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Old January 13th, 2007, 07:43 AM   #1
spyguy
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235 West Van Buren | 490 ft | 46 fl | Com

Height: 490 ft
Floor count: 46
Location: South Franklin and West Van Buren
Construction end: 2009
Architect: Perkins & Will
Developer: CMK Development Corporation


Website







http://chicagobusiness.com/cgi-bin/news.pl?id=23426

48-story condo project planned near Sears Tower

Jan. 10, 2007
By Alby Gallun


The Chicago Plan Commission next week will consider a 48-story, 714-unit condominium tower proposed for a site just a couple blocks south of the Sears Tower.

An affiliate of Chicago-based CMK Development Corp. plans to build the high-rise at 235 W. Van Buren St., which would be one of the largest Loop condo projects in several years. The development is on the agenda for the Plan Commission's Jan. 18 meeting.

If the commission approves the project, CMK still must sell enough units to secure financing, a challenge in the current soft condo market. Sales of downtown condos and townhomes fell 7.6% in the first nine months of 2006 from the year-earlier period, according to Appraisal Research Counselors, a Chicago-based residential real estate consulting firm.

The falling sales, however, haven't discouraged developers, who had started marketing about 6,100 condos and townhomes through the third quarter, eclipsing 4,700 for all of 2005.

CMK, one of the busiest downtown condo developers, is targeting the lower end of the condo market, a segment that has held up well during the slowdown. A vast majority of the units in the Van Buren project will sell for less than $350,000.

"They're very aggressively priced," says CMK President Colin Kihnke.

That formula has worked well with CMK's other projects. At the end of the third quarter, buyers had signed contracts for 70% of the units in a 498-condo CMK development at 1720 S. Michigan Ave. and 98% of the units at a 249-unit project at 1620 S. Michigan, according to Appraisal Research.

Designed by Perkins & Will, CMK's newest project would be the firm's largest to date. Sitting just north of the Congress Parkway on-ramp, it would include retail and office space and 570 parking spots. CMK executives did not return phone calls.

Last edited by i_am_hydrogen; May 16th, 2008 at 01:59 AM. Reason: Added renderings.
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Old January 13th, 2007, 07:47 AM   #2
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This is a pleasant surprise. What was or is on this site?
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Old January 13th, 2007, 07:52 AM   #3
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It's mostly a parking lot, but I think there are a couple of small (perhaps old) buildings on part of the site that would come down. But 700 units that will do a lot for the surrounding areas.
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Old January 13th, 2007, 08:07 AM   #4
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Quote:
Originally Posted by spyguy View Post
It's mostly a parking lot, but I think there are a couple of small (perhaps old) buildings on part of the site that would come down. But 700 units that will do a lot for the surrounding areas.
Agreed. That number of people would serve that area of the Loop quite well.
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Old January 13th, 2007, 08:21 AM   #5
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Do 700 people work in the Sears Tower?

I can imagine this place essentially filling up with the entire contigent of Sears Tower employees
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Old January 13th, 2007, 08:27 AM   #6
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^I'm sure more than 700 people work at the Sears Tower. Kirkland and Ellis has about 40 people per floor spread out on 13 floors, and the Sears Tower has far more square footage.

Last edited by i_am_hydrogen; January 13th, 2007 at 08:34 AM.
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Old January 14th, 2007, 07:12 AM   #7
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Is that a joke re: the Sears Tower? It has a daily office population well over 15,000.
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Old January 14th, 2007, 09:30 AM   #8
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I think TUP is making a joke because of the high vacancy rate, 20%.

My first impression of this building is UGLY. In that pic with the Sears cluster, it just looks like an eyesore blocking the magnificent view. Hopefully it grows on me, but I doubt this one will.
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Old January 14th, 2007, 05:06 PM   #9
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I think you feel that way becasue its a residential building place with in the middle of an office district..it sticks out alot..but i think it will grow on people...hopefully the trend will be mixing in residential with office in this area of the loop
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Old January 14th, 2007, 05:15 PM   #10
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I actually enjoy it with the protruding balconies, I don't know but I'm always a sucker for a glassy white building. I believe the parking base could definetely use a little tweaking,but actually I don't mind it now that I look at it contrasting with the top portion.
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Old January 14th, 2007, 05:35 PM   #11
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Looks great!!!,
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Old January 14th, 2007, 09:55 PM   #12
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Quote:
Originally Posted by The Urban Politician View Post
Do 700 people work in the Sears Tower?

I can imagine this place essentially filling up with the entire contigent of Sears Tower employees
there's well over 700 , and there's 4.5 million sq ft, so i highly doubt the building will fill up with tenant's and employees. the building even today is not even half full.
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Old January 14th, 2007, 10:10 PM   #13
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Quote:
Originally Posted by megatower View Post
there's well over 700 , and there's 4.5 million sq ft, so i highly doubt the building will fill up with tenant's and employees. the building even today is not even half full.
The current occupancy rate is 80%. Sears just landed a new tenant which will bring it to 84%.

http://www.globest.com/news/820_820/.../152064-1.html
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Old January 14th, 2007, 11:43 PM   #14
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Quote:
Originally Posted by megatower View Post
there's well over 700 , and there's 4.5 million sq ft, so i highly doubt the building will fill up with tenant's and employees. the building even today is not even half full.
don't know but is a number of 10.000 People realistic?
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Old January 15th, 2007, 01:20 AM   #15
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Quote:
Originally Posted by Chi649 View Post
The current occupancy rate is 80%. Sears just landed a new tenant which will bring it to 84%.

http://www.globest.com/news/820_820/.../152064-1.html
Thtas pretty cool and surprising. Just about the average for downtown. I always figured those numbers would be significantly less.
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Old January 15th, 2007, 01:55 AM   #16
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Quote:
don't know but is a number of 10.000 People realistic?
I answered your question above. The daily population is ~16,500.
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Old January 15th, 2007, 04:59 AM   #17
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Wow... it looks like it was sold in Nov 05 for $4.75M! It looks like there are a couople of small structures that need to be bought.
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Old January 21st, 2007, 07:37 PM   #18
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I received this in my e-mail.... Very aggressively priced.

Van Buren Condos



Expected Completion Date - Early 2010

Amount Invested - $2,500 to reserve a unit and 5% due after attorney review.

Location - Downtown Loop Chicago - Financial District

48-story condo project planned near Sears Tower

Opening: Our exclusive clients will be able to reserve units before the VIP Grand Opening in March during the Developer's Family and friends opening.



From the same development/architectural team that won the American Institute of Architects prestigious National Honor Award for Architecture in 2005 - Modern condominiums in Chicago’s Financial District




Pricing breakdown as follows:

Studios start at $180

1bd will start at $206K

2bd/1bth $240-250K

2bd/2bth $267-$520K

Parking $30-50K and Tandoms $50-54K



One of the busiest downtown condo developers, is targeting the lower end of the condo market, a segment that has held up well during the slowdown. A vast majority of the units in the Van Buren project will sell for less than $350,000.
"They're very aggressively priced."

That formula has worked well with the developer's other projects. At the end of the third quarter, buyers had signed contracts for 70% of the units in a 498-condo in the South Loop on Michigan Ave. and 98% of the units at a 249-unit project in the South Loop on Michigan Ave, according to Appraisal Research.


Designed by award winning architects, Perkins & Will, it will be sitting just north of the Congress Parkway on-ramp, it would include retail and office space and 570 parking spots.

It is one of the few residential buildings found in the middle of an office district.

The Sears Tower, which is just North of this development, has a daily office population well over 15,000 and is 84% occupied, which gives this building great potential for rentals.
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Old January 21st, 2007, 08:27 PM   #19
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^ 570 parking spots for 700 units?

I love it.

I think this will sell out like mad-cakes. I honestly think a lot of people would love to live closer to their jobs in the west loop. In fact, I imagine the entire district south of the Sears Tower down to Polk filling up with residential buildings serving the west loop office district. I envision several bus routes sprouting in this area, running north along Wells, Clark, etc taking thousands of people to their jobs.
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Old January 21st, 2007, 08:28 PM   #20
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Quote:
Originally Posted by PrintersRowBoiler View Post
Designed by award winning architects, Perkins & Will, it will be sitting just north of the Congress Parkway on-ramp, it would include retail and office space and 570 parking spots.
^ Office space?

Eh?
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