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  #1081  
Old Posted Apr 5, 2019, 2:51 PM
LouisVanDerWright LouisVanDerWright is offline
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If John Buck has actually joined the team that greatly increases the odds of this little project getting built. The original development team didn't really have the chops, but when JBC is involved in a project it always gets built eventually.
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  #1082  
Old Posted Apr 5, 2019, 3:23 PM
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Originally Posted by LouisVanDerWright View Post
If John Buck has actually joined the team that greatly increases the odds of this little project getting built. The original development team didn't really have the chops, but when JBC is involved in a project it always gets built eventually.
true.

JBC coming aboard does give this development considerably more legitimacy.

i had been filing this one away as "extreme longshot", but now it's more like "well shit, it might actually get built".
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  #1083  
Old Posted Apr 5, 2019, 3:31 PM
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Considering the legitimacy of JBC, and the quality of their work, maybe they throw out the current design and opt for the original.

A guy can dream!
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  #1084  
Old Posted Apr 5, 2019, 4:18 PM
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Originally Posted by Skyguy_7 View Post
Considering the legitimacy of JBC, and the quality of their work, maybe they throw out the current design and opt for the original.

A guy can dream!
You have link to current rendering?
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  #1085  
Old Posted Apr 5, 2019, 4:39 PM
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^ Thanks to our awesome contributors, page one of just about every Chicago thread has the latest renderings, 'dude.
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  #1086  
Old Posted Apr 5, 2019, 6:18 PM
moorhosj moorhosj is offline
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Originally Posted by Skyguy_7 View Post
^ Thanks to our awesome contributors, page one of just about every Chicago thread has the latest renderings, 'dude.
The images on page one of this thread don't show up for me.
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  #1087  
Old Posted Apr 5, 2019, 6:25 PM
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That's good news I guess, I was wondering about this project the other day.

When is NEMA II supposed to start? If they could be u/c simultaneously that'd be awesome
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  #1088  
Old Posted Apr 5, 2019, 9:12 PM
Goose Island Guru Goose Island Guru is offline
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JBC has been involved in this project for over two years as a local owner's rep as the developer is from New York. Lendlease was originally hired on as the pre-construction manager but lost that role to McHugh about 18 months ago. The project has been condos from day 1 and they've been in pre-sales for over a year and a half but have not hit the minimums. I haven't read the PD (if there is one) but if they were to revise the PD now to allow apartments, they might get hit with a huge ARO change that they didn't need to comply with given current approval status.
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  #1089  
Old Posted Apr 5, 2019, 9:17 PM
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Originally Posted by Goose Island Guru View Post
JBC has been involved in this project for over two years as a local owner's rep as the developer is from New York.
thanks for the info. i wasn't aware that JBC had been involved with this one.

with JBC working as just the owner's rep, as opposed to a partnership, this one goes back to "longshot" in my mind.
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  #1090  
Old Posted Apr 5, 2019, 10:49 PM
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Originally Posted by Steely Dan View Post
thanks for the info. i wasn't aware that JBC had been involved with this one.

with JBC working as just the owner's rep, as opposed to a partnership, this one goes back to "longshot" in my mind.
Exactly
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  #1091  
Old Posted Apr 5, 2019, 11:12 PM
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I'm not an expert on Chicago real estate but wouldn't park adjacent be really desirable, kind of like Central Park in NYC? How did they do so poorly in sales? If higher residential towers in the downtown area are feasible wouldn't this be moreso?

Forgive my ignorance, I'm just wondering...

There are more exciting things going on I guess, but this design is pretty rad.
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  #1092  
Old Posted Apr 5, 2019, 11:51 PM
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Wonder how Jahn feels now that Pritzker has signed off on the sale for Thompson Center eventual demise?
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  #1093  
Old Posted Apr 6, 2019, 2:32 AM
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Originally Posted by Zapatan View Post
wouldn't park adjacent be really desirable, kind of like Central Park in NYC? How did they do so poorly in sales?
Several dampening factors:
  • it's on South Michigan, not right next to the Mag MIle or Art Institute
  • Chicago doesn't have the local money chasing top-end condos
  • the overseas money—both clean and dirty—seeking safe havens in US real estate doesn't see Chicago as the same kind of investment as Miami or Manhattan
  • At least two high-end condo projects (Bennett Park and Vista) are better located (in investor owners' minds) and further along
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  #1094  
Old Posted Apr 6, 2019, 1:02 PM
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Quote:
Originally Posted by Zapatan View Post
That's good news I guess, I was wondering about this project the other day.

When is NEMA II supposed to start? If they could be u/c simultaneously that'd be awesome
NEMA II? Come on, man. It'll be years, if it ever happens at all.
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  #1095  
Old Posted Apr 6, 2019, 1:09 PM
LouisVanDerWright LouisVanDerWright is offline
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Originally Posted by Goose Island Guru View Post
JBC has been involved in this project for over two years as a local owner's rep as the developer is from New York. Lendlease was originally hired on as the pre-construction manager but lost that role to McHugh about 18 months ago. The project has been condos from day 1 and they've been in pre-sales for over a year and a half but have not hit the minimums. I haven't read the PD (if there is one) but if they were to revise the PD now to allow apartments, they might get hit with a huge ARO change that they didn't need to comply with given current approval status.
It wouldn't require a PD amendment to change from condo to apartment. The city only refers to them as "dwelling units" and doesn't care if you sell them, lease them, or leave then vacant.
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  #1096  
Old Posted Apr 6, 2019, 3:33 PM
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Originally Posted by donnie View Post
Wonder how Jahn feels now that Pritzker has signed off on the sale for Thompson Center eventual demise?
That f'ng sucks. Something had too be done as far as the state goes. I get that. Maybe this will light a fire under someone/something.

If that bldg goes down, it will blow arse.

[off topic. carry on]
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  #1097  
Old Posted Apr 7, 2019, 1:50 AM
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on some of the renderings for that site the atrium remained stuck to a supertall
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  #1098  
Old Posted Apr 7, 2019, 3:12 AM
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on some of the renderings for that site the atrium remained stuck to a supertall
If you are referring to the Thompson Center, that was just Jahn's wet dream of what he wishes they would do in place of a demolition. His desires will not reflect reality.
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  #1099  
Old Posted Apr 7, 2019, 2:35 PM
OrdoSeclorum OrdoSeclorum is offline
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Originally Posted by Zapatan View Post
I'm not an expert on Chicago real estate but wouldn't park adjacent be really desirable, kind of like Central Park in NYC? How did they do so poorly in sales? If higher residential towers in the downtown area are feasible wouldn't this be moreso?
It is desirable to have a place on the park, with skyline views and the lake and park. But Grant Park isn't as amenity-rich as parks farther north. And the South Loop area nearby is fine, but doesn't have a lot of cachet. So high rises here are viable, but the main selling points are easy access to the Loop and views. And Chicago doesn't lack for places to build with those features. If it was easy to get approval for this tower on the north lakefront, it would be a different game.
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  #1100  
Old Posted Apr 7, 2019, 10:13 PM
AlpacaObsessor AlpacaObsessor is offline
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Quote:
Originally Posted by Zapatan View Post
I'm not an expert on Chicago real estate but wouldn't park adjacent be really desirable, kind of like Central Park in NYC? How did they do so poorly in sales? If higher residential towers in the downtown area are feasible wouldn't this be moreso?

Forgive my ignorance, I'm just wondering...

There are more exciting things going on I guess, but this design is pretty rad.
It would probably be helpful to spend some time going around the South Loop on streetmaps vs its competing markets to get an idea why. Locations in the Gold Coast and around the Mag Mile have historically carried the most weight in this town. That whole area is home to restaurants, luxury brands, and flagship retailers.

I'd also describe River North as another condo hotspot. It's home to a competitive stock of office space so you get a lot of people looking to live close to the office, proximity to the retail and amenities around the Mag Mile, and access to the central loop via the red and brown lines.

Check out Michigan Avenue further south past congress though and it gets a lot quieter. Although there's a lot of apartment construction it still feels like the area suffers from a lack of retail. Here's some more streetviews further west to give you an idea: Wabash, State, and State again.

Finally, as OrdoSeclorum mentioned, Chicago doesn't really lack areas to build highrises with views and park access. Any building along the lakefront can offer that so it's not a significant driving force.
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