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Old June 20th, 2005, 01:22 PM   #81
Chi_Coruscant
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Developer draws plans for La Salle office skyscraper
June 20, 2005

BY DAVID ROEDER AND FRAN SPIELMAN Staff Reporters Advertisement
(Chicago Sun-Times)

Hoping to prove there's still life in the La Salle Street leasing market, a suburban developer wants to add at least 1.2 million square feet of offices to the city's financial district.

Itasca-based Hamilton Partners has asked for a zoning change to build an office building of about 50 stories at 29 S. La Salle.

The plan calls for the building to be attached to its neighbor next door, 39 S. La Salle, which would be preserved as a boutique hotel.

The 39 S. La Salle building dates from 1894, and is a late work by the firm owned by architect William Le Baron Jenney, acclaimed as an innovator in skyscraper design because he was among the first to use steel framing.

The building has no designation as a landmark, but the developer would agree to landmark designation as part of the zoning request.

Robert Klauseger, partner at the Hamilton firm, said the building would fit well with a soaring neighbor, and would retain a distinct identity.

Plans by the firm Lucien Lagrange Architects call for the new construction to be built partially into the old building, and rise above it to a height of 870 feet.

The height is closer to many buildings in the 70-story range and would rank the structure eighth in the list of Chicago's giants. Klauseger said he's planning fewer stories to accommodate raised floors for today's standards of high-technology wiring.

The project would be the first building along La Salle in the Loop since those conceived during the late-1980s construction boom downtown.

Although it still symbolizes Chicago as a financial center, La Salle has had to work harder to draw office tenants. Development along Wacker Drive has realigned downtown westward, promising space efficiencies to relocating firms and proximity to train stations that serve the north and west suburbs.

Klauseger said La Salle retains its advantage of a central location.

"It's closer to the city's two other [commuter] train stations," he said. "People tend to forget that.''

He said that if the City Council approves the zoning, he'll market the building to large users. In recent years, law firms and accounting firms with a wanderlust have signed leases to kick off new construction.

Longtime developer Michael Reschke said Hamilton Partners' site figures to have appeal, but it will have to compete for a limited number of anchor tenants.

"La Salle is still the second best address to have after Wacker,'' Reschke said.
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Old June 22nd, 2005, 09:27 AM   #82
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This is crazy! I was sure I'd never see another tower put in the heart of the Loop during my lifetime!
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Old June 22nd, 2005, 01:16 PM   #83
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Two-tower plan gets new push in West Loop

June 22, 2005

BY DAVID ROEDER SUN-TIMES COLUMNIST



Developer Michael Reschke is dusting off plans for two residential towers on the west bank of the Chicago River between Lake and Randolph. He owns the right to build over the commuter rail tracks that run through the property, and he's tried sporadically over the years to build on the site or sell his interest.

Reschke, chairman of Prime Group Inc., said he will start marketing the condos in 90 to 120 days. His plans are in line with what the city approved a few years ago, towers of 53 and 42 stories. He said he's angling to have a hotel occupy part of the south tower, which would be across Randolph from the Boeing Co. headquarters.

In the past, Reschke has had grand plans upset by over-reliance on debt. But for this effort, he'll have some cash. He has a contract to sell his 300 N. La Salle development site to Hines Interests LP, which has tentatively signed Kirkland & Ellis LLP to anchor a new office building there.

Always fond of Italian design, Reschke said he'll call the two buildings Medici Towers after the dynasty that ruled Florence for about 300 years until the 18th century. It produced everything from warlords to popes, but Reschke was thinking of its reputation as patrons of the arts.

STATE STREET SALE: The sale of the 201 N. State building closed Monday for $6.5 million. The buyer, Environmental Community Development Inc. of Lincolnshire, plans to replace the five-story building with a hotel and a new Fritzel's restaurant, an attempt to recreate a Chicago icon formerly at that location. The buyer was represented by George and Melvin Kaplan of Melvin M. Kaplan Realty Inc. The seller was the Joffrey Ballet of Chicago, which plans to build a studio a block away in a new residential tower planned for the northeast corner of State and Wabash.

PARKING PACT: Chicago's D2 Realty Services Inc., one of the most active investors in the South Loop, has acquired a two-level parking garage at 412 S. Dearborn for $4.4 million, according to property records. D2 principal David Crawford acknowledged the property's development potential, but said it'll do just fine as a parking site for the time being and can be enlarged. He noted that the renovated Fisher Building across the street, which now has high-end apartments, and a nearby hotel both need parking.

Meanwhile, Crawford said D2 is buying out a controversial partner's interest in an office condo conversion of the 250 S. Wacker building. The partner is Carnegie Realty Group, discussed in last week's column for the felony records of its two partners. Crawford said he erred in getting involved with Carnegie and doesn't want his own firm's reputation to be harmed.
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Old June 22nd, 2005, 05:10 PM   #84
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Quote:
Originally Posted by BVictor1
The seller was the Joffrey Ballet of Chicago, which plans to build a studio a block away in a new residential tower planned for the northeast corner of State and Wabash.????
I am sure it is meant as the northeast corner of State and Randolph. That is MoMo.
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Old June 22nd, 2005, 07:19 PM   #85
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Trusting this is the proper thread:

Office Condos Planned for The Garland Building

By Kevin Knapp

Monday, June 20, 2005 - The Garland Building, located at 111 N. Wabash Ave. in the Jeweler’s Row District, is planning a conversion to office condominiums. FIC Development Group, headed by President Timothy Farrell, will acquire the 22-story, 259,000-square-foot property from a group of private Chicago investors. The new owners will lead the condominium conversion in a joint venture with the building’s current management and leasing team, L.J. Sheridan & Co., which will spearhead sales beginning in the spring of 2006.
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Old June 22nd, 2005, 08:39 PM   #86
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Awesome news! I've been dying for the western view down the river to be properly terminated for years! Riverbend was a huge step in the right direction, and this will only help further.

The sale of 201 N. State is also great news, that building has long been an eyesore with it's VERY nasty DD, Taco Bell and KFC stores. Yet another "good riddance" from me
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Old June 23rd, 2005, 12:29 AM   #87
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Condos eyed for courthouse

Tribune staff, wire reports
Published June 22, 2005


Amid strong demand by developers for Near South Side sites for condominium projects, Cook County is taking the first step toward selling an antiquated courthouse building at 1340 S. Michigan Ave. Board President John Stroger said Tuesday that he plans to obtain two appraisals for the seven-story structure before asking the Cook County Board to put the property up for sale. The courthouse was built around 1900. A schedule for obtaining the appraisals has not been set. The facility is being replaced by a new Domestic Violence Court, 612 S. Clinton St., expected to open this fall.
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Old June 23rd, 2005, 07:15 AM   #88
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More info about the Marquee on South Michigan:

From Chicago Journal: Note--no parking podium!


6/22/2005 10:00:00 PM Email this article • Print this article
Above and beyond
25-story tower planned for 1454 S. Michigan

By VIRGIL DICKSON, Contributing Writer


Photo courtesy of Sedgwick Properties 1454 S. Michigan

South Loop residents may be getting some new neighbors. The Chicago Plan Commission has approved Sedgwick Properties’ plans to begin construction on a new residential high-rise property at 1454 South Michigan Ave.

The proposed building is 295 feet high with 215 units, while zoning regulations for the area only allow for buildings 155 feet high and no more than 200 units.

On June 16, the Plan Commission was called in to vote on the project because the height of the building and the number of living units exceeded the zoning threshold. The building plan was passed.

According to a report complied by the city’s Planning Department, the high-rise will be will be constructed on a property of about 30,000 square feet. The building will have 25 stories and 8,000 square feet of ground-floor commercial space, as well as a 240-space parking garage. The western portion of the site will have a five-story parking structure, while the building itself will occupy the eastern half of the site.

Calls to Sedgwick Properties were not returned.

It was actually the parking structure, according to Jeff Key, president of the Greater South Loop Association, that caused some tenants in the area to frown.

“We [were critical] of the back side of the parking structure because it would be visible to Wabash, and the design wasn’t friendly on the eyes,” he said.

The Planning Department’s Madeleine Doering said to help improve the aesthetics of the garage, the developers are going use the same pigmented concrete that they did in the residential tower. This, she said, will create a false façade, that will ultimately make the garage and building appear to be one structure.

“We wanted them to hide the parking garage,” she said. “They are also putting up screening and covering it with vines, so people couldn’t see the open ramp,” she said.

As the new building comes in, the current structures located at the site—two vacant three-story commercial buildings—will be torn down. The neighboring Buick Building, which was part of the Motor Row Historic District, will be preserved and adapted for re-use.

The residential floors will be situated atop a two-story base containing a ground-floor residential lobby and commercial business space. The second story of the base will consist of 11,000 square feet of residential space, divided into at least five studio apartments. Floors 3 through 25 will be purely residential, including one-, two- and three-bedroom units ranging from 630 square feet to 2,200 square feet. All residential units in the tower will have private, recessed balconies. The roof, in accordance with the Chicago Landscape Ordinance, will be 25 percent green and include a dog run for the tenants.

According to the proposal, access to the parking garage and loading will be from the public alley, which runs parallel to South Michigan Avenue, connecting 14th Street and 16th Street.

Key brought up that there is a possibility that the Marquee project is unique because of the low-priced units. According to an article in the May 25 Sun Times, pricing for 1-bedroom condos begins in the high-$100,000s. Two-bedroom units start in the mid-$200,000s, and units with 3 bedrooms are priced from the mid-$300,000s. Penthouses begin in the $600,000s.

“Every development needs something to stand out among all that,” Key said. “So you can either have a beautiful design, or unique amenities, or attracting people with a lower price.”

However, Key added that some professionals have wondered whether the prices were too low to put up a quality building. As in similar situations, funding for most of the building’s construction comes directly from the sales of the units.

“In my personal opinion, an aggressively low price shouldn’t be the goal above a quality building, because you want the building to stand a long time,” he said. “I’m just wondering if the developer is just taking a tiny margin, or are cuts being made somewhere else inside the building”?
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Old June 25th, 2005, 10:48 PM   #89
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So, I was heading over Gov'nors Pub with some friends for lunch today when, much to our dismay, we noticed upon arriving that it was closed. The Dunkin' Donuts in the same building was also closed. They all had stickers on the window saying that they were shut down by the Chicago Building Commission. Now, if you'll remember, the lease was not allowed to be renewed on the Taco Bell/KFC sandwiched between the two aforementioned establishments.

Could this be the beginning of the end for this structure? I had my doubts that the condos we've talked about on this board would actually happen - but, it sure looks like things might be moving in that direction?

Anyone care to refresh my memory on the name of the project? (for those who aren't following - this is the building on the northeast corner of State and Lake streets in the Loop).
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Old June 30th, 2005, 06:46 AM   #90
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PRU TRUE: The Prudential Plaza office complex in the East Loop consists of two parts, the dashing, spired building at 180 N. Stetson that came in 1990 and the notably dowdy, tired limestone building of 1955 at 130 E. Randolph. Guess which is doing better in the office leasing derby?

It's the old building, said Chuck Ferndrich, senior vice president for the landlord, Shorenstein Co. LLC. He said it's 98 percent leased to top-credit tenants. His leasing priority is the newer building, which suffered the defection of lead tenant Deloitte & Touche and is now about 70 percent occupied.

Deloitte had 320,000 square feet in the building before decamping for the West Loop.

Ferndrich said about 90,000 square feet of that space has been taken, and the building draws significant leasing activity. So while the world around him talks about converting office space to residential condos, Ferndrich said he's not buying into that frenzy. He said he's confident the office market in the East Loop will improve as a byproduct of downtown's residential growth.

And he observed that the old Prudential Building's view of Millennium Park is unmatched.

JUST ASKING: You admire the snazzy high-rises of Wacker Drive, and then your eye wanders to the humble five-story building at 110 N. Wacker, the old home of Morton Salt and occupied by shopping-mall owner General Growth Properties Trust. It's a prime candidate for a teardown, and since the owners are real estate people, they must be fielding offers, right?

Nope, says John Bucksbaum, General Growth's CEO. "We're staying here. We have no plans to sell,'' he said. "This is a perfect building for us.''

His place looks a lot like the now demolished Sun-Times Building. Both structures went up in 1957.

THAT REMINDS ME: I'm passing along a comment from Lawrence Adelson, chief executive of Heartland Partners LP, which is selling off the real estate of the old Milwaukee Road railroad. Looking back over the downtown development cycles, he said, "It always seemed like there were three deals that never got done when a cycle ended: the Sun-Times building, Block 37 and Union Station. I guess we have to revise that list now.''

Yes, Donald Trump is backing up his boasts with construction cranes at the old Sun-Times site and several tenants have been announced for Block 37. Only the Union Station redevelopment looks as far off as ever. But I would add the old Chicago Post Office to the list of star-crossed projects. Its owner is the federal government, while Union Station belongs to Amtrak, essentially a federal agency. The feds aren't very good at seat-of-the-pants property decisions. Maybe it's time to get the Chicago congressional contingent on the case to move these sites along.

ON THE MARKET: Daniel Hyman, president of Millennium Properties Inc., wants offers by Aug. 18 on a former Marshall Field's warehouse at 601 W. Polk. The 107,000-square-foot building has upgrades to serve as a technology hub. This is no condo conversion deal; about 28 percent of the property is leased to top-credit users.

DOING THE DEALS: Auctioneer Rick Levin secured an offer of $2.4 million for 14 condos plus 25 parking spaces in a project at 949 N. Willard, near the Chicago-Elston area. The buyer is an affiliate of Current Development Corp. Levin handled the deal for First Bank of St. Louis. ... Trammell Crow Co. represented Oxford Bank in its lease of 21,000 square feet for a headquarters at 1111 W. 22nd St., Oak Brook. Oxford will move from Addison to an Equity Office Properties Trust building late this year.
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Old July 2nd, 2005, 03:02 PM   #91
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IBM tower may be renamed
Mesirow Financial seeks deal on rights


By Thomas A. Corfman
Tribune staff reporter
Published July 2, 2005


Mesirow Financial would gain the naming rights to One IBM Plaza as part of a move to the riverfront tower, under a complicated deal being negotiated with landlord Prime Group Realty Trust.

The icon of modernist architecture stands to lose its namesake tenant later this year. A Mesirow-Prime Group deal not only would fill that space but would be a critical factor in keeping the building's largest tenant, law firm Jenner & Block LLP, which is also considering a move, sources familiar with the talks said.

"We're evaluating lots of alternatives, but obviously that one is very interesting to us," said James Tyree, Mesirow's chairman and chief executive.

Donald Resnick, the Jenner partner handling the firm's review of its real estate needs, said, "Mesirow would be a great addition to any building."

Tyree and Resnick declined to comment further on the talks.

Earlier this year Mesirow began considering a move from its headquarters at 350 N. Clark St., possibly to a new building it would develop. But instead, under the proposed deal, Mesirow's real estate unit would earn fees redeveloping the 1.4 million-square-foot building at 330 N. Wabash Ave., which Prime Group would continue to own, sources said.

IBM Corp. has about 280,000 square feet, but is dramatically cutting back its space as part of a move to Hyatt Center, 71 S. Wacker Drive. Although a name change would take time to set in, it could be worth the wait for the growing financial-services firm.

"What a great branding opportunity, and that's what that business is about now," said Alain LeCoque, managing principal with Newmark & Co. Real Estate Inc., who isn't involved in the negotiations.

The talks could still fall apart, particularly over the critical issue of renovation costs for the nearly 35-year-old structure, sources said. Among those expenses would be the removal of the asbestos insulation that coats the iron beams of the building.

Rising renovation costs would push up the rent, making other options more attractive. Yet unlike some other structures of its era, the 52-story tower already is equipped with sprinklers, which can cost $8 a square foot to install, according to the Building Owners and Managers Association of Chicago. But even the most lavish renovation would be cheaper than developing a new building.

If the deal goes through, it would be the first redevelopment of a large office building in several years. In the 1990s, classic structures such as 175 W. Jackson Blvd. and 120 S. LaSalle St. were successfully rehabbed. Landlords of older, existing buildings are under growing pressure to reinvest in their properties to keep them competitive with their newer rivals.

Large floors

Designed by Mies van der Rohe, IBM Plaza offers large floors of about 31,000 square feet that are unobstructed by columns--a key feature offered by the newest skyscrapers.

As a part of a renewal, Jenner would likely reconfigure its offices, taking advantage of recent trends among law firms to have more efficient space plans. The firm has about 340,000 square feet of space under a lease that expires in 2010, according to Prime Group.

Jenner, which is advised by real estate firm Colliers Bennett & Kahnweiler Inc., has been reviewing several options, including moving to a new office tower.

A Mesirow deal would ease concerns that Jenner might have about the future of IBM Plaza, which would be badly hurt by a large, prolonged vacancy. And both Jenner and Mesirow may be weighing the business synergies to be achieved by sharing a location. Already, Prime Group is a Jenner client, with the law firm representing the real estate investment trust on several large matters.

But a Mesirow deal at a renamed IBM Plaza would be a practical recognition that the firm's chances of developing an office building in River North--Tyree's preferred location--have quickly diminished. Last month law firm Kirkland & Ellis LLP disclosed that it had a letter of intent to anchor a huge tower at 300 N. LaSalle St., to be developed by Hines Interests LP. Most office brokers believe the market would not sustain two new towers north of the Chicago River.

The negotiations about redeveloping IBM Plaza grew out of talks over that site between Jeffery Patterson, Prime Group's president and CEO, and Richard Stein, senior managing director of Mesirow Stein Real Estate, sources said. A deal with either Mesirow or Jenner would not have been possible even a few months ago, until Prime Group stabilized its management and resolved uncertainty over its ownership.

Stock sale approved

Last Tuesday Prime Group's common shareholders approved a proposal to sell their stock to New Jersey-based Lightstone Group LLC. The deal came after several years of financial turbulence while the REIT explored strategic alternatives under three different chairmen.

Patterson, who has been CEO less than a year, declined to comment.

As a result of the deal, he was entitled to a nearly $1.5 million change-of-control payment. And last month Lightstone extended his employment contract 30 months, increasing his annual salary 17 percent, to $412,000, not including bonuses.

But the negotiations with Mesirow and Jenner will prove to be a key test for the new Prime Group, essentially doubling the stakes for the REIT: Make both deals, or lose both.

Said LeCoque: "I think IBM Plaza would really go down the tubes if Jenner left."
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Old July 2nd, 2005, 07:56 PM   #92
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Ugh. It will always be IBM as far as I'm concerned.
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Old July 3rd, 2005, 12:00 AM   #93
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^i'm sure you call the other one standard oil
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Old July 3rd, 2005, 04:07 AM   #94
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When can we tear down the old Prudential Building?
It's been an eyesore since it was built. I can't bear to look at it when it shows up on old postcards that chose to feature it. You almost feel like cutting the building out of the picture. Is it just me, or is it time for this one to go. The 50's had nothing to offer this city, not even those mundane 860-880 LSD buildings.
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Old July 3rd, 2005, 04:35 AM   #95
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OMG!!! You really don't wanna start slinging mud at 860-880. From my experience, this is a pretty heavily modern-oriented forum (myself included). At any rate... I think 1 Pru is certainly ugly, but, having served, just a few short decades ago, as Chicago's tallest building, I think it's an important part of the City's history.

And chip - I actually call it Aon I tend to go with whatever name things had when I moved here. It's going to be hard for me to start calling R.R. Donnelley anything but.
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Old July 3rd, 2005, 05:33 AM   #96
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Quote:
Originally Posted by uberalles
The 50's had nothing to offer this city, not even those mundane 860-880 LSD buildings.
That's a fairly blanket statement about 50's architecture. There were some very important structures that went up in the 50's. Inland Steel anybody?
As for 860-880, Keep in mind that when those two towers were completed, there had never been any residential tower like it before. They were groundbreaking.
While I will be the first to admit that the offspring of the movement began by Mies has been less than stellar at times, and occasionally downright terrrible, the 50's was a time of completely new territory architecturally.
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Old July 3rd, 2005, 06:02 AM   #97
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Quote:
Originally Posted by Chi_Coruscant
Developer draws plans for La Salle office skyscraper
June 20, 2005

BY DAVID ROEDER AND FRAN SPIELMAN Staff Reporters Advertisement
(Chicago Sun-Times)

Hoping to prove there's still life in the La Salle Street leasing market, a suburban developer wants to add at least 1.2 million square feet of offices to the city's financial district.

Itasca-based Hamilton Partners has asked for a zoning change to build an office building of about 50 stories at 29 S. La Salle.

The plan calls for the building to be attached to its neighbor next door, 39 S. La Salle, which would be preserved as a boutique hotel.

The 39 S. La Salle building dates from 1894, and is a late work by the firm owned by architect William Le Baron Jenney, acclaimed as an innovator in skyscraper design because he was among the first to use steel framing.

The building has no designation as a landmark, but the developer would agree to landmark designation as part of the zoning request.

Robert Klauseger, partner at the Hamilton firm, said the building would fit well with a soaring neighbor, and would retain a distinct identity.

Plans by the firm Lucien Lagrange Architects call for the new construction to be built partially into the old building, and rise above it to a height of 870 feet.

The height is closer to many buildings in the 70-story range and would rank the structure eighth in the list of Chicago's giants. Klauseger said he's planning fewer stories to accommodate raised floors for today's standards of high-technology wiring.

The project would be the first building along La Salle in the Loop since those conceived during the late-1980s construction boom downtown.

Although it still symbolizes Chicago as a financial center, La Salle has had to work harder to draw office tenants. Development along Wacker Drive has realigned downtown westward, promising space efficiencies to relocating firms and proximity to train stations that serve the north and west suburbs.

Klauseger said La Salle retains its advantage of a central location.

"It's closer to the city's two other [commuter] train stations," he said. "People tend to forget that.''

He said that if the City Council approves the zoning, he'll market the building to large users. In recent years, law firms and accounting firms with a wanderlust have signed leases to kick off new construction.

Longtime developer Michael Reschke said Hamilton Partners' site figures to have appeal, but it will have to compete for a limited number of anchor tenants.

"La Salle is still the second best address to have after Wacker,'' Reschke said.

I went to city hall, and got copies of the planned developments for most of the projects listed in the above articles. Below are the diagrams of the proposed buildings that are included within the application for change of zoning.

23-39 South LaSalle






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Old July 3rd, 2005, 06:12 AM   #98
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Quote:
Originally Posted by geoff_diamond
OMG!!! You really don't wanna start slinging mud at 860-880. From my experience, this is a pretty heavily modern-oriented forum (myself included).
Just wait 'til Steely Dan sees this.
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Old July 3rd, 2005, 06:24 AM   #99
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Lopping off proposed for Post Office
Structure's center would lose 6 stories

By Thomas A. Corfman
Tribune staff reporter
Published July 1, 2005


After working for nearly seven years on a deal to redevelop the Old Main Post Office, real estate investment firm Walton Street Capital LLC is proposing to carve out the middle section of the historic structure as the only economical way to preserve it.

The portion of the massive building that spans the Eisenhower Expressway would be reduced to four stories from 10, transforming the fortress-like block into an elongated "U" shape.

The reduction would create two, 230-foot tall buildings that overlook the middle section's rooftop garden terrace.

Built between 1921 and 1934, the Art Deco building is on the National Register of Historic Places, and federal regulatory approval of the proposed changes is nearly complete, said Rafael Dawson, a vice president with Walton Street.

The Chicago real estate investment firm signed a contract to acquire the vacant, 2.4 million-square-foot structure from the U.S. Postal Service in 1998. Since then, the contract has been repeatedly extended while Walton Street pitched various redevelopment proposals to prospective retailers, office tenants and hoteliers.

Now, the company contends radical surgery is the only way to save the prominent property.

"After literally working out many, many alternatives, we've come to the conclusion that the existing configuration is simply unworkable from a physical and economic standpoint," Dawson said.

Walton Street submitted its plans to the City of Chicago as part of a request for a tax increment financing grant that sources said would be in the range of $50 million to $60 million.

A Planning Department spokeswoman said, "We are working with the developer of the post office, and we are all on the same page, but we are working out the details right now."

She declined comment on any TIF subsidy, and said she was unaware of the plan to alter the structure. But the proposal is sure to draw the scrutiny of historic preservationists.

Chicago architect John Vinci, known for his work on landmark buildings, said he would prefer that the post office stay untouched, but recognized that practical economics may require significant changes.

"Nobody knows what to do with the whole big mass," he said.

The Old Main Post Office is actually three buildings, designed by Graham Anderson Probst & White, the same firm that designed such massive local landmarks as the Merchandise Mart and the Civic Opera House.

Walton Street's current plans include completely renovating the 11-story north tower into a 500,000-square-foot office building, Dawson said. The south tower, which is the same height but 14 stories, would be converted into residences. The thinned-out middle would have parking and a 250-room hotel along the east side, facing the Chicago River.

Dawson declined to comment on the TIF negotiations or current project cost estimates. A 2000 report estimated that interior demolition, roof repairs and facade restoration would cost about $71 million.

Walton Street's principals include financier Neil Bluhm, who is also president of JMB Realty Corp., which was a key member of the development venture for Block 37 that the Daley administration replaced after expressing sharp dissatisfaction with JMB's plans.

But that hasn't soured the current talks, sources say.

"Everybody is moving together," Dawson added.
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Old July 4th, 2005, 03:18 AM   #100
Chi_Coruscant
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Quote:
Originally Posted by wickedestcity
Walton Street's principals include financier Neil Bluhm, who is also president of JMB Realty Corp., which was a key member of the development venture for Block 37 that the Daley administration replaced after expressing sharp dissatisfaction
If he is unsuccessful at Block 37, then he will be unsuccessful at Post Office redevelopment. All he will do is pocket TIF money and then later declare the pullout from a massive project in few years.
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