[3countriesplan]

Any new news for this tower?

[Nowhereman1280]

Oh yeah! I forgot to post this, they recently finished this building and people are now moving! Thanks for reminding me to post news! :shrug:

When there is news, this is the first place it will be posted, until then, just hang tight...

[Aqua Plumber]

http://i142.photobucket.com/albums/r110/phd3746/Image-4.jpg

[archytype]

...i don't know... i just see this KPF building in the tower portion of the mandarin...


however well that curve hides it, i still say this is borderline architectural plagerism. :shrug:[/QUOTE]

This building will be viewed in two places, the base and the cap the rest is hidden.
I think the model illustrates how the base will enhance the streetscape and the cap will standout in the skyline amongst all the Mies-inspired boxes. The cap is abit schizophrenic trying to display the resolution of too many themes, but if it gets built I would not complain.

[WindyChat_com]

I walked by there the other day but didn't notice anything going on.. did they start this project? - Eric

[The Pimp]

I walked by there the other day but didn't notice anything going on.. did they start this project? - Eric

Eric...please don't take this the wrong way. But if you walked by and nothing is going on what would lead to believe that this project under construction?

[Tom In Chicago]

There is some equipment on site as of this morning, but I suspect it's just there to remove the jersey barriers thare are blocking the garage doors at the base of Boulevard Towers. . .

[Beck4ABigChicago]

There is some equipment on site as of this morning, but I suspect it's just there to remove the jersey barriers thare are blocking the garage doors at the base of Boulevard Towers. . .

Thanks Tom, I saw a bunch of stuff going on this afternoon and jumped on here for an explanation. I bet you are correct.

[Tom In Chicago]

I figured out what they were doing. . . they were using the area to load and unload these barriers for the Obama event. . . false alarm. . .

[Jibba]

^Maybe interest will be renewed now that Obama fever has touched the site...

[laro3]

RUMOR,I know someone working on this project and he said they were going to start back up in april on the mandarin,he also told me they had financing before. So lets hope he is right this time.

[Nowhereman1280]

That would be nice, it will give us something to watch in the coming lull!

[cbotnyse]

looks like Mandarin Oriental is dead.

http://www.chicagobusiness.com/cgi-bin/news.pl?id=33041

Foreclosure suit hits Mandarin Oriental developer
By: Alby Gallun Feb. 18, 2009
(Crain’s) — A New York-based lender has filed a foreclosure suit against the developer of the proposed Mandarin Oriental tower just north of Millennium Park, a 74-story project with a lot of sizzle but not enough sales.

An affiliate of iStar Financial Inc. filed to foreclose on the development site at the northwest corner of Stetson Avenue and Lake Street, according to a document filed earlier this month with the Cook County Recorder.

The project’s developer, a group that includes former construction executive Gerard Kenny, had owed iStar as much as $43 million more than a year ago, but the filing did not disclose the balance on the loan, which was used to finance the acquisition of the property and pre-development costs.

The unbuilt condominium-and-hotel tower has struggled with slow sales and frozen credit markets that have made it nearly impossible to finance construction of such an extravagant project, which was considered a big risk even when lenders were loose with their money. Many observers predicted it was only a matter of time before the developer pulled the plug on the $750-million building.

[trvlr70]

Let's call it. Time of death: 2/18/09:(

[BVictor1]

looks like Mandarin Oriental is dead.

http://www.chicagobusiness.com/cgi-bin/news.pl?id=33041

Foreclosure suit hits Mandarin Oriental developer
By: Alby Gallun Feb. 18, 2009
(Crain’s) — A New York-based lender has filed a foreclosure suit against the developer of the proposed Mandarin Oriental tower just north of Millennium Park, a 74-story project with a lot of sizzle but not enough sales.

An affiliate of iStar Financial Inc. filed to foreclose on the development site at the northwest corner of Stetson Avenue and Lake Street, according to a document filed earlier this month with the Cook County Recorder.

The project’s developer, a group that includes former construction executive Gerard Kenny, had owed iStar as much as $43 million more than a year ago, but the filing did not disclose the balance on the loan, which was used to finance the acquisition of the property and pre-development costs.

The unbuilt condominium-and-hotel tower has struggled with slow sales and frozen credit markets that have made it nearly impossible to finance construction of such an extravagant project, which was considered a big risk even when lenders were loose with their money. Many observers predicted it was only a matter of time before the developer pulled the plug on the $750-million building.

Not all that suprised and to be honest, not all that upset. THings haven't been right from the start with this one; accusations of mob ties in the beginning, inconsistency with the number of floors and plain old assey employees.

I wonder if those who originally invested in this project could flock to other proposals? That is if they still have the money in the first place.

[trvlr70]

I wonder if those who originally invested in this project could flock to other proposals? That is if they still have the money in the first place.

That's what I was thinking. How many committed folks for condos in Mandarin, Pestigo, X/O, Waterview, etc.. are now once again in the market for new digs? It would at minimum, fill up an entire large residential skyscraper. If half of those committed to condos were flippers[relieved to be out of the market], the remainder would still be substantial.

[nomarandlee]

Agreed, plus I never considered the location "prime" (at least if I was a buyer) and the design was pretty average.

[Nowhereman1280]

Good, I didn't like MO all that much.

This location needs a supertall, something 30% taller than Aon would be great. I can't see a lot of appeal to developing this lot otherwise. I mean, I guess you could cram a short office tower in there, but there is no way a residential of less than 700' will ever be successful here because of its completely blocked views in almost all directions...

[TowerGuy37]

is this officially a dead project now for the most part??? i can't imagine these condos are still being offered for sale? does anybody really know?