Signs of a Reviving Economy

iloveclassicrock7 · July 13th, 2012, 05:09 AM

Things are finally starting to look up! Also, River Point may be 50 stories instead of 45 stories, we may get the old height. I did a quick calculation, and it seems like the full height would be 220m, or 721 feet.

http://www.nytimes.com/2012/07/11/re...pagewanted=all

Chicago Attracts New Towers With River Views

July 11, 2012
By ROBERT SHAROFF

Quote:

John Buck, a Chicago developer, said, “I don’t think there’s a crying demand for five million square feet of new office space, but there may be room for one or two million square feet.” He said that he had a project in the early stages of development but declined to discuss it.

Quote:

Kevin Shannahan, Hines’s chief executive for Midwest operations, said the building would have 45 to 50 stories and 900,000 to 1.1 million square feet of space, depending on the success of leasing efforts.

Quote:

Hines’s partner at River Point is Ivanhoe Cambridge, the real estate division of a Canadian pension fund, Caisse de Dépôt et Placement du Québec. One of the 10 largest real estate firms in the world, Ivanhoe is providing 85 percent of the project’s financing.

Arthur Lloyd, executive vice president of Ivanhoe, said the rate of job growth in Chicago made the city an attractive investment opportunity. Mr. Shannahan, of Hines, estimated that about 10,000 new jobs were announced in 2011, and said, “That’s a great record for the downtown.”

Quote:

All of the proposed office projects are betting to some degree on Mayor Rahm Emanuel’s aggressive efforts to attract new business to the city. In the last few years, companies like United Airlines, Sara Lee and MillerCoors have all announced plans to relocate all or part of their operations to downtown Chicago. Most have also received public incentives like tax increment financing grants.

Quote:

Google is reported to be close to announcing a lease for about 400,000 square feet of space in the Merchandise Mart.

Quote:

Mr. Buck, the developer, said the trend of companies moving downtown was “something I’ve dreamed about for 30 years.

Quote:

Mr. Wislow’s firm scored what is considered the leasing coup of the year this spring when it signed United Airlines to a long-term lease at the Willis Tower (formerly the Sears Tower), the country’s tallest building. United, which is relocating from a suburban office campus it has occupied for more than 40 years, is taking 16 floors in the tower for a total of about 800,000 square feet.

_

HomrQT · July 13th, 2012, 12:45 PM

Quote:

Originally Posted by iloveclassicrock7

Things are finally starting to look up! Also, River Point may be 50 stories instead of 45 stories, we may get the old height. I did a quick calculation, and it seems like the full height would be 220m, or 721 feet.

http://www.nytimes.com/2012/07/11/re...pagewanted=all

Chicago Attracts New Towers With River Views

July 11, 2012
By ROBERT SHAROFF

_

Fingers crossed for the 50 floors. (Or taller if their sales team pulls a miracle.)

WI_1982 · July 13th, 2012, 03:07 PM

The economy still stinks for real estate in Chicagoland.

Developers would be crazy to add more supply when the South Loop and West Loop are full of empty buildings. Maybe Rahm is offering TIF subsidies for new development, becaus there's no way these proposals make any financial sense.

3521usa · July 13th, 2012, 04:47 PM

Obviously a clueless poster!!!

yankeesfan1000 · July 13th, 2012, 06:43 PM

Quote:

Originally Posted by WI_1982

The economy still stinks for real estate in Chicagoland.

Developers would be crazy to add more supply when the South Loop and West Loop are full of empty buildings. Maybe Rahm is offering TIF subsidies for new development, becaus there's no way these proposals make any financial sense.

He did. Taxpayers are paying to build the staging platform for the tower. So while this tower looks like it'll start construction by the end of the year, taxpayers are paying for that construction. Not the developer. Once the developer starts to build the actual tower with equity partners and investors, then I'll be more convinced Chicago's office market is back.

3521usa · July 13th, 2012, 07:00 PM

The TIF is for the park not the tower itself. Also, the TIF money for this tower is nothing new. The deal to finance the park/deck was made back in 2007 when the tower was first proposed and the market was still hot. Again, another poster posting about something he knows nothing about.

I swear you people spend too much time reading the New York Times, who btw, thinks Hines is based in Dalls, lol.

The Urban Politician · July 13th, 2012, 08:15 PM

Quote:

Originally Posted by yankeesfan1000

He did. Taxpayers are paying to build the staging platform for the tower. So while this tower looks like it'll start construction by the end of the year, taxpayers are paying for that construction. Not the developer. Once the developer starts to build the actual tower with equity partners and investors, then I'll be more convinced Chicago's office market is back.

The developer has already lined up investors to finance this project. It was an announcement about a month ago, listing the investors who will be involved.

yankeesfan1000 · July 13th, 2012, 08:46 PM

Did I say the TIF money was for the tower? No. Did I say the TIF money was something new? No.

What I said was that the TIF money is building the platform with which the tower will be built on, as well as an adjacent park.

" 'It’s a substantial amount of money. But it’s an incredibly complex project that spans a number of railroad tracks. It’s no small engineering feat to deck over an active railway. The ventilation alone is incredibly costly,' Reilly said." SunTimes

Ivanhoe has invested $300M in the building, but we'll see what happens after the rail span is built. I suggest you work on your reading comprehension.

The Urban Politician · July 14th, 2012, 03:50 AM

Quote:

Originally Posted by yankeesfan1000

Ivanhoe has invested $300M in the building, but we'll see what happens after the rail span is built. I suggest you work on your reading comprehension.

^ Is this a joke?

My reading comprehension of the term "Ivanhoe has invested $300 million in the building" is that Ivanhoe has invested $300 million in the building.

What part about that is hard to understand?

Sheesh, the ninkampoops we run into around here at SSC. I visit this site about once every few weeks now, and yet it never ceases to amaze me...

yankeesfan1000 · July 14th, 2012, 03:43 PM

Uh... I wasn't talking to you... I was referring to 3521's posts. I should've made that more clear in my post, but the name calling was really mature though. It never ceases to amaze me how quickly people can jump to conclusions, and how arrogant and rude some people are. Well done.

July 13th, 2012, 07:00 PM	#6
3521usa Registered User Join Date: Dec 2007 Location: chicago Posts: 244 Likes (Received): 0	The TIF is for the park not the tower itself. Also, the TIF money for this tower is nothing new. The deal to finance the park/deck was made back in 2007 when the tower was first proposed and the market was still hot. Again, another poster posting about something he knows nothing about. I swear you people spend too much time reading the New York Times, who btw, thinks Hines is based in Dalls, lol. Last edited by 3521usa; July 13th, 2012 at 07:08 PM.

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July 13th, 2012, 03:07 PM	#3
WI_1982 Registered User Join Date: Mar 2010 Posts: 8 Likes (Received): 0	The economy still stinks for real estate in Chicagoland. Developers would be crazy to add more supply when the South Loop and West Loop are full of empty buildings. Maybe Rahm is offering TIF subsidies for new development, becaus there's no way these proposals make any financial sense.

July 13th, 2012, 04:47 PM	#4
3521usa Registered User Join Date: Dec 2007 Location: chicago Posts: 244 Likes (Received): 0	Obviously a clueless poster!!!

July 13th, 2012, 08:46 PM	#8
yankeesfan1000 Registered User Join Date: Aug 2010 Posts: 1,012 Likes (Received): 79	Did I say the TIF money was for the tower? No. Did I say the TIF money was something new? No. What I said was that the TIF money is building the platform with which the tower will be built on, as well as an adjacent park. " 'It’s a substantial amount of money. But it’s an incredibly complex project that spans a number of railroad tracks. It’s no small engineering feat to deck over an active railway. The ventilation alone is incredibly costly,' Reilly said." SunTimes Ivanhoe has invested $300M in the building, but we'll see what happens after the rail span is built. I suggest you work on your reading comprehension.

July 14th, 2012, 03:43 PM	#10
yankeesfan1000 Registered User Join Date: Aug 2010 Posts: 1,012 Likes (Received): 79	Uh... I wasn't talking to you... I was referring to 3521's posts. I should've made that more clear in my post, but the name calling was really mature though. It never ceases to amaze me how quickly people can jump to conclusions, and how arrogant and rude some people are. Well done.