-mail yesterday saying they havent been released to the public and the units are 75% sold out.

Well, you've got to start someplace. 235 will definitely be a pioneer of sorts for this part of town. Rest asured, with enough residents in the immediate area, services will evole. It won't happen overnight, however.

Well, you've got to start someplace. 235 will definitely be a pioneer of sorts for this part of town. Rest asured, with enough residents in the immediate area, services will evole. It won't happen overnight, however.

That's the term I was going to use: "pioneers." One of the things I want most for this city--in addition to better transit--is for downtown to be a true neighborhood. And so we need people who are willing to take a chance and live in heretofore non-residential areas of downtown and sew the seeds for residential transformation. 235 W. Van Buren will hopefully work in conjunction with Roosevelt Collection, Vetro, Printers Corner (blegh), and other projects to provide this.

I can't agree more with the last two posts to this thread! I say so, in part, because I believe my fiance and I just put earnest money down on a 2bed/2bath unit at 565 W. Quincy (Jackson/Jefferson). Although this area is quite a bit more residential than 235 W Van Buren, it leaves A LOT to be desired as far as services are concerned. I truly believe that things are going to change, though. With the Metra Market project underway and plans underway for developing the Old Post Office, I am thrilled to be on what I believe to be the cusp of something very new, fresh and growing.

And in the south loop, where tall is needed. Got to love that.

PrintersRowBoiler,

It is out of place because there's no other residential units in the immediate vicinity. However, I don't agree with your premise that as a resident I would be looking out and wanting to live elsewhere - in fact, I like the building because the views to the south aren't immediately obstructed. The Eisenhower/river/railroad yards are permanent open space, and the old Grand Central Station land is open as well.

If any of you want to take a birds-eye look at it, go to the top of the parking structure across the street on Van Buren (the elevator entrance is on Franklin about a half block north of Van Buren.)

I am slightly biased because I currently have a unit under contract in this building (28th floor facing south.) However, I am confident that this building will become a little nucleus in this area to support further retail development, etc. For instance, the Plan Commission just approved the plan to redevelop the Old Post Office nearby (we'll see when that actually happens.) I think the Roosevelt Collection nearby will also be part of this. As I stated before, the first floor retail is expected to be a gym/workout center.

Personally, I like the building because the price is right, there is easy access to the expressway, and no one will ever be able to build anything immediately butting up against the south side of the building.

i really like the layout of the balconies and the overall look of the building, and i think the location is solid, but that horrible base kinda kills it for me.

hey, it's not just suits around there -- that block also has Cal's, the weekday messenger hangout with indie shows on weekends. and on Wells right behind Cal's is a little slice of Chicago that urban renewal forgot: a bail bondsman, a pawn shop, and an SRO!

now, how much longer these'll be there, I don't know. maybe the tall parking podium will keep the condo owners blissfully unaware of the scuzziness and grit at their feet, but then again possession of title to a condo has been known to exacerbate nascent tendencies towards busybodyness and NIMBYism in many subjects. double-blind clinical research is forthcoming.

The low price and the "guaranteed views" (if that exists - just wait for the year 2036 when you are about to pay off your mortgage and they build a tower over the ramps!) are great selling points / advantages for the building. I strongly considered buying there cuz I figured you can't go wrong with the prices they are looking for. My arguement simply is that it does not have a neighborhood feel... the streets will be quiet at night and on weekends. You lose the excitement of having people walking around you and the safety cushion that comes with it. There will be a lack of retail outside of the business hours. You can call people buying the units pioneers... but for what? Being the first to buy a unit in that area North of Congress between the river and Wells? Are they going to convert the White Castle Building (311) to condos? This area is NOT residential, nor do I think it ever will be. I agree that there will be substantial development someday with Franklin Point/Grand Central Station and other buildings along Wells Street SOUTH of Congress and maybe a few (office?) north of there (I dont consider the post office the same area nor do I consider the 3/4 mile distance to the Roosevelt Collection), but Congress (basically the Eisenhower there) will really isolate this building. I just don't see the advantage to buying in this building vs. Vetro (the views maybe), whatever they build at Grand Central Station / Franklin Point, Printers Square, or the Roosevelt Collection. You might be a couple blocks closer to downtown, but you are a couple blocks further away from the action.

The low price and the "guaranteed views" (if that exists - just wait for the year 2036 when you are about to pay off your mortgage and they build a tower over the ramps!) are great selling points / advantages for the building. I strongly considered buying there cuz I figured you can't go wrong with the prices they are looking for. My arguement simply is that it does not have a neighborhood feel... the streets will be quiet at night and on weekends. You lose the excitement of having people walking around you and the safety cushion that comes with it. There will be a lack of retail outside of the business hours. You can call people buying the units pioneers... but for what? Being the first to buy a unit in that area North of Congress between the river and Wells? Are they going to convert the White Castle Building (311) to condos? This area is NOT residential, nor do I think it ever will be. I agree that there will be substantial development someday with Franklin Point/Grand Central Station and other buildings along Wells Street SOUTH of Congress and maybe a few (office?) north of there (I dont consider the post office the same area nor do I consider the 3/4 mile distance to the Roosevelt Collection), but Congress (basically the Eisenhower there) will really isolate this building. I just don't see the advantage to buying in this building vs. Vetro (the views maybe), whatever they build at Grand Central Station / Franklin Point, Printers Square, or the Roosevelt Collection. You might be a couple blocks closer to downtown, but you are a couple blocks further away from the action.

Away from the action...what action. You are away from the lake, or the Rush street, or the Greektown...what? There is not much retail in south loop or west loop, and when it gets there, I am sure it will spread closer to 235 van buren as well. The main advantage of this building is that it is close to downtown, financial district in particular, so people would be able to spend less time commuting to work. People spend 5 out of 7 days working, and I would rather walk 10 minutes to work and take a cab/brown line/bus, etc. to go out anywhere in the downtown area than having walk 2+ miles to work from the south/west loop.

P.S. Vetro is 1.5 if not more as expensive as 235 west van buren.

My arguement simply is that it does not have a neighborhood feel... the streets will be quiet at night and on weekends. You lose the excitement of having people walking around you and the safety cushion that comes with it. You're entitled to buy a unit based on the characteristics you are looking for. Personally, I LIKE the fact that it will be sort of a quiet haven on a corner of downtown, despite the fact it basically has direct access to the expressway. You, on the other hand, can have all the neighborhood bustle/congestion/traffic you like.

Regarding the guaranteed views - I think you're living in la-la land if you think someone's going to build towers either over Congress parkway, the river, or the railroad yards south of the old post office (but north of Roosevelt.) Yes, someone might eventually build on the Grand Central Station property - but if you actually go to the site and get a birds-eye view, you'll see how far away that is. My point was that there is at least a little free space south of this building (even in 2036) whereas in some of the other areas you mention there are buildings butted right up against each other. No thanks.

You also say you don't consider the Post Office the same area - sorry, but if I can spit from my unit on the 28th floor and hit the building, it's the same area, period. Good luck trying to predict what's going to happen in the next 30 years - but I think your vision that the building's going to live in isolation is way off base.

Bottom line - think what you want, but if 75% of the units are sold out as CMK claims, they really don't need you to give the place your blessing. And I would have a hard time believing that myself and the other 700+ buyers have suddenly been stricken with collective insanity.

I apologize If I came off as thinking this building will not be successful or a wise investment. I was trying to spark a discussion on the general area around this building. I have considered buying a unit myself, so I was curious to see what others on the board had to say. I was being fececious when I was talking about building a tower over the ramp... you always hear people talk about how they thought the area next to them was unbuildable when they bought their unit with a good view (i.e. Burnham Pointe with the tunnels). This morning's trib had a good article about all the office conversions, so it is very unpredictable in that this area could become more and more residential.
The building has sold well. The developer seems to be marketing it to investors who would rent out their units. With the prices they are asking for, it is almost hard not to make money should you buy a unit and rent it out based on rents in the area. Much of my arguement was that I was speculating that this building will never get the prices that units south of Congress would in more established neighborhoods and where a large chunk of residents aren't renters.

You make some good points, and I agree that the retail in the area is pretty dismal, especially just east on Van Buren under the tracks. Hopefully, this is something that will improve over the long term as a nucleus of residents begins to build in the area. Personally, I am buying a unit to live there and not rent it out. The prices are very good compared to what else is available nearby, so (as you point out) how could you lose?

My whole point about the view is that there is a lot of space to the south and southwest of this building that will be very difficult or impossible to build on. Now, compare this to what we're seeing especially in the Central Station area where it is buildings just sprouting up and butted right against each other with no spacing at all.

A recent pic of the site

http://img526.imageshack.us/img526/3526/img1106rs9.jpg

Anyboby knows where this project stands? when is the ground breaking? how many units sold? When is the unsold units going to be release to the public?

Anyboby knows where this project stands? when is the ground breaking? how many units sold? When is the unsold units going to be release to the public?
Goto Emporis; several images of the construction underway.

Goto Emporis; several images of the construction underway.

They haven't done any work on the site for at least a few weeks....I think that they may have just driven test piles, about a month ago. Regardless, the sales office said that construction should begin this summer. Also, I think I read somewhere that they have 75% of the units under contract....this project is selling fast! (as CMK seems to offer cheap prices)

Well, this is going to be a hot buy, if you ask me. It's got a lock on the Wacker Drive market (at least for those that don't want to cross the river and head to the West Loop).

They haven't done any work on the site for at least a few weeks....I think that they may have just driven test piles, about a month ago. Regardless, the sales office said that construction should begin this summer. Also, I think I read somewhere that they have 75% of the units under contract....this project is selling fast! (as CMK seems to offer cheap prices)

I think their was a lot of confusion regarding that number because it was based on the MLS search and I guess for some reason units that are not sold but being held by the devoloper were being counted as sold? Something along those lines but any units sold before a devolopment goes public is a good thing, this should have absolutely no problem going up.

I think their was a lot of confusion regarding that number because it was based on the MLS search and I guess for some reason units that are not sold but being held by the devoloper were being counted as sold? Something along those lines but any units sold before a devolopment goes public is a good thing, this should have absolutely no problem going up.

It's possible that the 75% figure could be inflated, but I'm pretty certain that they have sold a large percentage of their units. I bought a unit 2 or 3 months ago and even at that point, when they had only been selling units for a few weeks, it seemed like a ton of units had already been sold.

Well, there's at least 3 of us on here that have bought units in the building...so that's at least a verified 0.04% sold!! :)

Hello everyone. It's interesting to read opinions regarding the CMK 235 W. Van Buren project. I actually have signed a contract on a unit there about 4 months ago. I currently live at 1620 S. Michigan, also a CMK project. I know it is a great investment whether you plan to live there or rent it out. 1620 has turned out very well for me. "If you build it they will come", that is how I feel about 235. Look at South Loop, sure, the availability for expansion is considerably different but I feel this project will have several creative juices flowing to grow the area when it comes to retail availability. I sure hope Cal's and Peppers are sticking around! I believe sales are going very well. I was last in the sales center on Michigan about 2 months ago and almost all the units in my tier were gone (SW corner). I sure am glad I got in when I did. Any updates on when this will go public?

I suspect the 75% figure is true as well based on the information I have received from my sales agent a CMK. I have a north facing 1 bedroom on hold and the entire tier sold out in the first few weeks, about 4 weeks ago they told me that they had sold over 200 1bedrooms alone and they were almost all gone.

I can't remember any devolopment selling so many units before marketing even began, can anyone else?

looks more interesting close up, see below

a new drawing:

http://farm1.static.flickr.com/242/515287584_b969f56b91_o.jpg

I think this one below must be an older conceptual drawing (too bad).

http://farm1.static.flickr.com/196/515314536_6e56760674_o.jpg

So is the first rendering actually the current design or is it just new as in new to us...if the first one is an accurate representation of this tower, then I think Im in love, its gorgous.:)

Yes the first drawing should be an accurate representation of the building, it was just added to the CMK website.

^^Agreed.
http://farm1.static.flickr.com/242/515287584_b969f56b91_o.jpg
Those balconies look like braille or some old 80's 2-bit-block video game - absolutely briliant.

Pretty damn sexy.

Neat building.

:bow:

It kind of makes me wonder if there are still any active plans to build the two other office towers that were planned for either side of the nearby block with the 311 S Wacker building.

:|

Mike

Neat building.

:bow:

It kind of makes me wonder if there are still any active plans to build the two other office towers that were planned for either side of the nearby block with the 311 S Wacker building.

:|

Mike

Doubtful perhaps. I believe those two towers which were essentially identical to 311 S. Wacker, were part of the original scheme for that area, but that was ultimately scrapped more than 15-17 in favor of the one building that was ultimately built.

^ And I'm glad. Can you imagine 3 of those buildings right next to each other?

Three of them would probably blind nearby pilots.

^ And I'm glad. Can you imagine 3 of those buildings right next to each other?
There were to be two identical towers bonded with the winter garden atrium; it really would have been a spectacular finish to the east side of Wacker. At that time, it was the world's largest concrete pour for a skyscraper; Trump will trump that. The recession aborted the second phase of the project. I believe it was a Texas outfit.

Hey fellow van buren residents. i ended up buying 2 units here.

a couple of questions you guys might be able to answer

1) i have a unit on the 43rd facing south you think i will be able to get some lakeviews from the balcony?

2) I work right by the construction site..there is crane there but it hasnt moved in months. any idea why construction hasnt started? i was told it was going to start in may

thanks
also i hear that parking there is appreciating quite nicely

I think there is an excellent chance of a lake view from the 43rd floor. Granted, it's not the same, but you can go to the 14th floor of the parking garage on the north side of the street and that will give you a good perspective of what the obstructions are to the southeast. The 440 S. LaSalle building is 40 stories tall just to the south and east on Congress. I think if you turn towards the lake, you'll have a pretty good sliver to the immediate east and slightly south. I will be on the 28th floor and I am happy with the views just to the south.

As far as construction delays, I basically work for CMK but I haven't wanted to bug them for an answer. I think they are pretty focused on topping off the 1720 S. Michigan building right now. Hopefully I can have a clearer answer soon.

Just an update..walked by the construction site and they have surrounded the fences with advertising for 235 W Van Buren. Its open to the public now. They are advertising condos from the low 200's and have CMKs number.

A south view would be cool, especially since it would be permanent. Who cares about the lake, you can watch the south loop grow like crazy over the next few years, and you can watch cars circle around all day when you're bored.

This design, like most of CMK's, is pretty simple to me. Not amazing, but pretty solid. My favorite thing about CMK though, is they get shit done, and fast. They threw 1720 up faster than almost any other building Ive noticed.

Anyone know roughly what the condo fees are for this place, say for a 1-bedroom? I suppose the price is ok if you plan to live there, but are rents high enough to make any money off of? Usually you need 1% of the property value in rent per month to be making money. So for a 250k condo, can you rent it out for $2500 ? Also a lot of people are speculating on the development of teh south loop area. Doesn't the price already reflect this? What are the appreciation rates for other condos built in the last 10 years in downtown?

Sorry for so many q's, hopefully yuo can answer whatever you can.

Good morning everyone,

Thank you all for your continued contributions on this project. I work 3rd shift and enjoy reading up on current developments.

Duke_of_Hazard, it is just my 2 cents but rents have been increasing in the chicagoland area over the past few months. With the rise in property value over the past few years, unless you use some kind of down payment, you will not get 1% of the property value in rent to cover the mortgage (may depend on the neighborhood and kind of investment). I have a 3 flat that I bought almost 4 years ago in the Belmont/Cragin area. If I had not put down 20% I would be breaking even on the mortgage with some expenses coming out of my pocket. This property has two 3bdrm units and one 2bdrm with pretty good rent being collected. My reward is in some income because of the down payment, the great appreciation and despite the current market situation, it is holding up very well. I can't complain. Back then I could have done 100% financing and broke even but opted for the other.

The 235 W. Van Buren project is 75% sold (unofficial). The demand is there. Plan on using a down payment to limit your mortgage expense, obtain a feasable rent and consider it a "hold" type of investment that will reward you with growth in equity and depending on the down payment, monthly income. I also have a 2bdrm 1bath condo in south loop that I have rented out. The rent covers the mortgage, assessment and most of taxes (have not received tax bill yet). I also had to use a down payment. My reward is in the equity already accumulated in the property. I also encourage you to take a ride through South Loop. I think the speculation in this area was a few years back. Now, it is growing so fast and selling just the same. The city government has just invested large amounts of money on the South Loop portion of Michigan Ave. There are new light fixtures and other cosmetic projects in the mix. Look up in the sky and all you see are cranes working on new structures. So many developers can't be wrong.

Also, to give you an idea, I purchased a 2bdrm, 2bath SW corner unit in the Van Buren project and my assumed assessment is around $286.

Sorry all for the long winded response but I hope this helps Duke_of_Hazard. Anyone feel free to educate me if I am misinformed.

..

I am not so convinced buying a condo in downtown chicago is
a good investment. These condos are basically luxury items.
Unless I could rent a 300k condo out for $2500+, I would be
losing money. I would rather put my investment in the bank
and get a guaranteed risk free 5% return for no work. My
guess is the developers like to promote them as investments
just to give people a warm fuzzy feeling about buying them.

^ I think that's a bit of a blanket statement. There are sub-markets within the city that are completely different from each other. Move a few blocks in any direction, and you could be talking about completely different market circumstances. Look at the south loop, or even parts of the west loop. With the union station expansion, post office conversion, and this project there could be great opportunity to get good gains a few years after the project is completed. I think people who buy here may be very pleased with what they get when they move out down the road- given no stock market decrease, a steady housing market, and of course other factors.

^ I think that's a bit of a blanket statement. There are sub-markets within the city that are completely different from each other. Move a few blocks in any direction, and you could be talking about completely different market circumstances. Look at the south loop, or even parts of the west loop. With the union station expansion, post office conversion, and this project there could be great opportunity to get good gains a few years after the project is completed. I think people who buy here may be very pleased with what they get when they move out down the road- given no stock market decrease, a steady housing market, and of course other factors.

I disagree about the West Loop. In my opinion, I think it is one of the most overrated parts of the city. A small advantage is its close proximity to the Metra stations for the reverse commuters. Right now it is overpriced. It is not near any cta train stations and there are few real great places within a half mile.

Ok, you have a point there- I'll buy that. But it's also about what the future holds, and things could definitely turn around in a few years despite the reality of what the west loop is. A few good projects could get the ball rolling, but there is concern about the way in which the west loop has progressed over the past ten years (residentially) compared with most other parts of the city.

Moderation note: This information belongs in the South Loop Development News thread, in which it has already been posted.

I am not so convinced buying a condo in downtown chicago is
a good investment. These condos are basically luxury items.
Unless I could rent a 300k condo out for $2500+, I would be
losing money. I would rather put my investment in the bank
and get a guaranteed risk free 5% return for no work. My
guess is the developers like to promote them as investments
just to give people a warm fuzzy feeling about buying them.

Thousands of people have become multi-millionaires from buying and renting out real estate.....I don't think the same can be said for people who invest their money in a bank at 5% (unless they are in a job that pays them an enormous salary). And not only is 5% ROE pretty damn low to begin with, that 5% return will be taxed at your income tax rate, which is going to be much higher than the 15% capital gains rate that would be applied to the appreciation of the real estate.

Looks like there may be a little competition across the expressway ramp if this parcel ever gets going.

(See article from Crains about Franklin Point (possible) develpment -- it's (appropriately) posted in the South Loop Development news.)

Since 235 West Van Buren is already 75% sold (supposedly), the proposed mega-project will probably not be competing against it. By the time they start marketing condos for Franklin Point, 235 West Van Buren should be close to sold out. I think that the Franklin Point mega-project will actually be a major boost to those people who invested in 235 West Van Buren (as well as Vetro and Printers Corner) as it will bring a lot of retail and other fun stuff making that little corner of the South Loop much more desirable to live in....making condos in the area easier to rent and helping their resale value.

I hope this happens. Is this the section of land that butts up to the new target on Roosevelt and Clark?

I believe it's from Roosevelt down to 18th, and from Clark to the river on the west. An obscenely huge chunk of undeveloped land. Very interested to see what Adrian and pals come up with. Will it be another Dearborn Park, or something decidedly more urban?

(perhaps this thread should continue in South Loop Development news...)

I hope this happens. Is this the section of land that butts up to the new target on Roosevelt and Clark?

It's the section of land on the west side of Wells, bounded by Harrison, Polk, Wells, and the river. It's directly north of the River City building.

Doh!

It looks as no work has started still on this project, minus the load testing that was started weeks ago. I know they were originally going to break ground in the spring, I wonder if they are still having issues purchasing the Chinese food joint located on the east side of the property.

Is the Wacker Drive reconstruction going to retain the on ramps located directly to the south of the building?

It looks as no work has started still on this project, minus the load testing that was started weeks ago. I know they were originally going to break ground in the spring, I wonder if they are still having issues purchasing the Chinese food joint located on the east side of the property.

Is the Wacker Drive reconstruction going to retain the on ramps located directly to the south of the building?

I could be remembering things incorrectly, but I think when I spoke to the sales agent in February, he said that they were shooting for a summer groundbreaking.

Yes groundbreaking has taken a lot longer then expected. I bought my place(s) in early February and they were suggesting a completion date of late 2009. However this is a very liberal estimate..i truly believe it wont be completed until the summer of 2010.

Who's excited about a 3 year wait!>!>!??

One thing I will say about 235 w van buren is the parking. they have limited parking (compared to amount of units)...this is very beneficial especially for those who work in the loop and may not need a car. The spot is sure to rent.

DOES ANYONE HAVE ANY ideas what amenities there will be? Such as rooftop access? pools/jacuzzis? game rooms/theaters? I heard that the Ballys in River city 800 S wells could possibly relocate to 235 w van buren. But this sounds highly unlikely. I just hope they have a gym in there of some sorts

I don't think it will take until Summer of 2010 for the building to be completed.....have you seen how fast 1720 South Michigan has gone from just beginning their marketing to now being topped out???? Supposedly, they have already sold something like over 70% of their units here (and it wouldn't surprise me if that number isn't exaggerated too much, given how competitive their prices are), so lack of sales/financing won't hold them back. I guess the only thing that could hold them back is some sort of unforseen issue - like them having legal issues that delay tearing down the two story building with the Chinese restaurant in it....

Hey everyone! Their "guesstimates" on completion time have been, so far, pretty accurate with other projects. I have herd several people mention issues with the restaurant currently sitting on the lot. Hey, if I knew I had someone by the, you know what, I'd hold out for the right price too. I'm sure it will soon be resolved and things will get rolling accordingly. I don't think this building will have many if any amenities. I know their other projects don't (referring to pools, gyms, rooftop access) and when I spoke with my agent, there were none mentioned. I am going to say nay on the "amenitiesay". This is ok because it has kept the association fees not to exaggerated. This compared to a studio I looked at in South Shore with a $292 association fee that included gas. That's wonderful but the stove was electric and the A/C was a wall unit which, you guessed it, was also electric. Guess who pays the electric bill? Yours truly. This being said, you can bet on no ammenities. I am ok if this project takes a little longer. We know it will be a while so hopefully some more appreciation without a mortgage payment.

This being said, you can bet on no ammenities. I am ok if this project takes a little longer. We know it will be a while so hopefully some more appreciation without a mortgage payment.

I definitely agree that for investors, a big delay in construction is a great thing....however, for the people who plan on living there, not so good :(

Also, I think you're right about no amenities. There will be a decent amount of retail on the first floor, I believe. But I think that the salesperson said that there won't even be a fitness room....I think I remember him saying that they were keeping things simple and not adding extra amenities like a fitness room, pool, etc. so that they could keep the assessments and sales prices low.

From speaking to a couple of agents

There will be no amenities just like 1720 Michigan, 1620 Michigan, 630 Franklin.

They just finalized the purchase of the Chinese restaurant property and plan to start construction in August. They have secured the financing as they surpassed the 289 units needed under contract to get the construction loan. They are to have a website and sales center in September.

I'm not sure what the retail space will be and they said they would like a health club. From what I understand, they tend to charge a lot for their commercial spaces and thus have had a hard time filling them. No occupants at 1845 Michigan, 630 Franklin, 1620 Michigan.

^ Giddy UP! :banana:

thanks for the updates!!

ps that Chinese food place is terrible anyway. Hands down the worst chinese food in the city

thanks for the updates!!

ps that Chinese food place is terrible anyway. Hands down the worst chinese food in the city

Thanks for the free "Bad"vertising - Definetly won't visit.

thanks for the updates!!

ps that Chinese food place is terrible anyway. Hands down the worst chinese food in the city

Now, now. It's not nice to speak ill of the dead.

FWIW, that Chinese place had a "Fioretti for Alderman" sign in the window before the election. Maybe they thought Fioretti would step in and stop the "evil developer" from taking their place away?

I'm glad CMK was able to reach an amicable deal with the owner. From what I understand, CMK tried to purchase the land a long time ago (through an intermediary) but as soon as the owner got wind that his property was in play, he started playing games.

FWIW, that Chinese place had a "Fioretti for Alderman" sign in the window before the election. Maybe they thought Fioretti would step in and stop the "evil developer" from taking their place away?

I'm glad CMK was able to reach an amicable deal with the owner. From what I understand, CMK tried to purchase the land a long time ago (through an intermediary) but as soon as the owner got wind that his property was in play, he started playing games.



I'm very glad it was worked out (CMK acquiring the last parcel they apparently need for this great project) without having to go through the same type of BS - authorization of forceable sale to city - that was needed for Buck to get his plaza at 155 Wacker...

Hey all-
Just walked by Wells and Van Buren and they are building a Sales Center for the 235 Van Buren Apts. It looks like its being built pretty fast..dont forget to check it out~

:cheers:

I dont really like this building :ohno:

I dont really like this building :ohno:

What dont you like?

I dont really like this building :ohno:

C'mon... It looks like a nifty 1980's video game... We should call it the Atari tower :) ("Right On, Man!")

Yes... it's still a box, and as much as I love Miesian style, it would be nice to see some buildings other than the typical box be built here in Chicago...

Side note: Barcelona has some pretty cool developments...

I just visited the site and the the CMK banners which were there on the fence are not there any more

anyone? anything to worry about?

I just visited the site and the the CMK banners which were there on the fence are not there any more

anyone? anything to worry about?


I talked to someone from CMK a few days ago and I was told that construction should begin in September. The sales center for 235 van buren should open in September as well.

some site demo going on:

http://farm2.static.flickr.com/1024/1065192918_07a0e9443c_o.jpg

http://farm2.static.flickr.com/1033/1064330529_3c5976ed4c_o.jpg

Wow... look at all that water. Anyone know why its there? Dust control?Certainly the water table is much lower than that. Anyone know whats going on? Looking at the sawcut, it looks like they will open up part of the street. Is this really part of the project or is CDOT up to something? They have been doing a handful of street rehab projects in this area.

Wow... look at all that water. Anyone know why its there?

Rainwater - consequence of some of the recent downpours.

Looking at the sawcut, it looks like they will open up part of the street. Is this really part of the project or is CDOT up to something? They have been doing a handful of street rehab projects in this area.

My guess would be it is part of a systems upgrade for the new development. Just a guess...

Rainwater - consequence of some of the recent downpours.



My guess would be it is part of a systems upgrade for the new development. Just a guess...


It was an open pipe that was gushing water, they were pumping it out of the hole and into the alley. Not sure if it was a accident or what?

I thought maybe it was a big concrete box culvert they opened up but usually those go down the centerline of the road.

http://www.emporis.com/files/transfer/sixwm/2007/08/550982.jpg:devil:

They've demo'ed the Chinese restaurant and look to be doing other demo activity on the site.

http://www.235vanburen.com/

site is up !

Nice find. The new website has a lot more renderings of the building.

http://img516.imageshack.us/img516/8039/dusk3wl3.jpg
http://img507.imageshack.us/img507/8310/235wvan2pu8.jpg
http://img293.imageshack.us/img293/7456/235wvan3op1.jpg
http://img516.imageshack.us/img516/834/235vbfbuildinglookingqr4.jpg
http://img516.imageshack.us/img516/7770/235vbfbuildingtoplookdc5.jpg
http://img516.imageshack.us/img516/5682/235vbfbuildingtop2qn8.jpg

The tower portion is nice but that base is an absolute NO! I wish there was some type of ban on these podiums. It, in general, just destroys the street-level atmosphere. When did these horrible podiums become a requirement for building downtown?

The tower portion is nice but that base is an absolute NO! I wish there was some type of ban on these podiums. It, in general, just destroys the street-level atmosphere. When did these horrible podiums become a requirement for building downtown?

I agree podiums suck more than anything yet I am more than happy to this building go up where it is located... podium or not. This area is such a dead end! I hope to see higher buildings rise near it.

I can forgive parking podiums (no matter how abhorrent I find them) as long as they're graced with retail at the street. Sadly, they're a necessity until we finally convince people to get their lazy asses out and walk since the water table in Chicago often makes underground parking prohibitively expensive.

I agree, parking podiums are the reality. I just wish some developments would try to be more creative about how they appear from the street. Glass buildings have an easier time integrating them with the rest of the building (Trump, 600 Fairbanks), but I can't think of ANY decent-looking concrete/painted podiums, except for Contemporaine. Is it really THAT hard to make a podium look like it actually belongs with the building it supports? Or is it just a money thing?

Ralph Johnson loves honesty in his designs. Any parking podium from him will appear AS a parking podium, and will not be disguised as livable floors.

That being said, we know he has the ability to do better on his podiums, since he did Contemporaine.

I think it's a size thing. Contemporaine has a very small amount of units for a lot of its size in River North, so its parking podium doesn't need to be that big. Consequently, it can be made at a human scale.

Site constraints and high density at The Peshtigo and 235 W. Van Buren force the parking podium to occupy the entire lot, to a height of 5 or 6 stories, which limits Johnson's creative possibilities.

I like the fact that it stands out in the souther skyline (also im sure Vetro will do the same).
IF you look closely to the picture..they have a sweet rooftop garden area

Anyone going to the grand opening? Did CMK sent out any invites?

Just got back from the "grand opening". Here is my breakdown

1. Sales lady had no idea about any of the specifics of the building. They need to make sure they get her up to speed(im sure they will)
2. Sales center it self is a joke. Aside form a few flat screens and a mock up uf the actual building the sales center is nothing to be "impressed by"
3. The model (of the apartment) is completely worthless. Granted they have limited space..but all they have up is a mock kitchen(really nice)..and then across the way is the bathroom. I asked her where is the rest of the "model" she says this is it. Sweet.

Regardless I got a price list they dont have much avialable thats for sure.

If they have already sold 70% of the units, then why would you need to spend a lot on a sales center. IF they did sell 70% before any real marketing which comes out to about 500units sold, would this be the fastest selling building in Chicago history? Just in terms of sheer number of units. I don't know if another condo building even has 500units.

If they have already sold 70% of the units, then why would you need to spend a lot on a sales center. IF they did sell 70% before any real marketing which comes out to about 500units sold, would this be the fastest selling building in Chicago history? Just in terms of sheer number of units. I don't know if another condo building even has 500units.

EVen if they have sold 70% of the units (I wouldn't be surprised if they are overstating this number a little bit) that would still be 150 remaining units - which is still a lot! Also, these remaining 150 units will probably be a lot tougher to sell than the initial 350, as the prices are probably somewhat higher than the initial, preconstruction prices....not to mention, a good portion of those 350 units were probably sold to investors. I'm guessing that overwhelming majority of the remaining 150 units will probably have to be sold to people actually planning to move to 235 West Van Buren.

it looks like prices have not increased at all from pre construction sales :ohno:

it looks like prices have not increased at all from pre construction sales :ohno:

^ Why does that bother you?

The price of the units which is still unsold wont increase, all the remaining spaces havnt been sold because of their price and location.

Sold spaces which have good view and location, I m sure the price has increased on them

I guess we have to wait and see :nuts:

Would someone please share the pricing info with me? How much would a 1bd/1ba cost? 2bd/1ba? 2bd/2ba?

I am interested in this building but have not gotten around to the sales center yet. I would appreciate it if we could discuss some of the pros and cons of buying a unit here.

Thanks!:)

I bought 2brm/2bth on 22nd floor/south view as an investment. Now I am not sure if this was a good idea given the fact that the housing slump will be longer than anticipated, current, future and planned projects similar to 235 van buren, sq ft of the units compared to similar units in the area. Do I have a valid concern or is this a case over analysis?

I bought 2brm/2bth on 22nd floor/south view as an investment. Now I am not sure if this was a good idea given the fact that the housing slump will be longer than anticipated, current, future and planned projects similar to 235 van buren, sq ft of the units compared to similar units in the area. Do I have a valid concern or is this a case over analysis?

I continue to think that this building is and will be a good investment. Because it appears that the construction will be completed fast, the amount of unsold units, I think the prices will jump up once the building is complete.

^ I agree with PRB there. Plus, it will be 2-3 yrs from now when this thing is finished, so there's time for the market to rebound. Chicago is unique to national trends sometimes, and I think some people tend to underestimate the strength of our city's economy and the prospects of the future in the housing market. Attitudes are conservative during times like these, and liberal during hot times like we saw last year and few years prior.

Since demolition is going on at this site, what will this residential tower replace?

A parking lot and several 1-story shops, including a Chinese restaurant.

A parking lot and several 1-story shops, including a Chinese restaurant.

I think that the Chinese restaurant was the only 1-story shop demolished...the liquor store directly east of the Chinese Restaurant, as well as Cactus, are still in tact.

In response to Mokeman's concern whether this was a good investment or not, I don't feel you have anything to worry about. Remember, the economy historically has worked in cycles. Yes, factors have changed but as Chitowner said, our cities economy remains strong. Also, look into some of the reports on MSNBC (or your choice of information) showing which cities are still showing appreciation in property value. Yup, it's small but we are still in the positive despite all that is going on. Plus we should be hearing the winner of the 2016 Olympic site around the time the building reaches completion. The way things are going, Mr. Daley seems willing to relocate Lake Michigan if he has to, to win. Another thing to remember, like stock, you do not realize a loss until you liquidate your position. You said it is an investment, have confidence that it is a good one, it may not make sense to flip it right away but it will reward you in the long run for sure.

I agree with Yoolee - I think it is a great investment....especially since CMK's prices are quite a bit cheaper than what other condos in similar developments are being sold for.

Thanks all for calming my nerves. I appreciate it. Now, I'm thinking I should have bought two units. Does anyone knows if they are offering price incentive(s) for people who have already bought unit (s)?

Hey Mokeman, In response to your question, I really doubt it. It have a unit at CMK's 1620 project and it did not help me at the negotiating table. It did however allow me to get into this project before pricing was even established. The advantage was that I had first "dibs" on the unit that I wanted. Everything was up for grabs at that point and allowed me to get into what seems to be the quickest selling tier, corner unit with South West views. You don't want to put all your eggs in one basket either. There will be other good projects with CMK as well as other good developers. Establish good relationships so you can get the inside scoop before everyone else. Diversify, I have a multi-unit in the Belmont/Cragin neighborhood, the condo in South Loop and now this one here in West Loop. I am currently looking for investors so that I can venture further South. I'm probably wrong but I am betting on the 2016 Olympics coming to Chicago. Worst case scenario, if we do not win the bid I will still have some good rental units. Good or bad feedback on my thoughts is greatly appreciated. Thanks

Yoolee, you are absolutely correct. I should not put all my eggs in one baskets. I will look to invest in other similar projects. Thank you for the insight and advise.

a friend of mine visited the sales office and was informed that 37% of the units have been sold. This is a far cry from the 75% discussed on this board. Anybody knows anything else?

No offense to anyone, but I sometimes laugh when I hear all this investor angst.

It's this flipping mentality that I don't get. Most of the world's wealthiest people stuck with something for years to get value out of it; why don't some people get that.

Somebody please explain to me why a housing unit within a 5 minute walk of three-quarters of a million well-paying jobs won't be a good long-term investment?

Markets fluctuate, but in the long run, you're simply suffering from Generalized Anxiety Disorder if you're at all worried about owning a unit here. Don't forget that this area is full of vacant land--ding ding ding! Lets think about this for a second...

Just my thoughts..

Thanks for you thoughts. I will incorporate them in my decision making process.

Hey Anyone know like this CMK 235 West Van Buren building... are there any new constructions in Chicago which gives the same investment option like reserve the condo with 5% down and closing after 2-3 years.


Also below 400- 500k :)

any comments are welcome

I know this building has a lower price point and you can't expect lavish amenities, but looks like they're cutting a lot of corners.

For example, the web site says the building will have a "Two-pipe vertical heating and cooling system with individual controls." I think a building like this should have a four-pipe system.

Maybe the investors aren't as fussy as people who plan to live there, but things like that should affect the resale.

I know this building has a lower price point and you can't expect lavish amenities, but looks like they're cutting a lot of corners.

For example, the web site says the building will have a "Two-pipe vertical heating and cooling system with individual controls." I think a building like this should have a four-pipe system.

Maybe the investors aren't as fussy as people who plan to live there, but things like that should affect the resale.

You are rite, the price of the condos in this building is lower if you see the location and compare it with other new constructions around it.

Though they are using 2 pipe system to reduce the cost a little.. I dont think they will use cheap stuff in other areas and build this condo out of cheaper material. I saw the 1620 and 1720 they are both made well, not really sure what pipe system they used.

I think its the lower price that makes this condo attractive, and it will be price again which will help a lot in resale.

So lets sit tight and watch ! :dance:

Ive been reading the thread and just wanted to say a couple of things

1) RELAX. The closing for this place isnt until early-mid 2010. You have plenty of time to see how the market will fluctuate. If it gets worse it gets worse (but highly doubt it). If you think its such a BAD investment guess what guys you can sell the condo after holding it for 6 months. So if you dont think its a good idea just sell it i doubt you will lose any money

2) as for cutting corners, listen Perkins & Wills are top tier developers. Iti s one of the best award winning companies in the highrise market. THey will do absolutely fine with this building. THey are also "cutting corners" to keep their costs low..but also KEEP OUR COSTS low. have you seen the estimated assessments? they are known for keeping them low to eliminate unnecessary assessments that cost a lot of $$ which help save money for the owner. Plus this is highly attractive to potential buyers..."LOWER ASSESMENTS"

3) Look at the potential renter market. CBOT, DEPAUL, COLUMBIA COLLEGE< ROOSEVELT, UIC, and anyone that works in the loop.

this is a GREAT INVESTMENT BOTTOM LINE

Do anyone know if there are other new constructions in downtown which do marketing and sales in the same way CMK did for 235.. I mean to say make a 5% down and reserve the condo and availability is after 2-3 years?

Rock u got any idea?

thanks

:dance2:

Terrazio is only 5% down, although that is in the South Loop.

Does anyone have any information on the old post office becoming a Casino? I read something about it in the newspaper (Sun-Times) yesterday
(10/02/07). It seemed more of a rumor than anything. Just curious since it is just over the river from this project.

One last thing, in reference to "The Urban Politician" and "therock473" comments. EVERYONE, PLEASE PLEASE PLEASE don't worry so much. I agree with both their previous comments. This is an investment whether you will rent it out or live in it. The market has changed and you will not maximize your profit with a "flip" mentality. Think of it as an investment not a get rich quick opportunity. The developer, designer, architects and everyone else involved know what they are doing. I don't see CMK dropping the ball with design flaws on their largest and most defining project yet. People, this is downtown Chicago (New York who?). You really can't go wrong, especially half a block away from JJ Peppers. Just kidding. I love their greasy burgers.

Any information on that Casino rumor is greatly appreciated as is any other feedback.

It is illegal to have a casino that is not on water (hence riverboats) in the Midwest and specifically in Illinois.

The post office will be turning into condo/hotel/retail center. Yes they are going to build condo units there but also build a lot of retail.

will benefit 235 van buren.

^^ The Post Office has river frontage, remember?

It is illegal to have a casino that is not on water (hence riverboats) in the Midwest and specifically in Illinois.

The post office will be turning into condo/hotel/retail center. Yes they are going to build condo units there but also build a lot of retail.

will benefit 235 van buren.

Also the new casino proposal that is getting talked about would allow a license for a land based Chicago casino and make an exception to the water based casino law.

Ok, so i just went in the sales center and asked the sales agent how many percent they are sold so far. She said 50%.

any idea? why do they keep changing their sales percentages?

Ok, so i just went in the sales center and asked the sales agent how many percent they are sold so far. She said 50%.

any idea? why do they keep changing their sales percentages?

May be all of us here.. we should count how many units are sold among us so that we will rough idea of how many are sold here

what you think?

http://chicagobusiness.com/cgi-bin/mag/article.pl?article_id=28726

The condo king
Developer Colin Kihnke breaks ground on Loop high-rise project, luring buyers with bargain-basement prices and bucking local real estate swoon

By Alby Gallun

Mr. Kihnke's company, CMK Development Corp., broke ground last month on a 714-unit high-rise at 235 W. Van Buren St., the largest downtown condo project since the mid-1970s. Despite a slumping real estate market, Mr. Kihnke, in a period of about six months, lined up buyers for 365 of the units, thanks in part to a price model that has undercut competing high-rises and has rivals wondering how he makes money.

This one should definitely be listed as U/C - they have been driving piles for at least the past few days...

Any new information of 235 Van Buren?

Any new information of 235 Van Buren?

This one has been U/C for awhile (SSP has it listed as U/C). I think that they have driven all the piles, and it looks like they have been doing some excavating for the past week or two.

Update from harryc (posted at SSP):

From above Full Set (http://picasaweb.google.com/harry.r.carmichael/225_W_VanBurenHeli)
http://lh3.google.com/harry.r.carmichael/R56qu-Bp7hI/AAAAAAAAXOc/_41JxNnDN9I/2008_01_28b.JPG?imgmax=800

Piles being dug out

http://lh6.google.com/harry.r.carmichael/R56rSuBp7nI/AAAAAAAAXP4/iaW770hH0YY/P1200916.JPG?imgmax=800

Digger outer thing - like a long thin shovel that scrapes the soil from around the piles so it can be scooped out.

http://lh5.google.com/harry.r.carmichael/R56rVeBp7oI/AAAAAAAAXQE/7UdFwqZe-kw/P1200918.JPG?imgmax=640

http://lh5.google.com/harry.r.carmichael/R56rZeBp7qI/AAAAAAAAXQc/RBB2Qgy5PMI/P1200928.JPG?imgmax=800

The piles are then trimmed down

http://lh6.google.com/harry.r.carmichael/R56rXuBp7pI/AAAAAAAAXQQ/mWTOBJxxNcA/P1200924.JPG?imgmax=800

Rebar collar ?

http://lh5.google.com/harry.r.carmichael/R56rQeBp7mI/AAAAAAAAXPs/ulH1PCRQZ_U/P1200913.JPG?imgmax=800

In the cage ( notice how tall the forms are - a thick pad )

http://lh4.google.com/harry.r.carmichael/R56rHOBp7iI/AAAAAAAAXO4/LWNY08auE3Q/P1200901.JPG?imgmax=800

http://lh3.google.com/harry.r.carmichael/R56rN-Bp7lI/AAAAAAAAXPg/0zB2pLTGCtY/P1200898.JPG?imgmax=800

One set that is done

http://lh5.google.com/harry.r.carmichael/R56rJeBp7jI/AAAAAAAAXPE/KviMwXhioWI/P1200894.JPG?imgmax=800

UGH! i dont want to wait till 2009...i want it to be ready by summer 08!!!

Stopped by the Sales Center a couple of days ago, deliveries for lower and higher floors should begin in June 2009, and they'll work their way into the mid section of the building. Should be done by October 2009.

any latest on construction? I no longer work downtown so cant see the progress. can someone be so kind as to inform me what the heck is going on?

The core is starting to rise a little, but progress has been quite slow. There really hasn't been all that much progress since the last photo update, but at least it's not stalled or anything.

I walked by the site on Sunday. There were walls built near the eastern property line and the core is up to the 2nd floor if my memory serves me correctly.

Update by harryc from SSP:

Overview
http://lh3.ggpht.com/harry.r.carmichael/SA3A7GARCTI/AAAAAAAAizc/_SX7K2YoFR8/2008_04_18F.JPG?imgmax=800

complete series - higher res (http://picasaweb.google.com/harry.r.carmichael/225_W_VanBurenHeli)

Hanging on
http://lh4.ggpht.com/harry.r.carmichael/SA3BTWARCUI/AAAAAAAAi0A/3abN4bPiFTg/P1300983.JPG?imgmax=720

http://lh6.ggpht.com/harry.r.carmichael/SA3BV2ARCVI/AAAAAAAAi0M/cAijXBRw5_8/P1300987.JPG?imgmax=720

The mat on top of the pilings
http://lh5.ggpht.com/harry.r.carmichael/SA3BYmARCWI/AAAAAAAAi0c/l7mKoQBzyaI/P1300989.JPG?imgmax=720

Taken today:
http://img518.imageshack.us/img518/1903/235w614my0.jpg

flickr.com - patrickherek

July 7
http://farm4.static.flickr.com/3044/2650260868_df39657463_b.jpg

http://farm4.static.flickr.com/3011/2650260228_5fa0b1e394_b.jpg

http://farm3.static.flickr.com/2349/2649428935_6ff0ae9389_b.jpg

Per Mr. Kihnke, construction progress is now at the planned 1 floor/wk pace.

Can someone keep posting weekly/biweekly pic updates? Thanks to Reinsdorfsux and hydrogen for the pics! Im working in vernon "hells", IL and would love these updates since im not any where near the loop right now

From SSP.com:

July 23, 2008

http://img299.imageshack.us/img299/8567/img0909copybd9.jpg

I'm ambivalent about the base and from the renderings, it looks like they won't be trying to disguise the parking ramp. Maybe that's better than a half-ass attempt at covering the ramp.

I believe I counted that they were on the 9th floor. Currently, they are placing the 14th. Can someone post updated pics? It would be greatly appreciated.

Thanks.

i bought a unit. should i be scared about the economy? i need to find a renter. i could look for a job in chi town so i could get a better loan. but then, i would have to drive 30 miles to work each day. what should i do? how is traffic from the loop going north? how is the economy near this condo? can i get a renter?

i bought a unit. should i be scared about the economy? i need to find a renter. i could look for a job in chi town so i could get a better loan. but then, i would have to drive 30 miles to work each day. what should i do? how is traffic from the loop going north? how is the economy near this condo? can i get a renter?

Dude, no offense, but that's the kind of stuff you should be thinking before you buy a unit. You can get a renter in any economy, if you charge a reasonable amount for rent - people always need a place to live. Plan to put down at least 15-20% downpayment on a investment NonOwnerOccupied condo. But if you have that kind of money for an investment property, you should not worry about finding a renter...right?

Dude, no offense, but that's the kind of stuff you should be thinking before you buy a unit.

Seriously. I have a hard time believing someone could have actually bought a unit in this building while still asking these questions. "how is the economy in this area?" It's right next to the loop, this isn't some obscure exurb we're talking about here.

Can anybody truly be that reckless.

Well excuse me for not doing all my research first. the real estate bubble was pumped up by speculators!!

i thought i could find a renter now and retire in it as a snowbird down the line.

aren't you midwesterners suppose to be nice and kind ;)

Do you know if there have been big layoffs in the financial district or in the sears towers? they are close to this condo.

Also, is the condo-turned-apartment building down the street to ever open up? i will be competing with it for renters, not to mention the collection at roosevelt condos.

Sonnenschein Nath & Rosenthal, a large law firm located in the Sears Tower, laid off over one-hundred staff members (including some partners) back in May.

Do you know if there have been big layoffs in the financial district or in the sears towers? they are close to this condo.

Also, is the condo-turned-apartment building down the street to ever open up? i will be competing with it for renters, not to mention the collection at roosevelt condos.[/QUOTE]


Condo-turned-apartment building is not down the street. It is at 730 S. Clark, which is in Printer's Row. The main advantage of 235 Van Buren is that it is right next to the Financial District, there is not a single building as close. Which unit did you buy?

Well excuse me for not doing all my research first. the real estate bubble was pumped up by speculators!!

i thought i could find a renter now and retire in it as a snowbird down the line.

aren't you midwesterners suppose to be nice and kind ;)

Do you know if there have been big layoffs in the financial district or in the sears towers? they are close to this condo.

Also, is the condo-turned-apartment building down the street to ever open up? i will be competing with it for renters, not to mention the collection at roosevelt condos.

We are kind. But we don't suffer fools kindly.

You bought a condo with a clear aim to rent it out, but you haven't a clue what's going on with the Chicago economy? That's pretty shocking carelessness, trumped only by the fact you choose to inform yourself by seeking the advice of a bunch of anonymous posters on a skyscraper blog, after you closed.

If you'd like to belatedly educate yourself on the climate surrounding your investment, start here.

www.chicagobusiness.com

i called the sales office. he said burnham pointe has been doing well finding renters. i checked their prices: high. if i can get 2k for a 2/1 with one parking spot, i will be fine.

how early in the morning will i have to get up to beat the traffic heading north to the navy base? is 4 am early enough? i can live here, drive 30 miles without traffic.

also, with all the rentals in this area, where is all the retail? the place is definately under-built. when will this area turn into what the north loop has now? i feel like i will be on the train going to the north loop most everynight rather than doing little in the south loop.

help me with some info?

Well fortunately for you, your lack of in depth research has failed to turn over another solution.

Metra runs a trains every hour northbound with a stop right outside of the GL naval base gate. You did not say what time you have to actually arrive on base, so it is hard to give an estimate on the alloted drive time. But why drive? One of the advantages of living "In the Loop" is that you have an abundannce of transit options.


The UP North line schedule is here..
http://metrarail.com/Sched/cnw_n/cnwn_wko.shtml

Firstly,
Why are you worried about finding a renter? I dont think its that difficult with craigslist, apartment finding services, or through friends/family you may know.

As for the previous comment, yes this is right in the financial section. Its next to the CBOT, Depaul Loop Campus, Roosevelt University, Columbia, close enough to UIC, obviously in the Loop. You have plenty of markets to tap its just about setting your price to be reasonable and of course the competition of other owners in the building.

As for your commute, I used to work in Vernon Hills and commute from this locale every day for two months. To put it simply, you are F'd if you plan on driving there everyday. Expect 1hr to 1hr 20 minutes in the morning to get there say if you leave at 730am and expect 1hr30 mins -2hrs on the way back if you left at 5 or 6pm. Oh and dont let me get started on Fridays, the traffic is the worst this day. Metra rail has very limited options going north but the good thing for you is this condo is near union and Ogilvy station.

Finally, what do you mean this area is underdeveloped? This is the Loop, and in case you are not familiar the loop pretty much shuts down on the weekends and at nights. Since this is basically the only condo/apartment in that quadrant (THis includes vector), the area is still developing. I am pretty sure this condo will drive more shops etc to open up. Plus there is a big plan to convert the old post office (right down the street) to commercial space & residential space.

i called the sales office. he said burnham pointe has been doing well finding renters. i checked their prices: high. if i can get 2k for a 2/1 with one parking spot, i will be fine.

how early in the morning will i have to get up to beat the traffic heading north to the navy base? is 4 am early enough? i can live here, drive 30 miles without traffic.

also, with all the rentals in this area, where is all the retail? the place is definately under-built. when will this area turn into what the north loop has now? i feel like i will be on the train going to the north loop most everynight rather than doing little in the south loop.

help me with some info?

I am assuming that you bought one of the small 2 BR's in the building. It is hard to compare with the very luxurious Burnham Pointe. You may need to compare with condo renters in One Place and even AMLI's building is cheaper, yet still nice.

The market you will get are people that want to live close to work obviously. They would rather have a commute of 5 minutes 5 days a week and a long commute on the weekends to some entertainment. The beauty of the area is the public transit. You are close to the red and blue lines so they have an easy designated driver to some of the best areas. In addition, it will be a 1/2-3/4 mile hike to Roosevelt Collection which will have a huge thater, bowling alley, a dozen restaurants, bars etc. I think you are making a good investment and I would do the same if I had expendable cash lying around.

finally a nice chicagoan. i thought i was talking to new yorkers for a minute:lol:

thank you for the info...if the crap hits the fan at the CBOT (as many financial institutions are heading down), i can still get a college kid etc. to move in.

how much would a 2/1 with 1 parking spot go for in a commercially-developed area (like the north loop)? $500k?

finally a nice chicagoan. i thought i was talking to new yorkers for a minute:lol:

thank you for the info...if the crap hits the fan at the CBOT (as many financial institutions are heading down), i can still get a college kid etc. to move in.

how much would a 2/1 with 1 parking spot go for in a commercially-developed area (like the north loop)? $500k?

I'm not sure... market drives the price. I am assuming you mean River North. And a lot goes into the market value besides # of bedrooms. Im not a realtor, but if I had to guess, for new buildings in the South Loop without too many bells and whistles, $300-$400 per SF is appropriate and I imagine that River North may be slightly more for some reason $350-$450.

are they to finish this condo? i heard Trump made a comment about all the half finished high rises in chi-town and he predicted they wont be done in the next 10 years due to the financial crisis. in some ways i almost wish it doesnt finish for a while...it will be easier to get a loan in a few years maybe... your thoughts?

The Donald is so beclouded by egoism and the desire to gain a competitive advantage that nothing he says can be taken seriously.

Trump is a fucking liar...All this time I thought people were just being hard on him simply because he had a huge ego but I now know there are several reasons why people can't stand him. He's a liar, a cry baby and a fucking loud mouth. Now I also know why he's supporting McCain, they'rere both liars and will do or say anything to get ahead, even if it's not true.

Taken today:
http://img261.imageshack.us/img261/4782/235wvb927fu8.jpg (http://imageshack.us)

I had a quick question maybe someone can answer. I have two units in this building and have a friend that is interested in one as well. He wants one of the units I have because the tier is not available anymore.

Is it possible to just give my contract over to him? I wouldn't necessarily be selling it to him I would just want him to take over my contract. Is this possible?

Im not sure the legalities if this can be done any ideas?

There is a legal mechanism called a "novation" which allows a party to a contract (yourself) to be replaced by a third party (your friend). The third party then assumes the obligations of the original contract. Obviously, the party with whom you originally contracted has to consent. My guess--I don't practice real estate law--is that execution of the novation would not entail the refund of your deposit, since the payment of such a deposit is a term of the contract. Consequently, you would likely have to seek reimbursement from your friend. And if he is unable to pay you the amount in full, demand a promissory note. You can find boilerplate installment note forms on the internet. Just make sure to engage in some form of due diligence, e.g., find out his credit rating, what his debts are, etc. You can't lend money willy-nilly.

thanks hydro

most likely i will just end up keeping both but I wanted to know what the options were

Any more pictures? Up to 21 I believe.

do you know anyone who wants my contract? i dont know if i can qualify for a loan. the world has gone crazy. how would i get rid of my contract so i dont have to default on it? can anyone help me?

^^ I think your in the wrong type of forum.

do you know anyone who wants my contract? i dont know if i can qualify for a loan. the world has gone crazy. how would i get rid of my contract so i dont have to default on it? can anyone help me?

Shocking someone who put in as much due diligence as you could be put in this situation.

do you know anyone who wants my contract? i dont know if i can qualify for a loan. the world has gone crazy. how would i get rid of my contract so i dont have to default on it? can anyone help me?


im pretty sure they are only 55% sold so you might have a very tough time getting rid of your contract. Out of curiousity what floor is your unit on and what type?

Does anyone now if prices have gone down? Im under the impression they have considering the housing market...

I'd rather not give info on my unit at this time.

i wonder though how anyone is buying at this time. if they are 55% sold, then how many of that 55% can actually get a loan? something had better change before the summer if they are to sell those units.

i called a lender, and it is hard/impossible to get a loan. this is crazy.

doesnt the developer know this, and stop construction until this blows over? how are they to cover their costs if only half of the 55% actually close?

they are to go bankrupt just financing their construction loan. how are you people buying these units?

I'd rather not give info on my unit at this time.

i wonder though how anyone is buying at this time. if they are 55% sold, then how many of that 55% can actually get a loan? something had better change before the summer if they are to sell those units.

i called a lender, and it is hard/impossible to get a loan. this is crazy.

doesnt the developer know this, and stop construction until this blows over? how are they to cover their costs if only half of the 55% actually close?

they are to go bankrupt just financing their construction loan. how are you people buying these units?

Right. I'm sure that the developer is going to stop construction on the building, and incur all of the additional costs from doing so, just so that they can let one person who bought one of their units have more time to try to find a loan....especially considering that the person didn't do ANY due diligence and probably bought a place that was WAY out of their means.

Actually, I would think that the developer wouldn't care all that much if you backed out on your contract - they'll keep your 10% deposit, and with that extra money, they will have more flexibility to reduce the price of your unit and the other unsold units in the building.

the building is coming up nicely.

A couple of interesting points...

1) On Madison and Franklin (4 blocks north of 235 w vanburen) they are finalizing the construction of La Quinta Inn Hotel. The only tangible benefit I see here is possibly extending the hours of near by coffee shops, restaurants, and other retail to accommodate those guests during the weekend and nights. Nothing big, but hey the local subway may be open past 4:00PM on a Tuesday for those of us that will actually live there...we'll have to see how it plays out.

2) With President Elect Obama taking the helm in a few short weeks I can see some major benefits to the chicagoland area in general. None more important than Chicago skyrocketing from a distant third place choice to the all of a sudden "HOT" buzz city for the International Olympic Comittee (IOC). Right now, we are looking much favorable to a global audience than lets say if Mccain had won. In addition, I strongly believe he will try everything he can to get the Olympics in his home state. It would be a victory for America, Chicago, and the owners of 235 V buren properties($$$). Obviously this is 8 years away from happening but the announcement of the chosen city will happen just about the same we all close next year. This could mean a jump in property value right off the bat..but who knows. If it does happen you may be able to rent out your unit for $Thousands a week...

Your thoughts?

Re: #1) I was at that Starbucks yesterday and they have already decided that they will be open on Sundays now and will be changing their hours to better reflect the new expected demand.

i called a lender, and it is hard/impossible to get a loan. this is crazy.

It's not actually hard to get a loan, it's just hard to get a loan that you aren't qualified for. This is how it should have been all along. We wouldn't be in the mess we're in now if it had been.

flickr.com - sr81

November 19, 2008
http://farm4.static.flickr.com/3199/3073930302_cf22d5c0b9_o.jpg

Just talked to sales office.

They are over 50% sold.
They are on time for delivery.

Any other updates from you guys? New pics?

I hope someone can get some pics of the glass. It is black! looks cool.

Yes, need pictures!!! Last time I saw it in person was when it was at the 3rd floor in May!

The glass does look pretty slick. I may be able to snap a picture this weekend.

Any pictures would be greatly appreciated. :banana:

^Here you go:
http://img355.imageshack.us/img355/7504/dsc065247389823jf4.jpg
http://img355.imageshack.us/img355/3848/dsc065277431255ek4.jpg
http://img123.imageshack.us/img123/7527/dsc065287443991bv8.jpg

Awesome! Thanks! Looks to be up to L32.

Thanks. I've been anxiously awaiting the appearance of this project's glass.

more from our work horse harryc...

225 W VanBuren
http://lh5.ggpht.com/_8TC_VUmf9Fw/SWjry6w91wI/AAAAAAABCQ4/K54c_-EbBkc/s800/P1200160.JPG

http://lh3.ggpht.com/_8TC_VUmf9Fw/SWjr0ilYHvI/AAAAAAABCRE/V9OexOMJWYc/s512/P1200163.JPG http://lh3.ggpht.com/_8TC_VUmf9Fw/SWjr9GSaxyI/AAAAAAABCSE/x1hI81JlmyE/s512/P1200175.JPG

http://lh3.ggpht.com/_8TC_VUmf9Fw/SWjr2QaJKLI/AAAAAAABCRU/L_eJjzxE648/s720/P1200165.JPG

http://lh5.ggpht.com/_8TC_VUmf9Fw/SWjr4NUw9YI/AAAAAAABCRg/d7HOL1BBdxk/s800/P1200169.JPG

http://lh6.ggpht.com/_8TC_VUmf9Fw/SWjr5mRvpHI/AAAAAAABCRs/pRNInREsWOA/s720/P1200172.JPG

http://lh5.ggpht.com/_8TC_VUmf9Fw/SWjr7fpPEhI/AAAAAAABCR4/s7LFlsMqT1s/s800/P1200173.JPG

http://lh4.ggpht.com/_8TC_VUmf9Fw/SWjr--GsBRI/AAAAAAABCSQ/M1hlrfuanxw/s800/P1200176.JPG

Awesome pictures guys. I need to get back up there and hopefully get some pictures from the site and inside the building.

Thanks again. Keep em coming!

Quick question, what are the plans for the concrete? Will it be left bare?

I believe the concrete will be left bare. Perkins and Wills have similar projects already up (1720 S Michigan) with bare concrete. I am assuming that the outside concrete will undergo a "cleaning" prior to delievery...and then the elements will take their course. Overtime You can expect the outside to have more of a darker color (dark or faded gray) that will compliment the black glass nicely. Take a look at Velcro right on Harrison and Wells it will look the same in terms of concrete color except picture it black glass.

The interior will also have the same exposed concrete. Your ceilings will be concrete and so will any support pillars that are exposed with your unit.

^^1720 S. Michigan isn't Perkin & Will, it's Brinninstool (sp?) & Lynch.

Bare or I believe some might get painted.

I just got my upgrade selections for 235WVB and was wondering do we have to get them all done by the CMK?

For example, if I want to install my own cabinet handels/knobs rather than pay them am I allowed to do so? Some things, i understand is better left to CMK because it is often hard to do it after they complete your unit. But some items such as kitchen faucets/bathroom faucets etc can be done on our own correct?

This is my first condo purchase and was looking to get advice on what would be the best way to go for the items that can easily be done and at a much much less cost if you did it yourself or hired contractor.

Thanks

I just got my upgrade selections for 235WVB and was wondering do we have to get them all done by the CMK?

For example, if I want to install my own cabinet handels/knobs rather than pay them am I allowed to do so? Some things, i understand is better left to CMK because it is often hard to do it after they complete your unit. But some items such as kitchen faucets/bathroom faucets etc can be done on our own correct?

This is my first condo purchase and was looking to get advice on what would be the best way to go for the items that can easily be done and at a much much less cost if you did it yourself or hired contractor.

Thanks

I would think it is up to CMK. I have been told before it's all or none. Typically, the improvements are market price or better, but it goes without saying a lot of things can be done cheaper if done yourself. An advantage to taking it up with the developer is the financing could work in your favor. A lot of the banks will write down the purchase price as the appraised value. Therefore, if it is tacked onto the purchase price you are essentially getting 80% financed with the interest tax-deductible at a very good rate (less than 6%) - assuming you put 20% down.

Hello everyone. Have not posted in a while. Hey, THEROCK473, as far as I know you can make your own upgrades but it would be left entirely up to you. The price will not change but if you want to put in your own tile or faucets or cabinets, you still have to choose one of the ones that is included in the purchase price and they will leave them uninstalled in the unit for you. In other words if you want your own tile, you have to notify them and they will give you the boxes of tile that were included in the purchase price without being installed. Maybe you could sell it on craigslist to try and recoup. some of your money. Well, this was an option with my unit at 1620 S. Michigan, not sure if it still applies. For those worried about financing (including myself) a little birdie told me that CMK is currently or might have already been approved for FHA lending. This means you can qualify for a loan with only 3% down as long as you meet all criteria. I heard it was being worked on. Just to throw it out there, I have a unit in tier 12, anyone interested in buying me out? Good luck to all.

http://farm4.static.flickr.com/3453/3218654411_8e7c445e6a_b.jpg
http://farm4.static.flickr.com/3388/3219503582_fc8e9d03c7_b.jpg
http://farm4.static.flickr.com/3331/3218652585_a2865a22c1_b.jpg
http://farm4.static.flickr.com/3372/3218651793_1dac80026a_b.jpg
http://farm4.static.flickr.com/3412/3218653861_63f68e9241_b.jpg
http://farm4.static.flickr.com/3494/3219501196_6b90470d1f_b.jpg

Sales guys are saying that these apartments will be ready by May atleast the lower units.. what you guys think?

:guns1:

It looks like the lower floors are going to be completed before the higher floors. When they will be done is anyone's guess...

Who knows how how many units have been sold? The sales office is constantly empty.

I have always wondered who would want to live in this remote corner of the Loop? I have worked across the street for years and I have never liked being in this area before 6AM and after 6PM. Anyone familiar with this area knows that it is a no man's land frequented by drunk homeless (thanks to Cal's Liquors down the street). Options for groceries, restaurants, taverns are very limited because the area shuts down at 6PM.

As far as the conversations about renting, good luck! The rental market is so over saturated that you can not possibly come close to leasing your unit to cover the mortgage/assessments/taxes. I am praying that my tenant in Streeterville will renew the lease before asking for a reduction in rent.

I am not a big fan of CMK's contributions to the Chicago skyline and 235 Van Buren is not an addition that will find a place in my heart. The only great aspect of this building in my view is not the overall design, not that it's another concrete peg filling a mass, not that its balconies appear to be adhered to the boxy facade, but the wonderful views that the south unit owners will enjoy for many years...

The lower floor units are probably about ready for occupation. Last I heard, they want to top out in May. Not bad going from L3 to roof in a year.:banana:

The location of 235 Van Buren reminds me of lower Manhattan, where the entire financial district is concentrated around, from the stock exchange to the commodity exchanges. You have same proximity to Soho in NY as 235 Vanburen has to Michigan St, Rush St…etc.

The financial district in New York has started out the same way, limited and lacking in residences and it grew to place where rentals of 1200 square feet apartments are going for 5K and up! Buying it? Fogatabit! In the millions!

It’s easy to be a skeptic in this environment, no doubt, but the people who have bought units in 235 Vanburen, one day will see a place that has transformed to a place that is full of life. Prices will be way above where they are today.

The CME/CBOT is there, and that is a huge advantage because futures trading is only growing exponentially with the advent of the internet and it will attract more and more jobs and more families coming to the area.
Every time I visit Chicago, it’s such a pleasure! You guys are in a great spot. Think long term….speculators lose, but long term thinkers win.:)

I do agree that the location is dead after hours... But isn't the J. W. Marriott Conversion just down the block (which will include retail)? If the old post office is still being converted to retail and condos, then I think this area will be more lively in a few years.

Btw, I totally agree with your assessment. It seems like some people on here are only capable of thinking short term and I think that's pretty sad. I'm sure when the first building went up in the south loop people were asking why and wondering who would want to live there. The point is you have to start somewhere and 235VB is not in a very desirable location but that location has so much potential and I too believe it will pick up in the future.

http://farm4.static.flickr.com/3464/3237629241_cdef0a9bee.jpg?v=0http://farm4.static.flickr.com/3443/3238471538_d2a61674f5.jpg?v=0
http://farm4.static.flickr.com/3131/3237629673_0d6e614b1d.jpg?v=0http://farm4.static.flickr.com/3408/3238470714_6c39948cb1.jpg?v=0
http://farm4.static.flickr.com/3375/3237620549_2aba6ab562_b.jpghttp://farm4.static.flickr.com/3131/3237624733_d6017e7dca_b.jpg

nice progress thanks for pics

still 50% sold..i doubt they will sell any more units anytime soon. My guess is they will be 60-65% sold by Oct 09 considering the economy...they may even lower their prices :bash:

The design and especially the way they arranged the balconies is very much now, which is always a good thing. I appreciate a building that's a product of it's age, unlike some of these boxes that have some classical references attached to it.

I still am not sold on this project.... still to this day I am on the fence whether or not to invest in a 2 BR. The units are dirt cheap and they have what I am looking for (balcony, good view, low assessments, etc.). But the units have virtually little space for storage.

Secondly, I am not sold on the location. Obviously short term there is nothing going on here except for maybe the Post Office (which is disconnected to this development... Chicago River) if it ever goes. But this area is dead at nights/weekends. And long term, it will still be dead. Review of any of the neighborhood plans, and there is not much hope for a residential boom in this area. There is no place to build anything? Maybe the lots with Cal's and Cactus. Everything else is south of Congress. This building in my opinion will always be isolated with maybe just a couple other buildings at best.

I met with CMK's marketing director earlier in the week (they're a client). If I recall correctly he said 235 had sold about 450 units, which would be upwards of 60%.

..

Don't be so quick to assume that people can't do math.

235, i.e. the project, had sold 450 of its 714 units.

450 / 714 - 63%

Don't be so quick to assume that people can't do math.

235, i.e. the project, had sold 450 of its 714 units.

450 / 714 - 63%

Oops my bad... too many cold ones last night...

The concrete will be painted, per the developer. The base will be a darker color.

Floors 14 through 18 have already been drywalled. Move-ins, starting at floors 14 through 21, are scheduled for late April / Early May, assuming city approvals.

http://wibiti.com/altthumbs/hpmain/975/250975.jpg

Joe Askins, YoChicago's managing editor and I toured parts of the building today with Scott Hoskins, CMK's Director of Marketing.

My photo above is from a southwest corner unit on the 16th floor. We walked most of the units on the 16th floor and parts of the 25th floor. Fourteen through 18 have been dry-walled, and 25 is ready for the electricians to begin. Most of the units have 10 foot (nominal) ceiling heights and play a lot better than I expected from the floor plans. The large windows make a huge difference in the feel of the units.

The building is at 36 floors and will top out at 48 (weather obliging) within 2 months.

You can see more images at YoChicago (http://tinyurl.com/acczxw). Click the smaller images to enlarge them.

We'll have video up early next week, and expect another walk-through with the developer about two weeks from now. If you have any questions about the building you'd like to pose to Colin Kihnke (the developer) e-mail them or post them here and I'll do my best to get answers for you.

Thanks Joe!!

If you can get some more "view pics" from all directions that would be great.
:banana:

There's an interesting reason behind why we didn't have more view pics.

I've been on quite a few high-rise construction sites over the years. This one was locked down for safety as tightly as any I've ever seen. Since construction was underway and we were only on floors with the windows in, the windows made it tough to do anything from the inside. All the balconies were securely locked off, as they should be but often aren't. The contractor, Bovis, is running a tight ship.

Within a week or 10 days I'll be headed back up to a higher floor where we should be able to shoot without dirty windows clouding the view. I'll post a bunch of pics as soon as we have them.

ADDED: You'll get some muddy view shots from the 16th and 25th floors in the video at YouTube (below), which was shot last Friday. There's also more video on the way.

http://www.youtube.com/watch?v=SitHSxSSYlI

Too bad this one's getting painted. The best part about this project for me was the honesty and expression of the form and the materials--paint will counter that aesthetic substantially, IMO.

The second and third parts of our walk-through of 235 Van Buren are now live at YouTube:

Part 1: http://www.youtube.com/watch?v=SitHSxSSYlI

Part 2: http://www.youtube.com/watch?v=X-bjOd7C_Z4

Part 3: http://www.youtube.com/watch?v=zyGJuTLLLn8

In the third part we're on the 23rd and 25th floors, which are waiting on the electricians and about a week away from the beginning of drywalling.

At the risk of being repetitive, we'll be going up higher in about a week, and should be able to get some view shots at that time.

^ Okay, JZ spill the beans.

After a long hiatus from SSC, you're recently back. Your website covers all sorts of projects in Chicago--why all the interest in 235 W Van Buren? :)

Questioning my motives for posting is a fair thing to do. If I didn't make it clear enough, I should have.

CMK is an advertising client. As a result of that I have access to information that people here have been asking for or speculating about.

That's also true for MCL Companies (ParkView), Belgravia Grouip (600 LSD, 565 Quincy) and a number of other projects.

Because of those relationships I also have access to the buildings in a way that isn't available to many of the members of this community.

I've always been a bit surprised that the developers aren't participating here and answering the questions that people are posing.

That said, I'm a pretty independent cat (I can afford to be), and do my best to pass on only information that is factually accurate.

If the information I'm providing isn't welcome, I'll respect the community's judgment on that.