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Old July 26th, 2008, 08:11 PM   #1681
asauterChicago
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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.
Yeah, but it's a good time to build when you think about it. Typical real estate cycles are 7-10 years. The market peaked around mid-2006, this is a especially bad real estate recession due to numerous idiotic things the current administration did. So say we have 5 year recession, that would put the bottom at mid-2009. From 2009-2014 we'll start to have a fairly healthy market again. It may not be the crazy speculation buying from 2006, but people will start buying again and the builder will have built in the cheapest market possible.

In theory at least, it could be a great business decision.
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Old July 26th, 2008, 09:55 PM   #1682
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There will be a much bigger market in the coming years. The NIPC forecasts that population will grow by more than 350,000 and 250,000 new jobs will come between 2000 and 2030 in the City of Chicago (600,000, 500,000 in Cook County). That is over 10,000 per year for population and nearly that many new jobs. I think since they did that report (2 years ago), the numbers may even be bigger with the increasing attractiveness of having offices downtown and living there (especially over the last 3 months with gas prices). Plus the South Loop is very affordable compared to the West Loop and near north areas. No one in the City will benefit more than the South Loop and near South side (in my opinion) due to the population increases.

Working in the construction / planning industry, the NIPC is a very respected committee and their information is frequently utilized in planning. http://www.nipc.org/
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Old July 27th, 2008, 04:11 PM   #1683
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^ Do you really think that much growth is gonna happen? I'm not convinced..
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Old July 27th, 2008, 07:50 PM   #1684
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I think so. I am not a professional population analyst but NIPC is and I trust their research and expertise. Although the City of Chicago population has actually decreased in the last 30 years, the suburban population has skyrocketed... who is filling in the cookie cutter homes in urban-sprawl plagued towns like Oswego and South Elgin? In 1970, towns in Cook County like Western Springs and Burr Ridge were mostly farms and are now nearly completely built out and they are on their first round of knockdowns. Although 350,000 sounds like a lot of people, it is just a fraction of the population increase of 2,000,000 projected for the Chicagoland area.

We are also at the beginning of the age of baby boomers retiring and/or becoming empty nesters and many want to retire in a low-maintenance condo in the City vs. the high-maintenance family sized single family home in the burbs. The South Loop just seems like an ideal place for retirees. I wouldnt doubt that 350,000 people move from the burbs to the City by 2030 and I am willing to bet the couples that move to the burbs to expand their families will be more than offset by yuppies settling in the City.
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Old July 28th, 2008, 02:51 AM   #1685
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Quote:
Originally Posted by PrintersRowBoiler View Post
We are also at the beginning of the age of baby boomers retiring and/or becoming empty nesters and many want to retire in a low-maintenance condo in the City vs. the high-maintenance family sized single family home in the burbs. The South Loop just seems like an ideal place for retirees. I wouldnt doubt that 350,000 people move from the burbs to the City by 2030 and I am willing to bet the couples that move to the burbs to expand their families will be more than offset by yuppies settling in the City.
^ Well, I would hardly call this the "beginning" of the trend you've described. It has at least been going on for several years, but I have yet to see it translate into any real population increase in the city. Like you, I'm not an expert like NIPC is, but why aren't the numbers reflecting this?
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Old July 28th, 2008, 03:15 AM   #1686
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Quote:
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^ Well, I would hardly call this the "beginning" of the trend you've described. It has at least been going on for several years, but I have yet to see it translate into any real population increase in the city. Like you, I'm not an expert like NIPC is, but why aren't the numbers reflecting this?
They are... South Loop has doubled in the last several years.
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Old July 28th, 2008, 03:46 AM   #1687
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Quote:
Originally Posted by PrintersRowBoiler View Post
They are... South Loop has doubled in the last several years.
^ Fine, but I'm not responding to just the South Loop submarket. I'm responding to what you said here:

The NIPC forecasts that population will grow by more than 350,000 and 250,000 new jobs will come between 2000 and 2030 in the City of Chicago
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Old July 28th, 2008, 05:00 PM   #1688
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Quote:
Originally Posted by The Urban Politician View Post
^ Fine, but I'm not responding to just the South Loop submarket. I'm responding to what you said here:

The NIPC forecasts that population will grow by more than 350,000 and 250,000 new jobs will come between 2000 and 2030 in the City of Chicago
did they state anywhere about the demographics of 350,000? who? where will they be coming from?
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Old July 28th, 2008, 05:53 PM   #1689
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Not as deep a topic as the others on this thread of late, but.....

.....Vetro has finally installed the fountain along Harrison. About 8 jets pumping about a foot of water into the air. The interesting part is that the neighborhood homeless are using it to bath in and to do their laundry. Almost everytime I go past there is someone standing there, shirt off, splashing water about. I actually saw one person drinking the water!
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Old August 5th, 2008, 06:02 PM   #1690
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Burnham Pointe has at least one model unit open (either that or somebody moved in and fully furnished their place within hours) on the 7th floor or so, SW corner. I've seen troops of people coming in and out of the building in hard hats who looked like they had nothing to do with the construction trades, so I'm guessing they're actively leasing now. Also, AMLI 900 has a number of occupied units and it looks like construction is almost totally finished. The Walsh trailer and generator setup is still there. I wonder if they're just using that as the central management site for all the stuff Walsh is building nearby.
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Old August 5th, 2008, 09:54 PM   #1691
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At the AMLI 900 open house on July 10, we were told that they had occupancy permits for only the first few floors. So I think there's probably still a couple months to go before all units are totally finished.
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Old August 6th, 2008, 07:22 PM   #1692
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It also appears that people are moving into the Student Housing building at 600ish S Clark. Lights are on in several units on various floors, and there has been someone sitting behind the lobby desk for the past several days.
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Old August 6th, 2008, 07:45 PM   #1693
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I walked down the west side of Clark almost all the way to Polk yesterday. On the sidewalk. It felt miraculous. All but the very last 30 feet or so at the corner were open for the first time in almost 2 yrs, I think. The alley behind is also completely open again. And that Fifth-3rd at Clark/Harrison has gone up almost overnight.
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Old August 9th, 2008, 03:53 AM   #1694
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I was recently talking with a rep from Roszak about Vetro's Harrison Street facade; the renderings always showed it clad with the Kalwall curtainwall to match the Wells Street facade. Apparently they changed their plan to leave it as exposed concrete. Now I hear that there will be a gigantic letter V affixed to the concrete shear wall.
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Old August 9th, 2008, 04:07 AM   #1695
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..

Last edited by Loopy; May 19th, 2010 at 03:16 AM.
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Old August 9th, 2008, 06:08 AM   #1696
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Astoria Tower:
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Old August 9th, 2008, 02:11 PM   #1697
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Quote:
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^Great News, I think the concrete looks good.

Wasn't there supposed to be a mural on Harrison?
Yes, at one time Roszak said there would be a mural by the same artist who designed the lobby artwork, which I don't think is in place yet. Maybe that's scrapped too, which I don't mind, the lobby looks great, even if the acoustics are terrible in there. I like the exposed concrete as well, but the illuminated kalwall base would have been striking if returned around both sides of the building, visible from the Congress as you approach the Loop.
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Old August 10th, 2008, 12:16 AM   #1698
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A notice from the Third Ward office:

Possible New Green Line Station

DATE: August 19, 2008

TIME: 6:00pm

LOCATION: McCormick Place West, Room W190
2310 S. Lake Shore Drive

MORE: The City of Chicago recently received a grant from the Regional Transit Authority (RTA) to research the potential for new CTA facilities along the Green Line at either 18th Street or Cermak. The general objectives of these studies are to expand retail and residentioal development around these locations to better serve the entire community and to improve access and the level of ridership at these CTA stations. If you live in the South Loop and/or want to have some input on this process, please attend the meeting on August 19th.

From:
Aldermanic Office of the Third Ward
5046 South State Street
Chicago, Illinois 60609
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Old August 10th, 2008, 12:20 AM   #1699
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The new station: 18th Street or Cermak?

What is more important? Having a new Green Line stop at 18th Street, where it could be near (or combined) with a Red Line stop?

Or having a new Green Line Stop at Cermak,where it would give instant access to Chinatown and McCormick Place?
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Old August 10th, 2008, 12:40 AM   #1700
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I'm not sure how an 18th Street station could be combined with a Red Line stop. At 1800 S the Green Line is at 25E; the Red Line is at 150 W and ascending a steep grade from a tunnel.

I give 18th a slight advantage because of nearby residential. There's no great demand for transit to McCormick Place except from a few workers. Ordinarily, the scales would be tipped toward Cermak by the transfer to the 21 bus, but that already has the Red Line connection nearby and 18th Street has its own bus, which only recently was rerouted to connect with the rail station at Cermak.
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