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  #61  
Old Posted Aug 17, 2005, 3:13 PM
Norsider Norsider is offline
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What an absolutely Kick-Ass addition to the skyline.
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  #62  
Old Posted Aug 26, 2005, 6:48 PM
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Its beautiful.
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  #63  
Old Posted Aug 27, 2005, 4:20 PM
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Originally Posted by Norsider
What an absolutely Kick-Ass addition to the skyline.
^Let's not speak too soon.

Sales haven't even started yet, and everybody is talking about a housing slowdown. Even Greenspan is warning us.

Not to be pessimistic--but I would be quite sad if this beautiful building didn't get built. South Wabash really needs it badly!
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  #64  
Old Posted Aug 27, 2005, 5:12 PM
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Well at least we know that this buildilng has city council backing it greatly...They really want this building to go up too.
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  #65  
Old Posted Aug 28, 2005, 5:16 AM
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It reminds me of a PS2.
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  #66  
Old Posted Aug 29, 2005, 9:45 PM
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and everybody is talking about a housing slowdown.
True indeed, but I'll believe there's a slowdown when I see it.
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  #67  
Old Posted Aug 30, 2005, 1:21 AM
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boom and bust. boom and bust. doesn't this qualify as a boom? just a question of when...
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  #68  
Old Posted Sep 10, 2005, 1:53 PM
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June 22, 2004

Newcastle Limited to Conduct Sealed-Bid Offering for Three Loop Commercial Buildings for The Art Institute of Chicago.


CHICAGO - Newcastle Limited has been retained by The Art Institute of Chicago to conduct a sealed-bid offering for three Loop commercial buildings, located in Jewelers Row on the east side of Wabash Avenue between Madison and Monroe Streets, announced Michael R. Haney, President of Chicago-based real estate firm. Newcastle Limited is a national real estate advisory and development firm serving not-for-profit corporations, institutions, investors, corporations and governmental agencies.
According to Haney, The Art Institute acquired the buildings in 1999 for potential use as school facilities, but has since determined that proceeds from the sale of the buildings will best be re-deployed to support its core mission. The deadline for submitting proposals is July 15, 2004. The buildings will be offered individually or as a package.

The properties are located at 21-29 South Wabash Avenue within the City of Chicago's "Jewelers Row District," which was designated a Chicago Landmark in July of 2003. The five- and six-story wood-framed brick structures, built between 1872 and 1881, comprise a total land area of 28,400 SF and 176,700 SF of office and retail space including one level beneath grade.
"Although significant capital improvements would be required to achieve the upside potential of these buildings, they are diamonds in the rough, and they are in one of Chicago's best locations in close proximity to Millennium Park, Lake Michigan and the State Street shopping area. A purchaser may use the financial benefits of historic tax credits, the Historic District designation, the existing TIF district, and the lower real estate taxes available through Cook County's "Class L" incentive program to add value to these assets," he said.

The site is zoned B6-7 allowing a base floor-area ratio of 16.0. "The key to unlocking the value of these facilities is either the development of the 27,200 SF of street-level retail space with creative reuse of the upper floors or the redevelopment of the entire parcel combined with the additional development rights and Monroe Street access provided by the adjacent Art Institute-owned corner building into a mixed-use, high-rise project. The 'East Loop' market, which historically has been a corridor of an eclectic mix of retail and office users, is positioned for rejuvenation as a result of recent successful residential developments and the demand for retail space and other amenities," he said. According to Haney, the properties are being marketed to Chicago-area developers, not-for-profit organizations, retail property investors, and owners of similar and nearby properties.
The Jewelers Row Historic Landmark District is bounded by Washington Street on the north, Monroe Street on the south, State Street on the west, and Garland Court on the east. Those structures in the district, designed by some of Chicago's most significant architects and built between 1872 and 1941, represent many important building types including post-Chicago Fire and Chicago School loft manufacturing, mercantile and office buildings and early 20th Century skyscrapers.

Recently Newcastle Limited represented 73 owners in the $35,000,000 disposition of the historic, 1,300,000 SF, 14-acre South Water Market; represented Loyola University Chicago in the disposition of its 17-acre Mallinckrodt Campus to the Wilmette Park District; represented Baxter International in a sealed-bid disposition of a 70-acre development property in Lake County; and represented the Eleanor Women's Foundation in the disposition of its 1550 North Dearborn Parkway building to The Latin School of Chicago. The company is currently representing Loyola University Chicago in the development of a 24,800 SF high-rise site within its Water Tower Campus and Metropolitan Family Services on the sale of 116 acres on the Fox River in McHenry County.

Chicago-based Newcastle Limited is a national commercial real estate firm serving governmental agencies, institutions, not-for-profit organizations, corporations and private investors. The firm's strategic advisory, development and investment services are designed to reduce project risk and maximize asset value. To learn more about Newcastle, call Mike Haney at (312) 252-1401 or visit the company website at www.newcastlelimited.com.
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  #69  
Old Posted Sep 10, 2005, 1:58 PM
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Newcastle Limited Negotiates Sale of Jewelers Row Properties to Mesa Development

Newcastle Limited represented the Art Institute of Chicago in the sale of three buildings located at 21-29 South Wabash Avenue to Chicago-based Mesa Development in a sealed-bid transaction.

(PRWEB) September 10, 2005 -- Newcastle Limited represented the Art Institute of Chicago in the sale of three buildings located at 21-29 South Wabash Avenue to Chicago-based Mesa Development in a sealed-bid transaction.

Located in the Wabash Avenue and State Street retail corridor, the Jewelers Row Properties consist of three buildings: 21-23 South Wabash, 25-27 South Wabash, and 29 South Wabash totaling 176,700 gross square feet of space on a 28,400 square-foot site.

“We are pleased to complete this complex transaction for the Art Institute because it eliminates ownership costs for three underutilized buildings and it provides more than 40,000 square feet of brand new expansion space for the School in the base of Mesa’s new tower” said S.L. van der Zanden, Managing Principal of Newcastle Limited.

Mesa Development purchased the buildings to construct a 71-story, 360-unit residential condominium building that will feature unobstructed views of the lakefront and Millennium Park. The luxury residences will occupy the building’s 15th through 71st floors and will be accessed at 60 E. Monroe via an easement through the School of the Art Institute’s headquarters at the corner of Monroe and Wabash. The School of The Art Institute of Chicago will occupy space on the second and third floors which will be connected directly to their adjacent property. In addition, an 18,000-square-foot athletic facility with a pool, squash courts and workout rooms will be developed on the 13th and 14th floors of the project for the University Club of Chicago and connected to the Club via a 13th-floor sky bridge.

About Newcastle Limited
Newcastle Limited is a national commercial real estate firm serving institutions, not-for-profit organizations, corporations, and private investors. The firm’s strategic advisory, development and investment services are designed to reduce project risk and maximize asset value. To learn more about Newcastle, call Mike Haney at (312) 252-1401 or visit the company website at www.newcastlelimited.com.

About Mesa Development
Mesa Development is a real estate development and investment company with proven leadership in the development, design, and construction of a wide range of residential, mixed-use and corporate developments. Recent projects include the nearby “Heritage at Millennium Park” with luxury residential condominiums at Wabash and Randolph.
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  #70  
Old Posted Sep 10, 2005, 2:01 PM
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You know a city is booming when a huge project like this is almost forgotten due to other projects.
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  #71  
Old Posted Sep 10, 2005, 7:08 PM
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This beautiful project seems to be moving forward.
Good !
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  #72  
Old Posted Sep 10, 2005, 7:17 PM
oshkeoto oshkeoto is offline
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"You know a city is booming when a huge project like this is almost forgotten due to other projects"

There are five buildings proposed or under construction in Chicago that are taller, so yeah...
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  #73  
Old Posted Sep 13, 2005, 3:33 PM
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the legacy was also talked about at ast night's GPAC presentation. we didn't learn a whole lot more about it, other than the fact that bob what's his name (GPAC MC) seemed to be more than confident that this one was a done deal and would definitely go forward.
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  #74  
Old Posted Sep 14, 2005, 1:39 AM
the urban politician the urban politician is offline
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Originally Posted by Steely Dan
the legacy was also talked about at ast night's GPAC presentation. we didn't learn a whole lot more about it, other than the fact that bob what's his name (GPAC MC) seemed to be more than confident that this one was a done deal and would definitely go forward.
^I wonder what the delay is in the city approval process..

That bubble is going to pop, damn it!
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  #75  
Old Posted Sep 14, 2005, 4:35 PM
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^ oh brother, not your chicken little routine again.......

"the bubble is popping, the bubble is popping, whatever shall we do!?!"
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  #76  
Old Posted Sep 14, 2005, 5:51 PM
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^Something's got to give sooner or later. . . but the fallout will be less of a "burst" rather a slow deflation. . . you might see some newer projects get shelved, but I think most of the stuff you see currently proposed has a really good chance of getting built. . . I give this proposal 50% just based on location+developer. . .
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  #77  
Old Posted Sep 14, 2005, 6:16 PM
trvlr70 trvlr70 is offline
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To my knowledge, Chicago has never truly experienced a bust in residential real estate. Unlike both coasts that have huge swings in pricing, Chicago has always experienced a steady climb without much fluctuation. For this reason, real estate investments have always been a prudent choice in Chicago....and for that matter, the Midwest in general.

I also think this project has a fairly good chance. I think it is just a matter of supply and demand. Are there really that many people that desire a downtown condo these days? There is a lot on the market right now.

If America's economy tanks, there may be fewer people buying Chicago's downtown condos just to flip them and make a profit.
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  #78  
Old Posted Sep 14, 2005, 6:55 PM
Norsider Norsider is offline
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A lot has been made of the prevalence of speculators purchasing disproportional amounts of the new condo stock, but I have to believe that it is already in a lender's due diligence program to look around at actual occupancy levels at similar buildings. Probably the first thing to signal a slowdown in the market is if banks start to demand a higher percentage of presales. Does anyone know the current market level on that number?
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  #79  
Old Posted Sep 14, 2005, 7:12 PM
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Originally Posted by Norsider
Does anyone know the current market level on that number?
at monday's GPAC meeting, carley, the develper of fordham spire, said the financing agreements he has in place require 40% of the units in his tower to be sold before constrution will be able to commence.
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  #80  
Old Posted Sep 14, 2005, 9:07 PM
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To my knowledge, Chicago has never truly experienced a bust in residential real estate.

After the boom in the late 1980s the commercial real estate markets crashed the downtown residential high-rise market took a hit in tandem. . . many many proposals were shelved thanks in part to the war in the Gulf and recession that followed in the early 1990s. . .
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