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Old April 20th, 2006, 02:56 PM   #761
NearNorthGuy
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Note from the article below that Fifield Development is getting a lot of opposition from the Fulton River District Association (FRDA) about his plans.

The FRDA wants more parking spots inside Fifield's building. They seem to think that if they squeeze more parking spots inside Fifield's proposed building, then spots on the streets will remain available.

There's just one problem with that reasoning, as I have learned in part from the many of you who have posted on SSC. Specifically, there are next-to-zero spots on the streets in that area as it is. Adding parking spots into the proposed building will not noticeably preserve any spots on the street, but instead would simply increase traffic congestion in the area, an unintended consequence of their demands.

This area has great access to transit. It seems like a good example of a site that should NOT require 1:1 parking ratio.


From the Chicago Journal
3/29/2006 10:00:00 PM Email this article • Print this article
The love affair with the car has a competitor


Cityside
Alan Schachtman, senior vice president of Fifield Developers, got an earful Tuesday night from the audience of the annual Fulton River District Association Meeting, held at the Jefferson Tap, 325 N. Jefferson Street.


Fifield Developers, as you may recall, is planning to build four midrise buildings in a largely vacant area stretching south of Kinzie from Clinton to Halsted. Fifield is also developing the Left Bank Residences, a highrise rental building currently under construction at Canal and Fulton. At the meeting Schactman mentioned that Fifield had convinced the city to allow them to build 350 parking spaces for the 450 unit building, a ratio of .8 parking spaces for every unit.


That prompted several cries from the audience that the Left Bank building, along with the other four buildings planned for the area, would cause massive parking headaches in the area. But Schactman insisted that the demand for a 1:1 ration for parking spaces to condos simply isn’t there, and pointed out that residents do have other options—namely, the plethora of CTA bus lines, train lines and Metra stops in the area.

"This is the city," Schactman said. "There’s a lot of mass transit here."

Bet on a Fulton River District riverwalk, but not a canoe

Also at the Fulton River District Association Meeting Tuesday, Kathy Caisley, central region project manager for the Department of Planning and Development, reported that the city is pushing for a riverwalk in the area. While several condo buildings are planned for near the edge of the Chicago River, Caisley says the city is asking for setbacks with every condo developer that needs a planned development, and is hoping to eventually develop a thorough riverwalk. An audience member alluded to 42nd Ward. Ald. Burton Natarus’s previously expressed desire for a canoe debarking point in the area; Caisley said she would love to see that happen, but said the city would have to cough up the cash to buy the land needed to do so.




The vaulting of the Randolph Street sidewalk


The Chicago Department of Transportation reports that Randolph Street between the Kennedy Expressway and Green Street will be rebuilt starting April 3. The new vaulted sidewalk—a hollow construction usually 6-8 feet in depth and 25 feet in width—is expected to be complete by late June. In the meantime, Randolph Street will remain open to motorists and pedestrians, but parking will not be committed in the immediate vicinity around the construction site, though it will be available across the street.

—Compiled by Haydn Bush
From the Chicago Journal 03/29/06
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Old April 20th, 2006, 04:53 PM   #762
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Quote:
Originally Posted by NearNorthGuy
. . .Schactman . . . pointed out that residents do have other options—namely, the plethora of CTA bus lines, train lines and Metra stops in the area.

"This is the city," Schactman said. "There’s a lot of mass transit here."
Right on! The residents living there are ridiculous in their complaints about the parking spaces. Schactman is absolutely correct in reminding them that there are alternatives namely public transit. The same people must stop thinking like suburbanites and start appreciating the uses of public transit.
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Old April 20th, 2006, 07:26 PM   #763
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Quote:
Originally Posted by Chi_Coruscant
Right on! The residents living there are ridiculous in their complaints about the parking spaces. Schactman is absolutely correct in reminding them that there are alternatives namely public transit. The same people must stop thinking like suburbanites and start appreciating the uses of public transit.
I just don't understand these people! Why move into the city if parking is one of your chief concerns?

Maybe you moved into the city for its vibrancy? Well, more projects=more density=more vibrancy! yay!

Maybe they're worried about visiting friends not having a place to park? Well, people are pretty smart, they'll figure out a way! yay!
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Old April 21st, 2006, 12:27 AM   #764
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http://www.wbbm780.com/pages/27117.php?

Wind Turbine Installed Atop Daley Center
John Cody Reporting


Mayor Richard Daley celebrated Earth Day a little early by announcing a Chicago Conservation Corps and unveiling a Chicago-made wind turbine to be installed 600 feet over the city atop the Daley Center.

WBBM Newsradio 780's John Cody reports Daley noted his environmental record and unveiled plans for a volunteer environmental corps, modeled on the lines of the highly effective Depression-era Civilian Conservation Corps. However, people won't live in camps akin to the CCC -- they'll live at home and volunteer time to help clean up Chicago River banks and vacant lots, plant flowers and trees in lots where possible.

Daley pointed to an innovative new wind turbine developed by a University of Illinois at Chicago professor to turn solar energy into electrical power.

Bill Becker's turbine looks like a giant plastic double helix -- think of the configuration of DNA -- rotating inside a 15-foot tall metal scaffold.

He says his new turbine works at all wind speeds, and in all directions without the need to reorient itself like a propeller turbine. He said it also doesn't kill birds as does a propeller turbine, doesn't throw off potentially lethal ice chunks and doesn't wreck the building below with vibration.

He says the four turbines might provide at most one percent of the Daley Center's electrical needs, but will definitely provide good data and a fair test of how the DNA-style wind turbine performs under constant daily use some 600-plus feet above the city streets stop the Daley Center at Randolph and Dearborn.
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Old April 21st, 2006, 02:24 AM   #765
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110 West Superior is now Opus 110
The email also states 27 floors



http://www.opuschicago.com/

IMO it's a great looking building and I'm happy to see it move forward.
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Old April 22nd, 2006, 07:57 AM   #766
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Any idea when these turbines are slated to be installed?
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Old April 22nd, 2006, 09:13 AM   #767
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27 stories any idea on height......probably about 300-325?
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Old April 22nd, 2006, 08:32 PM   #768
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http://chicagobusiness.com/cgi-bin/news.pl?id=20310

At Sony space, hunt is on for new tenants
After mulling a major revamp of the Mag Mile property that housed the former Sony Gallery, the building's owner is seeking tenants for the four-story Sony space, which has been vacant for about two years. The State of Wisconsin Investment Board opted to lease the Sony space again rather than redevelop the entire property, after negotiating new leases with current tenants Niketown and Cole-Haan, say people familiar with the matter. U.S. Equities Realty, which is representing the investment board, is asking for about $2.5 million a year from tenants for the 22,000-square-foot space at 663 N. Michigan, the people say. A U.S. Equities exec did not return calls. [Alby Gallun]
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Old April 23rd, 2006, 06:20 AM   #769
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This is probably not to notable, but maybe in the future we'll hear something aboutit

http://www.gowealthy.com/realestate/...068/detail.asp

Dubai hotel chain to bolster operations in the US
22-Apr-2006


Dubai-based luxury hotelier Jumeirah, intends to bolster its operations in the US as part of an ambitious global expansion reflected in its recent acquisition of Essex House, the landmark New York hotel overlooking Central Park.

The chain, renowned for its stunning sail-shaped Burj Al Arab hotel in Dubai, aims to compete with the likes of the Four Seasons, Ritz-Carlton and Mandarin Oriental by widening its worldwide portfolio of hotels from nine to 40 within five years.The US hotel industry is thriving owing to an increase in travel and little new supply. Luxury hotels are one of the most profitable sectors and high-end companies like Shangri-La, Mandarin Oriental and Hilton's Conrad brand are expanding into the US.Jumeirah has about 15 hotels currently in contract or under construction set to open by 2008 in locations such as Jordan, Dubai and Doha. The company wants to expand beyond the Middle East to the Americas, Asia and Europe.

In the Americas, the company plans to build hotels in major cities such as Los Angeles, Chicago and Boston, apart from resorts in the Caribbean and Mexico. In Europe it is eyeing cities such as Paris, London, and Rome.Most hoteliers do not want to build new hotels in the US because of escalating construction costs. Instead, they are paying record prices for coveted hotel properties and renovating them. Unlike others in the field, Jumeirah is constructing about 70 per cent of its new US hotels in order to accommodate larger rooms and have greater say over layout and design.

While this strategy to build rather than buy runs contrary to current trend, research shows that hotels are easily selling for $400,000 to $500,000 per room in key US cities. Jumeirah replaced Starwood as manager of the Essex House in January, marking its first venture in the US. Dubai Investment Group, owned by Jumeirah's parent Dubai Holdings, bought the Essex House property for about $400 million last year from Strategic Hotels & Resorts.

--------------
This is the hotel chain that brought Dubai the iconic Burj Al Arab, so they do know good architecture.
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Old April 23rd, 2006, 06:58 AM   #770
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All riiiiiiiight! Building a brand-new hotel is better than buying.....
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Old April 27th, 2006, 12:38 AM   #771
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More retail news

Nokia store on N. Michigan Avenue

----
http://www.techspot.com/news/21423-n...n-chicago.html

Nokia to open flagship store in Chicago
By Derek Sooman
, TechSpot.com
Published: April 26, 2006, 4:05 PM EST

Nokia is set to open a flagship store in Chicago from the middle of this year, and will follow up with a New York store in the "Fifth Avenue region" before the end of the year.

The stores will sell Nokia's full North American product lines, including high-end phones like Nokia's N93, N91, N73, and N80. The N93 camcorder-phone, released today in Berlin, was not initially announced as available for the US. This black "multimedia computer" is huge for a phone, but relatively small for a high-quality camcorder that records 640-by-480, MP4-format video at 30 frames per second; takes 3.2-megapixel stills with 3X optical zoom; plays MP3s, surfs the Web, reads e-mail, and connects to Wi-Fi. It's all about how you think of it. The camcorder/camera/phone/"multimedia computer" will cost approximately $682 when it goes on sale in July, according to a Nokia press release.


This move is a departure from the traditional modes of selling for cell phone manufacturers; the vast majority of phones are sold through carriers' stores at present. The N. Michigan Avenue will take up 3,500 square feet.
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Old April 27th, 2006, 01:22 AM   #772
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^ Good news.
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Old April 27th, 2006, 03:24 AM   #773
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Quote:
Originally Posted by spyguy
http://www.gowealthy.com/realestate/...068/detail.asp

Dubai hotel chain to bolster operations in the US
22-Apr-2006


Dubai-based luxury hotelier Jumeirah, intends to bolster its operations in the US as part of an ambitious global expansion reflected in its recent acquisition of Essex House, the landmark New York hotel overlooking Central Park.

The chain, renowned for its stunning sail-shaped Burj Al Arab hotel in Dubai, aims to compete with the likes of the Four Seasons, Ritz-Carlton and Mandarin Oriental by widening its worldwide portfolio of hotels from nine to 40 within five years.The US hotel industry is thriving owing to an increase in travel and little new supply. Luxury hotels are one of the most profitable sectors and high-end companies like Shangri-La, Mandarin Oriental and Hilton's Conrad brand are expanding into the US.Jumeirah has about 15 hotels currently in contract or under construction set to open by 2008 in locations such as Jordan, Dubai and Doha. The company wants to expand beyond the Middle East to the Americas, Asia and Europe.

In the Americas, the company plans to build hotels in major cities such as Los Angeles, Chicago and Boston, apart from resorts in the Caribbean and Mexico. In Europe it is eyeing cities such as Paris, London, and Rome.Most hoteliers do not want to build new hotels in the US because of escalating construction costs. Instead, they are paying record prices for coveted hotel properties and renovating them. Unlike others in the field, Jumeirah is constructing about 70 per cent of its new US hotels in order to accommodate larger rooms and have greater say over layout and design.

While this strategy to build rather than buy runs contrary to current trend, research shows that hotels are easily selling for $400,000 to $500,000 per room in key US cities. Jumeirah replaced Starwood as manager of the Essex House in January, marking its first venture in the US. Dubai Investment Group, owned by Jumeirah's parent Dubai Holdings, bought the Essex House property for about $400 million last year from Strategic Hotels & Resorts.

--------------
This is the hotel chain that brought Dubai the iconic Burj Al Arab, so they do know good architecture.


a new tower perhaps....maybe one to compliment TTH, WV, and hpefully Calatrava, as well as Mandarin, and Inter-continental
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Old April 27th, 2006, 04:46 PM   #774
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Hmm... I wonder where this will go? 3500 sqft is too big to be the old Sony store, perhaps it's that small shop on the east side of the Ave just south of Erie (it was like some mens shoe store or something before)
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Old April 27th, 2006, 05:23 PM   #775
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I have noticed they are putting something new in next to my building. Something is going in across from Virgin between Bandera and Gap. Not sure what it is.
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Old April 27th, 2006, 09:29 PM   #776
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That would be the space I was referring to
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Old April 29th, 2006, 06:52 PM   #777
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http://www.chicagotribune.com/busine...i-business-hed

View brightens on Mag Mile
Rents for space on shopping strip may surpass 2001 levels

By Thomas A. Corfman

Tribune staff reporter
Published April 29, 2006

After a two-year lull, rents for retail space along the Magnificent Mile seem about to take off.

The vacancy rate for smaller, specialty store space on North Michigan Avenue is virtually unchanged, at 6.8 percent, compared with a year ago, according to the annual survey by Northern Realty Group Ltd. But average annual asking rents rose nearly 50 percent, to $55.72 a square foot.

"The spike in rents is just the beginning," said Bruce Kaplan, president of the Chicago retail real estate firm, who predicts that within two years rents will exceed the 2001 level of $128.42 a square foot, the highest since Northern began the survey in 1991.

"There is real demand for space on the street, and right now almost everything of quality is maxed out," he said.

Rising rents have played a key role in Michigan Avenue's decades-long transformation from a quaint collection of local merchants catering to wealthy denizens of the Gold Coast to a bustling bazaar of national and international retailers hawking their wares to all comers.

"There's a dynamism to the street that's significant, but at the same time it has lost its Chicago character," said Peter Hanig, president of Hanig's Footwear Inc., one of the last local merchants with a Michigan Avenue storefront.

His store at 660 N. Michigan Ave., which opened in 1978, is likely to be displaced by a Ritz-Carlton condominium tower proposed in March for a site that also includes the shuttered Terra Museum of American Art.

Hard to compete

Mirroring broader changes in retailing, many independent merchants have found it difficult to compete with bigger, better-financed rivals who are more able to pay the Michigan Avenue top-dollar rents, which in recent years have topped $350 a square foot for prime storefronts.

If rents are a stiff challenge, there are also rich rewards. For example, Hanig's store has annual sales of $1,500 a square foot, he said. That's nearly three times the 2005 average for retailers on the Magnificent Mile, according to an estimate by the Greater North Michigan Avenue Association.

Hanig said he is considering moving to another location should the Ritz-Carlton project, which also would include 11,000 square feet of retail space, move forward.

Meanwhile, Chicago-based Strategic Hotel Capital Inc. in November disclosed plans for a 71-story hotel/condominium tower that would replace the nondescript north tower of the InterContinental Chicago hotel at 505 N. Michigan Ave. That project also would include about 11,000 square feet of retail space.

When Michigan Avenue's fully leased department stores are included, the vacancy rate was unchanged at 4.3 percent over the last 12 months, Northern said. The survey includes buildings on North Michigan Avenue from Oak Street to the Chicago River. Only retail space with a street entrance or escalator access to the street is included.

Troubled mall

But 56 percent of all of the vacant space on Michigan Avenue is located in a single building, Chicago Place, 700 N. Michigan Ave. The 311,000-square-foot vertical mall has been hurt by long-standing facade problems and the defection of a key upper-floor tenant.

The mall's upper-floor space has been troublesome since the building was developed in 1990. A New York investment group acquired it last year with plans for a turnaround.

Excluding Chicago Place, the overall vacancy is just 2.1 percent, and average asking rents are well over $100 a square foot, Northern says. In 2002 the total vacancy rate was just 1 percent.

Although the street's other vertical malls have been much more successful attracting tenants, the rents of those spaces are substantially lower than the rents for street-level stores. In 2004 average rents on Michigan Avenue fell to $34.83 a square foot, the lowest since 1993.

Demand for retail space, as measured by net absorption, grew at a slower pace for the second straight year. Net absorption, the annual change in the amount of leased and occupied space, is more than 4,700 square feet this year, compared with nearly 5,500 square feet in 2005, the study found.

In one of the more intriguing leases of the last 12 months, Nokia Corp. is reportedly developing a new flagship retail concept to be located in a small, single-tenant building at 545 N. Michigan Ave. The project has not yet been formally announced.

In other deals of note:

- Bank of America leased a 3,500-square-foot storefront at 500 N. Michigan Ave., giving the bank a high-profile location as it expands its Chicago-area branches.

- Linens 'n Things Inc. subleased about a third of its 42,000-square-foot, upper-floor space at 600 N. Michigan Ave. to local furniture retailer Home Element. Linens, which closed the store in 2003, now plans to reopen in the rest of the space.

And for each lease signed, there are other prospective tenants waiting in the wings, Kaplan said. The slight change in the statistical measure of absorption is partly because Michigan Avenue has little room to grow. "The reality is there are tons of people chasing very little space," he said
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Old April 29th, 2006, 08:09 PM   #778
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Quote:
Originally Posted by spyguy
But 56 percent of all of the vacant space on Michigan Avenue is located in a single building, Chicago Place, 700 N. Michigan Ave. The 311,000-square-foot vertical mall has been hurt by long-standing facade problems and the defection of a key upper-floor tenant.

The mall's upper-floor space has been troublesome since the building was developed in 1990. A New York investment group acquired it last year with plans for a turnaround.
Unlike Water Tower Place, Chicago Place seems uninviting place to shop. What they need is an extreme makeover on mall layout.
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Old May 3rd, 2006, 04:07 AM   #779
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I'm posting these here as well, because the Streeterville thread uaually drops back several pages and this thread is more active.

Here is the information that I have on the twin towers for the CBS site in Streeterville.















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Old May 3rd, 2006, 09:07 AM   #780
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Hmm just enough to keep you interested, yet not enough to even to "prejudge" its merits.
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