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Old February 24th, 2008, 08:51 PM   #1461
skobabe8
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Well guys, 2100 Indiana has officially been taken over by the bank.

I guess from what my attorney has told me the 'receiver' will take a look at the contracts over the next couple of months and either go ahead with the loft building and honor the contracts or foreclose entirely. She said it could go either way.

Id like to thank everyone for all your help and advice. Really sad day for my girlfriend and I. We are first time buyers and it has been quite the experience.

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Old February 24th, 2008, 08:55 PM   #1462
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http://www.bestchicagocondos.com/blo...roject-pulled/

Rokas International Franklin Point Project Pulled

January 23, 2008 - A few weeks ago we mentioned that Rokas International was facing difficulties with their Motor Row project. Now it seems that Franklin Point, a venture Rokas had initially partnered with Frankel & Giles to develop, isn’t going to materialize. A Crain’s article states that Rokas has failed to secure financing for the project and is unable to close on the land purchase. The project would have been a sprawling mixed-use development with as many as eight buildings and 3,000 units on the eight acre Franklin Point site. Besides the residential units, Rokas intended to build a marina, retail space and hotel.
Rokas had secured the contract rights to Giles’ portion of the land and had entered into an agreement with D2 Realty and CSX Corporation to buy the parcel for $55 million. Franklin Point has been vacant for over three decades. Grand Central Station last occupied the spot, and despite the prime location on the Chicago River and close to the Sears Tower, it has been difficult to develop. The Rokas plan totaled nearly 3.5 million square feet, which would have necessitated a zoning change because it exceeded current restrictions by a million square feet. Another highlight of the complex design, which was to be created by Adrian Smith & Gordon Gill Architecture, was a tower that would surpass eighty stories.
D2 Realty has put its portion of the property back on the market. There is no confirmation yet as to what CSX will do with their part. Even though the 3,000 residential units in Rokas’ now defunct Franklin Point project would have been developed in phases, that still would have been a large number of condos to add to the inventory of current Downtown Chicago Condos
Technorati Tags: Franklin Point, Chicago Condos, Chicago Real Estate
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Old February 24th, 2008, 09:01 PM   #1463
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From what I've been told, Agunas has left the country. I dont see anything with the Rokas name attached materializing.
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Old February 28th, 2008, 11:33 PM   #1464
Mr Downtown
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624 South Clark. All the charm of a façadomy with none of the mess:



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Old February 29th, 2008, 12:00 AM   #1465
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Quote:
Originally Posted by skobabe8 View Post
Well guys, 2100 Indiana has officially been taken over by the bank.

I guess from what my attorney has told me the 'receiver' will take a look at the contracts over the next couple of months and either go ahead with the loft building and honor the contracts or foreclose entirely. She said it could go either way.

Id like to thank everyone for all your help and advice. Really sad day for my girlfriend and I. We are first time buyers and it has been quite the experience.

damn, this is ther first time I've seen your post...sorry to hear. good luck! If it doesnt work out, don't let this discourage you from buying somewhere else.
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Old February 29th, 2008, 12:14 AM   #1466
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..

Last edited by Loopy; May 19th, 2010 at 02:53 AM.
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Old February 29th, 2008, 12:31 AM   #1467
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^Especially since the residents will be students on short-term leases, you'd think they would have risked lot-line windows. However, that might have required a zoning variation, exposing the development to delay and--most risky of all--careful consideration. Plus, they probably have all the suites with a uniform design, like a double-loaded hotel. Side windows would make those suites different.

Last edited by Mr Downtown; February 29th, 2008 at 05:59 AM.
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Old February 29th, 2008, 09:47 AM   #1468
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Quote:
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^Especially since the residents will be students on short-term leases, you'd think they would have risked lot-line windows. However, that might have required a zoning variation, exposing the development to delay and--most risky of all--careful consideration. Plus, they probably have all the suites with a uniform design, like a double-loaded hotel. Side windows would make those suites different.
You'd think they could have at least sprung for proper brick masonry on those walls instead of painted cinder-block, to help it blend into the neighborhood. Such a visual change would not have required any sort of zoning variation.
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Old February 29th, 2008, 08:18 PM   #1469
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When you see that blank south wall, you realize (1) that former Alderman Madeleine Haithcock, who gave approval to this design, was indeed a complete idiot, and (2) that staffers in the DPD who were aware of that south wall were too interested in their jobs to object to that wall.

You can be sure that DPD professionals know that a massive blank wall, especially with concrete block, will look like shit.

Also, I hope that South Loop Neighbors and GSLA will get tougher with design features. We are seeing a lot of bland buildings going up. Just look at South State Street. Please, local groups, be more vigilant about design!
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Old February 29th, 2008, 08:31 PM   #1470
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On the plus side it leaves room for a nice mural to be designed by a Columbia College student. Maybe this was the intent all along. They are looking to show more representation in the neighborhood.
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Old February 29th, 2008, 09:40 PM   #1471
Mr Downtown
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What makes you think Ald. Haithcock approved this design? Wasn't this an as-of-right project?

Also, aren't lot-line windows illegal?

What process would you suggest for giving neighborhood groups any sort of input into design features?
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Old February 29th, 2008, 10:00 PM   #1472
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Quote:
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What makes you think Ald. Haithcock approved this design? Wasn't this an as-of-right project?

Also, aren't lot-line windows illegal?

What process would you suggest for giving neighborhood groups any sort of input into design features?
Mr. D is completely correct, and, at best, community grouops can only influence design decisions....believe it or not, many of the worst projects would be even bigger eyesores w/out community group/DOP involvement.
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Old March 3rd, 2008, 08:33 PM   #1473
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Park Michigan Looks Dead

Plans for an 80-story condominium tower that would overlook Grant Park on South Michigan Avenue are in doubt after a lender filed a foreclosure lawsuit, seeking to recoup more than $4.25 million.
The foreclosure action by Chicago-based Hermes Capital LLC is the first on a high-profile project here since the condo market tanked early last year.

At 855 feet, the Park Michigan project at 830 S. Michigan Ave., three blocks south of Congress Parkway, would be the tallest tower in the burgeoning South Loop.

In a foreclosure lawsuit filed Feb. 15, Hermes Capital claims that Oak Brook-based developer Warren Barr and his firm, Renaissant Development Group LLC, defaulted on the $4.25-million loan by failing to raise at least $2.13 million in new equity to help cover pre-development costs by Dec. 31.

See Full Article:
http://chicagobusiness.com/cgi-bin/a...ticle_id=29354
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Old March 5th, 2008, 06:38 PM   #1474
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Brand new memebr here. I've taken the time to read every posting on this thread, and have learned a lot!

I've been living at Harrison and Clark for about 6 months now, and I have a birdseye view of the various developments in the 600 block of S. Clark and I have a few comments and questions.

I get to look at the ugly north wall of the student housing building every day. While a student mural sounds great, the other typical reason for building an ugly blank wall is that someone has plans to put up another building that would cover it. With the parking garage on the corner having been sold to the same developer (I think I read that right) I wonder if there are long-term plans to build another chunk on the corner.

I also see no signs of work on the Scientology building, but do note that there are always lights on on the top two floors - are people actually living/working up there? Yuck.

I also get to look at the still empty lot that is supposed to be the bank building. There have been no signs of any construction for months. Just a winter delay, or is the project on hold for some reason? While a single-story bank drive-thru is a gross misuse of that space, I also think of other even worse possibilities if that project is dead. I'm sort of thinking that the general problems in the banking industry have deep-sixed the project.

My question for the day is whether there is any talk of what might happen to the whole stretch of buildings that line the east side of Clark right behind the bank lot. It really is a bunch of rather sketchy buildings. Any plans in the works?
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Old March 6th, 2008, 03:16 AM   #1475
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Quote:
Originally Posted by milepig View Post
I get to look at the ugly north wall of the student housing building every day. While a student mural sounds great, the other typical reason for building an ugly blank wall is that someone has plans to put up another building that would cover it. With the parking garage on the corner having been sold to the same developer (I think I read that right) I wonder if there are long-term plans to build another chunk on the corner.
I believe the garage has the capability of being expanded. But if students do not need cars, that parking garage is an eyesore, poorly designed (from a logistics standpoint), and many would be glad to see it go!

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I also get to look at the still empty lot that is supposed to be the bank building. There have been no signs of any construction for months. Just a winter delay, or is the project on hold for some reason? While a single-story bank drive-thru is a gross misuse of that space, I also think of other even worse possibilities if that project is dead. I'm sort of thinking that the general problems in the banking industry have deep-sixed the project.
I believe that is a Fifth-Third Bank. I do not think they have been impacted as much as some of the other banks have. They are still going forward with many of their projects, and I do not see why they would back out of this one at this point. They are probably locked in a lease.

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My question for the day is whether there is any talk of what might happen to the whole stretch of buildings that line the east side of Clark right behind the bank lot. It really is a bunch of rather sketchy buildings. Any plans in the works?
It seems that the lots are very awkward. The alley in the rear is very small (10' with areas where there is only 8' of clearance). You cannot really build something efficiently. It seems Fifth_Third is leasing their lot, so the owner is likely sitting on their land until much later (and the bank rent is more than parking), the printing company at the NEC uses their lot for loading, and the lto north of that is rented to Roosevelt Collection for their sales center. Since the lots are so narrow and inefficient, I would not expect any developers to be interested in them until much of the area is developed.
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Old March 6th, 2008, 06:19 AM   #1476
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Apparently this is the current scheme for Avalon Bay's Clark/Polk project:



Maybe there's something I'm missing, but this the most butt-fugly building I've seen since Marquee on Michigan. I guess it gets a point and a half for honesty, but it looks like poured-in-place concrete with punched window and HVAC unit openings. I'm happy enough with the planning (wish there were retail on the ground floor) but does anyone wish to defend this as a work of architecture?
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Old March 6th, 2008, 07:39 AM   #1477
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Mr. D is completely correct, and, at best, community grouops can only influence design decisions....believe it or not, many of the worst projects would be even bigger eyesores w/out community group/DOP involvement.
And many more would look better if people in these groups actually had taste.
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Old March 6th, 2008, 08:14 AM   #1478
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Re: Avalon Bay

I just love these projects with two towers that look so much alike and use the exact same materials and are also close in height!
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Old March 6th, 2008, 04:38 PM   #1479
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Maybe there's something I'm missing, but this the most butt-fugly building I've seen since Marquee on Michigan. I guess it gets a point and a half for honesty, but it looks like poured-in-place concrete with punched window and HVAC unit openings. I'm happy enough with the planning (wish there were retail on the ground floor) but does anyone wish to defend this as a work of architecture?
^ I don't have a problem with the towers themselves. Yeah they're nothing special, but they'll add to the population of the area and they'll serve as space filler background buildings for future projects that should hopefully feature better design as the area becomes more desirable. My real concern is that the garage shouldn't rear its ugly head too boldly over the streetscape. I'm glad that it is set back behind a park, but I am concerned that it will be a total eyesore
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Old March 6th, 2008, 05:08 PM   #1480
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Quote:
Originally Posted by Mr Downtown View Post
Apparently this is the current scheme for Avalon Bay's Clark/Polk project:


Maybe there's something I'm missing, but this the most butt-fugly building I've seen since Marquee on Michigan. I guess it gets a point and a half for honesty, but it looks like poured-in-place concrete with punched window and HVAC unit openings. I'm happy enough with the planning (wish there were retail on the ground floor) but does anyone wish to defend this as a work of architecture?
What's the orientation of this pic? If that's Clark street in front of the building, that swath of bright green grass certainly doesn't exist, since that would be the corner of the Oaks, and they made Clark street look downright bucolic. Heaven forbid that the shot is from the West, since that would put the butt ugly parking garage ON Clark.
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