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Old April 12th, 2007, 03:31 AM   #281
BorisMolotov
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I predict all four phases will be done within the year.
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Old April 21st, 2007, 02:41 PM   #282
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Quote:
Originally Posted by Retrograde View Post


I figured someone would post photos before me, but since walked over there, I'm gonna post mine. This was taken at 11:36 am.

uhm...off topic here but what the hell is that.....is it a street on top of another street..or on top of a parking garage....i m comfused
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Old April 22nd, 2007, 03:14 AM   #283
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Correct, Ferrari. It's actually a three-level street where the lowest level has been vacated and turned over to private owners for parking. There are a few homeless people living down there, etc....

The whole area was built over a railyard for the Illinois Central Railroad. Neither the yard nor the railroad exist anymore.

BTW, I was down there today. There's not much to report, except that both holes are very deep. I was considering poking around down there to see if I could get into the freight tunnels, but I decides against it... (heh)
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Old April 25th, 2007, 07:39 PM   #284
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Purchase of 16 condos gives big lift to Mandarin project

Published April 25, 2007


The $450 million Mandarin Oriental Tower hotel and condominium project overlooking the Chicago River is getting a boost.

Denver-based Exclusive Resorts LLC has agreed to spend about $35 million to buy 16 condominium units that come with complete hotel services.

Exclusive Resort members get treated to the finest accommodations. But not on the cheap.

They pay a one-time deposit of $225,000 to $425,000, plus annual dues of $12,000 to $30,000. For those fees they get to spend 15 to 45 days a year at one of the company's many luxury retreats, said Chief Executive Donn Davis.

Davis, who has also agreed to buy six units across the river in Trump Tower for the company, said that his members have chosen Chicago as one of the top five places they would like to visit.

"Chicago has the easiest, best shopping in the world, a vibrant night life, and in the summer, there's no better spot," he said. "It has the beach, Millennium Park and Wrigley Field."

The Exclusive Resort deal pushes total sales for the Mandarin project, expected to be completed by 2009, to more than half of its units. Since last summer, it has sold 52 of the 103 condominiums with hotel services, priced from $850,000 to $5 million. It has also sold 80 of the 159 regular condominiums, priced from $550,000 to $18 million, said Chris Kenny, chief financial officer of the project's developer, Chicago-based Palladian Development LLC.
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Old April 25th, 2007, 08:45 PM   #285
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^Great news, but I swear I remember reading about this weeks ago...
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Old April 25th, 2007, 11:53 PM   #286
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^The 16 units aren't new, but the sales figures are (which is good news). Now I'm more confident that this project will happen at some height/ floor count.
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Old May 29th, 2007, 05:36 AM   #287
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http://business.timesonline.co.uk/to...cle1851681.ece

From The Times May 29, 2007

Investors asked to check out Chicago hotel

James Rossiter, Property Correspondent

British retail investors are to be offered the chance to buy a stake in a new 74-storey tower in Chicago, The Times has learnt.

The Mandarin Oriental Tower, part-opulent hotel, part-luxury residential block, will cost $600 million (£302 million) to build.

When complete, it will be the ninth-tallest building in a city famed for its skyscrapers.

BridgePoint, the private equity group, and movewithus, the estate agent, will sell off-plan hotel rooms and apartments in the tower, with the hotel investor receiving an income based on the occupancy of the room.

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The cheapest room is on sale for $600,000, with top-of the-range presale units priced at up to $4 million each. Penthouses in the 784ft tower will cost up to $21 million. In all, 252 hotel condominiums and 250 private residences – all of which come with the full benefits of hotel living, such as twice-daily maid services and a luxury spa and gym – are planned.

Similar investment schemes have been launched before, but this is the first to guarantee a minimum resale price of each unit once the building is completed. BridgePoint guarantees a 15.6 per cent return above the open market resale price.

Nor is that the only potential attraction to investors. The block, due to be completed in 2009, is located in the heart of the city, a short walk from the Magnificent Mile, the Chicago River and the financial and business district. It is close to some of the world’s biggest conference centres – a ready source of hotel-room-seeking visitors – and Mandarin Oriental is known worldwide as much for its high occupancy rates, well above 70 per cent, as its luxurious service.

Furthermore, the developer – Palladian Development, whose controlling Kenny family is close to President Bush – is backing the scheme by making unusually confident undertakings.

It must presell at least half the units in the skyscraper for $300 million before it can draw down any of the $400 million of development loans needed to get construction work off the ground.

It will also pick up the tab for ensuring the resale of each unit for early-stage investors who want out at the completion of the block. Should the market go down between investors buying in and first being able to sell on, the developer is obliged to make up the difference to the investors.

Should Palladian go bust before completion, executives at BridgePoint and movewithus said, investors would get all their money back with interest as it would be held in an escrow account, out of reach of any creditors to the constuction company.

“The collar comes from the developer,” Robin King, of movewithus, said. “In the past, developers said: ‘I will sell off-plan and discount.’ Never before have developers taken market risk.” BridgePoint and movewithus insist that even in a “flat market the minimum profit potential is 40 per cent”.

The Mandarin Hotel has already presold $84 million of units.

Fernando Migliassi, senior vice-president at BridgePoint, whose partners have already bought flats in the scheme, said: “This way of forward-selling is a way of compressing time. It creates a buying group, which allows us to comply with the lending structure by getting preconstruction sales. The investors get preferential terms.

“We are investing at BridgePoint at the same time as the investors on the same terms. We are partners. We will get our cut on exit at the same time as investors. We are introducing something new to them.”

How it works

— A condominium hotel operates as a hotel, with rooms owned individually by investors, who can sell the deeds to their investment whenever they choose

— When the unit owner stays at the hotel, they have access to all of the hotel’s amenities. When the owner wants to stay, they ring the hotel and book their own room

— When the owner is not using the room, it can be made available to guests through the hotel

— Each room owner receives a bill, usually monthly, to cover their share of the costs of everything from services, repairs, marketing, insurance and all other costs of running the hotel
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Old May 29th, 2007, 05:44 AM   #288
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So does the hotel furnish the place? I know I wouldn't want other people sleeping in my bed?

And if they do, where's the fun in that? Then you can't really leave any of your own personal stuff lying around. The whole concept seems a little weird and unnecessary to me...
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Old May 29th, 2007, 09:53 AM   #289
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A big attraction of condo-hotels is that the owner gets a cut of the rental fees (which are usually higher than typical hotels because of the furnishings and size of the units). This cut being returned to the owner means that the the units can be bought by people who otherwise could not afford such a luxurious property in a traditional condo tower.

You can also view a condo-hotel unit as an investment, since eventually the total returns will exceed the purchase price. How fast that will happen (and the quality of investment) depends on the cachet and success of the hotel managing the units. Therefore, condo-hotel units can be done as investments by people who will never even live in the units.

It's basically the same concept as resorts where homeowners rent out their houses. The resort will take care of maintenance (pool, landscaping, plumbing, etc.). The owner pays for the maintenance, because he owns the unit, but he also gets a cut of the rental fee since it's his property he's renting.

Last edited by ardecila; May 29th, 2007 at 10:03 AM.
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Old May 29th, 2007, 05:14 PM   #290
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Imagine if the Olympics came to Chicago. With inflated room rates you could stand to make over $1000 a night if you had a nice enough suite. That is rare example, but there will be times when these hotels condos clean up.
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Old May 30th, 2007, 01:22 AM   #291
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Quote:
Originally Posted by BorisMolotov View Post
So does the hotel furnish the place? I know I wouldn't want other people sleeping in my bed?

And if they do, where's the fun in that? Then you can't really leave any of your own personal stuff lying around. The whole concept seems a little weird and unnecessary to me...
The management photographs your suite, then removes everything of yours before the paying guest(s) arrive. When you want to use your suite, management returns everything of yours to its exact place, including family pictures, etc. Each time you return, the room looks exactly as you left it.
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Old May 30th, 2007, 03:48 AM   #292
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Seems like way to much of a hassle... If I ever could afford this, I would never do it...
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Old May 30th, 2007, 11:16 AM   #293
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There's a pretty substantial number of NYC business persons who spend every other weekend flying to and from Chicago for business purposes. In most instances, their company foots the bill for their hotel costs and expenses.

Interestingly enough, I overheard a few frequent fliers talking about the idea of investing in a downtown Chicago condo-hotel property (Chi is supposedly a trend-setting city in this capacity). If they were to invest in their own place to stay for those weekend business trips, they'd be compensated in full from the companies they represent as if they were staying in X hotel for $Y per night. Essentially, the company would be paying the investor (employee) to sleep at their own condo-hotel property during business trips. Ultimately, the employee's company would be paying off a substantial portion of the investor's initial principal investment and it wouldn't even be considered a gray area in terms of ethics and/or conflicts of interests.
On top of that, the employee/investor would stand to benefit from the potential for substantial gains in property value appreciation against a diminishing initial cost basis. I'm no CPA, but I'd imagine the investor would stand to gain from the potential tax write-offs that would go with such an investment as well.

Again, this is all based on a few fragments of conversation I overheard, but I'm sure there's no shortage of resourceful posters that would be more than happy to further clarify and explain the many benefits that an investor could stand to enjoy through the ownership of condo-hotel properties.
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Old June 5th, 2007, 06:30 AM   #294
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http://midwest.construction.com/feat...ve/0706_TS.asp

Mandarin Oriental Hotel

Cost: $750 Million

The Mandarin Oriental Hotel in Chicago's East Loop will achieve lofty height of 62 stories.
Before that loftiness can be erected, the site for the mixed-use residential property has to be prepared.

For instance, a tunnel carrying water from the Chicago River to the Prudential Building is being moved, says Tim Harder, senior vice president of Bovis Lend Lease, the contractor. The water is used to provide cooling, rather than chillers.

In mid-April, the tunnel was being relocated so that it does not conflict with the belled caissons to be laid.

A freight tunnel with a bulkhead is located on a corner of the site, and it will need to be avoided during caisson and sheeting work.

Lower Stetson Avenue will be lowered 4 ft so the proper head clearance for trucks delivering materials can be attained.

"There is quite of bit of finesse work to get around the obstructions," Harder adds.

Above ground, a number of deep beams will be used to provide the wide spans for the ballroom.

Boulevard Towers to the west will have to be accommodated.

Normally, tenants access Boulevard from Lower South Water Street, which will be unavailable during construction, Harder says. As a result, a concrete tunnel from Middle Stetson Avenue will be constructed to provide access.

More than 500 Units

The mixed-use residential building will hold 252 hotel rooms, 103 hotel-residences and 162 condominiums. Overall it will hold 1.4 million sq ft of space.

In addition to the ball room, amenities include the Mandarin's world-renowned spa and fitness center.

The building will feature a number of aesthetic design features. These include the horizontally oriented bustle at the building base; a 70-ft-tall lantern at the top illuminated at night; and an indentation sometimes referred to as the "zipper" along the building's north facade.

The concrete-supported building will be framed in aluminum curtain wall, Harder says.

The project for which constructed started in March is expected to last through 2010.
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Old June 5th, 2007, 07:08 AM   #295
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http://www.hometoys.com/news.php4?se...ew&id=14293119

CHICAGO CONDO BUYERS GET WIRED WITH SMARTER HOMES, TECH TOOLS AND IT CONCIERGE

Friday, June 1, 2007


A dead cell phone and no charger. A personal PC that freezes up. A stereo system that won’t produce sound. These technical inconveniences are enough to make you want to bang your head against a wall. While solving such solutions is inevitably a hassle, such headaches will soon be a thing of the past as developers of select condominiums are incorporating new tech features into their communities that will make buyers’ lives easier. While such offerings may seem like luxury features today, it may not be long before homeowners question how they ever lived without them. Below are just a few of the tech tools on display at area developments.

On-call IT Concierge

Known for its legendary hotel service, Mandarin Oriental knew the residents and hotel guests of its 75-story Mandarin Oriental Tower, Chicago, the hotel operator’s first property in the Midwest, deserved the highest level of dedicated IT service. Thus, it created an on-site IT Concierge. While only a handful of hotels in the world offer an IT Concierge, Mandarin Oriental Tower, Chicago marks the first hotel and condominium residence to have an on-call IT Concierge.

“Technology is an integral part of both business and personal life, yet few people know what to do when something goes wrong,” said Chris Kenny, chief financial officer of Palladian Development, developer of Mandarin Oriental Tower, Chicago.
“Minutes can feel like hours when a computer is locked or you can’t access your email,” continued Kenny. “But at Mandarin, residents and guests won’t have to worry about these inconveniences as immediate help is just a phone call away.”

At Mandarin Oriental Tower, Chicago, the on-site IT Concierge will provide technical support for cell phones, PDAs, PCs and home theatre equipment. The IT Concierge will also be available for consultation regarding new IT products and purchases in addition to supplying temporary IT equipment to accommodate residents when maintenance is needed.

Located at 210 N. Stetson St., one block east of Michigan Avenue and one block north of Millennium Park, the building offers 250 Mandarin Oriental hotel condominiums and 250 residential condominiums. Hotel condominiums range from 552 to 3,600 square feet and offer one to two bedrooms and one to two baths. Residential condominiums range from 762 to 13,000 square feet and feature one to four bedrooms and one to four baths. Depending on the unit, prices range from $577,000 to $12 million. The building recently received a No. 1 ranking in Robb Report’s Best of the Best 2007 issue for best hotel residence.
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Old June 5th, 2007, 08:30 AM   #296
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Quote:
The Mandarin Oriental Hotel in Chicago's East Loop will achieve lofty height of 62 stories.
vs...
Quote:
Known for its legendary hotel service, Mandarin Oriental knew the residents and hotel guests of its 75-story Mandarin Oriental Tower, Chicago, the hotel operator’s first property in the Midwest, deserved the highest level of dedicated IT service.
So, how high will it rise - 62 stories or 75?
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Old June 9th, 2007, 06:09 PM   #297
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June 8, 2007


^ the initial underground work appears to be complete
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Old June 9th, 2007, 07:15 PM   #298
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good news indeed
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Old June 20th, 2007, 02:59 PM   #299
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I drove by here yesterday and it looks like all work has stopped. does anyone know what's going on?
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Old July 6th, 2007, 04:43 PM   #300
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Any activity???
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