Elysian - 686'/60 fl (Com)

[Packerguy]

Height: 686 ft
Floor count: 60
Location: East Walton and North State
Construction end: 2009
Architect: Lucien Lagrange Architects
Developer: Elysian Worldwide Chicago, LLC

Website



I was wondering if anybody knows when construction is supposed to start on Elysian Hotel & Tower? I think it is going to be a pretty building once it getw built. I really like the design on it.

[geoff_diamond]

I haven't heard a word about it in a loooooong time. The last time I saw anything in print was in some real-estate freebie paper back in... perhaps September?

[BVictor1]

I actually called the sales center earlier today. The construction date has been pushed back a bit They are hoping for a late spring to early summer groundbreaking. The reason why things have been pushed back is because originally they were only going to sell a portion of the hotel suites, but because sales were pretty good, they decided to market all of them.

Out of about 183 hotel suites---about 83 have been sold
Out of about 53 condominiums--about 30 have been sold

And while I was typing this message, the lady at the sales center just called me and she told me that the height of the building will be 707'

[geoff_diamond]

Woohoo!!! Refresh my memory Butler... this one's going at Walton and Rush, right?

[BVictor1]

Originally Posted by geoff_diamond

Woohoo!!! Refresh my memory Butler... this one's going at Walton and Rush, right?

Ya got it...

[Chi_Coruscant]

June 13, 2005
(www.chicagobusiness.com)

Elysian Hotel developer lands financing for site
Gold Coast $245M condo/hotel project expected to begin next month

By Alby Gallun
The developer of the 60-story Elysian Hotel and Private Residences in the Gold Coast has landed financing to buy the development site and kick off the $245-million condominium-hotel project next month.
Arcapita Inc., a private-equity firm based in Atlanta, has agreed to invest about $60 million in equity in the luxury high-rise at 11 E Walton St., which will have 183 hotel suites and 53 condominiums, said David C. Pisor, president and CEO of the Elysian Worldwide LLC, the project’s developer.

Chicago-based LaSalle Bank Corp. has agreed to be the lead lender on the project, providing half of a $185 million construction loan, Mr. Pisor said. Yet the loan hasn’t closed, and the developer must still find another lender to take over the other half of the loan, he said.
The equity financing, however, has allowed Elysian Worldwide to close on its $37 million purchase of the development site. The developer plans to begin demolition of existing buildings on the property in July and aims to complete construction in 2007.

The developer is trying a concept in hotel development that is new to Chicago: Selling off individual hotel suites to investors, who allow the hotel operator to rent out the units when they are away. Condo-hotels tend to be easier to finance than traditional hotels because developers can pass much of their risk onto condo owners.

Other condo-hotels in Chicago include Donald Trump’s 92-story skyscraper on the former riverside site of the Chicago Sun-Times.

Buyers have signed contracts for about 50% of the 183 hotel suites at the Elysian and 65% of its 53 private residences, which won’t be rented out. The hotel suites start at $460,000 and the private condos cost $2 million and up.

Chicago-based real estate development firm Golub & Co. will be construction manager on the project, which is designed in the Beaux-Arts style by prominent local architect Lucien Lagrange.

[geoff_diamond]

Just a refresher for anyone who's forgotten:



I really hope this tower gets built - I'm into it for some reason (probably because it's so damn tall).

[BVictor1]

THE TICKER
ELYSIAN HOTEL: Bahrain bank unit to invest in project

By Tribune staff
Published June 14, 2005

The investment arm of a Bahrain bank has agreed to become a partner in the Elysian Hotel and Private Residences, investing roughly $60 million in the condominium and hotel-condo project proposed for the Gold Coast, sources said.

Arcapita Inc. is a subsidiary of the former First Islamic Investment Bank, which changed its name this year to Arcapita Bank. The subsidiary has a majority stake in Minneapolis-based Caribou Coffee Co., perhaps its best-known investment. But last year, Arcapita acquired fast-food franchiser Church's Chicken and discount apparel retailer Loehmann's Holdings Inc.

With Arcapita's investment, construction is likely to start this year on the 60-story Elysian, with an address of 11 E. Walton St., which will include about 53 residential condos and about 183 hotel-condo units, sources said.

[richardsonhomebuyers]

They just had a big one page sales ad in the tribune maybe a week or two ago. This place looks pretty cool.

Kind of reminds me of the Park Hyatt.

[BVictor1]

Originally Posted by richardsonhomebuyers

They just had a big one page sales ad in the tribune maybe a week or two ago. This place looks pretty cool.

Kind of reminds me of the Park Hyatt.

The same architecture firm designed both of the buildings.

[Chi_Coruscant]

Originally Posted by richardsonhomebuyers

Kind of reminds me of the Park Hyatt.

That's because Lucien re-use the Park Hyatt design into Elysian. Notice the roofs on both towers. Very closely similar.

[ChicagoLover]

Well its faux this and faux that, but if they do quality work, it could look decent. That's thae case with 840 North LSD, another Lagrange building.

[Chicago Shawn]

Went by the site today, and it looks like this tower should be ready to rock and roll within the month, pending whenever 7-11 moves out....





And another surface lot shall bite the dust


Losing this little cottage will be a shame, I belive it dates back to 1872 (year after the fire) and is the last of its kind in downtown. Its for a good cause, but I don't know why it couldn't just be moved, say down the street to Washington Park and preserved.


Insert 60 story building here!





And here is what is occuping the site for phase 2, which has had a transfer of ownership to the development partner who split from the Elysian tower project.

[richardsonhomebuyers]

I use to go to that 711 all the time when I was little and went to school across the street.. =( I'd rather see the building though.

[geoff_diamond]

Good riddance!!! I've always hated that stretch! So, this is the first time I've heard any mention of "phase 2." What, exactly, does that entail?

[Chicago Shawn]

^Originally, phase 2 was to include a roughly 35 story tower of 350'. But now, one of the former development partners in the Elysian (Prime Group, I believe) split from the project, but instead of pulling out thier investment cash in the Elysian project they were granted the land for the Phase 2 site instead.

[BVictor1]

Vol XXVIII NO. 108 Wednesday 6 July 2005

Arcapita in $247m tower deal

MANAMA: Bahrain-based Arcapita Bank (Arcapita) and its co-investors formed a joint venture with Elysian Development Group (Elysian) to construct a 60-storey high-rise tower in the heart of Chicago's Gold Coast neighbourhood. The project, announced yesterday, will comprise 53 residential condominiums, 183 hotel suites, 14,000 square feet of retail space, a health club and spa, an upscale restaurant and a 110-space subterranean parking garage. The total value of the project is estimated at $247 million. A senior financing facility has been arranged by the joint venture for approximately $183.7m, or 75 per cent of the total construction budget, with LaSalle Bank as lead agent.

Arcapita and its co-investors own 95pc of the joint venture, with Elysian holding the remaining 5pc.

Arcapita chief executive officer Atif Abdulmalik said the company is pleased to link up with Elysian - a Chicago-based developer with experience in mixed-use developments.

Investment placement executive director Mohamed Nooruddin said the luxury condominium market in the US, and Chicago in particular, is strong.

Arcapita real estate investment head Asim Zafar said the project's residential condominiums and hotel suites are already 64 per cent and 50pc pre-sold respectively. Construction is not anticipated to begin until November 2005.

[Chi_Coruscant]

November 2005??? Why late?

[The Urban Politician]

Bahrain Daily News?

Holy shit, Butler, you just upped the ante!

[chicagogeorge]

I'm glad to see that so many foreign investors view Chicago as a strong real estate market, ripe for investing.