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Old December 20th, 2004, 08:38 PM   #141
geoff_diamond
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I think the Flames better get their asses in gear if they're going to do that MCC.

Also, as far as the netting goes, I assume you're referring to what was around the cupola? If so, it's been down for at least 8 months or so.
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Old December 21st, 2004, 12:35 AM   #142
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This is 1620 S Michigan, units on sale now. I think it looks very sleek. What do you guys think?

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Old December 21st, 2004, 01:32 AM   #143
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Looks really good. I hope the real building looks as good or even better than the rendering.
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Old December 21st, 2004, 03:31 AM   #144
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Hey that's about 4 blocks south of where my building is. Looks good, who is the developer?
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Old December 21st, 2004, 04:00 AM   #145
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I love its very strong horizontal lines and glassy facade.

www.1620michigan.com


And how about this one. It's the same development company, but I don't know about architects.



www.630northfranklin.com

Last edited by BVictor1; December 21st, 2004 at 04:28 AM.
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Old December 21st, 2004, 08:13 PM   #146
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Jefferson Tower Construction Begins
By Mark Ruda
Last updated: December 21, 2004 10:21am

CHICAGO-Construction has begun at the northwest corner of Jefferson and Lake streets, where Jameson Development LLC is adding 198 units in a 25-story building in the Fulton River District. The developer hired James McHugh Construction Co. as general contractor for the $37-million Jefferson Tower project.

All of the units will be one-bedroom or one-bedroom-plus-den. Prices will range from $204,800 to $372,800 for the units, which range in size from 623 sf to 1,072 sf.

While the project is expected to benefit from its proximity to public transportation, one challenge facing McHugh will be checking vibration levels caused by the adjacent Green Line elevated tracks. Upgraded, sound-deadening windows are being installed in the building.

Completion is expected in April 2006, but the first units are scheduled to be delivered in January 2006. Loewenberg Associates Inc.is the architect for the project while Mesirow Stein Real Estate Inc. is program manager.
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Old December 21st, 2004, 08:50 PM   #147
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I can't quite finger this one:

December 21, 2004

Golub apartment project gets financing
Construction to start on Streeterville luxury building


By Alby Gallun
A joint venture led by Golub & Co. is getting ready to start construction on a 49-story luxury apartment building in Streeterville after securing financing for the project.
Washington D.C.-based Union Labor Life Insurance Co. has provided a construction loan for the 481-unit tower at 345 E. Ohio St., which will cost more than $125 million to build, said Michael Newman, president and CEO of Golub, a Chicago-based real estate firm. The apartment building, the first of two planned for the site, is slated to open in summer 2006.

Debt accounts for about 70% of the project’s cost, with equity accounting for the rest, Mr. Newman said. Golub’s equity partners in the joint venture are Boston-based real estate investment firm AEW Capital Partners and a pension fund advised by SSR Realty Advisors Inc., a subsidiary of New York-based MetLife Inc.

The apartment market is in the dumps right now amid a weak job market and low interest rates, which encourage buying over renting.

Yet developers, anticipating a recovery, are getting more active. Nearly 2,700 downtown apartments will come on the market in 2005 and 2006, the most over a two-year period since the early 1990s, according to Appraisal Research Counselors, a Chicago-based real estate consulting firm.

We believe we’ll hit the market at the right time, Mr. Newman said of his firm’s project.

Golub expects to start construction of the project’s second phase, a 51-story, 420-apartment tower, within one to three years, he said.
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Old December 21st, 2004, 09:12 PM   #148
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Quote:
Originally Posted by HowardL
I can't quite finger this one:

December 21, 2004

Golub apartment project gets financing
Construction to start on Streeterville luxury building


By Alby Gallun
A joint venture led by Golub & Co. is getting ready to start construction on a 49-story luxury apartment building in Streeterville after securing financing for the project.
Washington D.C.-based Union Labor Life Insurance Co. has provided a construction loan for the 481-unit tower at 345 E. Ohio St., which will cost more than $125 million to build, said Michael Newman, president and CEO of Golub, a Chicago-based real estate firm. The apartment building, the first of two planned for the site, is slated to open in summer 2006.

Debt accounts for about 70% of the project’s cost, with equity accounting for the rest, Mr. Newman said. Golub’s equity partners in the joint venture are Boston-based real estate investment firm AEW Capital Partners and a pension fund advised by SSR Realty Advisors Inc., a subsidiary of New York-based MetLife Inc.

The apartment market is in the dumps right now amid a weak job market and low interest rates, which encourage buying over renting.

Yet developers, anticipating a recovery, are getting more active. Nearly 2,700 downtown apartments will come on the market in 2005 and 2006, the most over a two-year period since the early 1990s, according to Appraisal Research Counselors, a Chicago-based real estate consulting firm.

We believe we’ll hit the market at the right time, Mr. Newman said of his firm’s project.

Golub expects to start construction of the project’s second phase, a 51-story, 420-apartment tower, within one to three years, he said.
^I wonder if there are any renderings for these projects
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Old December 21st, 2004, 09:34 PM   #149
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I checked Golub's website, but nothing is posted. This one snuck in under the collective skyscraper geek radar.
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Old December 21st, 2004, 10:41 PM   #150
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Quote:
Originally Posted by HowardL
This one snuck in under the collective skyscraper geek radar.
not really, this project has been known about for some time. emporis has it listed as 321 east ohio instead of the 345 mentioned in the article. emporis lists 48 floors instead of the article's 49 floors, but this is most definitely the same project.

look at my boom rundown list over at SSP and click on 321 east ohio under the proposed projects. i don't think we have ever seen a rendering for this one, though. i too snooped around golub's website, but there is not a word about this project over there.

well, here's to hoping that it's not another grand plaza.
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Old December 22nd, 2004, 01:25 AM   #151
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As mentioned yesterday, I took another trip past 1620 South Michigan Ave. Here's what's presently on the site.





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Old December 22nd, 2004, 01:54 AM   #152
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Nice pics, BV!

Not a big loss, I guess
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Old December 22nd, 2004, 05:11 AM   #153
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Quote:
I think the Flames better get their asses in gear if they're going to do that MCC.
Ugh, why does UIC suck? They looked good when I saw them play UWM at the Pavilion. Now they lost to a D-II team.
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Old December 22nd, 2004, 04:28 PM   #154
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David Roeder
$30 million sale signals start of 2-tower project


December 22, 2004

BY David Roeder Sun-Times Columnist

Chicago's Golub & Co. has closed on the $30 million purchase of a vacant site in Streeterville. The two-acre property, running between Ohio and Grand west of McClurg Court, has been zoned for two high-rises in the 50-story range, the first one apartments and a later one expected to be apartments or condos.

Golub said the first building, containing 481 units, should be delivered in summer 2006. The Chicago developer leads an investment group that includes AEW Capital Partners and SSR Realty Advisors, with financing by Union Labor Life Insurance Co.

The seller of the site was the Teachers' Retirement System of the State of Illinois. The pension fund continues to own the 30-story office building on the western edge of the empty site, the former Time-Life Building at 541 N. Fairbanks.

Sources said Golub, lately an aggressive bidder on downtown sites, wants the office building, too. But Jon Bauman, the pension fund's executive director, and Golub President Michael Newman said they're aware of no current negotiations.

Bauman said the building has been appraised at $65 million and he's open to offers. Last week, one of the anchor tenants, the Chicago Park District, said it wants proposals for office space elsewhere, which could be a serious search or a tactic for lease renewal time. Bauman said the district has about 100,000 square feet.

THE 'BURBS SHALL LEAD THEM: If you follow the office leasing market long enough, you soon learn that suburban Chicago is the bellwether for downtown. Whether vacancy levels are going up or down, it happens first and faster in the suburbs.

The yearend market data hot off the press from Trammell Crow Co. showed suburban buildings had a good 2004, cutting average vacancies to 14.4 percent. A year ago, most market studies had the suburban number at about 19 percent.

Downtown, the vacancy level marginally increased in 2004. Trammell Crow puts the downtown figure at 14 percent. Its report also notes that subleases, a big factor a year ago, have diminished markedly.

"Companies, even though many are showing good quarterly numbers, are still cautious about their existing space,'' said George Kohl, executive vice president at Trammell Crow. He said the suburbs should continue to show modest improvement next year and expects that trend to take hold eventually downtown. The key is job growth, however, and Kohl notes there is no march of employers into downtown. The Trammell figures show the strongest suburban markets are the northern suburbs and the Schaumburg area while the weakest, with vacancies still topping 20 percent, is O'Hare.

SUBURBAN RENEWAL: In a $6.5 million sale, an affiliate of the private Ridge Property Trust has acquired a 410,000-square-foot industrial building on 25 acres at 5151 W. 73rd St., Bedford Park. Ridge Vice President Doug Hayes said the size of the parcel represents a great opportunity because of demand for centrally located industrial space. He plans to take down the current building and replace it with two modern structures of about 270,000 square feet each.

No tenants are in hand, but Hayes said interest in the properties is acute. "I'm not sure I'd be doing this out in Bolingbrook, but I'd do it in the city or close to it,'' he said. The seller is Homak Manufacturing Co., a maker of toolboxes that is ceasing operations. Sally Macoicz, senior director of Cushman & Wakefield Inc., represented Homak and the buyers, Ridge and Heitman Financial Management, in the deal.

GOOD DEED: When the law firm Ice Miller lost access to its 41st floor offices in the 135 S. La Salle building after the Dec. 6 fire, the tenant representation firm Julien J. Studley Inc. swung into action on its behalf. Senior Managing Director David Gelfand found a 5,000-square-foot space for the firm at 500 W. Monroe that the firm occupied just two days after the fire. Gelfand worked for free and the landlord in the Monroe building, Shorenstein Realty Services LLC, provided the temporary space rent-free. They are working on a long-term solution for the firm. Gelfand said he expects his client ultimately to take at least 10,000 square feet.

DOING THE DEALS: Inland Western Retail Real Estate Trust is buying 2.6 million square feet in the United States and Canada from affiliates of American Express Inc. The price was $390 million and American Express has signed 10-year leases for the sites. A non-listed real-estate investment trust, Inland Western focuses on retail properties but also invests in single-tenant sale-leasebacks. ... Mid-America Development Partners LLC has started work on a movie theater and shopping complex at the northwest corner of Route 59 and 95th St. in Naperville. The 35-acre site will feature an 11-screen Kerasotes theater.
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Old December 23rd, 2004, 03:05 AM   #155
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I can't believe they will finally do something with that lot! That is great news!
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Old December 24th, 2004, 06:56 PM   #156
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This is nothing too special is supose, other than to show that Chicago is still in a good position.

New-home sales drop 12%, but not here
City, area buck November trend

By John Handley and Sharon Stangenes, Tribune staff reporters. Staff reporter William Sluis and Tribune wire services contributed to this report
Published December 24, 2004

Sales of new single-family homes fell a steep 12 percent in November, the government said Thursday, but local builders say the effect is barely being felt in the Chicago area.

The Commerce Department said the annual sales pace dropped to 1.125 million single-family houses in November. The monthly decline was the sharpest in more than a decade. In October, new-home sales climbed to a record 1.278 million, higher than previously estimated.

"Some markets have been so hot that some cooling is expected," said real estate analyst Tracy Cross.

However, in the Chicago area, he said, housing sales were 12 percent ahead of the same period in 2003.

"We haven't noticed any precipitous drop since the end of the third quarter, though there were a couple of rough weeks in late November," said Cross, president of Tracy Cross and Associates in Schaumburg.

In the city of Chicago, sales soared 76 percent during the first three quarters of this year, he added.

"The national drop in housing sales has missed downtown Chicago. Numerous city projects have sold very quickly in the last quarter," said Keith Giles, principal in Frankel & Giles Real Estate and a partner in the Metropolis, a residential conversion of an office tower at State and Monroe Streets in the Loop.

The commerce report showed a 39.4 percent decrease in Midwest new-home sales last month, the steepest on record.

About 143,000 new homes were sold in the region on an annual basis, a 9.5 percent drop from the 158,000 sold in November 2003. However, the November pace still was higher than the rate for all of 2003, a record year, analysts said.

"In the Chicago area, we started to fall behind in sales starting the second week of November, but that's not worrisome," said real estate analyst Steve Hovany, president of Strategy Planning Associates in Schaumburg. "We're pretty steady on our projections for the year. Also, Chicago has outperformed the rest of the Midwest for several years."

Jack Sorenson, president of U.S. Shelter Group, an Elgin-based home builder, said the "market fundamentals remain strong. My sense is that the drop-off is seasonal."

Sorenson said his firm's main problem is finding enough land for new-home construction.

While surprised by the steep November decline, economists weren't overly concerned.

"Given everything else that we think we know about the market, I'm not going to lay awake worrying about this one," said David Seiders, chief economist at the National Association of Home Builders.

Nor are many area builders.

"We saw a very strong November and we're seeing a strong December," said Christopher Shaxted, executive vice president of Lakewood Homes, based in Hoffman Estates. "We're up from a year ago, seasonally adjusted."

Shaxted said his company had a slight sales dip in October, but sales have rebounded.

"I think there are some issues in the very high end," particularly in downtown Chicago, where the market is slow for units priced above $1.5 million, Shaxted said.

As for the suburban market, "I don't see weakness," he said.

Nationally, sales of new homes also may have been depressed by the dismal weather. November was the fifth wettest on record, according to the National Climatic Data Center in Asheville, N.C.

"We've got a strong economy, we've got rising incomes, we've got a relatively low unemployment rate--all these lead me to believe the underpinnings of the boom aren't changing rapidly," said Brian S. Wesbury, chief economist at Griffin Kubik Stephens & Thompson in Chicago.

There isn't any "bubble bursting," he said.

Another economist wasn't as sure.

Although members of the construction industry continue to deny that they are faced with overbuilding, there are growing signs of a real estate bubble, said A. Gary Shilling.

"More and more buyers are at the lower end of the income scale and need a loan of 3 percent or less in order to obtain a mortgage," said Shilling, who heads an investment firm in Springfield, N.J.

In addition to loans with tiny down payments, many builders are offering interest-only mortgages that require no reductions of principal, Shilling said.

"The last time these loans were popular was in the 1920s, before the Great Depression," he added.

He said many home buyers will face rolling over their mortgages within five years, so any decline in demand will place the real estate industry in a dilemma.

By then, "unless human nature has changed, there could be a huge inventory problem," Shilling said. "When you're in a bubble, there are no signs of dangerous backlogs until the whole thing comes crashing down."

Sales fell in three of four regions. In addition to the reported 39 percent in the Midwest, sales fell 28 percent in the West, to an annual rate of 321,000, and 7.1 percent in the Northeast, to 78,000. They rose 14 percent in the South, to 583,000.

The latest report was the second pointing to a slowdown in demand. Housing starts dropped 13 percent in November, the most in almost 11 years, to a 1.771 million annual rate, the Commerce Department reported last week.

Copyright © 2004, Chicago Tribune
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Old December 25th, 2004, 04:09 AM   #157
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^I'll tell you whats helping Chicago.

It's a great city and the prices are still somewhat reasonable. Surely the severely boosted prices in LA, SF, and NYC, both of land and of condos, is starting to affect development. In fact, I heard that in LA they're having a hard time just building schools, libraries, etc for the new projects based on land prices alone.

But in Chicago, even though prices are inflated, the new developments are still relatively affordable, and people are beginning to realize how much they can fetch for their money here
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Old December 25th, 2004, 08:01 AM   #158
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goodbye dr. scholl's (12/24)

Scaffolding is up.





The wrecking ball is ready and waiting.

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Old December 25th, 2004, 09:35 AM   #159
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ugh. terrible.
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Old December 25th, 2004, 05:38 PM   #160
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^Why don't they just build the damn thing in this parking lot instead of demolishing the Scholl building?
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