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Old May 4th, 2013, 04:07 AM   #941
desertpunk
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Post Office developer to seek landmark status, tax incentives


http://www.dnainfo.com/chicago/20130...w/popup/371353

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By: Alison BurdoMay 03, 2013

The owner of the Old Main Post Office plans to seek landmark status and a property-tax break for the vacant 91-year-old building as part of a plan to redevelop it into a massive mixed-use complex.

British investor Bill Davies also aims to present his proposal for the shuttered post office 433 W. Van Buren St. to the Chicago Plan Commission next month, said his architect, Joseph Antunovich, president of Chicago-based Antunovich Associates.

Under a new plan Mr. Antunovich unveiled last month, the project would include 6,400 residential units, more than 2 million square feet of office space, 800,000 square feet of retail space and 1,240 hotel rooms in and around the vacant colossus spanning the Congress Expressway. Mr. Davies acquired the structure in 2009.

An Antunovich representative shared the proposal yesterday with the Commission on Chicago Landmarks, which would decide whether to designate the post office a landmark. Mr. Davies does not plan to seek tax-increment financing (TIF) from the city to help pay for the project, Mr. Antunovich said.

If the nearly 3-million-square-foot building becomes a landmark, it would qualify for a Class L property-tax incentive. Meant to encourage developers to rehabilitate historic properties, the Class L incentive would reduce the property's tax assessment for 12 years. "While they hold you to that high standard of preservation, the quid pro quo is the access to these incentives," Mr. Antunovich said.

Tax revenue generated from the site's retailers and businesses would offset the property-tax breaks, he said. "All of these benefits have been rolled into the overall pro forma," he said, "And that's what helps make the pro forma work."

The post office was added in 2001 to the National Register of Historic Places, a federal list of places and objects significant to American history. The designation offers potential tax credits for rehabbing the structure.

Before the landmarks commission can consider a landmark proposal for the post office, the City Council must approve the project.

[...]
Read more: http://www.chicagorealestatedaily.co...#ixzz2SHVzTYpy
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Old May 4th, 2013, 04:17 AM   #942
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Another potentially important development yesterday was that the gambling bill passed in the state senate yesterday. I think a casino here is really the only hope there to see any semblance of current plans happening.
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Old May 4th, 2013, 03:18 PM   #943
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i hope so much this will be approved in the near future
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Old May 5th, 2013, 12:58 PM   #944
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Originally Posted by nomarandlee View Post
Another potentially important development yesterday was that the gambling bill passed in the state senate yesterday. I think a casino here is really the only hope there to see any semblance of current plans happening.
Excellent news. Now we just need a casino bill to pass in Florida to trigger two massive developments in Miami. I'm hoping Davies presents refined renderings at this next meeting. he'll need to show the interaction between the restored Old Post Office and all the new additions to obtain those tax credits. Getting a big tax-generating casino in there would certainly help counteract the tax loss from front-loaded inducements.
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Old May 5th, 2013, 11:12 PM   #945
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That casino bill will not pass in FL... unfortunately..
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Old May 6th, 2013, 07:56 AM   #946
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wow
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Old May 9th, 2013, 09:21 PM   #947
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via bnk @ SSP

Quote:
http://wgntv.com/2013/05/08/exclusiv...#ixzz2SnOu7Mus

Videos in the link.

Exclusive: What’s in the works for Chicago’s old post office?
9 hours ago
by Nancy Loo

Perhaps you’re among the thousands of Chicagoans who either drive under or pass by the old Chicago post office every day. It’s been vacant since 1996. WGN News has learned the old post office has become a potential leading location for a city casino. Nancy Loo reports on some fast-moving developments and takes us inside for an exclusive look.

Even after nearly two decades of vacancy, there’s no mistaking the grandeur that’s still alive in Chicago’s old main post office at West Van Buren and Congress Parkway. Time has literally stood still since the building was shut down in 1996.

“We just can’t let this project lie fallow any longer,” says architect Joe Antunovich. “It’s too great a building, too great a space. You just have to step foot in this grand lobby and see that it’s something that’s so wasted by not being used every day of its life.”

Antunovich is the latest Chicago architect to take over the redevelopment of this national landmark... Phase one would include a sweeping addition to the river, and a thousand foot tower for businesses and hotel rooms. Atriums would be cut into the upper floors of the main structure for unique residential units, with original parquet flooring salvaged from the site.

“The lower three levels for retail and entertainment uses; many kinds of entertainment could be possible.” We asked the architect, would a casino be a safe bet as that entertainment? “Entertainment stretches to a wide realm of definitions. But you could certainly fit a casino in the amount of space you’re gonna create? Given the 2.7 million square feet that exists here, a use like that could be accommodated, yes!”

“I think that would be a perfect site for that,” says Chicago Alderman Danny Solis who picked up the post office site in his ward through city re-districting. He says the city has moved beyond whether or not to have a casino; it’s a matter of where.

“We are in dire straits as far as revenue. We lose $20 million to outside states. Those people are going to gamble. They’re coming from Chicago. So, let’s make a nice place in the city of Chicago. I think the state legislature understands that.” The gaming bill passed the state Senate May first, soon after Mayor Emanuel took to YouTube to insist that all city casino revenues would go towards education. ”A Chicago casino is the only casino in this state that will be totally dedicated for our children.”

The city planning commission is expected to consider the first phase of the post office redevelopment plan on June 20th, after completion of a traffic study. Alderman Solis predicts this; “I think it will be approved.” So, with city approval looking likely for phase one of the post office proposal, the possibility of a Chicago casino license approved by state lawmakers in the next few weeks, and political support for the site to be anchored by a casino, architect Antunovich says it may be a winning timeline for developers. “We would start construction here almost immediately.” And with or without a casino, the renewed post office site could be open for business by mid 2015. The nearby Holiday Inn would become a parking facility. And Chicago would have over five- million square feet of new businesses and homes to explore.

If successful, phase two could someday bring a two-thousand square foot high rise that would dwarf the Willis Tower- a building that architect Antunovich says would make a true statement about Chicago: “At the gateway to our city, we should do something extraordinary. And this is an opportunity to do something extraordinary, a real game changer here in the Southwest loop.”

...Read more:
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Old May 10th, 2013, 09:08 PM   #948
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A question: why not also enter the 2000ft tower in the first phase of project. In the past, many tall towers were not built for problems or economic crisis. I fear that this project can stop at first phase, without proceeding with the construction of the tallest tower.

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Old May 10th, 2013, 09:54 PM   #949
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it looks so awesome. perfect for chicago
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Old May 10th, 2013, 11:11 PM   #950
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Originally Posted by Rey73 View Post
A question: why not also enter the 2000ft tower in the first phase of project. In the past, many tall towers were not built for problems or economic crisis. I fear that this project can stop at first phase, without proceeding with the construction of the tallest tower.
You mean the Chinese way? First the tallest, and the rest later.
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Old May 10th, 2013, 11:19 PM   #951
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Chinese? And what about wtc in ny
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Old May 10th, 2013, 11:35 PM   #952
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Originally Posted by patrykus View Post
Chinese? And what about wtc in ny
tallest and shortest of the 4 are being built at the same time, so you cant compare..thanks
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Old May 11th, 2013, 04:01 AM   #953
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Well I can since most of the towers are still on ground level or in planning stage (tower 5) while the tallest is already topped out and was started as a second tower in the complex .So where in china tallest are being build first? Maybe in wuhan recently (even there some high-rises were build first though). But certainly not in shanghai, shenzhen, guangzhou, tianjin or anywhere else. I'm not a Chinese fanboy but those are facts
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Old May 11th, 2013, 04:12 AM   #954
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I'm pretty sure Ping An in Shenzhen is going to be built from tallest to shortest.
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Old May 11th, 2013, 04:25 AM   #955
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But this is one connected project (they can start smaller tower later so they will finish both around the same time), everything around is build up
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Old May 11th, 2013, 07:54 AM   #956
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Quote:
http://www.chicagogrid.com/news/dave...-office-plans/

Big new plans for Chicago’s old main post office


[David Roeder]

Skyscrapers, retail and more grand ideas for the abandoned building.

BY DAVID ROEDER

........An earlier plan nearly hid the building in a cluster of skyscrapers. Antunovich, however, has proposed adding floors to the post office, increasing the cavernous interior space that others proposed to partially raze.

The scale would suit a casino, should the state Legislature ever grant a license to Chicago. The building is big enough for all the parking, tables and slot machines a gambler could imagine, and it needs a huge anchor to draw people into what’s now a neglected quadrant of downtown.

Antunovich would say little about the prospect for a casino. Davies’ representatives in the past have said the project was not being designed with a casino in mind.

Ald. Daniel Solis (25th) said a casino makes sense for the site. The property is within the redrawn version of Solis’ ward and his support is crucial for the zoning change.

“I think a casino is a possibility because of all the public transportation that’s available at the site,” Solis said.

The post office, 433 W Van Buren, sits alongside the Chicago River and over Amtrak and Metra tracks. It’s a well-known landmark for travelers on the Eisenhower Expressway............
..
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Old May 11th, 2013, 08:07 AM   #957
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Solis should give Genting Malaysia a call. Those guys can whip up a huge casino project in no time. But if a casino operator were named, Harrahs, Wynn and others would be rushing into town with their lawyers demanding an open RFP so they could bid for their own projects. They're battling in Boston and Philadelphia at this very time...
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Old May 12th, 2013, 03:09 AM   #958
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With people leaving Chicago at the rate of 200,000 per decade, the metro area as a whole stagnant, and the companies actually demolishing unneeded office space they can't sell to save on taxes and upkeep, I'd say this project has a snowball's chance in hell.
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Old May 12th, 2013, 10:12 AM   #959
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Originally Posted by DFDalton View Post
With people leaving Chicago at the rate of 200,000 per decade, the metro area as a whole stagnant, and the companies actually demolishing unneeded office space they can't sell to save on taxes and upkeep, I'd say this project has a snowball's chance in hell.
From what I hear, population levels have turned around.

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the metro area as a whole stagnant
LOL, what ?

Quote:
the companies actually demolishing unneeded office space they can't sell to save on taxes and upkeep, I'd say this project has a snowball's chance in hell
If the project is approved on June 20th, then maybe hell will be freezing over. That way snowballs can fall freely with the right weather conditions.



I get the feeling that you want this project to fail, maybe due to some bias ?
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Old May 12th, 2013, 11:20 AM   #960
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I'm definitely not biased and I wish them luck but it is enough for me to know the developer behind it is known mostly for abandoning his projects unfinished from which none was a skyscraper and as far as I know none in the US. And the guy suddenly wants to build not a skyscraper but a freaking mega tall in the place he never invested in? Now seriously how does that sounds?
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