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Old July 27th, 2006, 09:21 PM   #21
The Urban Politician
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^ You don't want this to get built? I LOVE this development
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Old July 27th, 2006, 09:51 PM   #22
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Quote:
Originally Posted by The Urban Politician
^ You don't want this to get built? I LOVE this development
I just like the look of the exisitng buildings. Especially since the bottom retail are active with people.

Would hate to see them demolished and nothing happen (ie B37)
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Old July 27th, 2006, 10:03 PM   #23
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I do like the design and proportions.
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Old July 28th, 2006, 03:16 AM   #24
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Yes, I like the design of this a lot better than some other things, namely half of LSE.
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Old August 1st, 2006, 10:33 PM   #25
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http://www.chicagobusiness.com/cgi-bin/news.pl?id=21571

Children's Memorial chooses site for $800M facility
Replacement hospital will be in heart of Northwestern's Streeterville campus

(Crain’s) — Children’s Memorial Hospital has chosen a site for its $800 million replacement facility in the heart of Northwestern Memorial Hospital’s campus in Streeterville.

Children’s plans to build the 275-bed hospital in the 200 block of E. Chicago Ave., where Northwestern Memorial’s Galter Carriage House (and the former Eli’s steak house) stood before the building was razed earlier this year. The site is a block west of Northwestern University’s Feinberg School of Medicine and across the street from Northwestern Memorial’s new $500 million women’s hospital, set to open next year.

The hospital is in talks to purchase the property from Northwestern Memorial, said Carl Rinder, director of facilities planning at Children’s. Northwestern Memorial did not immediately return a phone call.

Children’s board in April approved the relocation from its hemmed-in site in Lincoln Park, where it has operated since 1882. Officials at Children’s hadn’t disclosed a location but had said it would be near the medical school. Other possibilities included the existing Prentice Women’s Hospital at 333 E. Superior and the Veterans Affairs complex at 333 E. Huron.

The proximity to the medical school is a key reason for relocating Children’s, which serves as the pediatric teaching hospital for medical school residents.

“The environment is a much richer place for recruitment and interaction between our faculty and the rest of the medical school,” Mr. Rinder says.

Children’s expects to finance the new facility through fundraising, grants, cash from operations and debt. It expects to break ground in spring 2008 and complete construction by early 2012.

The 1.1 million square-foot facility will be about 20 stories high, feature private rooms – only about one-third of Children’s rooms now are private – and allow the hospital to boost its inpatient load by 30%, or an additional 3,000 admissions a year.

A committee is studying where to put 2,500 new parking spots needed for the new hospital.
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Old August 1st, 2006, 10:51 PM   #26
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^ Interesting. By the way, why did Northwestern demolish the Carriage House? Did they already have a replacement for the lost student housing?

Also, was the Carriage House taller than 20 stories (ie are we getting a taller building in the process)?
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Old August 1st, 2006, 11:20 PM   #27
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Quote:
Originally Posted by The Urban Politician
^ Interesting. By the way, why did Northwestern demolish the Carriage House? Did they already have a replacement for the lost student housing?

Also, was the Carriage House taller than 20 stories (ie are we getting a taller building in the process)?
Carriage was taller than 20 stories, but I'm sure the new Children's Hospital will require high ceilings due to it being a "state of the art" facility.

The new Prentice Womens Hospital currently UC is only 18 floors, but taller in height than the 25 story Carriage House.

http://www.emporis.com/en/wm/bu/?id=187176
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Old August 2nd, 2006, 06:15 AM   #28
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^ But what happened to the student housing?
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Old August 2nd, 2006, 07:02 AM   #29
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^ I have no idea... I remember someone on here discussing that matter... they should chime in soon.
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Old August 2nd, 2006, 04:21 PM   #30
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http://www.chicagotribune.com/busine...i-business-hed

Children's Memorial on Streeterville path
By Tribune staff

Published August 2, 2006

Children's Memorial Hospital has confirmed that it will relocate and build its new $800 million facility in Streeterville.

Although the new site does not yet have an address, it is bounded by Chicago Avenue on the north, Superior Street on the south and is just west of the Prentice Women's Hospital that is scheduled to open next year.

Groundbreaking will occur in 2008 at the site, which is also near Northwestern University's medical school.

An architect has not yet been chosen for the project, which is scheduled to be completed in 2012, said a hospital spokeswoman.

Eventually, it will be able to treat 12,000 or more patients a year. The hospital now treats more than 9,000 patients annually.

In April, the Children's Hospital board voted to leave the Lincoln Park neighborhood where the hospital began in 1882 on the corner of Belden Avenue and Halsted Street.
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Old August 2nd, 2006, 06:25 PM   #31
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That thing was student housing!? I always assumed it was just crappy condos. At any rate, it's gone.
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Straight from Michigan and Monroe in downtown Chicago!
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Old August 29th, 2006, 11:35 PM   #32
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http://www.globest.com/news/695_695/.../148618-1.html

Monaco Acquires Land for 51-Story Condo Tower
By Carlise ******


A 280,000-sf condominium high rise is on the way for a popular Chicago neighborhood just east of Michigan Avenue at 150 E. Ontario. Developer Monaco Development LLC has obtained acquisition and predevelopment financing for a 12,800-sf land parcel in this Streeterville neighborhood location.

The entire proposed building includes a 51-story condominium tower with 158 units, which is slated for completion in 2008. Monaco declined to comment on the project.

The Chicago office of Tremont Realty Capital structured $6 million in financing for the acquisition and predevelopment of a portion of land assemblage, which is located in the neighborhood of Streeterville. Michael Hart, a senior director with Tremont, arranged the mezzanine loan, which was funded through a Tremont-sponsored program and initially provided for approximately $19 million in senior and subordinate debt. The non-recourse loan provided for approximately 80% of the predevelopment budget.

“The project was unique in that the availability of buildable land with this proximity to Michigan Avenue is virtually non-existent, and the combined FAR value of the assembled parcels significantly exceeded the cost,” Hart says. “Recognizing the value allowed Tremont the ability to provide proceeds well in excess of the acquisition cost.”

In 2003, Monaco completed a 120-unit condo development at 340 W. Superior St. here and has developed several luxury condominium projects across the US. The company mainly invests in residential real estate with an operating focus in Illinois, Arizona, Florida, Northern Virginia, Maryland and Washington, DC.
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Old August 30th, 2006, 08:02 PM   #33
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Hey spyguy is this a brand spanking new proposal or has it been on the table already??
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Old August 30th, 2006, 10:37 PM   #34
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^The rendering is on the first page of this thread.
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Old September 13th, 2006, 08:17 PM   #35
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Draper and Kramer has announced their intention to build a 50 story condo and hotel complex on the West corner of Fairbanks, Grand, and Ohio.


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Old September 13th, 2006, 10:43 PM   #36
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http://www.chicagobusiness.com/cgi-bin/news.pl?id=22038

50-story condo, hotel tower planned for Streeterville
Sept. 13, 2006
By Alby Gallun


Residential developer Draper & Kramer Inc. plans to build a 50-story condominium and hotel tower in South Streeterville, a neighborhood teeming with new condo projects.

Designed by Chicago architecture firm Solomon Cordwell Buenz, the high-rise on the west side of Fairbanks Court between Ohio Street and Grand Avenue would include about 170 high-end condos and 200 hotel rooms, says Donald Vitek, vice-president of acquisitions and development at Chicago-based Draper & Kramer. A hotel operator has agreed to run a five-star hotel there, he says, declining to name the company.

Condo developers have been busy in South Streeterville over the past couple years. Eight projects have condos for sale, according to Appraisal Research Counselors, a Chicago-based real estate consulting firm. The developments comprise 1,569 units, of which 545, or 35%, are unsold.

Draper & Kramer’s most prominent condo project in recent years has been its redevelopment of the Palmolive Building on North Michigan Avenue. With prices averaging $850 a square foot, the luxury development was 95% sold out at the end of the second quarter, according to Appraisal Research.

Draper & Kramer also is aiming for the high end of the market with its new project, where condos will sell for $600 a square foot and up.

“We’re building off our experience at Palmolive,” Mr. Vitek says.

Draper & Kramer has already submitted plans for the project to the city Department of Planning and Development and aims to start marketing the condo units next spring, he says. The developer will present its plans to the Streeterville Organization of Active Residents at a meeting Wednesday night.
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Old September 23rd, 2006, 04:16 AM   #37
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http://chicagobusiness.com/cgi-bin/news.pl?id=22142

Luxury hotel firm looking for 'triple-A site' in Chicago

Another luxury hotel chain new to Chicago is scouting sites along North Michigan Avenue, looking to join a building boom that's likely to increase competition at the high end of the market.

General Hotel Management Ltd. (GHM), a small British chain known for its Asian resorts, has been eyeing a site at the corner of Michigan Avenue and Ontario Street where developer Enrico Plati originally had planned to build a 51-story, 150-unit condominium tower.

A few months ago, Mr. Plati drew up a new plan for 98 condos and 90 hotel rooms, says Gail Spreen, vice-president of the Streeterville Organization of Active Residents, a community group that saw the new proposal in June. Mr. Plati said at the time that he and GHM representatives were discussing a hotel deal for the planned high-rise at 150 E. Ontario St., Ms. Spreen says.

"To some degree it makes sense since the hotel market is so good and the condo market is so questionable," she says.

Mr. Plati declines to comment. An affiliate of his Chicago-based company, Monaco Development LLC, recently paid about $10.5 million for the development site, currently inhabited by O'Neill's Bar & Grill and restaurants Bice and Hatsuhana.

Manvinder Puri, GHM's vice-president of the Americas, declines to confirm the hotel chain's interest in the project but says GHM wants to open a hotel as close to North Michigan Avenue as possible.

"We're looking for a triple-A site," he says.

Founded by hotelier Adrian Zecha, GHM runs 16 hotels in places like India, Vietnam and Bali. GHM's Setai hotel in Miami, which opened last year, is the most expensive in South Florida, according to the Miami Herald.

Hotel occupancies and room rates are hitting levels not seen since before the Sept. 11 terrorist attacks, fueling a development boom that could add more than 3,500 rooms to the downtown market. The high end of the market could be especially crowded in a few years, when several hotels are scheduled to open.

The list includes Donald Trump's 90-story condo-hotel project on the Chicago River, the Elysian Hotel & Private Residences on the Gold Coast, the Shangri-La on West Wacker Drive and the Mandarin Oriental in the East Loop.
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Old October 12th, 2006, 03:18 PM   #38
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http://www.chicagotribune.com/busine...i-business-hed

Children's Memorial selects 3 architects
BY BRUCE JAPSEN

October 12, 2006

Architectural firms with a history of developing and planning pediatric health-care facilities and medical research institutions have been hired to design the proposed new Children's Memorial Hospital in Chicago's Streeterville neighborhood.

The lead architect is Portland, Ore.-based Zimmer Gunsal Frasca Partnership, a national firm that has helped design children's hospitals in Los Angeles, Denver and Portland.

Zimmer will work with two Chicago firms: Solomon Cordwell Buenz, which designed the Children's Memorial Research Center, 2430 N. Halsted St., about one block north of the existing hospital; and Anderson Mikos Architects Ltd., which has worked with Children's Memorial for more than two decades as its "internal architect" at the hospital's current location at Fullerton Parkway and Lincoln Avenue.

The hiring of architects is the latest step in the plan to relocate and build a new facility, leaving the Lincoln Park neighborhood where the hospital began in 1882 on the corner of Belden Avenue and Halsted Street.

Children's has outgrown its more than 50-year-old facilities, forcing hospital staff to turn away more than 200 children a year. The project remains on target for 2008 groundbreaking in its new neighborhood east of Michigan Avenue, pending regulatory approvals.

Children's said the selection of architects comes as the hospital and its board are planning how the "work and patient flow will be configured into the new hospital" once development begins, a facility spokeswoman said.

"These firms will work with us in the coming months to create a plan for a unique, modern facility that will serve the needs of the children and families of our region for generations to come," said Children's Memorial Chief Executive Patrick Magoon.

The new facility, projected to cost $800 million or more, would be bounded by Chicago Avenue on the north and Superior Street on the south and sit just west of Northwestern Memorial HealthCare's new Prentice Women's Hospital, which is scheduled to open next year. A specific address for the hospital has not been determined.

The new Children's is scheduled to open in 2012. Eventually it would be able to treat 12,000 or more patients a year. The hospital now treats more than 9,000 patients annually.

A master design plan and its approval is the next step for Children's, which will appear before the Illinois Health Facilities Planning Board in December. The design plan is expected to cost more than $7 million, Children's officials said.
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Old November 6th, 2006, 11:21 PM   #39
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moved to Economy Thread

Last edited by danthediscoman; November 6th, 2006 at 11:44 PM.
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Old February 24th, 2007, 09:33 PM   #40
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Odd couple plans new Streeterville tower

By Thomas A. Corfman
Feb. 24, 2007
http://www.chicagobusiness.com/cgi-bin/news.pl?id=23994

Developer Christopher Carley is planning a luxury hotel and condominium development a few blocks from the site where he once proposed building the tallest building in North America, before losing control of the project.

An unlikely duo of Mr. Carley and developer Michael Reschke, ousted chairman of Prime Group Realty Trust, has a contract to buy 2.3 acres just north of the downtown Sheraton Chicago Hotel & Towers for $60 million, sources familiar with the deal say. In addition to high-priced condos, the two also are considering adding a posh hotel like the Hotel de Crillon, which Mr. Carley once attempted to bring to the twisting tower, now called the Chicago Spire.

Any development faces steep obstacles, including a slowing condo market, scarce construction financing for high-end hotels and, for this particular location, the likelihood of costly environmental cleanup.

"That's why the site has sat vacant so long," says rival developer J. Paul Beitler, who also bid on the property and who has teamed with Mr. Reschke on other projects, such as a tweezers-shaped broadcast tower in the same area that hasn't gotten off the drawing board. "It's not like somebody just stumbled onto it."

However long the odds, the setbacks endured by Messrs. Carley and Reschke seemingly haven't diminished their ambitions.

Mr. Carley, CEO of Chicago-based Fordham Co., has been dogged by questions about the profitability of his recent condo projects, 65 E. Goethe St., the Fordham at 25 E. Superior St. and the Pinnacle at 21 E. Huron St. In July, he lost control of the 2,000-foot spire after failing to finance the $64-million purchase of the riverfront site on North Lake Shore Drive. Dublin-based Shelbourne Development Ltd. bought the site and took over the project, and a dispute with its executive chairman, Garrett Kelleher, cost Mr. Carley any day-to-day role in the development. Mr. Carley did not return calls requesting comment.

Mr. Reschke has also harbored ambitions for a record-setting skyscraper, including the tweezers tower. He resigned from Chicago-based Prime Group in 2002 after defaulting on $100 million in loans secured by his controlling stake in the company. He is better known for office buildings such as Citadel Center, the 1.5-million-square-foot tower at 131 S. Dearborn St. that he co-developed with Mr. Beitler.

Recently, Mr. Reschke has turned to other types of developments, such as a proposed 35-story condo project at 10 E. Delaware Place and a proposed hotel conversion of the lower floors of an antiquated office building at 208 S. LaSalle St.

FEASIBILITY STUDY

For their first endeavor together, Messrs. Carley and Reschke would buy the 2.3-acre site, now a parking lot, from the St. Louis parent company of the Adam's Mark Hotel chain, which paid $46 million for the parcel seven years ago.

"It is fair to say we are in the midst of a feasibility study," says Mr. Reschke, chairman and CEO of privately held, Chicago-based Prime Group Inc., which is no longer affiliated with Prime Group Realty Trust.

The site is bounded by Park Drive, an address that would have "a neat little cachet," he adds. But a key would be landing "an internationally famous, five-star (hotel) flag, and there are many out there," he says.

In a classic real estate gambit, the two are looking to sell off the northern half of the site in hopes of using the proceeds to help pay for the southern portion, which they would develop themselves, sources say. The total site is zoned for about 1.6 million square feet of space. To finance construction of an 800,000-square-foot building on the southern half, the pair would have to raise at least $200 million.

Ironically, Mr. Carley could now be competing for luxury-home buyers against his former spire, designed by acclaimed architect Santiago Calatrava. Mr. Carley is still entitled to 15% of the profits of that project, according to a complaint filed by one of his prospective lenders. The case, filed in September in Cook County Circuit Court, sought only information regarding the deal with Shelbourne. It was settled last month.
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