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Old September 9th, 2005, 08:18 AM   #21
spyguy
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They should allow frustrated workers to grab a bat and start running and screaming towards the building, swinging at full force. Free, effective demolition labor.
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Old September 9th, 2005, 09:52 AM   #22
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I love watching that piece of shit come down.

Clare's gonna be nice....
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Old September 10th, 2005, 02:00 AM   #23
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Labor day 2005








...and I have a question, what`s this on Wabash/Pearson?
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Old September 10th, 2005, 02:50 AM   #24
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Isn't that the new Loyola dorm going up?
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Old September 10th, 2005, 04:14 AM   #25
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^Yeah.

Oh and by the way, that whole Rush/Wabash area in RiverNorth has really matured into quite a canyon.

I have long felt that the city north of the river still lacks the overwhelming canyon effect of the loop, with Michigan, Rush, and many parts of Streeterville as the exception...
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Old September 10th, 2005, 06:08 PM   #26
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Quote:
Originally Posted by ChicagoLover
Isn't that the new Loyola dorm going up?
How it will be looks? It will be a skyscraper? Do you have guys some renderings?
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Old September 10th, 2005, 07:24 PM   #27
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Quote:
Originally Posted by Krzycho
How it will be looks? It will be a skyscraper? Do you have guys some renderings?
Ask and you shall receive.

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Old September 10th, 2005, 09:39 PM   #28
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Thx, very nice building.

Let`s back on-topic, one more shot of CaWT site
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Old November 9th, 2005, 02:09 AM   #29
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November 07, 2005 05:02 PM US Eastern Timezone

Fitch: Nonrated Descriptive Report on The Clare at Water Tower, Illinois

NEW YORK--(BUSINESS WIRE)--Nov. 7, 2005--On Nov. 7, 2005, Fitch Ratings plans to release its nonrated descriptive report on the approximately $229.8 million Illinois Finance Authority revenue bonds, listed below.


-- $74.8 million Illinois Finance Authority fixed-rate revenue bonds, series 2005A;

-- $10.0 million Illinois Finance Authority adjustable tax-exempt extendable-rate adjustable securities (EXTRAS), series 2005B-1 and 2005B-2;

-- $7.5 million Illinois Finance Authority fixed-rate revenue bonds, series 2005C;

-- $130.5 million Illinois Finance Authority tax-exempt variable-rate revenue bonds, series 2005D;

-- $7.0 million Illinois Finance Authority taxable variable-rate revenue bonds, series 2005E.

The series 2005D-E bonds will be backed by separate direct-pay letters of credit from LaSalle Bank, N.A. Fitch expects to rate the bonds at a later date. Fitch's descriptive credit report provides analysis of significant credit factors and includes Fitch's evaluation of the strengths and risks surrounding this credit. No request was made for a rating on this transaction, and Fitch did not review all information or complete all procedures necessary to reach a final credit rating. Generally, Fitch regards unenhanced debt issued with financial characteristics similar to the described facility as being below investment grade. The bonds are expected to be priced the week of Nov. 14 by Ziegler Capital Markets Group.

The Clare at Water Tower (The Clare) will use the proceeds of the series 2005A-E bonds, along with $13.4 million of initial entrance fees and the interest earnings on bond proceeds, to construct a type A continuing care retirement community in downtown Chicago, Illinois. The Clare will consist of 251 independent living apartments, nine catered living apartments, 39 assisted living units (ALUs), 15 memory support ALUs, 32 skilled nursing beds, related common areas, and garage parking for 230 vehicles. Construction is scheduled to commence in December 2005, with initial occupancy of the independent living units (ILUs) scheduled for November 2007.

The primary strengths of The Clare include its unique location, no competition in a market that caters to the highly affluent senior population in Chicago, solid projected debt service coverage and cash buildup at stabilized occupancy, and the experience of the developer and management company, Greystone Communities, Inc. (Greystone). The Clare is located two blocks off North Michigan Avenue in the highly desirable Magnificent Mile/Gold Coast area of Chicago. The area is an upscale retail and residential area that is home to many of Chicago's most exclusive shops and restaurants. In the residential areas immediately to the north and east of the project, home and condominium prices can easily exceed $1 million. The Clare expects to cater to the highly affluent senior population in downtown Chicago that is currently not served in the urban area. Fitch projects the corporation will build a solid liquidity position of $27.3 million in unrestricted cash and investments, which equates to 388 days cash on hand, in the first full stabilized year (fiscal 2011) of operations. Finally, Greystone is one of the leading developers of senior living facilities in the nation. Fitch views Greystone's involvement positively, given its expertise, experience, and record of success in developing large CCRC projects.

Main credit concerns include a relatively low presale level of 65%, the project's high weighted average entrance fee, and the traditional risks associated with start-up projects, such as construction and fill-up delays. The current level of presales is somewhat low, compared with other recent start-up CCRC projects that have come to market at levels above 70%-75%. The Clare's average weighted entrance fee of $782,500 is significantly higher than that for any other CCRC facility in the Chicago metropolitan area. Fitch believes that the marketing of units at The Clare may be more sensitive to a cooling of the real estate market, compared with more moderately priced communities. Additionally, The Clare's projected financial results could be materially affected by a delay in construction and/or fill-up of units.

Fitch believes that while start-up CCRCs do not possess the credit profile to be rated in the investment-grade category, the project's location, the favorable socioeconomic characteristics of the market, a lack of competition, and the experience of the development, finance, and construction team should allow The Clare to succeed.

For a copy of the credit analysis, see the Fitch Ratings web site at 'www.fitchratings.com' or contact Market Services at 800-853-4824.

Fitch's rating definitions and the terms of use of such ratings are available on the agency's public site, 'www.fitchratings.com'. Published ratings, criteria and methodologies are available from this site, at all times. Fitch's code of conduct, confidentiality, conflicts of interest, affiliate firewall, compliance and other relevant policies and procedures are also available from the 'Code of Conduct' section of this site.
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Old November 21st, 2005, 01:48 AM   #30
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Newcastle Limited Negotiates Lease of Loyola University’s Water Tower Site to the Franciscan Sisters


Newcastle Limited represented Loyola University Chicago in the lease of a half-block development site located within its Water Tower Campus to the Franciscan Sisters of Chicago.

(PRWEB) November 20, 2005 -- Newcastle Limited represented Loyola University Chicago in the lease of a half-block development site located within its Water Tower Campus to the Franciscan Sisters of Chicago. Newcastle Limited is a Chicago-based, national real estate advisory and development firm serving tax-exempt institutions, private investors and corporations.

Loyola recently demolished two buildings on the 24,864 square foot site, located at the corner of Pearson and Wabash, in the heart of Chicago’s prestigious Gold Coast neighborhood. The Franciscan Sisters entered into a long-term lease with Loyola and will construct a new high-rise on the property. The new 53-story residential tower will become the first luxury continuing care retirement community (CCRC) in downtown Chicago. The mixed-use building will house 271 independent living apartments, 39 assisted living apartments, 15 memory support suites, 36 skilled nursing suites and associated common and support space.

The new tower will also provide Loyola with 35,000 square feet of state-of-the-art space to meet current and future programming on the first, second and lower levels. This transaction will allow Loyola to achieve significant operational cost savings, retire bond debt attached to the older buildings, receive a steady income stream, and retain long-term ownership and control of the site.

“This complex transaction achieved several important goals for Loyola. Operating costs for aging buildings were eliminated, a long-term source of income for the University was established and the University will enhance its presence at an important location within its Water Tower Campus,” said S.L. van der Zanden, Managing Principal of Newcastle Limited.

Recently, Newcastle represented The Art Institute of Chicago in the sale of its Jewelers Row Properties located at 21-29 South Wabash and its White Tower Building at 847 West Jackson. Newcastle also led efforts to establish the new Devon/Sheridan TIF District on behalf of Loyola University and arranged the sale of the Rubens Baby Factory property to DePaul University.

About Newcastle Limited
Chicago-based Newcastle Limited is a national real estate firm serving tax-exempt institutions, private investors and corporations. The firm’s strategic advisory, development and investment services are designed to reduce project risk and maximize asset value. To learn more about Newcastle Limited, visit the company website at www.newcastlelimited.com.
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Old November 29th, 2005, 09:14 PM   #31
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Clare demo and excavation seems to be nearly complete. It looks like they've finally dug up the remainder of the existing foundation from the old Loyola buildings.



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Old December 26th, 2005, 01:25 AM   #32
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I saw the site last friday. Demolition is complete but still no work has begun on the tower itself. There is no equiptment at the site.
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Old December 26th, 2005, 05:47 PM   #33
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^ lazy bastards....
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Old February 22nd, 2006, 03:04 AM   #34
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I just came from The Clare site. There is an assymbled caisson crane on site, but no drilling has gone on yet. I didn't notice any other materials on site yet like rebar and caisson tubes, but this one will be starting any time now. I will check it out later this week.
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Old February 22nd, 2006, 03:15 AM   #35
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This is good news....nice tower for infill purposes....almost 600 ft no too bad......and that dorm they have down there now.....I wish I could have live DT when I was at Loyola
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Old February 22nd, 2006, 06:14 AM   #36
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^ The Clare is not just decent infill. This is a Ralph Johnson building, no? This building has two different marvelous modern "crowns." This is a true beacon unto itself.
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Old February 22nd, 2006, 07:05 AM   #37
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And it's for old people!
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Old February 22nd, 2006, 08:03 AM   #38
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Old February 23rd, 2006, 01:49 AM   #39
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I just drove past The Clare, and this building is NOW OFFICIALLY UNDER CONSTRUCTION

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Old February 23rd, 2006, 01:52 AM   #40
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Ha- what's going on today?!
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