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Old December 20th, 2008, 07:56 PM   #1801
spyguy
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^Any idea on the size and architect?
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Old December 20th, 2008, 09:26 PM   #1802
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That's all I know so far. A scheduled October meeting was canceled at the last minute, supposedly at the city's request.
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Old December 31st, 2008, 07:00 PM   #1803
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..

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Old January 2nd, 2009, 01:20 AM   #1804
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^It was already sort of dead though, wasn't it? I remember something about Booth Hansen designing a building for this site, possibly for a different developer.
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Old January 2nd, 2009, 08:13 PM   #1805
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Aloft Millenium Park
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Old January 2nd, 2009, 08:27 PM   #1806
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^It was already sort of dead though, wasn't it? I remember something about Booth Hansen designing a building for this site, possibly for a different developer.
Yeah... if you read the article, it goes on to say D2 tried to sell to another developer but all deals fell through thanks to the market. Maybe we will finally get our trader joes! This would be a great location for it.
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Old January 2nd, 2009, 08:38 PM   #1807
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Aloft Millenium Park
Where did you get these? Is this project still alive? With their parent company's stock plummeting 60% I doubt they want to get rid of any cash right now and may want to cash out on the land (unless it is on contract, which probably means they would have paid too much for it).

And news today is that Zell is making some sort of big deal with them... and the way he runs his businesses, i can't imagine he is doing anything mroe than bargain shopping.

The website still says to open Sept 2011... which means they won't break ground until 2010... I am betting they are waiting until October to see if Chicago gets the Olympics.
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Old January 5th, 2009, 02:04 AM   #1808
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http://www.gazettechicago.com/index/?p=115

Jones location, enrollment may change
By Kathy Hills


The Chicago Board of Education has announced a plan to build a new facility that will relocate Jones College Prep to the lot directly south of the current school instead of renovating the present structure as originally planned. The existing school likely will be sold for development, and enrollment may be opened to neighborhood youngsters.

...The new school will have a full-service library, pool, and gym. The enrollment will be increased from 800 to 1,000 students.

...Planning is in the early stages. Powers said, “We’re waiting for the architects to get back to us with the details on this seven-story, $130 million project on State Street. They talk of breaking ground this spring with completion in 2011, but to my knowledge the board has not approved the project.”
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Old January 5th, 2009, 05:10 AM   #1809
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http://www.gazettechicago.com/index/?p=115

Jones location, enrollment may change
By Kathy Hills


The Chicago Board of Education has announced a plan to build a new facility that will relocate Jones College Prep to the lot directly south of the current school instead of renovating the present structure as originally planned. The existing school likely will be sold for development, and enrollment may be opened to neighborhood youngsters.

...The new school will have a full-service library, pool, and gym. The enrollment will be increased from 800 to 1,000 students.

...Planning is in the early stages. Powers said, “We’re waiting for the architects to get back to us with the details on this seven-story, $130 million project on State Street. They talk of breaking ground this spring with completion in 2011, but to my knowledge the board has not approved the project.”

Wow! This is great! I hated the expansion and hate the existing building. It says enrollment may be open to neighborhood youngsters... does this mean you could automatically enroll instead of testing in? If so, this is a great way to try to keep families in the area knowing their children could go to Jones Prep.
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Old January 9th, 2009, 01:09 AM   #1810
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Lots of overstock in the south loop...

Can't give you the link, cause my real estate agent emailed me this....

Quote:
South Loop condo cool-down seen in '09

By: Alby Gallun Jan. 05, 2009

Sign up for alerts on this companyThe downtown Chicago condo market is bad all over, but it's worse in the neighborhood that was hottest during the building boom: the South Loop.

Builders will complete 2,147 condos in the South Loop this year, a 66% increase over 2008 and nearly half the total for all of downtown Chicago, according to Appraisal Research Counselors,http://www.chicagobusiness.com/cgi-b...55O2lkPTE5Nzk= a Chicago-based real estate consulting firm. But with 932, or 43%, of the new South Loop condos unsold, the neighborhood now accounts for more than half the unsold units expected to hit the downtown market this year.

The growing glut means that the already depressed South Loop condo market is likely to get worse before it gets better. More developers will struggle to sell out their projects, saddling more lenders with bad construction loans. South Loop condo owners could take a hit, too.

"It's definitely going to put more pressure on prices to go lower for people who need to sell," says Bryan Hansen, a Chicago residential appraiser.

With its proximity to the Loop and abundance of undeveloped land, the South Loop has been a magnet for condo developers for 10 years. They sold 6,644 units there from 2003 to 2007, accounting for 39% of all downtown new-condo sales during that period, according to Appraisal Research.

"Add the lakefront, the museum campus and a rich history to the mix, and is it any wonder the South Loop is not just the city's but the country's hottest neighborhood?" Chicago magazine gushed in a June 2007 cover story.

Yet developers there got carried away, breaking ground on thousands of new units in 2006, just as demand for condos started to dive throughout the city. Today, South Loop developers are sitting on piles of unsold units in buildings that are finished or ready for occupancy.

"It's too much, too soon in a down economy," says Norman Radow, CEO of Radco Cos., an Atlanta-based developer known for taking over distressed condo projects.

Lennar Corp., for instance, has sold only 43% of the condos in Library Tower, a 184-unit project at 520 S. State St., making it unlikely the Miami-based homebuilder will be able to pay off construction loans for the development that come due Jan. 11. A Lennar spokesman declines to comment.

The supply of unsold units is growing as more buyers who signed purchase contracts a few years ago are backing out at closing time, either because they can't get financing for their units or because they are worried about the direction of the market. Aborted purchases are one reason the number of South Loop condos under contract actually fell by 47 in the first nine months of 2008, according to Appraisal Research.

Also adding to the oversupply are condos put on the market by investors who purchased units from developers with the hope of quickly reselling them at a profit.
__________________

for the Pelasgians, too, were a Greek nation originally from the Peloponnesus
The Roman Antiquities of Dionysius of Halicarnassus
http://penelope.uchicago.edu/Thayer/...assus/1B*.html

Macedonia, of course, is a part of Greece". Strabo, VII, Frg. 9
http://penelope.uchicago.edu/Thayer/...ragments*.html

But north of the gulf, the first inhabitants are Greeks called Epirotes....
Procopius
http://books.google.com/books?id=9m6...page&q&f=false

Last edited by chicagogeorge; January 9th, 2009 at 01:14 AM.
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Old January 9th, 2009, 04:22 AM   #1811
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Where are they adding condos? OMPW/OMP? Astoria? Roosevelt Collection?

Sucks for Lennar, but it is evident they should never have gotten into the downtown market... will we see bankrupcy? Could we see a ton of units being sold out of the basement of City Hall?
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Old January 11th, 2009, 01:50 AM   #1812
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I don't know. I'll ask my real estate agent..... All I can say is that I'm dumping my condo at 1250 S. Michigan. I haven't made a mortgage payment since November... Screw it. Why should I pay for something that is worth less now than when I bought it 3 years ago. I can't afford to pay out of pocket until the market turns around.

Let the bank take it.
__________________

for the Pelasgians, too, were a Greek nation originally from the Peloponnesus
The Roman Antiquities of Dionysius of Halicarnassus
http://penelope.uchicago.edu/Thayer/...assus/1B*.html

Macedonia, of course, is a part of Greece". Strabo, VII, Frg. 9
http://penelope.uchicago.edu/Thayer/...ragments*.html

But north of the gulf, the first inhabitants are Greeks called Epirotes....
Procopius
http://books.google.com/books?id=9m6...page&q&f=false
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Old January 13th, 2009, 08:08 PM   #1813
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what a terrible move. I just sold a one bedroom in that building for $340,000. You should reconsider & try to sell, you mill not be able to get a mortgage again to buy another place if you just dump it off on the bank. Your credit will be ruined for many many years
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Old January 14th, 2009, 02:05 AM   #1814
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Quote:
Originally Posted by chicagogeorge View Post


I don't know. I'll ask my real estate agent..... All I can say is that I'm dumping my condo at 1250 S. Michigan. I haven't made a mortgage payment since November... Screw it. Why should I pay for something that is worth less now than when I bought it 3 years ago. I can't afford to pay out of pocket until the market turns around.

Let the bank take it.
The big losers in a down market are the sellers. If you dont have to sell then dont. You may recover in 3 years and in the meantime you have a place to live.
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Old January 14th, 2009, 06:29 AM   #1815
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http://www.gazettechicago.com/index/?p=115



...Planning is in the early stages. Powers said, “We’re waiting for the architects to get back to us with the details on this seven-story, $130 million project on State Street. They talk of breaking ground this spring with completion in 2011, but to my knowledge the board has not approved the project.”
FYI... there is a neighborohood meeting on 1/26 at 6:30 in the cafeteria to discuss the project. I am a little surprised at the lack of interest on this board. This is a tremendous about-face and opens the door for a massive proejct at State and Harrison.

The $130M price tag is HUGE... that is $130K per student. At best the school gets $10M for their land.

I bet the City offers TIF funds because the project will now "create" new land to be developed, which should offer significant property taxes (although Library Tower is selling poorly). Although the new project likely will be limited to 7 stories to avoid dwarfing the school and the historic district adjacent to the lot on Plymouth.
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Old January 14th, 2009, 06:41 AM   #1816
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..

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Old January 14th, 2009, 03:54 PM   #1817
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http://www.chicagorealestatedaily.co...ws.pl?id=32603

YMCA might scrap South Loop HQ plan
By Alby Gallun, Jan. 14, 2009


...The Y-USA could just sell the site at the southeast corner of State and Harrison streets and move to another location in the city, or it could team up with a developer and build a mixed-use project on the property that would include the non-profit’s offices, says Martin Stern, executive vice-president and managing director at U.S. Equities Realty, the organization’s real estate adviser.

...But Neil Nicoll, who took over as CEO in 2006, favors decentralized management and training YMCA workers on a regional basis. As a result, Mr. Stern says, the group needs only about 60,000 to 80,000 square feet, vs. more than 200,000 previously.
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Old January 14th, 2009, 08:45 PM   #1818
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http://www.chicagorealestatedaily.co...ws.pl?id=32603

YMCA might scrap South Loop HQ plan
By Alby Gallun, Jan. 14, 2009
I am shocked this is still alive! Doubtful the Y ends up building something here... my guess is they are looking for commitment from Daley for a different space or for developers to step forward and partner with them.

I hope Daley tells them to take the money or run (knowing they will not leave Chicago).

Although, the thought that another dorm might be built here is intriguing. This lot is very ugly and a huge hole on State. Not a big fan of 3 blocks of dorms. Plus... the addition of Dwight Lofts and now talk of a dorm just north of the Roosevelt Hotel might be a bit much...
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Old January 14th, 2009, 09:50 PM   #1819
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^ What's wrong with dorms?

College students certainly aren't usually wealthy, but they have ambition, they like to buy stuff, they usually aren't beggars, and they are an investment in the future (ie "I lived downtown when I was in College and I really loved it, boy oh boy now I'm 45 and I can actually afford to buy a property there!")
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Old January 14th, 2009, 11:02 PM   #1820
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Although the new project likely will be limited to 7 stories to avoid dwarfing the school and the historic district adjacent to the lot on Plymouth.
I don't see what would be wrong in having something about the same height as Library Tower or University Center, although something taller might break up the monotony there. Seven stories seems like a letdown when you factor in parking and retail (hopefully).

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I am shocked this is still alive! Doubtful the Y ends up building something here... my guess is they are looking for commitment from Daley for a different space or for developers to step forward and partner with them.
I kind of want them to build their headquarters there - it would be nice for them to have a presence in the city instead of being in some anonymous office tower. It's just too bad that they're limiting the scope of the project - the South Loop could benefit from the mix of office space, a museum (maybe even a small gift shop), and weren't they even considering building a new community center?

I was imagining something like the L Tower in Toronto (which incorporates a large existing theater) for this site or Festival Tower which includes a home for the Toronto film festival.
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