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Old April 16th, 2007, 09:51 PM   #1
wrabbit
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CHICAGO | 300 North Michigan | 50 fl | Canceled

Lynn Becker provides info today on Arquitectonica's new proposal for 300 N Michigan:

http://arcchicago.blogspot.com/

http://www.peeblescorp.com/
http://www.arquitectonica.com/

Arquitectonica coming to Chicago
Crain's Chicago Business is reporting that Florida-based Peebles Corporation has hired Miami's Arquitectonica to design a new $215,000,000, 50-story ultra luxury condo/hotel on the current site of a Walgreens, Subway and Radio Shack at 300 North Michigan. Like Trump Tower, the Chicago Spire, and the Ritz-Carlton Residences, the project is targeted at the city's apparently inexhaustible supply of the super-rich, with prices at $800 to $1,200 per square foot and the most extravagant unit at $10,000,000. I guess you shouldn't count on Subway returning.
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Old April 16th, 2007, 09:55 PM   #2
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This must be the shorter of two Arquitectonica designs, as I understand that one is over 1,000'.
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Old April 16th, 2007, 10:00 PM   #3
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Quote:
Originally Posted by Dale View Post
This must be the shorter of two Arquitectonica designs, as I understand that one is over 1,000'.
Yes - the 1,000'+ proposal is rumored to be LSE's next project.
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Old April 17th, 2007, 09:01 PM   #4
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Current Building





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Old April 18th, 2007, 04:17 PM   #5
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^ Nothing exciting, although it would be sad to lose that water container
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Old April 19th, 2007, 04:34 AM   #6
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Hopefully this project can enliven the dead-feeling, transitional stretch of Michigan Ave between Randolph and Wacker.
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Old April 19th, 2007, 04:57 AM   #7
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This sounds like a great project. I hope they design something exciting.

By the way, Preservation Chicago has expressed no opposition to these demolitions. That group does not oppose big projects in the Central Area unless there is very good reason to do so.
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Old April 20th, 2007, 02:13 AM   #8
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It must include that small 4 story buiding to the north since it holds the radio shack. Do you know if it includes the 3rd 4 story building further north?
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Old April 20th, 2007, 06:58 AM   #9
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Isn't that where Moonstruck is, in that 3rd building?
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Old April 21st, 2007, 05:37 AM   #10
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I'm pensive. Arquitectonica varies between either sheer brilliance or absolute ****. Hoping for the former in this case.

Whatever the outcome, I'm rather giddy to see the design for this one. It's a great site for a tower. Could be absolutely massive.
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Old April 21st, 2007, 08:05 AM   #11
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I hope it gets some good ceiling heights per floor so it pushes up to near 600. That will make complete and and tie together that little Wacker/Water St. cluster there. The buildings there are so great and unqiue and differant that it will be challenging from an aesthetic standpoint. Hopefully its innovative but still respectfull as it will be back drop to all those buildings there. A difficult challenge but if done thoughtfull will look even more amazing. I hope something refletive goes up so the cluster will bounce back off its facade.
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Old June 13th, 2007, 07:07 PM   #12
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Cancelled?

http://chicagobusiness.com/cgi-bin/news.pl?id=25309

Developer backs out of condo-hotel for 300 N. Michigan

Citing worries about the slumping downtown condominium market, Miami developer Peebles Corp. has walked away from a prime Michigan Avenue site where it had planned to build a 50-story condo-and-hotel tower.

Peebles had signed a contract this past spring to pay about $32 million for the site at 300 N. Michigan Ave., currently home to a Walgreens drugstore, Subway restaurant and Radio Shack store. Yet the developer "felt a bit uncomfortable" with the weak high-end condo market and decided to back out a couple weeks ago, says Barron Channer, the firm's vice-president of development.

"We're not moving forward with it, but we're still looking aggressively in the market," he says. "We want to do something that's more in scale with where we think the market is."

The proposed project had only 45 condos, but at $800 to $1,200 a square foot, they would have ranked among the city's most expensive. The high-rise also would have included retail space, a 200-room five-star hotel and about 35 condo-hotel suites, or hotel units sold to individual investors as condos.

It would have been the first Chicago project for the Florida development firm, which is led by R. Donahue Peebles, one of nation's most prominent African-American real estate executives.

Sales of new downtown condos slid 46% in the first quarter from the prior-year period, the seventh straight quarterly drop and the biggest percentage quarterly drop so far, according to Appraisal Research Counselors, a Chicago-based real estate consulting firm.

An investor group including Charlie and Harry Huzenis hired the Chicago office of Holliday Fenoglio Fowler L.P. to sell the Michigan Avenue property last fall.

Though other investors expressed interest in the site, it's unclear whether another buyer has signed a contract for the property since the collapse of the Peebles deal. Efforts to reach Harry Huzenis were unsuccessful, and calls to a Holliday Fenoglio broker were not returned.
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Old June 13th, 2007, 10:16 PM   #13
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My guess: they're taking a financial bath in the Miami market these days that's leaving them with little cash flow to develop anythng whether here or in Miami.
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Old June 14th, 2007, 04:09 AM   #14
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Peebles is well-known in Miami. But I wouldn't say that he's been prodigiously successful there.
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Old June 14th, 2007, 05:25 AM   #15
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Terrible news. I was really looking forward to this one.
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Old June 14th, 2007, 05:47 AM   #16
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This would have been a perfect location for Mandarin Oriental instead of the "arm"pit location proposed right now. In this location the building would be nicely visible, have a true Michigan Ave. address that MO developers so covet. Too bad. Instead MO “will” disappear behind Prudential I & II and AON. In this location it could have been a true gem.
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Old June 14th, 2007, 06:11 AM   #17
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I think MO technically has an address of 215 N Michigan.
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Old June 14th, 2007, 06:30 AM   #18
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Quote:
Originally Posted by spyguy View Post
I think MO technically has an address of 215 N Michigan.
But in reality it is not on Michigan.


As far as I'm concerned that black chunk is on Michigan, no matter how hard the developer tries to fudge it. They can put lipstick on a pig, but it still will be a pig.
Sorry for OT.
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