daily menu » rate the banner | guess the city | one on oneforums map | privacy policy | DMCA | news magazine | posting guidelines

Go Back   SkyscraperCity > World Development News Forums > General Urban Developments > DN Archives



Global Announcement

As a general reminder, please respect others and respect copyrights. Go here to familiarize yourself with our posting policy.


Reply

 
Thread Tools
Old September 10th, 2006, 08:27 PM   #1
Kngkyle
Registered User
 
Kngkyle's Avatar
 
Join Date: Feb 2006
Location: Orlando
Posts: 610
Likes (Received): 21

CHICAGO | Mandarin Oriental | 283m | 930ft | 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






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.

Last edited by i_am_hydrogen; July 17th, 2008 at 09:37 PM. Reason: Added project info.
Kngkyle no está en línea   Reply With Quote

Sponsored Links
Old September 10th, 2006, 08:52 PM   #2
Phobos
Registered User
 
Phobos's Avatar
 
Join Date: Sep 2003
Location: Porto
Posts: 9,408

I don't like the design that much and I think it looks bland from some angles.
I heard somewhere this will be the first Mandarin Hotel in the USA.Is it true?
__________________
www.deforma.wordpress.com
Phobos no está en línea   Reply With Quote
Old September 10th, 2006, 09:33 PM   #3
Dallascaper
Registered User
 
Join Date: Jul 2005
Location: Monroe, CT
Posts: 144
Likes (Received): 2

Quote:
Originally Posted by Phobos
I don't like the design that much and I think it looks bland from some angles.
I heard somewhere this will be the first Mandarin Hotel in the USA.Is it true?
The tower is tall, sleek and very Chicago; I love it! I don't know if it is the first in the US; I think the Chicago tower opens the same time as the Mandarin in Dallas.

Mandarin Dallas - 2009
Dallascaper no está en línea   Reply With Quote
Old September 10th, 2006, 09:43 PM   #4
spyguy
Expert
 
spyguy's Avatar
 
Join Date: Apr 2005
Location: Chicago
Posts: 6,916
Likes (Received): 97

The height and floor count changes too much, so both might be wrong.



spyguy no está en línea   Reply With Quote
Old September 10th, 2006, 10:16 PM   #5
ChgoLvr83
Registered User
 
Join Date: Aug 2004
Location: Chicago
Posts: 316
Likes (Received): 1

spyguy, I thought it was just the floor count that has been changing. Was there a different height after it was changed from 887' to 930'?

Anyway, I really like this development. The downside is the location. Not for guess and tenants but for us scraper geeks. It'll be all but blocked out from most angles because damn near everything in that area is or will be as tall as this tower. Nonetheless, it will do very well. It is Mandarin after all.
__________________
Chicago is New York with the heart left in.
ChgoLvr83 no está en línea   Reply With Quote
Old September 11th, 2006, 12:12 AM   #6
ZZ-II
I love Skyscrapers
 
ZZ-II's Avatar
 
Join Date: May 2006
Location: Near Ingolstadt in Bavaria
Posts: 33,506
Likes (Received): 6526

great tower for chicago, when will be construction start? Next Year?
ZZ-II está en línea ahora   Reply With Quote
Old September 11th, 2006, 12:15 AM   #7
cheeriokid61
Registered User
 
Join Date: Feb 2005
Location: Nashville,TN (Franklin)
Posts: 29
Likes (Received): 0

To answer the question, no. There's already a Mandarin Oriental in Miami.
cheeriokid61 no está en línea   Reply With Quote
Old September 11th, 2006, 12:16 AM   #8
xInfamuzPunjabix
Registered User
 
xInfamuzPunjabix's Avatar
 
Join Date: Jul 2006
Location: Where it all goes down- QueeNz New York
Posts: 107
Likes (Received): 0

uh oh chicago doin its thang again like da design, and i think thatd be more than 65 floors
xInfamuzPunjabix no está en línea   Reply With Quote
Old September 11th, 2006, 01:31 AM   #9
BMXican
Registered User
 
Join Date: Jul 2002
Location: Washington, DC
Posts: 559
Likes (Received): 5

Quote:
Originally Posted by Phobos
I don't like the design that much and I think it looks bland from some angles.
I heard somewhere this will be the first Mandarin Hotel in the USA.Is it true?

there is already a mandarin oriental im miami, new york, san francisco and washington dc. there will also be one in boston from 2008.
BMXican no está en línea   Reply With Quote
Old September 12th, 2006, 01:09 AM   #10
Kngkyle
Registered User
 
Kngkyle's Avatar
 
Join Date: Feb 2006
Location: Orlando
Posts: 610
Likes (Received): 21

Got news from SSP that the parking lot thats where the tower will be was closed and a construction fence was put up. Looks like this might begin sooner than expected.
Kngkyle no está en línea   Reply With Quote
Old September 12th, 2006, 01:55 AM   #11
Dallas star
Everything Texas
 
Dallas star's Avatar
 
Join Date: Jul 2006
Location: Dallas, Texas
Posts: 3,177
Likes (Received): 371

Awsome great to see chicago getting another building anyway it is where the skyscraper was born YYAAAYY.Anyway it look really similar to the Dallas Mandarine oreintal only if dallas got theres a little taller

Last edited by Dallas star; September 12th, 2006 at 02:07 AM.
Dallas star no está en línea   Reply With Quote
Old September 12th, 2006, 10:44 PM   #12
Kngkyle
Registered User
 
Kngkyle's Avatar
 
Join Date: Feb 2006
Location: Orlando
Posts: 610
Likes (Received): 21

Palladian Plans $500M Hotel/Residential Condo
By Marita Thomas Email this story | Printer-friendly | Reprints

Mandarin Oriental TowerCHICAGO-Locally based Palladian Development has finalized plans for Mandarin Oriental Tower, Chicago, a 74-story building in the East Lakeshore neighborhood that will combine 250 condo hotel units with 250 residences. Hong Kong-based Mandarin Oriental Hotel Group will manage the property. This follows plans for US Mandarin brand luxury hotels and residences scheduled to open in Boston, Las Vegas and Dallas between 2008 and 2009. Other under development include Mexico and Barcelona in 2007, Grand Cayman in 2008 and Macau in 2009.

The Chicago property will be located at an existing parking lot in the East Lakeshore neighborhood adjacent to Millennium Park. There will be separate entrances at 210 N. Stetson and 230 N. Stetson for the hotel and residential components, respectively. A Palladian spokeswoman tells GlobeSt.com the estimated development cost of the project ranges between $400 million and $500 million.
Unit pricing is equally stellar. The 150 Tower Condos, which occupy floors 55 through 74, range from one-bedroom units to four-bedroom layouts. Prices begin at $600,000 and reach to $21 million. Prices for the 100 other residential condo unit on floors 41 through 54 begin at $1.2 million.
The 250 hotel condo suites occupy floors 28 through 40 and range from about 572 sf to 793 sf. Prices for these begin in the $600,000s and reach to $7 million. Hotel unit buyers can enroll in Mandarin’s rental program, which provides management, maintenance and leasing of units when owners are away. Hotel and residential owners share all of the hotel’s amenities, and it is designed as a five-star property.

The lower floors, one through 28, will contain two restaurants, a spa, fitness center and additional service retail along with parking space. Martin Wolf of locally based Solomon Cordwell Buenz is the lead architect.

http://www.globest.com/news/712_712/.../148933-1.html


I changed the topic title to 74 floors, and Bvictor is on the case of getting the actual height.
Kngkyle no está en línea   Reply With Quote
Old September 13th, 2006, 12:52 AM   #13
nygirl
Moderator
 
nygirl's Avatar
 
Join Date: Jul 2003
Location: New York City
Posts: 5,839
Likes (Received): 430

Looks fantastic. Chicago always has great projects and towers. Classy buildings.
__________________
Completely attached to New York but completely in love with Chicago.

NAKED NEW YORK: A complete tour of New York City, 5 boroughs and immediate Metro: http://www.skyscrapercity.com/forumdisplay.php?f=2202
nygirl no está en línea   Reply With Quote
Old September 13th, 2006, 01:01 AM   #14
Sexas
Whole Other Country
 
Sexas's Avatar
 
Join Date: Jan 2004
Location: Texas
Posts: 735
Likes (Received): 2

I like it
__________________
Communication is Inevitable, Irreversible & Unrepeatable. Be Warn!
Sexas no está en línea   Reply With Quote
Old September 13th, 2006, 01:04 AM   #15
streetscapeer
hmmm......
 
streetscapeer's Avatar
 
Join Date: Apr 2004
Location: New York
Posts: 5,905
Likes (Received): 25198

hawt
streetscapeer no está en línea   Reply With Quote
Old September 13th, 2006, 01:19 AM   #16
Dallas star
Everything Texas
 
Dallas star's Avatar
 
Join Date: Jul 2006
Location: Dallas, Texas
Posts: 3,177
Likes (Received): 371

Wow i thought mandarin was an American bASED HOTEL GROP
Dallas star no está en línea   Reply With Quote
Old September 13th, 2006, 06:18 AM   #17
beaujoe
Registered User
 
beaujoe's Avatar
 
Join Date: Aug 2006
Location: FoCo, CO
Posts: 44
Likes (Received): 1

I dig it. I think it makes for a very nice mélange of American architecture (particularly the boxy style) with newer Asian style. It will fit in very well in Chicago.
beaujoe no está en línea   Reply With Quote
Old September 13th, 2006, 08:23 AM   #18
Hed_Kandi
Registered Usurper
 
Hed_Kandi's Avatar
 
Join Date: Jan 2006
Posts: 6,281
Likes (Received): 12598

Hed_Kandi no está en línea   Reply With Quote
Old November 5th, 2006, 05:04 PM   #19
Talbot
3rd Coast
 
Talbot's Avatar
 
Join Date: Jul 2004
Location: Houston
Posts: 1,123
Likes (Received): 14

It looks great, it will fit into Chicago just fine.
Talbot no está en línea   Reply With Quote
Old November 5th, 2006, 06:16 PM   #20
Erebus555
It's Sting. So What?
 
Erebus555's Avatar
 
Join Date: Apr 2006
Location: Bristol
Posts: 31,071
Likes (Received): 188

Too boxy for my liking but then it would fit quite well. The design is nice though. I love the use of glass. Just hope a final height can be produced.
__________________
The UK Housing Wiki - Attempting to document every tower block, council estate, private estate, housing association, tower block construction/ demolition method, tower block architect, tower block construction company... etc etc, in the UK. Everything to do with postwar residences! - Please join and help!

EREBUS - OFFICIAL MOD CANDIDATE 2011 - BRITISH MODS FOR BRITISH PEOPLE!
Erebus555 no está en línea   Reply With Quote


Reply

Thread Tools

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off

Related topics on SkyscraperCity


All times are GMT +2. The time now is 12:05 PM.


Powered by vBulletin® Version 3.8.11 Beta 4
Copyright ©2000 - 2017, vBulletin Solutions Inc.
Feedback Buttons provided by Advanced Post Thanks / Like (Pro) - vBulletin Mods & Addons Copyright © 2017 DragonByte Technologies Ltd.

vBulletin Optimisation provided by vB Optimise (Pro) - vBulletin Mods & Addons Copyright © 2017 DragonByte Technologies Ltd.

SkyscraperCity ☆ In Urbanity We trust ☆ about us | privacy policy | DMCA policy

Hosted by Blacksun, dedicated to this site too!
Forum server management by DaiTengu