CHICAGO | 111 W. Wacker (former Waterview site) | 630ft | 59 fl | U/C

[Miami High Rise]

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

[i_am_hydrogen]

From SSP:

Originally Posted by BVictor1

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

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

The architect: Ricardo Bofill. Sorry Steely...

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

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

[PointDuSable]

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

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

[Reinsdorf Sucks]

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

But, I guess you learn something new every day.

http://abclocal.go.com/wls/story?sec...cal&id=8050928

ABC 7 showed a video tonight as well.

[desertpunk]

ChicagoAgent

New Plan for Waterview Tower

11 May 2011



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

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

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

---

Add this from Curbed: http://chicago.curbed.com/archives/2...apartments.php

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

[airmale007]

http://www.chicagotribune.com/busine...,4636597.story

[i_am_hydrogen]

http://online.wsj.com/article/SB1000...googlenews_wsj

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

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

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

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

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

[ngeorgiev]

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

[desertpunk]

Crain's Chicago

Developer closes on deal for stalled Waterview Tower project

By: Alby Gallun
July 26, 2011


The unfinished Waterview Tower at 111 W. Wacker Drive.

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

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

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

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

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

[...]

[chicagogeorge]

Well that's better than nothing!

[NittanyBLUE2002]

How high does the neighboring United Building rise?

[3521usa]

668FT according to wikipedia.

[JohnFlint1985]

So how tall the tower supposed to be now?

[i_am_hydrogen]

New design by Handel:


Construction should start fairly soon:
http://www.suntimes.com/business/roe...-la-shell.html

[iloveclassicrock7]

Here are some better renders






Here is one created by SSP user Standpoor

[Walter Wolf]

i have info that Bovis Lend Lease is going to build this tower...

[ChiSkyline]

Originally Posted by Walter Wolf

i have info that Bovis Lend Lease is going to build this tower...

Could you share any of the information?

[i_am_hydrogen]

This one is now u/c.

[GenericUser]

Originally Posted by i_am_hydrogen

This one is now u/c.

I was there last night and saw nothing happening at the site??

[deadhead262]

Why the lack of major skyscrapers in Chicago? The economy?