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  #921  
Old Posted May 16, 2012, 2:17 AM
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Damn, Hines has balls! A speculative office tower, wow.

Having read the Crains article, however, it actually does make sense to break out of the gates early.

It's this kind of risk taking that rewards, and sometimes punishes, those in the business. Gotta love real estate!

Also, my dream of decking over the train tracks will finally come true. Finally, people will be forced to submit to the darkness even earlier when they arrive downtown. That is so evil and I love it!
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  #922  
Old Posted May 16, 2012, 2:40 AM
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Yeah, ballsy move for sure. Hines is a huge national player, so they have access to all sorts of global investors and not just credit-shy traditional banks.

Still, if Hines' data on the Chicago market is strong enough to convince investors to turn over $500 million, that is indeed a very good sign for the city economy.

Bring on the cranes!
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  #923  
Old Posted May 16, 2012, 3:04 AM
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This is very very exciting! I thought about taking some pictures of the site during my escapades today but literally thought "nah it'll just be another stale proposal anyways."

Its amazing that when everyone else is talking about getting 60-some percent occupancy to get a loan, Hines was able to line up the first spec build in years. Its got to be, as Ardecila says, investors and not banks. Maybe we will find out when they make the official announcement.

Quote:
It's unclear how the Hines venture is structuring the financing for the project. Greg Van Schaack, senior vice president at Hines, declines to comment.
But this will help convince firms wary of signing for a building that may not get built (as I said before). From the article:

Quote:
If they know the financing is in place and there's a hole in the ground, people can see it and feel it and touch it. They know it's real. It severely mitigates delivery risk.”
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Last edited by ChiPhi; May 16, 2012 at 3:20 AM.
     
     
  #924  
Old Posted May 16, 2012, 4:19 AM
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Sorry, if this is a stupid question. How does this differ exactly from the original proposal a few years ago.

I don't have a chance to fully read up on this due to my exhausting work schedule off to bed!
     
     
  #925  
Old Posted May 16, 2012, 4:47 AM
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Quote:
Originally Posted by Chicago_Forever View Post
According to Crains Chicago, Financing is in place and Hines is preparing to break ground.

Hines set to kick off 45-story office tower


By: Ryan OriMay 15, 2012


A rendering of the planned River Point tower on the Chicago River. Design and tower rendering: Pickard Chilton. Photography and context rendering: ImageFiction

(Crain's) — Hines Interests L.P. is preparing to break ground on a 45-story office tower on Chicago River without lining up tenants in advance, the first so-called spec office development in downtown Chicago in 14 years.


Read more: http://www.chicagorealestatedaily.co...#ixzz1uzR0rjGP
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  #926  
Old Posted May 16, 2012, 6:34 AM
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Quote:
Originally Posted by FlashingLights View Post
Sorry, if this is a stupid question. How does this differ exactly from the original proposal a few years ago.

I don't have a chance to fully read up on this due to my exhausting work schedule off to bed!
It's 7 stories shorter and has no hotel tower. Some extraneous stuff like the boathouse was also axed.
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  #927  
Old Posted May 16, 2012, 12:35 PM
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Exciting news on many fronts, i'll have a great view of this one (and hopefully wolf point before too long) going up from 333.
     
     
  #928  
Old Posted May 16, 2012, 4:29 PM
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http://www.marketwatch.com/story/iva...ago-2012-05-16

Ivanhoe Cambridge and Hines to Develop Sculptural Office Tower in Chicago

Ivanhoe Cambridge, one of the 10 largest real estate companies in the world, announced today its planned investment of US $300 million to build a 45-story office tower in the West Loop in downtown Chicago. The tower, River Point, is being developed by co-investor and international real estate firm Hines, on land co-owned by local business leader Larry Levy. The investment is expected to close by the end of May 2012 (upon finalization of documentation and subject to usual conditions) with construction to commence before year-end, and tenant occupancy to begin in early 2016.

A world-class office tower, River Point was designed by noted architectural firm Pickard Chilton and will be built at 444 West Lake Street on the western bank of the Chicago River near two rail hubs in the West Loop, overlooking the river towards Lake Michigan. Containing approximately 900,000 square feet of leasable space, the project also calls for construction of a majestic 1.5-acre public park atop the existing rail infrastructure that will connect the tower and its 450-linear feet of newly landscaped walkway to the Chicago Riverwalk. The tower is pre-certified LEED(R) Gold.
     
     
  #929  
Old Posted May 16, 2012, 4:42 PM
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Quote:
Originally Posted by spyguy View Post
http://www.marketwatch.com/story/iva...ago-2012-05-16

Ivanhoe Cambridge and Hines to Develop Sculptural Office Tower in Chicago

Ivanhoe Cambridge, one of the 10 largest real estate companies in the world, announced today its planned investment of US $300 million to build a 45-story office tower in the West Loop in downtown Chicago. The tower, River Point, is being developed by co-investor and international real estate firm Hines, on land co-owned by local business leader Larry Levy. The investment is expected to close by the end of May 2012 (upon finalization of documentation and subject to usual conditions) with construction to commence before year-end, and tenant occupancy to begin in early 2016.

A world-class office tower, River Point was designed by noted architectural firm Pickard Chilton and will be built at 444 West Lake Street on the western bank of the Chicago River near two rail hubs in the West Loop, overlooking the river towards Lake Michigan. Containing approximately 900,000 square feet of leasable space, the project also calls for construction of a majestic 1.5-acre public park atop the existing rail infrastructure that will connect the tower and its 450-linear feet of newly landscaped walkway to the Chicago Riverwalk. The tower is pre-certified LEED(R) Gold.
Incredible news. That will redefine this area of the west loop. Also, the architecture of this building will add so much to the Chicago river.

Last edited by BraveNewWorld; May 16, 2012 at 6:03 PM.
     
     
  #930  
Old Posted May 16, 2012, 6:03 PM
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The proposed 45 story River Point project is being announced on WBBM & NPR radio today with the Mayor's blessings and jobs to come.

http://www.chicagoriverpoint.com/home.html
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Last edited by george; May 16, 2012 at 8:18 PM.
     
     
  #931  
Old Posted May 16, 2012, 6:10 PM
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Crains states that the city will contribute 29 million in TIF money dedicated to the river front park.


Quote:
Greg Hinz

Rahm confirms West Loop tower; city chipping in $29 million
May 16, 2012

Mayor Rahm Emanuel Wednesday confirmed my colleague Ryan Ori's story that Chicago is going to get its first major new speculative office tower since the 1990s, but revealed a major detail: The city is chipping in $29 million in TIF money.


...

The $29 million will go not for the tower itself but an adjacent 1.5-acre public park. Both the tower and the park will be built on a platform atop Metra and Amtrak railroad tracks.


Mr. Emanuel said the investment is worth the price, even in a time of austerity, with the building projected to return $175 million in real-estate taxes just in its first 15 years.


Read more: http://www.chicagobusiness.com/artic...#ixzz1v3fJ2azD
     
     
  #932  
Old Posted May 16, 2012, 6:35 PM
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^^^
Do we know if the park will be better than the most recent renderings or do we think that the TIF funding will make it closer to the original?

Also, from the article:

Quote:
Construction is scheduled to begin by year's end
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  #933  
Old Posted May 16, 2012, 7:13 PM
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I wonder if this building will effect the office component of Wolf Point. On the one hand, it could take potential clients out of the picture for Wolf Point. On the other hand, I could see it causing the Wolf Point developers to feel some pressure to start construction so as to not miss out on other future prospects.
     
     
  #934  
Old Posted May 16, 2012, 7:17 PM
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^ Hines is driving both river pointe and wolf point.
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  #935  
Old Posted May 16, 2012, 7:24 PM
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Originally Posted by BraveNewWorld View Post
Incredible news. That will redefine this area of the west loop. Also, the architecture of this building will add so much to the Chicago river.
A great big thank you to our neighbors to the North, Canadian Public Pension Funds and Investment Funds are sitting on piles of cash. Furthermore, it helps that the Canadian Dollar is strong. The Ontario Teacher's Pension fund is investing in the large NYC West Side development and now Ivanhoe Cambridge is fronting the cash for River Point. Awesome news and hopefully Hines can leverage a similar deal for the Wolf Point development.
     
     
  #936  
Old Posted May 16, 2012, 7:58 PM
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Glad we could help you guys out!
     
     
  #937  
Old Posted May 16, 2012, 9:01 PM
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Originally Posted by caltrane74 View Post
Glad we could help you guys out!
Cheers Caltrane
     
     
  #938  
Old Posted May 16, 2012, 9:58 PM
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^^^
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“The test of a great building is in the marketplace. The Marketplace recognizes the value of quality architecture and endorses it in the sales price it is able to achieve.” — Jon Pickard, Principal, Pickard Chilton
     
     
  #939  
Old Posted May 16, 2012, 10:00 PM
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Quote:
Originally Posted by bnk View Post
Crains states that the city will contribute 29 million in TIF money dedicated to the river front park.
ugh. can we please put a stop this this TIF b.s. if Hines is going to build a spec tower thats nice and all but i dont see why taxpayers need to be brought into it, especially considering the state of city finances.
     
     
  #940  
Old Posted May 16, 2012, 10:16 PM
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^ the riverfront park will be public space, so i'm ok with using some public money in this instance.
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