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Old March 23rd, 2007, 10:34 PM   #961
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Originally Posted by dvidler View Post
March 23, 2007
By Thomas A. Corfman

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Developer gets short-term Allstate loan for 29 & 39 S. LaSalle
Allstate Corp. has issued a $26-million, short-term loan on 29 and 39 S. LaSalle St., where developer Hamilton Partners has proposed building a hotel/office skyscraper.

The proposed 51-story tower would accommodate landmark protection given to 39 S. LaSalle St., which was designed by William LeBaron Jenney, a pioneer of skyscraper design, and built in stages between 1893 and 1903.

The three-year, floating-rate loan doesn’t have “significant prepayment restrictions,” which gives the developer flexibility if the project moves forward, says M. W. “Sam'' Davis, senior managing director of real estate for the Northbrook-based insurer.

Such short-term loans, geared to “transition properties,” are a growing part of Allstate’s commercial real estate lending business, accounting for about 25% of the $2.2 billion in loans Allstate issued last year.

“We are able to put our real estate analytical skills to work and be paid a little bit extra (in interest) for those loans by taking some risk on these deals that have leasing or redevelopment plans.”

While Hamilton waits for the site to be caught up in the development boom, most of the existing tenants in the two buildings have lease that expire over the next couple years. Combined, 29 & 39 S. LaSalle had a 24% vacancy rate in December.

In the most noteworthy lease, Starbucks Corp. last year signed a 10-year lease for a 2,380-square foot storefront at a gross rent of $100 per square foot. Whether Hamilton has cancellation option on the lease could not be determined. Robert Klauseger of Hamilton could not be reached for comment.

The loan is less than 75% of the value of the site, according to the mortgage, which would mean the financing values the property at about $35 million, a 45% increase in value since 2004.

In July of that year, a venture led by Hamilton paid $24.1 for the properties in 2004, buying them from a partnership that included the Pritzker family, property records show.

A portion of the 29-39 S. LaSalle is owned by the University of Chicago, which leases the land to Hamilton under an agreement that expires in 2103.

Under the landmark ordinance, Hamilton would build the on the site of 29 S. LaSalle, a vintage tower that would be demolished. The new tower would cut into 39 S. LaSalle, but preserve the exterior and portions of the lobby.
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Old March 24th, 2007, 02:15 AM   #962
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What's going on with the La Quinta being built on Franklin? I haven't been to that area of the Loop in several months.

Are they still demolishing the old building?
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Old March 24th, 2007, 05:00 AM   #963
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Any news about the surface parking lot across from NBC Tower? For a while a couple of years ago I kept hearing that it would be developed, but then everything went silent. Does it have the same environmental remediation problems as other properties in that area?
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Old March 24th, 2007, 07:16 AM   #964
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Any news about the surface parking lot across from NBC Tower? For a while a couple of years ago I kept hearing that it would be developed, but then everything went silent. Does it have the same environmental remediation problems as other properties in that area?
Yeah, the soil is radioactive there due to a long slow leak of thorium from the Lindsay Light Company.

There have been no recent proposals for the lots north or south of NBC, but the lot on the east side of Fairbanks has been bought by Michael Reschke and Chris Carley, who plan to erect a roughly 60-70 story building there. I'm not even sure they've selected their architect yet, so we certainly don't have any detailed information or renderings.

To be honest, I hope those lots are developed AFTER Chicago Spire is under construction or finished. The way things are right now, that seems likely anyway. They provide an opportunity to build other nearby supertalls to balance out CS in the skyline.
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Old March 24th, 2007, 07:36 AM   #965
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^I remember reading that Helmut Jahn was slated to design the building on the parcel purchased by Carley. I'm not 100 percent sure, though.
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Old March 27th, 2007, 07:43 PM   #966
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Quote:
Originally Posted by i_am_hydrogen View Post
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Developer gets short-term Allstate loan for 29 & 39 S. LaSalle
Ugh, this project bothers me so much. There's nothing redeeming about it at all. It's not that tall anymore, REALLY ugly for today's office buildings, and partially destroys some fine and historic buildings.

I hope this project fails. IIRC, the floorplates were pretty small, so that shouldn't be too attractive for tenants. Also, Buck's new tower will hopefully fill any new demand, and if that doesn't, Hines is planning a nice new project along the river.
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Old April 14th, 2007, 07:33 PM   #967
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From SSP:

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I was walking through River Plaza when I saw a rendering and info. on a proposed 17 storey approximately 220 foot building at 403 N. Wabash immediately adjacent to Trump Tower on the north. It would be built over the existing garage entrance and garden area for River Plaza where the pedestrian stairs go through and it would share River Plaza's driveway. Anyway here are some pics of the notice that I took today.











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Old April 14th, 2007, 08:51 PM   #968
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^hmmm. Decent. Is this the first we have ever heard of this?, I thought I remember somebody mentioning this a long time ago, maybe not?
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Old April 14th, 2007, 10:13 PM   #969
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http://chicagobusiness.com/cgi-bin/m...searchType=all

Hotel firm checks in on Michigan Avenue
Planning 50-story tower across from Hard Rock


By Alby Gallun and Thomas A. Corfman

A Florida real estate developer is drawing up plans for a 50-plus-story luxury condominium and hotel project on Michigan Avenue just south of the Chicago River, adding competition to a crowded high-end hotel market.

Peebles Corp., one of the country's biggest black-owned development firms, has signed a contract to pay about $32 million for 300 N. Michigan Ave., according to people familiar with the deal. It's currently the site of two buildings that house a Walgreens drugstore, Subway restaurant and Radio Shack store.

The company's chairman and CEO, R. Donahue Peebles, plans to raze the structures and build a 400,000-square-foot tower that would include a 200-room five-star hotel, about 35 condo-hotel suites, as many as 45 condos, retail space and restaurants. The condos would be among the city's priciest, ranging from $800 to $1,200 a square foot. The most expensive unit would top out at $10 million.

Designed by Arquitectonica, a Miami architecture firm, the building would cost about $215 million, Mr. Peebles says. "We want it to be a signature project," he says. "It's a very prominent corner and Michigan Avenue is one of the great streets of the world."

Mr. Peebles says he's courting international hotel brands for the project, but declines to name them. One that has expressed interest is Regent Hotels & Resorts Inc., a unit of Minneapolis-based Carlson Hotels Worldwide Inc. that has six hotels around the world and eight more in the works, says a person familiar with the project. A Regent spokesman declines to comment.

Peebles has agreed to buy the property from a group that includes local developers Charlie and Harry Huzenis and Michael Lerner.

Mr. Peebles, 47, has projects in Miami Beach, Detroit, Las Vegas and San Francisco. He started scouting sites in downtown Chicago about a year-and-a-half ago.

Mr. Peebles isn't the only hotel developer in the neighborhood aiming at the high end of the market. Five other luxury projects are in the works within five blocks of the Peebles site, including Donald Trump's 286-room tower along the Chicago River. And investor Sam Roti says he plans to convert the long-vacant Chicago Motor Club building just west of the Peebles site into a boutique hotel.

Mr. Peebles "is not the sort of guy I would bet against," says Laurence Geller, CEO of Strategic Hotels & Resorts Inc., a Chicago real estate investment trust that owns the Fairmont Chicago and the InterContinental Chicago. But "you've got an awful lot of luxury hotels in a small space in a city that's not renowned for high room rates."

Mr. Peebles is unconcerned, noting that the projects in the works are relatively small considering the size of the downtown hotel market. "That market can handle the new hotel inventory that's coming on line," he says.

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Old April 15th, 2007, 02:18 AM   #970
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This isn't the Arquitectonica project in LSE is it? If not, that's two Arquictectonica projects in like two blocks. Maybe they could contextualize off of each other.
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Old April 15th, 2007, 04:06 AM   #971
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Preservation Chicago has been working for the past five years to gain reconstruction of the pyramidal tower. The effort started with a Featured Letter with a beautiful close-up photograph of the tower in the Sun-Times. There were subsequent articles in the Tribune and Sun-Times.

As proposed by Preservation Chicago, such reconstruction would not need to include the delicate statue of "Progress" that was atop the original peak. Also, there could be some compromises made about the classical-styled tempietto that is in between the pyramidal roof and the statue.

There was no demand that the original materials be used. It was during this time five years ago that the remarkable detail made possible by carbon fiber-reinforced concrete were becoming better known. It was also at the time that preparations were underway to restore the crown to the top of Mather Tower. That restoration went off without a hitch.

However, Preservation Chicago was absolutely stonewalled for several years by Bassam Haj Yousef and his partner at Global Real Estate Investment. They were so far in over their heads with that project already (remember Tom Hanks in "The Money Pit?") that they wouldn't think of spending an extra dime on the tower.

Preservation Chicago was also disappointed that DPD would share not one dime of Central Area TIF funds to help tower reconstruction. These funds were pouring into Millenium Park, so it seemed only logical that some of these funds should be used to enhance the historic streetwall directly across from Millenium Park. Preservation Chicago felt, then and now, that the City dropped the ball on this one.

Preservation Chicago is not giving up, however. Unlike prevention of a demolition, there will always be a platform for this tower to be reconstructed. Never say never!
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Old April 15th, 2007, 05:36 AM   #972
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..

Last edited by Loopy; May 18th, 2010 at 04:38 AM.
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Old April 15th, 2007, 05:41 AM   #973
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Quote:
Originally Posted by BorisMolotov View Post
This isn't the Arquitectonica project in LSE is it? If not, that's two Arquictectonica projects in like two blocks. Maybe they could contextualize off of each other.
No. The one for LSE will be much taller.
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Old April 15th, 2007, 08:19 PM   #974
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Were they not the architect for the Art Museum Expansion as well?
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Old April 15th, 2007, 08:21 PM   #975
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This is very exciting news! Arquitectonica is a VERY talented firm and I have absolute faith in whatever they'll come up with for this site. I'm keeping my fingers crossed for this one.
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Straight from Michigan and Monroe in downtown Chicago!
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Old April 16th, 2007, 04:38 AM   #976
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Originally Posted by PrintersRowBoiler View Post
Were they not the architect for the Art Museum Expansion as well?
Are you referring to the Art Institute expansion currently under construction? The Architect for that is Renzo Piano: http://rpbw.r.ui-pro.com/
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Old April 16th, 2007, 06:20 AM   #977
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From the article above:

And investor Sam Roti says he plans to convert the long-vacant Chicago Motor Club building just west of the Peebles site into a boutique hotel.


This one sentence is probably the thing I'm most excited about, if true. The last time we heard something about this site he wanted to destroy the building along with the church.



Wacker Tower is such a beautiful building, it would be great to bring it back to life. Maybe the hotel can work on an automobile/map theme relating to the huge lobby mural.
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Old May 2nd, 2007, 01:00 AM   #978
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The next Friends of Downtown Brown Bag presentation
Thursday, May 3rd at 12.15
Chicago Cultural Center
Millennium Room, 5th floor east

Palmer House Renovation

This historic Chicago property has already begun a major renovation. Ken Price, Director of Public Relations of Hilton Hotels, will offer a history of the Palmer House; Mary Ann Cronin, Director of Development of Thor Equities, will discuss the challenges of converting a landmark building into a 21st century economically viable property, and Jim Pritchett of Loebl Schlossman & Hackl will review the upcoming design plans for the project.
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Old May 2nd, 2007, 05:35 PM   #979
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^
I pray part of the renovation is to get rid of those eyesore fire escapes. Is there any law that they must stay? They are hideously ugly.
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Old May 2nd, 2007, 06:00 PM   #980
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The street level of the Palmer House really needs a great deal of work if they want to return to world class status. The fire escapes lend some character to the building in my opinion.

I doubt they'll come down. I thought the rennovation as largely focused on the retail spaces.

*Edit* Turns out I was wrong! Not sure if this has been posted here before:

Article taken from Hotel Online:
http://www.hotel-online.com/News/PR2...lmerHouse.html

A spokeswoman for the city's Department of Planning and Development, however, maintained that it is more important to provide a sound financial footing for the landmark hotel, which has been showing its age in recent years.

"It was done with the effort to preserve a grand structure," said the spokeswoman, Constance Buscemi. The new owner, she added, is committed to "preserve or rehabilitate parts of the building that are most historically significant."

Among those elements, the owner said, are the removal of the fire escapes on the State Street facade as well as the grill-like screens that try to hide them. The owners plan to redesign the Monroe Street entrance, using the hand-forged, bronze doors with a peacock motif that marked the C.D. Peacock jewelry store at the hotel.

Last edited by bobablob; May 2nd, 2007 at 06:06 PM.
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