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Signs of a Reviving Economy

4742 Views 9 Replies 6 Participants Last post by  yankeesfan1000
Things are finally starting to look up! Also, River Point may be 50 stories instead of 45 stories, we may get the old height. I did a quick calculation, and it seems like the full height would be 220m, or 721 feet.

http://www.nytimes.com/2012/07/11/r...pment-of-new-office-space.html?pagewanted=all

Chicago Attracts New Towers With River Views






July 11, 2012
By ROBERT SHAROFF



John Buck, a Chicago developer, said, “I don’t think there’s a crying demand for five million square feet of new office space, but there may be room for one or two million square feet.” He said that he had a project in the early stages of development but declined to discuss it.
Kevin Shannahan, Hines’s chief executive for Midwest operations, said the building would have 45 to 50 stories and 900,000 to 1.1 million square feet of space, depending on the success of leasing efforts.


Hines’s partner at River Point is Ivanhoe Cambridge, the real estate division of a Canadian pension fund, Caisse de Dépôt et Placement du Québec. One of the 10 largest real estate firms in the world, Ivanhoe is providing 85 percent of the project’s financing.

Arthur Lloyd, executive vice president of Ivanhoe, said the rate of job growth in Chicago made the city an attractive investment opportunity. Mr. Shannahan, of Hines, estimated that about 10,000 new jobs were announced in 2011, and said, “That’s a great record for the downtown.”



All of the proposed office projects are betting to some degree on Mayor Rahm Emanuel’s aggressive efforts to attract new business to the city. In the last few years, companies like United Airlines, Sara Lee and MillerCoors have all announced plans to relocate all or part of their operations to downtown Chicago. Most have also received public incentives like tax increment financing grants.



Google is reported to be close to announcing a lease for about 400,000 square feet of space in the Merchandise Mart.



Mr. Buck, the developer, said the trend of companies moving downtown was “something I’ve dreamed about for 30 years.

Mr. Wislow’s firm scored what is considered the leasing coup of the year this spring when it signed United Airlines to a long-term lease at the Willis Tower (formerly the Sears Tower), the country’s tallest building. United, which is relocating from a suburban office campus it has occupied for more than 40 years, is taking 16 floors in the tower for a total of about 800,000 square feet.


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^^Obviously a clueless poster!!!:lol:
^^The TIF is for the park not the tower itself. Also, the TIF money for this tower is nothing new. The deal to finance the park/deck was made back in 2007 when the tower was first proposed and the market was still hot. Again, another poster posting about something he knows nothing about.

I swear you people spend too much time reading the New York Times, who btw, thinks Hines is based in Dalls, lol.
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