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  #181  
Old Posted Jan 14, 2005, 6:23 AM
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I counted 61 stories in that rendering (not counting the stainless steel crown)
     
     
  #182  
Old Posted Jan 14, 2005, 7:56 PM
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im keeping my fingers crossed that its a 700+ footer. im sure the developer will add more units, considering the demand that there is for units there. we might see this rise to 65 or even 70 floors, if we are lucky.
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  #183  
Old Posted Jan 16, 2005, 1:36 AM
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Today myself, Chicago Shawn, and Dan K. from Emporis re-visited the sales center for One Museum Park. On the downside we were unable to obtain the exact height of the tower at this present time. On the upside the building is 80% sold. Yes, 80%...

If we find out anything else we'll let you know.
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  #184  
Old Posted Jan 16, 2005, 2:28 AM
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Holy shit 80% sold. Looks like it will get built!! Go taller my friend, with sales like that go taller!!

Awesome job as usual.
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  #185  
Old Posted Jan 16, 2005, 7:23 AM
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80%!? holy crap! yes, please, GO TALLER!
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  #186  
Old Posted Jan 16, 2005, 8:26 AM
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^Great news!
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  #187  
Old Posted Jan 17, 2005, 5:37 AM
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Yes, 80% sold! And in addition to that, because sales have been so good, the developer is now 6 months ahead of schedual, and because of that, the next three 500+ foot towers along Roosevelt will ALL begin marketing in September!
     
     
  #188  
Old Posted Jan 17, 2005, 4:12 PM
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I sent an email last Friday, to Timothy Desmond, president of Central Station Development Corp., reguarding One Museum Park. I certainly didn't expect to gat a response from him. Below is that coorespondance.

THE INITIAL EMAIL

Dear Mr. Desmond,

My name is Butler Adams, and I am an architecture student here in
Chicago. I have been following the One Museum Park project since the first advertisment was placed in the Tribune several months ago. I was imediately drawn to this project because of its height and location. It will certainly be a new focal point in the Chicago skyline, no one ever thought that something so tall would ever be constructed south of Roosevelt Rd. I do have a few questions for you though.

I've just finished reading the Skyline newspaper that has an article
this week on the "South Wall" of Grant Park. There are several things in the paper that I found interesting including a quote by you ( Desmond said the costs for a 75-story building "were outrageous. The costs just "skyrocketed" as it got taller, and "the pricing in Chicago wouldn't support that kind of height."). I understand that as the building gets taller the prices rise, but don't you feel with this recent condo boom your building could support extra floors? i mean there are 2 residential buildings in Chicago planned for the 1,000' mark (Trump Tower Chicago & Waterview Tower). I visited the sales center this past Monday, and it was crazy there, people everywhere, interested in One Museum Park. Also, it's not often when you have community groups in support of a tall building. There were even reports in the paper that they'd like to see it taller. So would I.

I do like the design for One Museum Park, it's bold and tall. I
certainly hope that you and your partners decide to make it taller.

I hope that you have the time to answer a few questions.

Can you tell ne the exact height of One Museum Park? I've heard reports of 670' as well as 720'. Personally I like the 720' idea, and wouldn't mind if that was increased.

When is ground breaking scheduled?

I hope to hear back from you.

Butler V. Adams
Architecture Student

---------------------------------------------------------------------------------------
THE RESPONSE

Mr. Butler-

Thanks for your email regarding our OMP development. Our sales effort commenced last Monday and we had a phenominal day.

A bit of history may help you understand our thinking process. We originally proposed a 75 story building for this site. However, a building of such height yielded more units than we wanted to bring to the market, and forced us to go further below grade to provide the additional parking required. In addition, we found that the demands on the vertical transportation, mechanical and curtain wall systems were more than the price point of the product we were offering could support. The vertical transportation alone impact was huge, and it required dwell times that were not in keeping with the quality of what we offer.

In response to your questions, may I offer the following;

1) The approved height of the development is 720', which would permit a 65 story building. At present we are only anticipate a 62 story building.
2) We expect a fall 2005 groundbreaking.
3) Fortunatly, your email leads me to believe you're knowledgable about design, construction costs, timing, risk, financing, marketing and the host of other matters involved in bringing such a development to reality. That makes my response easy to frame.

The market research you've done on the other two buildings you noted most likely has revealed to you their profit margins and time challenges. You also understand the difference in the market those two are targeting and the one we are. As you know, construction prices skyrocketed over the last 18 months, especially steel and concrete. It is outrageous, and the market as a whole has long since passed the equilibrium point where such increased costs can simply be passed along to the consumer. As an example, I'm sure you're familiar with the rare use of pile foundations here in Chicago, but for a while steel was so much less expensive than concrete that it made sense to do so!! I'll bet you share my surprise at such an event, given the history of concret pricing in the mid-west. Now the price of both products fluctuates daily, and we routinely design dual systems and pull the trigget as late as we can. I trust you've kept up to date with the voracious demands of the asian market and what that has done to the spot futures market for construction commodities, so you understand the pressure that the combination of all of these factors does to the risk evaluation of any development.

Our decision to do a 62 story building versus a taller building was made in light of all of those factors. We're fully congizant of the two taller residential condo's projects you mentioned, but perhaps the question to ask is why there are only two of them?? If you look at the number of residential developments over 60 stories done in Chicago since 1990, you'd find very few. Part of that answer must also includes the expertise of any developer, and that's an important point to include in your evaluation process. It's the combination of market duration, costs, delivery schedule and experience that makes a building over 65 stories more challenging than normal. Don't misunderstand me, I'm not saying it can't be done, but I am saying it wasn't prudent for our business plan. Others have different hurdles to jump, and do so differently. Neither is right or wrong, it's just comes down to risk evaluation. That's what makes real estate so fun!!

We are very pleased with the community support that our development has gained, and are pleased with the quality of the architecture as well. Such a development is emblematic of the quality of developement we seek to do, and is among the reasons for the success to date of Central Station.

I hope this brief note has given you a glimpse of our thought process. Thanks for your interest and if you haven't done so, you should visit our sales office at 13th and Indiana. We have a marvelous model of the building and it is stunning. Best of luck to you in your studies, and don't hesistate to call should you have further questions.

B. Timothy Desmond, AIA
President, Central Station Development Corp.
---------------------------------------------------------------------------------------

I hope that information above was helpful. I still have my fingers crossed that the building will at least rise to it's 65-story approved height, but whatever happens, we still have a tall proposal south of Roosevelt Road.
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  #189  
Old Posted Jan 17, 2005, 4:32 PM
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^ wow, what an in depth response!

it sounds like they don't seem to interested in doing a taller building at this point, regardless of how sales go, but that's ok. even at 62 floors, if we take 720' and divide it by 65, and then mulitply that by 62, that yields a result of 687'. that's still wicked tall for the roosevelt streetwall.

since this info is straight from the developer's keyboard, i wonder if i should change the figures listed in the boom rundown list for 1MP?
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  #190  
Old Posted Jan 17, 2005, 5:24 PM
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I'm not saying it can't be done, but I am saying it wasn't prudent for our business plan

I hate it when developers are prudent.
     
     
  #191  
Old Posted Jan 17, 2005, 5:36 PM
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Bvictor, thanks for all your hardwork. It is great to get to hear the thought processes of people behind these projects. I can't wait for you to finish school and get a job with one of these firms (if that's what you want to do).
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  #192  
Old Posted Jan 17, 2005, 5:38 PM
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I'm sure you're familiar with the rare use of pile foundations here in Chicago, but for a while steel was so much less expensive than concrete that it made sense to do so!!

I figured someone would have a good explanation as to why they were doing this. . .
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  #193  
Old Posted Jan 17, 2005, 6:14 PM
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Quote:
Originally Posted by Imperial Teen
Bvictor, thanks for all your hardwork. It is great to get to hear the thought processes of people behind these projects. I can't wait for you to finish school and get a job with one of these firms (if that's what you want to do).
Priority one is to get through school with my sanity intact. After that I'm not sure. Haven't given it a great deal of thought.
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  #194  
Old Posted Jan 18, 2005, 3:42 AM
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Quote:
Originally Posted by Steely Dan
^ wow, what an in depth response!

it sounds like they don't seem to interested in doing a taller building at this point, regardless of how sales go, but that's ok. even at 62 floors, if we take 720' and divide it by 65, and then mulitply that by 62, that yields a result of 687'. that's still wicked tall for the roosevelt streetwall.

since this info is straight from the developer's keyboard, i wonder if i should change the figures listed in the boom rundown list for 1MP?

I have two pieces of news that might help answer the question about the height. First, why don't you guys read this article:

67-story condo tower planned on LSD at Roosevelt

By John Handley
Tribune staff reporter
Published January 9, 2005

The tallest new residential building on Chicago's lakefront is close to receiving city approval.

The city's Department of Planning and Development is reviewing the final designs for a 67-story condominium to be built at the southwest corner of Lake Shore Drive and Roosevelt Road.

The tower has taken two years to design, in part because of the city's demands for a landmark-quality building on the prime site.

"We encouraged the developer to explore a unique design, because it will be a focal point on Lake Shore Drive, a showpiece for the Near South," said Peter Scales, a spokesman for the Department of Planning and Development.

Because of its height and location, the tower will become a prominent fixture on the city's skyline. The building will stand 670 feet tall. In comparison, Lake Point Tower, built in 1968 at the foot of Navy Pier, is 645 feet.

"We want world-class architecture there. It is at a critical part of Chicago's front yard," said Samuel Assefa, the department's deputy commissioner for design review. "We haven't given the green light to the project yet, but that should happen in a month or so."

Called One Museum Park, the new condo will have 265 units. The developer is Enterprise Cos. and the architect is Pappageorge Haymes Ltd., both Chicago firms.

Preconstruction pricing starts at $500,000 for two bedrooms plus den and $800,000 to $1.5 million for three bedrooms. Square footage of the units ranges from 1,425 to 2,917.

One Museum Park is the first of four residential towers that will be built on Roosevelt between the drive and Michigan Avenue. It will be the highest structure in Central Station, the 80-acre, mixed-use development that could have as many as 15,000 residents.

The master developer is Central Station Development Corp., a partnership of Chicago-based Fogelson Properties Inc. and Forest City Enterprises of Cleveland.

The city's review of One Museum Park will include the developer's application for administrative relief to construct a building so tall. The city approved a planned development for the site in 1989 that allows 400-foot-high buildings.

"At first, we were disappointed at the elevations submitted for approval. Our primary concern is that it will add value to the city," Assefa said.

He noted that Daniel Burnham's 1909 Plan of Chicago envisioned Roosevelt Road as a gateway to the west.

"There is no requirement, but we suggest that the developer meet with neighborhood groups to show them the design," Assefa said.

Ronald Shipka Sr., principal of Enterprise, said construction will start this summer, with first occupancies 26 to 28 months later.

"One Museum Park is by far the most prominent vertical project we've ever done," Shipka said.

He added, though, that another current Enterprise project, University Commons, has more units. The conversion of the former South Water Market has 850 units.

Planned for the tower are concierge service, indoor and outdoor pools and an exercise facility. Parking, at a cost of $40,000 to $55,000 per space, will be on the first four floors.

Jeff Renterghem, project architect for Pappageorge Haymes, said it has taken two years to design the building. "Several schemes were rejected by the city Planning Department and we had to go back and retool."

He said that the intent from the beginning was to design a modern building, but the first versions had more of a traditional Chicago look with a Mies van der Rohe influence.

"The city wanted a more future-looking, truly elegant building. There were a lot of expectations, both from the city and the developer. This was to be the premier building in Central Station, a landmark that can seen from anywhere," he said.

He added that a primary goal was to create maximum views from the tower and also to preserve view corridors, taking into account existing and future buildings.

Unobstructed views from the condos will include the Museum Campus, Grant Park, Monroe Harbor, Navy Pier and the Loop's skyline.

"It's unique on the skyline," said Renterghem. "There's nothing like it in Chicago."

Above the structure's 62 residential floors will be "a very dynamic top, a modern, sculptural statement clad in stainless steel," he said. The equivalent of five more stories, it will house the building's mechanicals.

"We went as tall as economically feasible. Going higher would just be for ego," he said.

The top five floors will be reserved for penthouses.

Peter Skosey, the Metropolitan Planning Council's vice chairman of external relations, said new residential towers along Roosevelt Road make sense because they will frame the south end of Grant Park.

"The south wall of new buildings will form a bookend, like Randolph Street is on the north end of the park," Skosey said.

The sales center for the building is at 13th Street and Indiana Avenue, a short distance from the future construction site.

Copyright © 2005, Chicago Tribune
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  #195  
Old Posted Jan 18, 2005, 4:01 AM
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The 2nd piece of news:

I finally got a hold of another team member at PAPPAGEORGE/HAYMES Ltd. which is the architectural firm who designed the building. I actually gave them a call and the gentleman I spoke with confirmed what BVictor just told us. The building's height was reduced to 670', as the Tribune's article explains....however, there's still the possibility that the tower will go back to the 65 stories, 720' height. And this will be based in how the condo market is doing, while the structure is being built. So, basically, nothing is written in stone and the exact height and number of floors could be changed. In other words, we'll just have to wait.
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  #196  
Old Posted Jan 18, 2005, 4:13 PM
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Hey Marvel, I posted that article back on page 6. It's from last week's Real Estate section of the Tribune. But thanks for that other information, calling PAPPAGEORGE/HAYMES Ltd., it's alwaays best to try to get the information from the horse mouth; so-to-speak.
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  #197  
Old Posted Jan 18, 2005, 4:31 PM
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Thanks for letting me know Victor. I guess, I missed the article on page 6.
Anyway, let's hope they keep the height as originally planned. But either way, I'm just happy that this building is being built regardless of whether it is 670', 720' or somewhere in between. Now I'm just getting very anxious to see what the other 3 buildings next to Once Museum Park will look like. Let's remember that the one building in the corner of Roosevelt and Michigan will also be over 600'. Not bad at all!
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  #198  
Old Posted Jan 19, 2005, 5:24 AM
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Well, the One Museum Park website is actually up and running. There's something to see and go to. There are floorplans and it's quite colorful.

www.onemuseumpark.com
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  #199  
Old Posted Jan 19, 2005, 7:46 AM
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Well, im still rooting for the 720' hieght. Hopefully, we will get it. Chicago just needs more 700 footers in general. 800 footers as well... but lets focus on one thing at a time
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  #200  
Old Posted Jan 25, 2005, 4:35 AM
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A bit slimmer and it would be perfect
     
     
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