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  #1  
Old Posted Jun 8, 2005, 3:35 PM
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CHICAGO | Mandarin Oriental | 845 FT / 256 M | 61 FLOORS | NEVER BUILT






Mandarin Oriental hotel will check in
Site near Millennium; Ritz-Carlton for sale

By Thomas A. Corfman
Tribune staff reporter
Published June 8, 2005

A venture that includes construction executive Gerard Kenny said Tuesday that it has a deal for a posh Mandarin Oriental hotel on a site near Millennium Park, part of a proposed 90-story tower that also will include luxury condominiums.

Meanwhile, the owner of the Ritz-Carlton at Water Tower Place said it would put up for sale the 435-room property, one of Chicago's best-known, high-end hotels.

The two deals reflect the renewed attention that investors are giving to a property sector that some experts say can offer higher returns than other real estate investments, such as office buildings or apartment complexes.

"Hotels are the place to be right now," said Arthur Buser, managing director of Jones Lang LaSalle Hotels, a unit of the Chicago-based real estate firm with the same name. "Your initial yield ends up to be double digits out of the box, and there is no other real estate you can do that with," he said.

The $550 million Mandarin Oriental project will be located at Lake and Stetson Streets, but it will have an address of 215 N. Michigan Ave. because the site is part of the Illinois Center office complex.

At 887 feet, the skyscraper is expected to be the city's seventh-tallest tower when it is completed in 2008.*

Hong Kong-based Mandarin Oriental International Ltd. has been looking for a Chicago property for at least eight years.

The project gives Mandarin an opportunity to "further strengthen our brand," said Edouard Ettedgui, chief executive of Mandarin, which has 21 hotels worldwide--six of them in the U.S.--and plans to open a Boston property in 2007.

A partnership controlled by Kenny acquired the vacant site in 1998, paying what seems now like a bargain price of $4.4 million, according to property records.

But what looked at the time like a quick development deal dragged on, the result of several factors, including the downturn in hotel development after Sept. 11, 2001.

"The opening of Millennium Park made this thing go," said Kenny, a director with Kenny Construction Co., who spends most of his time on real estate development.

Generally low profile, Kenny was thrown into the spotlight in 1992, when his Wheeling-based firm managed the repair project for the Loop flood. His brother James, a former executive with the firm and a Republican fundraiser, was named ambassador to Ireland in 2003 by President Bush.

The partnership is contributing the 44,000-square-foot site to a joint venture that includes Frank Leo, an investor, developer and former New York printing company owner, said Kenny, whose firm will manage the construction.

The 1.2 million-square-foot project will include 300 condos and 250 hotel-condo units. An additional 50 condos, to be called Mandarin Oriental residences, will have the full benefit of the amenities of the hotel. The chain is known for its high level of service.

A marketing firm has not yet been named, and Kenny acknowledges that sales will be key to arranging financing.

"The Mandarin name brings such a special presence to Chicago," he said.

Under the hotel-condo concept, rooms are sold as condominiums to private buyers, who allow the hotel to rent them out when the owners are not using them.

Kenny may hope the Mandarin project fares better than another hotel deal his firm was involved in, the Renaissance Hotel near O'Hare International Airport.

The 362-room hotel was completed during the downturn in hotel business and was hurt by partnership disputes.

The property was sold last year at a substantial discount to its announced $57 million cost.

"There's no comparison whatsoever," Kenny said.

As one of the city's newest luxury hotels moves forward, one of its most prominent hotels is going on the market.

Eastdil Realty Co. has been hired to market the Ritz-Carlton, said Patrick Meara, a senior vice president with Chicago-based JMB Realty Corp., which co-owns the hotel with Toronto-based Four Seasons Hotels Inc.

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* assuming that trump and waterview are both built, this tower would actually stand as chicago's 9th tallest, if built to its current 887' height.
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Last edited by Steely Dan; Mar 21, 2006 at 4:48 PM.
     
     
  #2  
Old Posted Jun 8, 2005, 3:49 PM
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This is great news. I was also shocked that it wasn't in the Waterview tower. Can someone post a map of the location for me?
     
     
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Old Posted Jun 8, 2005, 4:21 PM
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^ here you go, the red rectangle is the site:

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Old Posted Jun 8, 2005, 5:35 PM
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cool
     
     
  #5  
Old Posted Jun 8, 2005, 6:15 PM
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Awesome, right next to Prudential and AON!! Chicago RULES.
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Old Posted Jun 8, 2005, 7:00 PM
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Well, I must say, that when the snipped of information was posted yesterday in the Waterview Tower thread I got curious. So I decided to send an email to the U.S Offices of Mandarin Oriental Hotels. I must say, that if the service and response time to guests is as quick and efficient as to which they replied to my email, the hotel guests will be quite pleased...

Below if the coorispondents between my self and a representative of the hotel group...

THE EMAIL I SENT

To Ms. Lou Hammond, or to whom it may concern,

My name is Butler Adams, and I am an architecture student in Chicago. I
have been following a project in Chicago called Waterview Tower, which
is a 89-story building that will have a proposed condo/hotel on several
floors.

Earlier today I came across this small news clip:

Mandarin Oriental To Manage New Chicago Hotel, Residences
HONG KONG (Dow Jones)--Mandarin Oriental Hotel Group said Tuesday it will manage a new 250-room hotel and 50 residences in Chicago. Mandarin Oriental, 75%-owned by Singapore-listed Jardine Strategic Holdings Ltd. (J37.SG), said the hotel and residences are scheduled to open in early 2008. Mandarin Oriental, Chicago will occupy 15 floors of a new 90-storey tower. The Residences at Mandarin Oriental, Chicago, will be located above the hotel with units ranging from 1,000 to 3,000 square feet.

Mandarin Oriental operates 21 hotels worldwide.

Here is the link (http://sg.biz.yahoo.com/050607/15/3sv4n.html)


I was wondering if there is any way for you to confirm that Mandarin
Oriental will be coming to Chicago? I know that the Mandarin Oriental Hotel Group has been making an attempt to enter the Chicago market for almost a decade.

If it's true that Mandarin Oriental Hotels will be apart of Waterview
Tower in Chicago, can you tell me about the project (hotel operators
perspective), and what you expect to accomplish here in Chicago?

I do hope to hear back from someone on this matter.

Butler V. Adams
Architecture Student

THE RESPONSE

Information below:
MANDARIN ORIENTAL ANNOUNCES NEW LUXURY HOTEL
AND RESIDENCES IN CHICAGO


HONG KONG, June 7, 2005 - Mandarin Oriental Hotel Group has announced that it will manage a new 250-room luxury hotel and 50 branded residences which are planned to open in Chicago in early 2008. The project provides the Group with a unique opportunity to establish its luxury brand in another important American city.
Mandarin Oriental, Chicago will occupy 15 floors of a new 90-storey tower which will be an exclusive mixed-use development in Chicago's growing Millennium Park neighborhood. In addition to the hotel and its luxury residences, the new 1.2 million-square-foot development will feature a further 300 deluxe condominiums as well as upscale retail shops.
The project is ideally located for Chicago's world-class cultural attractions, shopping, dining and entertainment facilities. It is adjacent to Millennium Park, the city's renowned centre for art, music, architecture and landscape design, featuring the most sophisticated outdoor concert venue of its kind in the United States, designed by Frank Gehry. Located at 215 North Michigan Avenue, the hotel is also a short walk from the Magnificent Mile Shopping District and is exceptionally placed for easy access to McCormick Place, the largest convention facility in America. Chicago's vast Pedway system is accessible directly from the development, which allows convenient covered walkways to the city's financial district.
Mandarin Oriental, Chicago will be a showcase of innovative, contemporary design, combining a reflection of the Group's oriental heritage with a strong sense of place. The 200 oversized guestrooms and 50 suites will be among the most spacious accommodations in the city, with views of Lake Michigan to the north and east, Millennium Park to the south, and Chicago's celebrated cityscape to the west. The finest entertainment and technology systems will also be a prominent in-room feature.
An array of dining choices will be offered at the hotel's 80-seat signature restaurant, an all-day dining venue, spa café, stylish bar, lobby lounge and Cake Shop - Chicago's version of the legendary "Mandarin Cake Shop" at the flagship Mandarin Oriental in Hong Kong.
The Spa at Mandarin Oriental, Chicago will create an unprecedented relaxation experience within a vibrant urban setting. The 20,000-square-foot facility will feature 14 treatment rooms, with two VIP couples suites, state-of-the-art heat and water treatments, including a Hamam for men and Rasul for women, as well as a spa café offering tailor-made, healthy cuisine. A dedicated pilates and yoga studio will complement the fully-equipped fitness facility. Reflecting the Group's Asian spa expertise in design and service, this facility will offer among the most comprehensive range of wellness, beauty and massage treatments in the Chicago area, with holistic signature treatments created exclusively by Mandarin Oriental.
The hotel will also offer exceptional amenities to business travelers, including the latest in-room technology as well as a full-service business centre. Ample meeting and function space, with a 10,000-square-foot ballroom, and four additional private meeting rooms equipped with state-of-the-art technology will also be featured.
The Residences at Mandarin Oriental, Chicago will be located above the hotel with units ranging from 1,000 to 3,000 square-feet. As with all Residences at Mandarin Oriental, owners will be treated as permanent guests of the hotel and will enjoy exclusive access to the exceptional services and amenities provided on property.
"We are delighted to be opening a new hotel in the celebrated city of Chicago. This project represents a wonderful opportunity for Mandarin Oriental to further strengthen our brand in significant business and leisure destinations worldwide," said Edouard Ettedgui, Group Chief Executive of Mandarin Oriental. "We look forward to bringing Mandarin Oriental's renowned levels of hospitality to this vibrant new development and its remarkable location. We certainly support Mayor Daley's mission for the area's success."
"We are excited about the addition of Mandarin Oriental to the city of Chicago. The development only serves to further enhance the amenities and visitor attractions in and around Millennium Park," said Mayor Richard M. Daley.
The project is being developed by Illinois Center Development, LLC (ICDG), a private investment partnership formed by the development team of Frank Leo and Gerard Kenny of Chicago, Illinois. Mr. Kenny's firm, Kenny Construction Company, will be leading construction of the overall project. The award-winning firm of Solomon Cordwell Buenz (SCB) will be lead architect coordinating with Patrick Danan of ICDG.
"Our project will play an important role in the continuing renaissance of the area surrounding Millennium Park. The development promises to be a new city icon and we are very pleased to be working with Mandarin Oriental to create a unique luxury experience in Chicago," said Frank Leo, a principal of Illinois Center Development, LLC.
Chicago boasts many tourist attractions, including the finest shopping along Michigan Avenue, fine dining and myriad cultural venues, all within walking distance of the new project. Transportation to and from this important Midwestern U.S. city is among the most accessible in the world; Chicago's O'Hare Airport handles more than 55,000 domestic flights and 7,000 international flights a month - with more passengers than any other international airport.
Mandarin Oriental Hotel Group is the award-winning owner and operator of some of the world's most prestigious hotels and resorts, currently operating 21 luxury hotels with a further six under development in Hong Kong and Tokyo (opening 2005), Prague and Riviera Maya, Mexico (2006), Boston (2007) and Chicago (2008). In total, Mandarin Oriental now operates, or has under development, approximately 8,000 rooms in 14 countries with 12 hotels in Asia, ten in The Americas and five in Europe.
# # #
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  #7  
Old Posted Jun 8, 2005, 7:13 PM
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Sweet. SCB also designed 340 OTP, 1255 S Michigan, and the Heritage @MP. I can't wait to see the design. Hopefully it blows all the other ones away... since they are promising for it to be "a new city icon."
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Old Posted Jun 8, 2005, 7:16 PM
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Quote:
Originally Posted by Steely Dan
^ here you go, the red rectangle is the site:

Thanaks, Dan!
     
     
  #9  
Old Posted Jun 8, 2005, 7:21 PM
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90 stories and only 887 ft ?
It'd better be really good looking.
     
     
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Old Posted Jun 8, 2005, 7:22 PM
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alright, SCB. weren't they behind that old boulevard tower design for that piece of land? that was an 80 something story tower, right? maybe there going go with that design for this project. it was an interesting design. does anyone still have a rendering of it that they can repost?

SCB actually excites me now. i like the heritage, i LOVE 340 on the park, and i'm super-intrigued by the legacy proposal. it'll be interesting to see what they come up with here.
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Old Posted Jun 8, 2005, 7:28 PM
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Along with Calatrava, this is going to put one hell of a dent in the skyline. Let's hope it looks nice.
     
     
  #12  
Old Posted Jun 8, 2005, 7:29 PM
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^let's not forget the Jeweler's Row building. . . oh I know. . . it's only a mere 72 stories. . . so easy to forget something of that scale. . .
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Old Posted Jun 8, 2005, 7:31 PM
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Aren't they also behind the new office towers proposed for right along the kennedy expressway near PT?
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Old Posted Jun 8, 2005, 7:32 PM
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Yep.



645 W Madison

SCB has a lot of solid designs. I am even more excited about this project now.
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Old Posted Jun 8, 2005, 8:59 PM
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Too bad an 887' tower will be almost totally obscured from view (from the south, i.e. grant/millenium park and the south side) by 2PRU, a 1000 footer that lays in the shadow of aon, at over 1100'. Only in Chicago...
     
     
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Old Posted Jun 8, 2005, 10:25 PM
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Quote:
Originally Posted by VivaLFuego
Too bad an 887' tower will be almost totally obscured from view (from the south, i.e. grant/millenium park and the south side) by 2PRU, a 1000 footer that lays in the shadow of aon, at over 1100'. Only in Chicago...
I'm glad somebody finally brought this up. Doesn't anybody else think this is a terrible location for this building? You won't even be able to see it from the south, and if you're inside the building you won't have much of a view. Plus, that area doesn't get a whole lot of foot traffic, yet they're planning on including upscale retail? Who's gonna shop there, besides the hotel guests? And even they will probably go further north up Michigan Ave to shop.

Don't get me wrong, I'm really excited about the possibility of a new 90 story building, but I just think the location is bad. Not sure where else I'd put it though. Block 37 perhaps?
     
     
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Old Posted Jun 8, 2005, 10:32 PM
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Quote:
Originally Posted by Fabb
90 stories and only 887 ft ?
It'd better be really good looking.
That caught my attention also. Maybe it'll top 900 ft..
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Old Posted Jun 8, 2005, 10:43 PM
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^ as tom explained in the boom rundown thread, this plot of land is actually a hole in the 3 level street network of illinois center. the number of stories that are actually above the top most street level may only be 85 or so. the height of 887' is probably taken from the top street level, whereas the number of stories listed is probably taken from grade, which is 50' below "street level".

as for the location, i thinks it's fine. no it won't be terribly high-profile from grant park, but there are 3 other cardinal dirtections to consider.
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Old Posted Jun 9, 2005, 12:03 AM
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Quote:
alright, SCB. weren't they behind that old boulevard tower design for that piece of land? that was an 80 something story tower, right? maybe there going go with that design for this project
That design looks like it was refined into 340 OTP, It used the same materials and had the same key features. I'd expect them to do something different here... glad to see they got the work, they're a solid 8/10 firm.
     
     
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Old Posted Jun 9, 2005, 12:22 AM
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^ i wish that someone had a rendering of the boulevard east projet that they could post, because the way i'm remembering it, that proposal was actually quite different from the 340 on the park project. boulevard east had A LOT of very tightly spaced horizontal lines, and it also had a set-back or two, as opposed to 340's more monolithic form.

was anyone smart enough to save those boulevard east renderings from a couple years ago? search through your files. i just searched mine, but i don't have 'em anywhere.
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