CHICAGO | River Point | 730 FT | 52 FLOORS

[denizen467]

Originally Posted by Hayward

I agree, this building MUST shine from afar.

Although we had high expectations the last time Hines and Pickard got together, and it turned out 300 N LaSalle was somewhat underwhelming.

[J_M_Tungsten]

^really? I think 300 N Lasalle is pretty awesome. Simple yet well done.

[Rizzo]

I love 300 N LaSalle, and it's very well lit. But RP should be an improvement of course

[Ch.G, Ch.G]

I think denizen if referring to the discrepancy between the renderings and the final product. Those vertical "fins" were originally to be much more prominent—the setbacks, too, I think—so it was kind of a bummer to see that they had been value-engineered down to nubs.

[ChiPhi]

My quote below is from an interview with PC about the record sale 300 N Lasalle had. They must have been somewhat happy with the final design... or just self-promoting. But I really like the design; I always appreciate well done postmodernism. The plaza is a bit iffy... Overall, I'm glad to see the partnership continue; it seemed a good match with regards to business and design. Looking at some of the renderings people have done of this in the context of the Wacker canyon, I'm left wishing that the original height had been kept to really punctuate the end... alas I'll live.

[denizen467]

Originally Posted by Ch.G, Ch.G

I think denizen if referring to the discrepancy between the renderings and the final product. Those vertical "fins" were originally to be much more prominent—the setbacks, too, I think—so it was kind of a bummer to see that they had been value-engineered down to nubs.

Yes - the eventually installed lighting was pretty feeble compared to the renders. I guess part of the letdown was that, after a string of 50-story buildings, this was the closest thing we had to a supertall office tower being built (and it was in such a prominent location -- even unlikely to ever be obstructed on the north), so that only raised my hopes for a new skyline beacon.

Like Hayward says, River Point is in an even more prominent location than this, so hopefully Hines (or Da Mare) set a high bar for lighting.

[SamInTheLoop]

For all the hoopla surrounding the announcement of this as the first spec office tower downtown in 14 or whatever years, my understanding is that it's going to be quite some time before construction work actually is to begin on the tower itself (18 months, maybe?) I believe the work that begins late this year is mainly infrastructure, etc related to the riverfront park, and then work on the tower itself might commence by end-2013, for an approximate first quarter 2016 completion. So, by the time construction on the tower truly begins, this may actually not be a total 'spec' building anymore, as a tenant or two might sign, nor would it necessarily be the only office tower under construction, as I think there's a half-decent chance another might reach the starting line first by around summer or fall of 2013.........again, this is another Rahm-driven pr exercise in at least part, or so it would appear...

[ardecila]

Possibly. Phase I will have Hines building the concrete deck over the tracks (at taxpayer expense) and Phase II will have Hines using the deck to stage construction of the tower.

This is a really nice little deal they worked out.

[andydie]

happy that this will be built too it will fill out this empty space nicely, pics by me :

[J_M_Tungsten]

I'm definitely doing the river tour again once this and wolf point are complete!

[NYguy]

http://www.nytimes.com/2012/07/11/re...pagewanted=all

Chicago Attracts New Towers With River Views






July 11, 2012
By ROBERT SHAROFF

Although many of these projects have yet to secure financing and sign up tenants, at least two are set to break ground before the end of the year.

John Buck, a Chicago developer, said, “I don’t think there’s a crying demand for five million square feet of new office space, but there may be room for one or two million square feet.” He said that he had a project in the early stages of development but declined to discuss it.

Of all the announced projects, River Point is the furthest along, having recently closed on its roughly $400 million financing. In a sign of the uncertainty that still rattles the market here, the exact number of floors and amount of square footage remain unclear. Kevin Shannahan, Hines’s chief executive for Midwest operations, said the building would have 45 to 50 stories and 900,000 to 1.1 million square feet of space, depending on the success of leasing efforts.

[2PRUROCKS!]

" Kevin Shannahan, Hines’s chief executive for Midwest operations, said the building would have 45 to 50 stories and 900,000 to 1.1 million square feet of space, depending on the success of leasing efforts."

This is good news. Sounds like there is still potential for this to get to the height of the original.

[Buckman821]

I read this as bad news. Sounds to me like the whole "first spec tower in X years" thing was a load of malarkey and a big bluff. I doubt they move forward without landing at least one large tenant.

[BraveNewWorld]

Originally Posted by Buckman821

I read this as bad news. Sounds to me like the whole "first spec tower in X years" thing was a load of malarkey and a big bluff. I doubt they move forward without landing at least one large tenant.

No, they are starting at the end of this year. But, they are doing the park, and its surroundings first. After that is finished, the tower will begin. They will start building the tower even if they haven't gotten any tenants. But building the park first gives them time to get some tenants.

[jarta]

Originally Posted by ardecila

Possibly. Phase I will have Hines building the concrete deck over the tracks (at taxpayer expense) and Phase II will have Hines using the deck to stage construction of the tower.

This is a really nice little deal they worked out.

It is a nice little deal having the City pay for the deck and plaza/park. But, how will all the building materials for Phase I get to the east side of the tracks?

[Kippis]

Originally Posted by jarta

It is a nice little deal having the City pay for the deck and plaza/park. But, how will all the building materials for Phase I get to the east side of the tracks?

The staging area for the tower/park will more than likely be on the existing parking lot.

As for the conundrum of how construction east of the tracks will play out, look no further than the Chicago River. I wouldn't be surprised in the least bit if they use the river for construction material deliveries via barges or even use it as a temporary staging area.

[Buckman821]

Originally Posted by BraveNewWorld

No, they are starting at the end of this year. But, they are doing the park, and its surroundings first. After that is finished, the tower will begin. They will start building the tower even if they haven't gotten any tenants. But building the park first gives them time to get some tenants.

Cool, but I actually already know how to read the newspaper.

[The Pimp]

Originally Posted by Buckman821

I read this as bad news. Sounds to me like the whole "first spec tower in X years" thing was a load of malarkey and a big bluff. I doubt they move forward without landing at least one large tenant.

Really? Who cares as long as it gets built.

[Buckman821]

Not sure why I'm being misinterpreted so much. My point is, if they are waiting to see how pre leasing goes before they decide what to build, then what exactly makes this a spec tower?

They have financing, which is a nice leg up, but that is only part of the battle. In general the exec's comment makes me less sure that we will ultimately see construction.

I'd still say its probably the most realistic of all the proposals but my confidence is wavering.

[Chicago_Forever]

My understanding is that they will start the tower but aren't sure if it'll top out at 45 or 50 stories. If the leasing goes well during construction they'll throw on the extra five floors. Having a loaded and willing equity partner allows them to do this. Anyway, I guess ppl interpet things differently.