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Old October 7th, 2010, 12:03 AM   #2101
The Urban Politician
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McPier sells first $1.12B in bonds
By Kathy Bergen
Posted today at 1:13 p.m.

The agency that runs McCormick Place got long-awaited financial relief Wednesday with the sale of $1.12 billion in bonds to restructure old expansion debt and finance an addition to the convention center hotel.
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Old October 7th, 2010, 03:41 AM   #2102
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Well, that's another tower that will presumably start relatively soon. Hoping for better architecture this time, though.
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Old October 11th, 2010, 10:19 PM   #2103
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News of South Loop universities:

John Marshall Law School will replace the Walgreen's at State/Jackson with school facilities, including a new student commons. Crain's story.

Roosevelt will build its student athletic center on the parking lot at the southeast corner of Wabash & Congress. The site is only the small surface lot on the corner, not the L-shaped garage.

East-West University is talking about building "soon" an 800,000 sq ft building, including 230 beds of dorm space, an athletic center, food court, etc. Presumably this would be at 9th & Wabash SEC. No other details yet.

Last edited by Mr Downtown; October 12th, 2010 at 03:12 AM.
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Old October 12th, 2010, 12:37 AM   #2104
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Great updates D. Would be nice to see something a bit taller then an athletic center at Wabash & Congress but it will be nice to see these Wabash lots finally get built up.
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Old October 12th, 2010, 03:12 AM   #2105
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Quote:
Originally Posted by Mr Downtown View Post
East-West University is talking about building "soon" an 800,000 sq ft building, including 230 beds of dorm space, an athletic center, food court, etc. Presumably this would be at 9th & Wabash SEC. No other details yet.
If this actually goes through, wow. If it's the similar to the design I saw a few years ago, even more amazing.

Azure Tower is dead (no surprise).
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Old October 21st, 2010, 06:54 PM   #2106
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Well this isn't good. They're marketing the lots on both sides of Dearborn (& Polk) as lowrise retail buildings.

The previous plans, which I thought were mediocre for the site:

You could do a lot more with this unique location than what's been shown so far.
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Old October 21st, 2010, 07:36 PM   #2107
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I'm so sick of this bullshit. The South Loop really is in desperate need of some highrises/scrapers... besides the roosevelt university...
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Old October 21st, 2010, 10:18 PM   #2108
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Actually, I think for now this is exactly what the S Loop needs.
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Old October 22nd, 2010, 08:30 AM   #2109
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Originally Posted by The Urban Politician View Post
Actually, I think for now this is exactly what the S Loop needs.
Agreed, it could use more retail and restaurants.
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Old October 25th, 2010, 04:48 AM   #2110
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I'm so sick of this bullshit. The South Loop really is in desperate need of some highrises/scrapers... besides the roosevelt university...
Go find a group of investors willing to put up 50 million dollars, find a bank willing to lend you 200 million dollars and have at it.

There are plenty of neighborhoods in Chicago that built their success off of low rise, street friendly development. Density and Demand go hand in hand, can't ever have one without the other and both have to start from Zero.
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Old October 25th, 2010, 05:48 PM   #2111
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^ I know but I still hate how the skyline completely falls off as soon as you go south of Van Buren (what's so hard about putting a couple skyscrapers a few blocks south of the Sears Tower?) and yes it does need more street life development considering alll of the schools in the area...
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Old October 25th, 2010, 09:38 PM   #2112
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Quote:
Originally Posted by ChitownCity View Post
(what's so hard about putting a couple skyscrapers a few blocks south of the Sears Tower?)


Either you're very young or you're in complete denial about just how shitty the economy is right now.

Other than a University associated development or perhaps 1 apartment tower (unlikely), or maybe the expansion of McCormick's hotel (more likely), expect that not a single new highrise will go up south of Congress before 2015, if not 2018 or even 2020.

The south loop highrise boom is DEAD. Banks aren't even willing to lend to buyers who want to buy unsold condo inventory. Things are really bad right now.
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Old October 25th, 2010, 10:31 PM   #2113
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Future Collegiate Developments

Quote:
Originally Posted by Mr Downtown View Post
News of South Loop universities:

John Marshall Law School will replace the Walgreen's at State/Jackson with school facilities, including a new student commons. Crain's story.

Roosevelt will build its student athletic center on the parking lot at the southeast corner of Wabash & Congress. The site is only the small surface lot on the corner, not the L-shaped garage.

East-West University is talking about building "soon" an 800,000 sq ft building, including 230 beds of dorm space, an athletic center, food court, etc. Presumably this would be at 9th & Wabash SEC. No other details yet.
For the Roosevelt University athletic center, is there a reason why the L-shaped garage is not being used for the site? That SIGNIFICANTLY shrinks an already skinny site, so I'm curious as to how the building would turn out without that part of the lot. The lot is especially tight if Roosevelt intends to have a full arena or if they simply want a more dedicated athletic building (more gym and auxiliary space rather than full-blown arena).

I also have heard that SCB has the commission for the building, and I wonder what phase of the project they are in which may give some insight into what plot of land is or is not being used.
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Old October 26th, 2010, 06:10 AM   #2114
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Quote:
Originally Posted by The Urban Politician View Post
Actually, I think for now this is exactly what the S Loop needs.
Well what I posted is unlikely what ends up being built. There's almost no way you'll see 3 story retail buildings in the South Loop. If we're lucky it'll be 2 floors, maybe one even. Would you still feel the same way then? Or a Qdoba on one side and a drive thru bank on the other?

I understand that financing for large residential buildings is scarce and that developers might feel financial pressure to put anything up. But not every lot has to be developed right at this moment. Hopefully they can wait it out for a few years and we can get something more appropriate then instead of squandering these prime spots for years to come.
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Old October 26th, 2010, 05:01 PM   #2115
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Quote:
Originally Posted by spyguy View Post
Well what I posted is unlikely what ends up being built. There's almost no way you'll see 3 story retail buildings in the South Loop. If we're lucky it'll be 2 floors, maybe one even. Would you still feel the same way then? Or a Qdoba on one side and a drive thru bank on the other?

I understand that financing for large residential buildings is scarce and that developers might feel financial pressure to put anything up. But not every lot has to be developed right at this moment. Hopefully they can wait it out for a few years and we can get something more appropriate then instead of squandering these prime spots for years to come.
I completely agree. This has been happening to sites all over town and I hope developers have anough foresight to know waiting will make them more cash in the long run.
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Old October 26th, 2010, 05:43 PM   #2116
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Quote:
Originally Posted by The Urban Politician View Post


Either you're very young or you're in complete denial about just how shitty the economy is right now.

Other than a University associated development or perhaps 1 apartment tower (unlikely), or maybe the expansion of McCormick's hotel (more likely), expect that not a single new highrise will go up south of Congress before 2015, if not 2018 or even 2020.

The south loop highrise boom is DEAD. Banks aren't even willing to lend to buyers who want to buy unsold condo inventory. Things are really bad right now.
I know its dead and the economy is garbage at the moment (although slowly recovering) but why put something this small on a lot with such great potential instead putting it in the west loop where it'd be more appropriate? When the next boom does come how likely would it be that this brand spanking new development be demolished for another building? I'd rather it just stay a lot until the next highrise boom given its location... ( and yes I'm young...)
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Old October 26th, 2010, 06:39 PM   #2117
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Quote:
Originally Posted by nicksplace27 View Post
I completely agree. This has been happening to sites all over town and I hope developers have anough foresight to know waiting will make them more cash in the long run.
^ Or perhaps it is you who doesn't have the foresight (I'm not trying to be offensive) to realize that even a 1 story retail shop will ultimately have more value for the neighborhood than a vacant lot. Yes, even a Qdoba or a bank--people utilize those businesses.

Landbanking is not a good thing for cities. Now I'm not saying that I advocate for strip malls, but I think putting these lots to productive use in a manner that makes the South Loop a more desirable place to live will ultimately serve the community better, bring up property values, and attract future buyers/renters to the area than keeping it a parking lot for another 15 to 20 years with the hopes of eventually building a skyscraper there.

Cities, especially mature cities like Chicago, are built over the course of generations and lifetimes, not in 10 years. We are all impatient to see the South Loop turn into Manhattan in our lifetimes, but the reality is, that transformation (if it ever happens) will take a very long time--perhaps our grandkids will see it.
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Old October 27th, 2010, 01:48 AM   #2118
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Quote:
Originally Posted by The Urban Politician View Post
^ Or perhaps it is you who doesn't have the foresight (I'm not trying to be offensive) to realize that even a 1 story retail shop will ultimately have more value for the neighborhood than a vacant lot. Yes, even a Qdoba or a bank--people utilize those businesses.

Landbanking is not a good thing for cities. Now I'm not saying that I advocate for strip malls, but I think putting these lots to productive use in a manner that makes the South Loop a more desirable place to live will ultimately serve the community better, bring up property values, and attract future buyers/renters to the area than keeping it a parking lot for another 15 to 20 years with the hopes of eventually building a skyscraper there.

Cities, especially mature cities like Chicago, are built over the course of generations and lifetimes, not in 10 years. We are all impatient to see the South Loop turn into Manhattan in our lifetimes, but the reality is, that transformation (if it ever happens) will take a very long time--perhaps our grandkids will see it.
I agree I suppose. I just I may just be spoiled by all of the recent development all at once.
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Old October 27th, 2010, 04:08 AM   #2119
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I thought this entry on Curbed Chicago was appropriate...

http://chicago.curbed.com/archives/2...-buildings.php

"whats so hard about putting a couple skyscrapers a few blocks south of the Sears Tower?"....apparently really hard, even after they get built.
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Old October 27th, 2010, 04:20 AM   #2120
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Quote:
Originally Posted by The Urban Politician View Post
^ Or perhaps it is you who doesn't have the foresight (I'm not trying to be offensive) to realize that even a 1 story retail shop will ultimately have more value for the neighborhood than a vacant lot. Yes, even a Qdoba or a bank--people utilize those businesses.

Landbanking is not a good thing for cities. Now I'm not saying that I advocate for strip malls, but I think putting these lots to productive use in a manner that makes the South Loop a more desirable place to live will ultimately serve the community better, bring up property values, and attract future buyers/renters to the area than keeping it a parking lot for another 15 to 20 years with the hopes of eventually building a skyscraper there.

Cities, especially mature cities like Chicago, are built over the course of generations and lifetimes, not in 10 years. We are all impatient to see the South Loop turn into Manhattan in our lifetimes, but the reality is, that transformation (if it ever happens) will take a very long time--perhaps our grandkids will see it.
Im glad you typed it so I didn't have to
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