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  #981  
Old Posted Dec 19, 2017, 11:12 PM
Vlajos Vlajos is online now
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Originally Posted by maru2501 View Post
^that still doesn't put a tower there, right?
No it's to renovate the OPO.
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  #982  
Old Posted Dec 20, 2017, 1:47 AM
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Developer just landed a $500 million construction loan!
That a really big loan.


Worth reading about it.

http://www.chicagotribune.com/busine...219-story.html
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  #983  
Old Posted Dec 20, 2017, 3:01 AM
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That definitely adds heft to the OPO proposal for Amazon. I wonder if this announcement is causing any buzz in Seattle?
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  #984  
Old Posted Dec 20, 2017, 4:36 AM
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Just for some perspective, this is one of the largest construction loans in Chicago's history. And it might be the largest construction loan for an adaptive reuse project in Chicago, as well as one of the largest of this sort in US history. And the lender is JP Morgan Chase, no less. A huge bet.

This is most certainly big news.
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  #985  
Old Posted Dec 20, 2017, 4:38 AM
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Originally Posted by bnk View Post
That a really big loan.


Worth reading about it.

http://www.chicagotribune.com/busine...219-story.html
That comment section is silly. Also, as a side note I don't know why they bother reporting on old loans in nominal values.
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  #986  
Old Posted Dec 20, 2017, 2:00 PM
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Originally Posted by the urban politician View Post
Just for some perspective, this is one of the largest construction loans in Chicago's history. And it might be the largest construction loan for an adaptive reuse project in Chicago, as well as one of the largest of this sort in US history. And the lender is JP Morgan Chase, no less. A huge bet.

This is most certainly big news.
with no big tenant signings announced, does the fact that they landed a $500m loan give credence to maybe some behind the scenes guarantees of a giant online retailer committing to the space?
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  #987  
Old Posted Dec 20, 2017, 2:28 PM
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with no big tenant signings announced, does the fact that they landed a $500m loan give credence to maybe some behind the scenes guarantees of a giant online retailer committing to the space?
I don’t know about Amazon, but perhaps some other large tenant
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  #988  
Old Posted Dec 20, 2017, 4:09 PM
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Originally Posted by Domer2019 View Post
That comment section is silly. Also, as a side note I don't know why they bother reporting on old loans in nominal values.
I try to not read open comments. They're pretty much always silly.
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  #989  
Old Posted Dec 20, 2017, 4:51 PM
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I don’t know about Amazon, but perhaps some other large tenant
I'm looking at you Uber.
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  #990  
Old Posted Dec 20, 2017, 8:35 PM
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JP Morgan definitely wouldn't do this without pre-leasing. But that doesn't mean the building already has tenants lined up... it just means JP Morgan wouldn't fund until a certain percentage of the building is under lease.
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  #991  
Old Posted Dec 20, 2017, 9:34 PM
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I'm looking at you Walgreens...
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  #992  
Old Posted Dec 21, 2017, 12:05 AM
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Hoping this means they landed a tenant who will lease a lot of space
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  #993  
Old Posted Dec 28, 2017, 12:21 PM
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How big of a roadbump is this lawsuit going to cause?

http://www.chicagotribune.com/busine...228-story.html

Last edited by KWillChicago; Dec 28, 2017 at 1:44 PM.
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  #994  
Old Posted Dec 28, 2017, 2:18 PM
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How big of a roadbump is this lawsuit going to cause?

http://www.chicagotribune.com/busine...228-story.html
None
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  #995  
Old Posted Dec 28, 2017, 3:25 PM
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None considering the subs are the ones getting blasted by OSHA, not the owners or even the GC. Also:

$225,000 / $500,000,000 = 0.045%

And that's just on the total construction costs, not including acquisition costs of the building. Two hundred grand might sound like a lot to the average person, but it's not even a blip on the radar for a project of this size.
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  #996  
Old Posted Dec 28, 2017, 5:02 PM
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I'm looking at you Walgreens...
I thought that ship had sailed.
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  #997  
Old Posted Jan 16, 2018, 5:13 AM
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So, 601W Companies who owns the Old Post Office bought the parking lot on Clinton between Harrison and Congress - just to the west of the Holiday Inn which is across from Old Post Office. They bought this for $10M on 12/5.

https://www.google.com/maps/place/52...!4d-87.6404979

I know that Old Post Office had the option for other land when they pitched to Amaon, but were they going to purchase it no matter if they had a potential client or not?
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  #998  
Old Posted Jan 16, 2018, 6:06 AM
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Didn't Davies own that land as well? I'm not sure when 601W purchased the post office, but maybe they deferred purchase of the outlots until the main building reached a certain stage.
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  #999  
Old Posted Jan 16, 2018, 2:01 PM
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527 S Clinton LLC owned it since at least 2007. I don't think that's Davies, but I could be mistaken.
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  #1000  
Old Posted Jan 16, 2018, 3:30 PM
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Didn't Davies own that land as well? I'm not sure when 601W purchased the post office, but maybe they deferred purchase of the outlots until the main building reached a certain stage.
Who owns the Holiday Inn building and/or the land it sits on? That isn't exactly a prime development.
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