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Old July 17th, 2008, 04:40 PM   #1661
ChicagoSchool
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Interesting idea, Boiler. Add the international hostel nearby (Congress/Wabash) as another market for tourist bike rentals.
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Old July 17th, 2008, 11:53 PM   #1662
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Any feedback?
I like the idea in principle, but State/Congress would be about the worst place I can think of to unleash hordes of bikers unfamiliar with the city. Fast, terrible, narrow roads, and fairly narrow sidewalks (where bikes shouldn't be in the first place). On the other hand, the north end of a beautiful park where they're prohibited from riding isn't such a sensical choice either.

Where is this SSP discussion of which you speak?
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Old July 18th, 2008, 01:14 AM   #1663
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I started a thread here.
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Old July 18th, 2008, 05:47 PM   #1664
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Printers Row Park expansion (finally)?

Several large construction vehicles on that site early this morning, with 'Chicago Park District' painted on the sides.
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Old July 18th, 2008, 10:00 PM   #1665
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No, last I heard the construction bids had come in at twice what was expected.
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Old July 19th, 2008, 08:15 PM   #1666
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The equipment that is there likely was for the utility trenching they are doing on Dearborn. It looks like they are replacing the pump equipment in the fountain at the same time though.
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Old July 23rd, 2008, 05:32 PM   #1667
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Mixed-use towers planned for Franklin Point

By Alby Gallun, July 23, 2008

(Crain’s) — An Irish condominium developer wants to build two 25-story towers with hotel rooms and residences at the southwest corner of Harrison and Wells streets in the South Loop.

Limerick, Ireland-based Chieftain Group plans 200 hotel rooms, 200 apartments and 250 condos on the 2-acre parcel, part of a long-vacant 8-acre tract known as Franklin Point, says Sean O’Sullivan, Chieftain’s chief operations officer.

Designed by Chicago architecture firm Brininstool & Lynch, the project is expected to cost about $150 million. Chieftain aims to submit its plans for the project to the Department of Planning and Development in October, Mr. O’Sullivan says.

With lenders sitting on their hands, the condo market in a funk and a swelling supply of apartments and hotel rooms, it’s not a great time to be trying to launch a large mixed-use project. Yet it is a good time to be planning one, Mr. O’Sullivan says.

“We’re using the time well to get through the planning process so when the market does turn we’re ready to break some dirt,” he says. “The market will turn in 2009.”

more...............



http://www.chicagorealestatedaily.co...ws.pl?id=30299
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Old July 23rd, 2008, 06:13 PM   #1668
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“We’re using the time well to get through the planning process so when the market does turn we’re ready to break some dirt,” he says. “The market will turn in 2009.”
This guy is delusional, but at least he's optimistic. That land will be vacant for another generation.
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Old July 23rd, 2008, 06:30 PM   #1669
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And what makes you such an expert?
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Old July 23rd, 2008, 06:31 PM   #1670
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This guy is delusional, but at least he's optimistic. That land will be vacant for another generation.
Keep in mind that we're talking Euro's here. Bargain basement price for the Irish.
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Old July 23rd, 2008, 06:37 PM   #1671
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Quote:
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That land will be vacant for another generation.
I don't think so. There are carrying costs now. The property tax situation was quite different last year, when it was owned by the railroad.
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Old July 23rd, 2008, 07:06 PM   #1672
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And what makes you such an expert?
Not claiming to be an expert, just looking at the facts. You see this one in the Trib the other day?

Record condo numbers to saturate downtown
With sales slowing in weak economy, oversupply forecast

http://www.chicagotribune.com/busine...96,print.story

"Gail Lissner, vice president of Appraisal Research Counselors, said 2008 is the biggest year so far for downtown condos. Her firm says 5,984 units will come on the market this year. That compares with 4,794 last year and a projected 4,160 next year. . . .

"Sales of newly built downtown condominiums plummeted by about 83 percent during the first quarter, to 201 units from 1,207 units a year earlier, according to a report to be released Wednesday by Appraisal Research Counselors.

"'There’s more risk in the South Loop than in other neighborhoods because of the quantity of new deliveries,' Lissner said."

Maybe the mixed-use aspect improves the Franklin Point outlook slightly, but I still don't see why a lender would want to get involved with this. Roosevelt Collection will be coming online next year, you'll have thousands of new rental units (both in rental buildings and with stuck flippers trying to cover their costs), there's unleased retail space in the bottoms of all the new buildings in the neighborhood, and we've still yet to see the huge waves of Option ARM and ALT-A resets that might just start a whole new cycle of panic. I would love to see that land finally used, I just don't see it happening, not the way he's talking about.
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Old July 24th, 2008, 12:14 AM   #1673
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Well, news of a downturn is surely not news to Chieftain and Russland, who are watching their sales figures at Lexington Park and Michigan Avenue Tower II. They either see something over the horizon, are betting big on a hunch, or (more likely) think their access to cheap overseas capital will allow them to be sitting pretty when the market rebounds. Do I think that will be in 2010? No, but I don't think it will be a generation from now, either. Two decades' worth of Baby Boomers with healthy pension funds are still coming up on retirement age.
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Old July 24th, 2008, 04:53 PM   #1674
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Yeah, "another generation" was an exaggeration, I was more reacting to his comment that the market is going to turn around in 2009. It will take years to absorb all the excess residential construction around here, and I just don't see any major new projects getting underway until then. Especially ones where they're starting with a less-than-pristine lot.
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Old July 24th, 2008, 09:21 PM   #1675
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Originally Posted by Belacqua View Post
Not claiming to be an expert, just looking at the facts. You see this one in the Trib the other day?

Record condo numbers to saturate downtown
With sales slowing in weak economy, oversupply forecast

http://www.chicagotribune.com/busine...96,print.story

"Gail Lissner, vice president of Appraisal Research Counselors, said 2008 is the biggest year so far for downtown condos. Her firm says 5,984 units will come on the market this year. That compares with 4,794 last year and a projected 4,160 next year. . . .

"Sales of newly built downtown condominiums plummeted by about 83 percent during the first quarter, to 201 units from 1,207 units a year earlier, according to a report to be released Wednesday by Appraisal Research Counselors.

"'There’s more risk in the South Loop than in other neighborhoods because of the quantity of new deliveries,' Lissner said."

Maybe the mixed-use aspect improves the Franklin Point outlook slightly, but I still don't see why a lender would want to get involved with this. Roosevelt Collection will be coming online next year, you'll have thousands of new rental units (both in rental buildings and with stuck flippers trying to cover their costs), there's unleased retail space in the bottoms of all the new buildings in the neighborhood, and we've still yet to see the huge waves of Option ARM and ALT-A resets that might just start a whole new cycle of panic. I would love to see that land finally used, I just don't see it happening, not the way he's talking about.
I agree that he probably won't be able to sell too many condos in the development (unless he aggressively markets the condos towards European/International buyers, like his fellow countryman Kelleher). However, there is no reason to believe that the hotel and apartment aspects of the project wouldn't be successful.
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Old July 25th, 2008, 03:09 AM   #1676
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Quote:
Originally Posted by Belacqua View Post
Yeah, "another generation" was an exaggeration, I was more reacting to his comment that the market is going to turn around in 2009. It will take years to absorb all the excess residential construction around here, and I just don't see any major new projects getting underway until then. Especially ones where they're starting with a less-than-pristine lot.
I am sure this guy has done more homework than we have and has more expertise especially since he is putting up a lot of money for the land and taxes. I do not think that this area has been hit as hard as the rest of the country. Especially with gas prices - many professionals were quoted in the Trib a few weeks back that downtown condo/apartment markets were expected to do well with the cost of gas so high. I think once the surplus of homes are sold - which is not much in this location - 235 Van Buren (which is doing OK from my understanding), Vetro, and Printers Corner (which both are built and mostly sold). Hopefully soon we will see the Old Post Office advertising.

As we see from the Chicago Spire, the developers may not necessarily need to hand out much (if any) pre-construction discounts before lining up their financing.

It seems the only developer who has really been crushed by the market is Burnham Pointe - but I think the reason was because they were priced way too high (1 BRs were decent, but I think that was to sell many of them to get a good sales % and financing). 2 BRs were very high I thought - started near $360K PRE CONSTRUCTION. Speaking of which - it appears they are already advertising the units as rental units:

http://www.forrent.com/apartment-com...1000054877.php
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Old July 25th, 2008, 10:04 PM   #1677
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Originally Posted by PrintersRowBoiler View Post
I am sure this guy has done more homework than we have and has more expertise especially since he is putting up a lot of money for the land and taxes. I do not think that this area has been hit as hard as the rest of the country. Especially with gas prices - many professionals were quoted in the Trib a few weeks back that downtown condo/apartment markets were expected to do well with the cost of gas so high. I think once the surplus of homes are sold - which is not much in this location - 235 Van Buren (which is doing OK from my understanding), Vetro, and Printers Corner (which both are built and mostly sold). Hopefully soon we will see the Old Post Office advertising.

As we see from the Chicago Spire, the developers may not necessarily need to hand out much (if any) pre-construction discounts before lining up their financing.

It seems the only developer who has really been crushed by the market is Burnham Pointe - but I think the reason was because they were priced way too high (1 BRs were decent, but I think that was to sell many of them to get a good sales % and financing). 2 BRs were very high I thought - started near $360K PRE CONSTRUCTION. Speaking of which - it appears they are already advertising the units as rental units:

http://www.forrent.com/apartment-com...1000054877.php
For what its worth, the "Condo" signs have finally disappeared from the front of the building and have been replaced by "for lease" signs. The sales trailer, alas, is still a major blight on Polk Street, and I'm expecting the bums to move in any day.
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Old July 26th, 2008, 02:00 AM   #1678
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Quote:
Originally Posted by robituss View Post
Mixed-use towers planned for Franklin Point

By Alby Gallun, July 23, 2008

(Crain’s) — An Irish condominium developer wants to build two 25-story towers with hotel rooms and residences at the southwest corner of Harrison and Wells streets in the South Loop.

Limerick, Ireland-based Chieftain Group plans 200 hotel rooms, 200 apartments and 250 condos on the 2-acre parcel, part of a long-vacant 8-acre tract known as Franklin Point, says Sean O’Sullivan, Chieftain’s chief operations officer.

Designed by Chicago architecture firm Brininstool & Lynch, the project is expected to cost about $150 million. Chieftain aims to submit its plans for the project to the Department of Planning and Development in October, Mr. O’Sullivan says.

With lenders sitting on their hands, the condo market in a funk and a swelling supply of apartments and hotel rooms, it’s not a great time to be trying to launch a large mixed-use project. Yet it is a good time to be planning one, Mr. O’Sullivan says.

“We’re using the time well to get through the planning process so when the market does turn we’re ready to break some dirt,” he says. “The market will turn in 2009.”

more...............



http://www.chicagorealestatedaily.co...ws.pl?id=30299
This morning on my way to work, I saw a "coming soon" sign on the site. I was in a rush so I didn't really stop to examine the render but I don't think it looked that great. I don't own a camera so can someone take a pic the next time they're in the area?
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Old July 26th, 2008, 04:41 AM   #1679
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It seems as though the original plan to "work together" and coordinate development with the Smith + Gill plan... The original rendering, incorporating all 8 acres, was pretty awesome.
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Old July 26th, 2008, 05:04 AM   #1680
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By the way, I live across the street from the Chieftan lot, and the rendering on the sign is of Lexington Park. In other words, there may be something coming soon, but in the meantime, come check out our other development.
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