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Old July 27th, 2011, 08:27 AM   #1681
spectre000
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Good news! A shame it won't be a supertall, but 50+ stories will definitely still have some serious height.
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Old July 27th, 2011, 05:26 PM   #1682
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50 floors should put it in the same vicinity as the neighboring United Building and Leo Burnett Building, which is just fine with me.
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Old July 28th, 2011, 06:29 PM   #1683
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More about this:

Quote:
http://online.wsj.com/article/SB1000...googlenews_wsj

Instead, Related plans to turn it into a luxury rental building of about 500 apartments, rising over 50 stories. The New York-based company is using money from a $1 billion distressed real-estate fund it is raising to finance the project, according to people familiar with the matter. Terms of the transaction weren't available.

The deal shows how some developers are turning to messy projects eschewed by traditional investors in the pursuit of high returns in a crowded investment landscape. Private-equity funds and traditional investors are lining up to buy office buildings and hotels in cities such as New York and Washington, bringing up prices faster than rents, and thus pushing down yields to near-historic lows. But there is less competition for higher-risk projects such as unfinished condo towers. Returns in these deals can be far higher than safer bets like office buildings with low vacancy. But they also could suffer if the economy weakens or they run into construction problems. Related, for example, still needs to arrange new construction financing for the Chicago project.

Related typically focuses on ground-up development of retail and apartment projects in New York and some other cities. But recently it has used its distressed fund to target a set of stalled condo projects, including a failed condo project in Ft. Myers, Fla., called Oasis Condominium, and Rector Square, a stalled condo conversion project in Manhattan the firm bought into in January. Jeff Blau, president of Related, said in an interview Tuesday that the Waterview project will be more successful as a rental-apartment building. "We eliminated a five-star hotel brand and condos, which are not the right product for the market today," he said.

The Los Angeles-based CIM Group has also set its sights on a number of stalled developments, and last year bought the vacant site of the former Drake Hotel in New York on Park Avenue in a deal with developer Harry Macklowe. CIM and Mr. Macklowe also recently bid on the failed condo conversion project at 1107 Broadway, a mostly empty building in Manhattan, according to a person familiar with the matter.

In Chicago's Waterview Tower, Related is buying a skyscraper project that once was slated to be among the city's tallest buildings, a slender glass building on West Wacker Drive along the Chicago River. With contracts signed for many of its condos and a hotel tenant committed, Mr. Dvorak's group took the unusual step of starting building without a construction loan back in 2006. They ran out of money by the end of 2007, but contractors kept working, assuming money was soon to come. "We obviously convinced everybody that the loan is around the corner," said Mr. Dvorak, a Chicago-based developer, in an interview. He said he received tentative commitments from multiple banks. "Until you have it, it's only on paper," he said

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Old July 29th, 2011, 03:14 AM   #1684
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65 Stories, Construction Resumes In Early 2012!

Crain's Chicago

Quote:
Developer closes on deal for stalled Waterview Tower project

By: Alby Gallun
July 26, 2011


The unfinished Waterview Tower at 111 W. Wacker Drive. Photo by Stephen J. Serio

(Crain's) — Related Midwest has completed its acquisition of the stalled Waterview Tower project, with plans to convert the Wacker Drive structure into a 65-story, 500-unit luxury apartment building.

The developer, a unit of New York-based Related Cos., closed Tuesday on a deal Crain's first reported it struck back in May to buy a controlling stake in the project at 111 W. Wacker Drive, said Curt Bailey, president of Related Midwest.

Related is buying its stake from a group of creditors that took over the project last year. Its original developer, an affiliate of Chicago-based Teng & Associates Inc., had planned a 90-story condominium-hotel tower there but ran out of money in 2008 and only completed a 27-story concrete shell. Teng has retained an ownership stake in the project.

Related pulled off a deal after unsuccessful attempts by Chicago developers Michael Reschke and Mark Goodman, who both wanted to refashion the project into hotel and office space. But apartments are a more appealing choice amid a booming downtown rental market. Four new downtown apartment towers are under construction, and at least 10 more are on the drawing boards. In addition to Waterview, Related also plans a 500-unit apartment tower at 500 N. Lake Shore Drive.

Related likes the site because of its proximity to the downtown business district and the restaurants and entertainment attractions in River North, Mr. Bailey says. In addition, “the views afforded from the site are spectacular,” he says. Related aims to begin construction in first-quarter 2012 and complete the project 18 to 24 months later, he says.

[...]
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Old July 29th, 2011, 03:33 AM   #1685
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65 floors? If we're (really) lucky, it might come close to it's original height ^.^

Although something like 850-900 feet is probably what's gonna happen right?
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Old July 29th, 2011, 03:36 AM   #1686
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I would guess something in the high 600s or low 700s. Given they are apartments the ceiling heights will likely be somewhat low.

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Originally Posted by i_am_hydrogen View Post
50 floors should put it in the same vicinity as the neighboring United Building and Leo Burnett Building, which is just fine with me.
Yep. If all goes right they should all make a nice trio.
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Old July 29th, 2011, 03:40 AM   #1687
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Yeah, I think we're talking skyscraper now. Still a great outcome for this troubled tall!
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Old July 29th, 2011, 04:27 AM   #1688
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Well, at least those apartments will have plenty of parking
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Old July 29th, 2011, 04:45 AM   #1689
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What is the height of the floors already constructed?
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Old July 29th, 2011, 05:03 AM   #1690
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wow, exciting news for Chicago!!!!!!
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Old July 29th, 2011, 05:09 AM   #1691
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This should be moved to the skyscraper thread. It won't be a super tall.
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Old July 29th, 2011, 05:19 AM   #1692
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I was thinking the same thing.
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Old July 29th, 2011, 05:23 AM   #1693
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Surprisingly good news. This time last year I'd have told you it would be eventually demolished.
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Old July 29th, 2011, 09:30 AM   #1694
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Quote:
Originally Posted by RobertWalpole View Post
This should be moved to the skyscraper thread. It won't be a super tall.
Done. If height is increased again, we can move it anyway.
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Old July 29th, 2011, 01:59 PM   #1695
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Quote:
Originally Posted by erbse View Post
Done. If height is increased again, we can move it anyway.
Thanks
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Old July 29th, 2011, 06:00 PM   #1696
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At 65 stories, this is what the old Waterview design would look like (give or take a few floors) compared to the original proposed height. Of course, the design will change.



Rendering from post #1
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Old July 29th, 2011, 06:05 PM   #1697
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Really nice comparison, thank you! But I hope the design won't change at all.
I loved the slender appearance and the crown of the initial concept.
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Old July 29th, 2011, 07:11 PM   #1698
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Quote:
Originally Posted by erbse View Post
Done. If height is increased again, we can move it anyway.
Let's change the floor count (to 65) and erase the height figures. It's just going to cause confusion.
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Old July 29th, 2011, 07:53 PM   #1699
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Done, thanks for the useful advice!
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Old July 29th, 2011, 07:56 PM   #1700
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Change 'Cancelled' to something else, too.
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