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Old October 21st, 2005, 05:23 PM   #341
The Urban Politician
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Quote:
Originally Posted by ChicagoLover
A couples questions... TUP -- didn't you visit Chicago recently?
^Yes I did. I was there from last Tuesday till last Saturday.

I spent a lot of time visiting the loop and various hoods, and even did a bit of Trump construction sight-seeing with Shawn and Victor.

Victor and I had a Margarita together, although Shawn wimped out because he had to do homework (the nerve of some people!)

Anyway, perhaps next time I come to town some of us can have a meet up or something
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Old October 21st, 2005, 06:19 PM   #342
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I thought there was a parking garage with a big PARKING sign at 300 North LaSalle, not just a "parking lot"? Was that garage torn down?
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Old October 21st, 2005, 06:41 PM   #343
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Nope, that garage is, sadly, still standing.
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Old October 21st, 2005, 07:02 PM   #344
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Quote:
Originally Posted by Chi_Coruscant
300 N. LaSalle Plans Get Green Light
By Mark Ruda (http://www.globest.com/news/397_397/.../139413-1.html)
Last updated: October 20, 2005 04:52pm

CHICAGO-While the proposed 745-foot height of the building raised some eyebrows, Hines Interests LP’s plan for a 57-story, 1.3-million-sf office tower at 300 N. LaSalle St. got a green light Thursday. The plan commission endorsed the $400-million project, as well as a zoning change that will allow the Houston-based developer to build an office tower 62% larger than allowed under existing zoning.

Hines Interests already has lured Kirkland & Ellis away from the Aon Center to 600,000 sf in its riverfront building once it is completed in 2009. In addition to office space, plans call for 13,000-sf of retail space, which most likely will include a restaurant.

However, Hines Interests’ office tower will dwarf surrounding low- and mid-rise properties sharing the riverfront, notes plan commission member Allison Davis. Taller buildings already line the riverfront a quarter-mile to the east, and Trump International Hotel & Tower will dwarf both Marina City and 330 N. Wabash Ave. Closer to 300 N. LaSalle St., though, is the 3.5-million-sf Merchandise Mart, a mid-rise building, as is the redeveloped Reid-Murdoch building at 325 N. LaSalle St. and Helene Curtis building at 325 N. Wells St.

“The planning department has always taken the position that along the river, we would try to encourage tall buildings,” says 42nd Ward Alderman Burton Natarus. “This is a tall building. This is a magnificent building. What’s there now is kind of shabby.”

The site, which runs along LaSalle Street from the river to Carroll Avenue, is now a parking lot. Hines Interests is acquiring the 85,080-sf site for $32.5 million from a limited liability corporation controlled by Michael W. Reschke, former chairman of Prime Group Realty Trust.

Designed by Pickard Chilton Architects Inc., the building is expected to meet standards for Leadership in Energy and Environmental Design certification. It also will have a hook-up at Carroll Avenue to an underground bus route.
awsom! this tower is a beauty!



Last edited by wickedestcity; October 22nd, 2005 at 12:22 AM.
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Old October 21st, 2005, 10:41 PM   #345
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Another new building.

http://www.teneastdelaware.com/


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Old October 21st, 2005, 11:07 PM   #346
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Interesting design.... what is the building height?
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Old October 21st, 2005, 11:12 PM   #347
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Interesting? It looks like the taller version of that new building on Chicago and Wabash...
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Old October 21st, 2005, 11:31 PM   #348
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Looks like another tan concrete tower for River North.

So what's new?
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Old October 22nd, 2005, 01:31 AM   #349
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Wait.. how do we know its tan? I hope the hell not!
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Old October 22nd, 2005, 03:54 AM   #350
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Here's another "new" one:

345 North Wells

20,000 square foot floor plates (350,000 square foot mixed-use LEED certified commercial condominium)
On-site parking
Gold LEED core and shell rating
On-site security personnel, 24/7
Private balconies overlooking downtown Chicago and the Chicago River
Unique outdoor space at building entrance (beautifully landscaped park at the entrance of the building)
Thermal Chicago chilled water cooling system



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Old October 22nd, 2005, 04:01 AM   #351
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Wow--where did you find out about that one spyguy? It doesn't really look very residential, which is probably a good thing. I like the way it looks from across the river behind the old Helene Curtis HQ.
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Old October 22nd, 2005, 07:41 PM   #352
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Wow! This one came out of nowhere! I really dig it

On another front: I thought I'd snap some pictures of the lobby modifications going on at Madison Plaza. First one's a rendering, second one's a progress shot. (sorry for the quality - camera-phone as usual)



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Old October 22nd, 2005, 08:00 PM   #353
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Oct. 22, 2005

http://www.chicagobusiness.com/cgi-bin/news.pl?id=18223
As Crain's goes to press . . .
Amli plans S. Loop apartment towerAmli is drafting plans for a 300-to-400-unit apartment building on Clark Street in the South Loop, say people familiar with the plans. The Chicago real estate investment trust would build the tower on a roughly two-acre property it plans to buy from Matthew and Daniel Walsh, principals of Chicago construction firm Walsh Group. The parcel is part of a 22-acre tract at Clark Street and Roosevelt Road that the Walshes are selling to developers (Crain's, May 23). Amli declined to comment. [Alby Gallun]

State & Randolph project is back onPlans for an $86-million residential tower at the northeast corner of State and Randolph streets are on again after the city and developer Bill Smith worked out a last-minute legal snag, says Mr. Smith's attorney, Stephen Novack. The city delayed selling Mr. Smith property needed for the project in hopes of reserving space for the Joffrey Ballet, but the city backed off after Mr. Smith sued. A city spokeswoman says talks on the Joffrey matter are near a conclusion. [Greg Hinz]
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Old October 22nd, 2005, 10:37 PM   #354
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345 N. Wells? Excellent. Another surface lot bites the dust!
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Old October 22nd, 2005, 10:52 PM   #355
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From Chicago Crain's Magazine
River North's next boom
3 hotels, 450-plus condo units on drawing board in 2 separate projects
Developers Richard A. Stein and Albert M. Friedman are planning two hotels and about 300 condominiums in a massive River North development, while John A. Buck is mulling a hotel and condo tower of his own just blocks away.
Despite dire predictions of a housing bubble, local developers are betting on a condo boom continuing, as well as resurgent hotel demand.
The Friedman-Stein plan is the bigger bet, revising an earlier proposal for a five-acre parcel bounded by Dearborn Parkway and Kinzie, Clark and Hubbard streets.
In addition to condos, the plan includes 50,000 square feet of retail space, parking and around 500 hotel rooms, says Mr. Stein, senior managing director of Mesirow Stein Real Estate Inc. Merrillville, Ind.-based White Lodging Service Corp. would run the hotels, both Marriott franchises. One would be a long-term-stay hotel and the other a moderately priced SpringHill Suites, he says. The impact on Brasserie Jo restaurant, which is located on the site, is unclear.
A couple of blocks northeast, John Buck Co. is considering a 30-story tower at State and Illinois streets, just south of the American Medical Assn. headquarters. The building would include as many as 160 condos and a 260-room hotel also run by White, says Buck principal Greg Merdinger.
He declines to name the hotel brand but says it would be new to Chicago. Buck's condos would sell for an average of $500,000 to $600,000, Mr. Merdinger says.
Development plans were floated for both sites in the past but never came to fruition.
In 2001, the city approved a 22-story office tower on the Buck parcel, currently green space owned by a joint venture between Buck and Morgan Stanley. Buck couldn't land an anchor tenant for that building.
In 1998, Mr. Friedman proposed a mixed-use project on the site he's now developing with Mr. Stein. The plans included the block to the south, where Mr. Stein recently cut a deal to build a 40-story office tower housing law firm Jenner & Block LLC. Mr. Friedman, River North's biggest landlord, owns both parcels.
Mr. Friedman says he was preoccupied with other projects, like the redevelopment of the Medinah Temple into a Bloomingdale's Home & Furniture Store.
"I want to take things in their proper time and place and I don't want to rush something," Mr. Friedman says.
He and Mr. Stein recently submitted revised development plans to the city. Mr. Stein aims to begin marketing the condos next spring. "I've got to pre-sell the condos, but this is happening," he says.
Mr. Friedman's parcels include parking lots and the Brasserie Jo building. The restaurant has four years left on its lease.
City officials also must sign off on zoning changes for the Buck project. Mr. Buck remains cautious about the development, saying it's "50/50 that we proceed."
Market conditions will be a factor in that decision. The rebounding hotel market is a positive: The average downtown hotel occupancy rate this year through the end of August was 71.1%, up from 65.3% in the year-earlier period, according to the Chicago Convention and Tourism Bureau. The average daily room rate was $156.34, vs. $148.77 in the year-earlier period.
Developers have responded by launching new downtown projects, the most recent one being the 200-room Shangri-La Hotel at 111 W. Wacker Drive (ChicagoBusiness.com, Oct. 4).
But soaring construction costs could be an obstacle for some developers, says Steven Kisielica, principal of Lodging Capital Partners LLC. "The ones that actually will get done are a fraction of the ones that are announced," he says.
CONDO GLUT?
And rampant building in the downtown condo market has fueled worries about a housing bubble. The gap between rising condo prices and stagnant apartment rents keeps growing, according to a recent study — a potential sign of future trouble (Crain's, Oct. 10).
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Old October 22nd, 2005, 11:00 PM   #356
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More good new on South Loop!

From Chicago Crain's Magazine:
Theater likely coming soon to South Loop
Deal would give edge to Centrum over rival
Kerasotes ShowPlace Theatres LLC is in talks to open a 14-to-18-screen cinema in a large mixed-use development on Roosevelt Road in the South Loop. If Kerasotes reaches a deal with the developer, Centrum Properties Inc. of Chicago, it would mark a victory for Centrum in its competition for retail tenants with a rival project across the street. That development, proposed by Rezmar Corp. of Chicago, ran into trouble amid a scandal involving its chairman, Antoin "Tony" Rezko, and was recently sold to a company headed by an even more controversial figure, Iraqi-born British billionaire Nadhmi Auchi (ChicagoBusiness.com, Sept. 29).
The future of the project now controlled by Mr. Auchi remains uncertain — a boon to Centrum, which is chasing many of the same tenants. Centrum wants to build a 500,000-square-foot shopping center and as many as 372 residential units on the north side of Roosevelt at Wells Street (Crain's, May 25).
RIVERSIDE PARK'S WOES
"At the Rezmar site, there were a lot of hurdles," says Anthony Kerasotes, CEO of Chicago-based Kerasotes ShowPlace Theatres. "It really wasn't a choice."
He confirms that he and Centrum are in talks for a cinema to anchor the development, which will be called the Roosevelt Collection. Centrum is still negotiating with city officials on the project and aims to have "semiformal" approval from the city by yearend, says Centrum partner Sol Barket.
Mr. Auchi's project, however, is in limbo. A partnership headed by Mr. Rezko had sought city tax subsidies for the 62-acre development, called Riverside Park. Yet it became clear that the partnership would not get city financing after city officials earlier this year determined that Mr. Rezko had set up a minority front to obtain a concession for two restaurants at O'Hare International Airport. So, he sold the South Loop project to Mr. Auchi.
Mr. Rezko still has close ties to Riverside Park. He is chairman of a recently formed development firm, Heritage Development Partners LLC, that has been hired to develop the project for a fee, says Michael Rumman, CEO of the company. Mr. Rumman disputes the idea that Riverside Park is losing tenants to Centrum, noting that the project is "doing quite well." He says the project has nine firm letters of intent with retailers and is even in talks with another movie theater operator. Still, the perception that Riverside Park is stalled will benefit Centrum, says Gregory Kirsch, principal at Baum Realty Group Inc. in Chicago. "There are only so many tenants to go around, and if the tenants perceive one development as more likely to happen, they'll flock there."
Centrum's Mr. Barket agrees. Centrum and Rezmar "had always been talking to the same people and, at this point, people are much more serious about getting a deal done with us than they were six months ago," he says.
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Old October 22nd, 2005, 11:24 PM   #357
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I'm simply flabbergasted. That's more than I can absorb in 1 sitting.

That and friggin opening day of the World Series!

So far I have been disappointed with what has been planned in that Roosevelt/Clark Area. Too many midrise buildings. I'm not saying they should build the Fordham Spire, but some highrises need to be built there, yet I've seen very few proposed
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Old October 23rd, 2005, 12:10 AM   #358
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^ I second that. The famous Morton slogan -- "When it rains it pours" applies.

"Centrum wants to build a 500,000-square-foot shopping center and as many as 372 residential units on the north side of Roosevelt at Wells Street (Crain's, May 25)."

Does that mean bona fide mixed used development? Condos on top of theater/shops? Damnit, Crain's, that would have been easy to find out! I assume it does mean integrated mixed use development (as opposed to, say, shopping center adjacent to condo tower).. If so this is REALLY REALLY good news.
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Old October 23rd, 2005, 12:12 AM   #359
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Geoff: About the lobby renovation of Madison Plaza... so they are enclosing the sculpture... is this in any prompted by Hyatt's move out of the building, and the property owner's desire to attract a tenant to fill the .. thousands of vacant square feet?
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Old October 23rd, 2005, 06:21 AM   #360
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I'm sure that's got everything to do with it ChicagoLover. The office market continues to get tougher and tougher for buildings that haven't been built within the last 5 years; so these "older" towers need to do anything they can to lure new tenants.
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