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Old June 8th, 2005, 01:36 PM   #1
BVictor1
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CHICAGO | Mandarin Oriental Tower Chicago | 930 ft | 75 fl | Canceled

Height: 930 ft
Floor count: 75
Location: East Lake and North Stetson
Construction end: 2010
Architect: Solomon, Cordwell, Buenz and Associates
Developer: Mandarin Oriental Hotel Group Ltd. (MOHG)


Website






WE WERE SO WRONG ABOUT THIS BEING A PART OF WATERVIEW TOWER, BUT HAY, WHO SAID BEING WRONG WAS ALWAYS BAD!!!!!.....


Mandarin Oriental hotel will check in
Site near Millennium; Ritz-Carlton for sale

By Thomas A. Corfman
Tribune staff reporter
Published June 8, 2005

A venture that includes construction executive Gerard Kenny said Tuesday that it has a deal for a posh Mandarin Oriental hotel on a site near Millennium Park, part of a proposed 90-story tower that also will include luxury condominiums.

Meanwhile, the owner of the Ritz-Carlton at Water Tower Place said it would put up for sale the 435-room property, one of Chicago's best-known, high-end hotels.

The two deals reflect the renewed attention that investors are giving to a property sector that some experts say can offer higher returns than other real estate investments, such as office buildings or apartment complexes.

"Hotels are the place to be right now," said Arthur Buser, managing director of Jones Lang LaSalle Hotels, a unit of the Chicago-based real estate firm with the same name. "Your initial yield ends up to be double digits out of the box, and there is no other real estate you can do that with," he said.

The $550 million Mandarin Oriental project will be located at Lake and Stetson Streets, but it will have an address of 215 N. Michigan Ave. because the site is part of the Illinois Center office complex.

At 887 feet, the skyscraper is expected to be the city's seventh-tallest tower when it is completed in 2008.

Hong Kong-based Mandarin Oriental International Ltd. has been looking for a Chicago property for at least eight years.

The project gives Mandarin an opportunity to "further strengthen our brand," said Edouard Ettedgui, chief executive of Mandarin, which has 21 hotels worldwide--six of them in the U.S.--and plans to open a Boston property in 2007.

A partnership controlled by Kenny acquired the vacant site in 1998, paying what seems now like a bargain price of $4.4 million, according to property records.

But what looked at the time like a quick development deal dragged on, the result of several factors, including the downturn in hotel development after Sept. 11, 2001.

"The opening of Millennium Park made this thing go," said Kenny, a director with Kenny Construction Co., who spends most of his time on real estate development.

Generally low profile, Kenny was thrown into the spotlight in 1992, when his Wheeling-based firm managed the repair project for the Loop flood. His brother James, a former executive with the firm and a Republican fundraiser, was named ambassador to Ireland in 2003 by President Bush.

The partnership is contributing the 44,000-square-foot site to a joint venture that includes Frank Leo, an investor, developer and former New York printing company owner, said Kenny, whose firm will manage the construction.

The 1.2 million-square-foot project will include 300 condos and 250 hotel-condo units. An additional 50 condos, to be called Mandarin Oriental residences, will have the full benefit of the amenities of the hotel. The chain is known for its high level of service.

A marketing firm has not yet been named, and Kenny acknowledges that sales will be key to arranging financing.

"The Mandarin name brings such a special presence to Chicago," he said.

Under the hotel-condo concept, rooms are sold as condominiums to private buyers, who allow the hotel to rent them out when the owners are not using them.

Kenny may hope the Mandarin project fares better than another hotel deal his firm was involved in, the Renaissance Hotel near O'Hare International Airport.

The 362-room hotel was completed during the downturn in hotel business and was hurt by partnership disputes.

The property was sold last year at a substantial discount to its announced $57 million cost.

"There's no comparison whatsoever," Kenny said.

As one of the city's newest luxury hotels moves forward, one of its most prominent hotels is going on the market.

Eastdil Realty Co. has been hired to market the Ritz-Carlton, said Patrick Meara, a senior vice president with Chicago-based JMB Realty Corp., which co-owns the hotel with Toronto-based Four Seasons Hotels Inc.

----------

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Last edited by i_am_hydrogen; July 17th, 2008 at 09:39 PM. Reason: Added project info.
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Old June 8th, 2005, 01:44 PM   #2
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Aaarggh! You just beat me by a second! Finally, the eyesore will be filled by 90-story hotel/condo!!!!

This is a fantabulous new!
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Old June 8th, 2005, 02:09 PM   #3
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Great news....... so many skyscrapers. Is chicago still the most booming city in America(at least in downtown or in skyscrapers)?

Wait... let me get this straight, is this the same as waterview or another sperate building, because the way Bvictor1 worded the words.

Also... is this going to be 7th place before or after the completion of the Trump and waterview?

Last edited by Azn_chi_boi; June 8th, 2005 at 02:14 PM.
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Old June 8th, 2005, 03:52 PM   #4
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Awesome news!
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Old June 8th, 2005, 05:11 PM   #5
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This is great news for the Lakeshore East community. Millennium Park has really spurred some great residential development (Heritage, 340OTP). This project will only heighten the value and prestige of this area.

Azn_chi_boy - this is completely separate from Waterview. I think Waterview is going to have a difficult time getting started. From the time I began talking to them in November, the sales staff declared they were weeks away from signing a major hotel operator. That was months ago and they are still giving the same spiel.

This is a boost (although unneeded) to 340OTP and the Lakeshore East development.

Great news!
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Old June 8th, 2005, 05:13 PM   #6
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I nearly fainted when I read this story on the train this morning. Had anyone heard even a whisper about this project before this announcement?

It's a long way from announcement to construction, of course. And any hiccup in the market will scuttle this plan fast. But it's certainly another indicator of the ever more powerful Millennium Park Effect.

It's notable that the article didn't mention an architect or even a timetable for selecting/announcing an architect. It does discuss selection of a marketing firm, which is kind of putting the cart before the horse: how do you sell a building without a design? Maybe it was just a case of poor reporting in the article (what a shocker that would be!)
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Old June 8th, 2005, 05:35 PM   #7
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Kevin -- I think its the case of poor reporting. The article was centered around the fact that Mandarin Oriental was coming to Chicago, *not* that Chicago might gain a new 90-story building. What gives? Who cares about Mandarin Oriental except for real estate types? Who cares about another 90 story tower? A LOT of people.

I don't get Corfman. I thought it generally takes years of working at smaller-city papers to get the chance to vie for Tribune reporter opening. This sort of quality lapse at a major city daily is unacceptable.
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Old June 8th, 2005, 06:59 PM   #8
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As much as it pains me to say ChicagoLover, I think you've got it backwards. Unfortunately, most people in this city would much rather hear about the Mandarin (a name they know) than a 92-story tower. They probably couldn't tell you whether 900 North Michigan is 20 stories or 200 - but, they all know there's a market downstairs and a Tweeter on the 7th level. Nobody in cities gives a shit about architecture except the select few (I would estimate less than 1%).

Every single day, I meet someone in Chicago whose ignorance regarding is a testimonial to what I'm saying.
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Old June 8th, 2005, 09:06 PM   #9
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This development is great news.

But like all great news, I will celebrate with reserve. I want to see some caisson-drilling before I get too excited
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Old June 8th, 2005, 09:52 PM   #10
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Well, I must say, that when the snipped of information was posted yesterday in the Waterview Tower thread I got curious. So I decided to send an email to the U.S Offices of Mandarin Oriental Hotels. I must say, that if the service and response time to guests is as quick and efficient as to which they replied to my email, the hotel guests will be quite pleased...

Below if the coorispondents between my self and a representative of the hotel group...

THE EMAIL I SENT

To Ms. Lou Hammond, or to whom it may concern,

My name is Butler Adams, and I am an architecture student in Chicago. I
have been following a project in Chicago called Waterview Tower, which
is a 89-story building that will have a proposed condo/hotel on several
floors.

Earlier today I came across this small news clip:

Mandarin Oriental To Manage New Chicago Hotel, Residences
HONG KONG (Dow Jones)--Mandarin Oriental Hotel Group said Tuesday it will manage a new 250-room hotel and 50 residences in Chicago. Mandarin Oriental, 75%-owned by Singapore-listed Jardine Strategic Holdings Ltd. (J37.SG), said the hotel and residences are scheduled to open in early 2008. Mandarin Oriental, Chicago will occupy 15 floors of a new 90-storey tower. The Residences at Mandarin Oriental, Chicago, will be located above the hotel with units ranging from 1,000 to 3,000 square feet.

Mandarin Oriental operates 21 hotels worldwide.

Here is the link (http://sg.biz.yahoo.com/050607/15/3sv4n.html)


I was wondering if there is any way for you to confirm that Mandarin
Oriental will be coming to Chicago? I know that the Mandarin Oriental Hotel Group has been making an attempt to enter the Chicago market for almost a decade.

If it's true that Mandarin Oriental Hotels will be apart of Waterview
Tower in Chicago, can you tell me about the project (hotel operators
perspective), and what you expect to accomplish here in Chicago?

I do hope to hear back from someone on this matter.

Butler V. Adams
Architecture Student

THE RESPONSE

Information below:
MANDARIN ORIENTAL ANNOUNCES NEW LUXURY HOTEL
AND RESIDENCES IN CHICAGO


HONG KONG, June 7, 2005 - Mandarin Oriental Hotel Group has announced that it will manage a new 250-room luxury hotel and 50 branded residences which are planned to open in Chicago in early 2008. The project provides the Group with a unique opportunity to establish its luxury brand in another important American city.
Mandarin Oriental, Chicago will occupy 15 floors of a new 90-storey tower which will be an exclusive mixed-use development in Chicago's growing Millennium Park neighborhood. In addition to the hotel and its luxury residences, the new 1.2 million-square-foot development will feature a further 300 deluxe condominiums as well as upscale retail shops.
The project is ideally located for Chicago's world-class cultural attractions, shopping, dining and entertainment facilities. It is adjacent to Millennium Park, the city's renowned centre for art, music, architecture and landscape design, featuring the most sophisticated outdoor concert venue of its kind in the United States, designed by Frank Gehry. Located at 215 North Michigan Avenue, the hotel is also a short walk from the Magnificent Mile Shopping District and is exceptionally placed for easy access to McCormick Place, the largest convention facility in America. Chicago's vast Pedway system is accessible directly from the development, which allows convenient covered walkways to the city's financial district.
Mandarin Oriental, Chicago will be a showcase of innovative, contemporary design, combining a reflection of the Group's oriental heritage with a strong sense of place. The 200 oversized guestrooms and 50 suites will be among the most spacious accommodations in the city, with views of Lake Michigan to the north and east, Millennium Park to the south, and Chicago's celebrated cityscape to the west. The finest entertainment and technology systems will also be a prominent in-room feature.
An array of dining choices will be offered at the hotel's 80-seat signature restaurant, an all-day dining venue, spa café, stylish bar, lobby lounge and Cake Shop - Chicago's version of the legendary "Mandarin Cake Shop" at the flagship Mandarin Oriental in Hong Kong.
The Spa at Mandarin Oriental, Chicago will create an unprecedented relaxation experience within a vibrant urban setting. The 20,000-square-foot facility will feature 14 treatment rooms, with two VIP couples suites, state-of-the-art heat and water treatments, including a Hamam for men and Rasul for women, as well as a spa café offering tailor-made, healthy cuisine. A dedicated pilates and yoga studio will complement the fully-equipped fitness facility. Reflecting the Group's Asian spa expertise in design and service, this facility will offer among the most comprehensive range of wellness, beauty and massage treatments in the Chicago area, with holistic signature treatments created exclusively by Mandarin Oriental.
The hotel will also offer exceptional amenities to business travelers, including the latest in-room technology as well as a full-service business centre. Ample meeting and function space, with a 10,000-square-foot ballroom, and four additional private meeting rooms equipped with state-of-the-art technology will also be featured.
The Residences at Mandarin Oriental, Chicago will be located above the hotel with units ranging from 1,000 to 3,000 square-feet. As with all Residences at Mandarin Oriental, owners will be treated as permanent guests of the hotel and will enjoy exclusive access to the exceptional services and amenities provided on property.
"We are delighted to be opening a new hotel in the celebrated city of Chicago. This project represents a wonderful opportunity for Mandarin Oriental to further strengthen our brand in significant business and leisure destinations worldwide," said Edouard Ettedgui, Group Chief Executive of Mandarin Oriental. "We look forward to bringing Mandarin Oriental's renowned levels of hospitality to this vibrant new development and its remarkable location. We certainly support Mayor Daley's mission for the area's success."
"We are excited about the addition of Mandarin Oriental to the city of Chicago. The development only serves to further enhance the amenities and visitor attractions in and around Millennium Park," said Mayor Richard M. Daley.
The project is being developed by Illinois Center Development, LLC (ICDG), a private investment partnership formed by the development team of Frank Leo and Gerard Kenny of Chicago, Illinois. Mr. Kenny's firm, Kenny Construction Company, will be leading construction of the overall project. The award-winning firm of Solomon Cordwell Buenz (SCB) will be lead architect coordinating with Patrick Danan of ICDG.
"Our project will play an important role in the continuing renaissance of the area surrounding Millennium Park. The development promises to be a new city icon and we are very pleased to be working with Mandarin Oriental to create a unique luxury experience in Chicago," said Frank Leo, a principal of Illinois Center Development, LLC.
Chicago boasts many tourist attractions, including the finest shopping along Michigan Avenue, fine dining and myriad cultural venues, all within walking distance of the new project. Transportation to and from this important Midwestern U.S. city is among the most accessible in the world; Chicago's O'Hare Airport handles more than 55,000 domestic flights and 7,000 international flights a month - with more passengers than any other international airport.
Mandarin Oriental Hotel Group is the award-winning owner and operator of some of the world's most prestigious hotels and resorts, currently operating 21 luxury hotels with a further six under development in Hong Kong and Tokyo (opening 2005), Prague and Riviera Maya, Mexico (2006), Boston (2007) and Chicago (2008). In total, Mandarin Oriental now operates, or has under development, approximately 8,000 rooms in 14 countries with 12 hotels in Asia, ten in The Americas and five in Europe.
# # #
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Old June 8th, 2005, 09:58 PM   #11
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holy crap!! if this happens its friggin awsom . id love to see some renderings if there are any yet.
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Old June 8th, 2005, 10:04 PM   #12
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Quote:
Originally Posted by BVictor1
The award-winning firm of Solomon Cordwell Buenz (SCB) will be lead architect coordinating with Patrick Danan of ICDG.
SCB is a pretty good choice. We should be grateful that Mandarin did not select bland-itecht name Lowenberg for designing a new hotel tower as a new Chicago icon.
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Old June 9th, 2005, 01:12 AM   #13
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Great news. I just wish it wer at least 113 ft. taller.
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Old June 9th, 2005, 01:13 AM   #14
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Wow is this awesome. It seems like everytime I come on here there is news of a new tower going up. Were going to have a whole new skyline by the end up the decade if Chicago keeps building like they are now or are planning on building.

Who all these big projects really get built. I say make them all over 1,000 ft. Show the rest of the world were the home of the skyscraper really is.
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Old June 9th, 2005, 01:46 AM   #15
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"Meanwhile, the owner of the Ritz-Carlton at Water Tower Place said it would put up for sale the 435-room property, one of Chicago's best-known, high-end hotels."

What's the deal with this??? Does the Ritz plan on moving locations or are they out of the chicago market for good? Perhaps they're building a new tower of their own!!! or moving to Waterview. If it is leaving what does that say about Chicago when a city like Denver has Ritz and we don't. Anyways, I'm assuming the property will go condo.
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Old June 9th, 2005, 06:24 AM   #16
STR
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Quote:
Originally Posted by Latoso
Great news. I just wish it was at least 113 ft. taller.
You're not the only greedy one here. I'm hoping for just 10 more floors, which would not only give us that extra 113 feet but would give us another 100 story tower. :drools:
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Old June 9th, 2005, 02:49 PM   #17
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add a spire like the AT&T building, to make it over 1,000ft.
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Old June 9th, 2005, 05:39 PM   #18
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Quote:
Originally Posted by ThirdCoast312
"Meanwhile, the owner of the Ritz-Carlton at Water Tower Place said it would put up for sale the 435-room property, one of Chicago's best-known, high-end hotels."

What's the deal with this??? Does the Ritz plan on moving locations or are they out of the chicago market for good? Perhaps they're building a new tower of their own!!! or moving to Waterview. If it is leaving what does that say about Chicago when a city like Denver has Ritz and we don't. Anyways, I'm assuming the property will go condo.
The owners of hotels are not always necessarily the operators of hotels. Sometimes hotel companies sell their properties and lease them back while remaining the operator of the site. They can then use the immediate proceeds from the sale to do things they need to do: renovate, buy back stock, whatever. Late last year, Hilton announced they were putting the Palmer House up for sale for this reason. One contingency in any sale would be that Hilton would retain rights to operate the hotel.

I don't think this is what's going on with the Ritz-Carlton. I think this property was already owned by someone other than the hotel and that investor/group is looking to sell to another investor/group. In either case, I don't believe there are any plans to shut down the hotel or move. It's just a matter of the real estate potentially changing hands.
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Old June 9th, 2005, 06:05 PM   #19
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Has anybody seen the rendering on SSP? Strangely, it kinda looks like the Heritage.
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Old June 9th, 2005, 06:17 PM   #20
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I think that's a rendering of an unbuilt project for the area.
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