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  #4801  
Old Posted Sep 12, 2008, 10:59 PM
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http://www.forbes.com/feeds/ap/2008/...ap5418626.html

Real Estate Close-Up: Chicago

By J.W. ELPHINSTONE 09.12.08, 3:23 PM ET

...

The view from the downtown office market, while rosy now, looks bleak for next year. The vacancy rate dropped to a nearly six-year low of almost 11 percent in the second quarter, slightly higher than the national rate of 10 percent, according to CBRE Torto Wheaton Research.

But that decrease belies actual market conditions. Most of the decline can be attributed to large blocks of space being removed from the market rather than leasing activity.

Two buildings, the former IBM office and another property both converted office space to hotels and took a total of 650,000 square feet out of the marketplace. Other owners of older offices are considering similar plans, either converting office space to hotel, condos or rentals to boost their bottom lines, said Steve Stratton, managing director at Jones Lang LaSalle Inc.

"(The IBM building conversion) opened our eyes to adaptive reuse for older buildings. It's a really cool and well-conceived redevelopment project," he said.

Some tenants, however, are still expanding or entering Chicago's downtown. Software and technology companies, like Google and Microsoft, are still taking space in Chicago as are trading and law firms. United Airlines and PrivateBank both increased their space needs, while Veolia Environmental entered the market.

And in July, the new MillerCoors joint venture said it will base its company headquarters in downtown Chicago. Crain's Chicago Business reported Wednesday that MillerCoors is close to leasing between 120,000 and 140,000 square feet at downtown office owned by AEW Capital Management.

The downtown market will be flooded with new office space next year, however, which could hurt market fundamentals.

The numbers are daunting. More than 3.6 million square feet of office space is set to deliver next year, triple the space that has or will come online since 2006 through the end of this year.

That glut of supply amid a slowing economy could spell trouble for the so-far resilient downtown market. While no industry is contracting yet, Jack Durburg, executive director at CB Richard Ellis, expects growth in financial services, media and advertising to slow soon.

CB Richard Ellis estimates vacancy could rise to almost 14 percent by the end of the year, and adding between one and two percentage points through 2010 if no office space is absorbed. The national vacancy is expected to rise to less than 12 percent by 2010.

"There's a storm out there, but it hasn't hit us yet," Durburg said. "But we feel it coming."

The storm already has battered the city's retail sector, however, said Ned Franke, senior director at Cushman & Wakefield. Mirroring many retail markets across the country, Chicago's is reeling from a loss of consumer confidence due to rising food and energy costs, tight credit, higher unemployment and the housing slump.

Chicago-based Whitehall Jewelers Holdings filed for bankruptcy protection a few months ago, while home retailer Linens 'n Things, which also filed for bankruptcy protection, said it will close six local stores.

Other retailers are scaling back expansion plans like J.C. Penny, or closing less profitable locations like Starbucks, which is likely to affect the Chicago market, Franke said.

However, there are bright spots in the Windy City. Los Angeles-based women's retailer Forever 21 opened a 40,000 square-foot store on Chicago's main shopping drag Michigan Avenue and plans to open a second location of equal size later this year. Trendy retailer Juicy Couture also recently opened two stores in the city.

Industry experts expect retail vacancy to tick up during the year as the economy contends with sluggish growth. Vacancy rates have jumped to 8.65 percent, nearly three-quarters of a percentage point from the first quarter, according to CBRE Torto Wheaton Research. That's still better than the national retail vacancy of 9.3 percent. Lease rates will likely remain stable this year, while new construction will continue to taper off amid a lack of financing.
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  #4802  
Old Posted Sep 13, 2008, 12:52 AM
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Quote:
Originally Posted by Tom In Chicago View Post
^Don't say that. . . I have fiber in those tunnels and they're piling directly above one that traverses the river. . .

. . .
.......have you called the city ?!
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  #4803  
Old Posted Sep 13, 2008, 2:19 AM
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Originally Posted by spyguy View Post
Lake Michigan and Chicago Lakefront Protection Ordinance Application No. 549
submitted by 58 E. Oak, L.L.C. for the property generally located at 58 - 68 East
Oak Street
. The applicant proposes to construct a three-story commercial
building
in the Private Use Zone of the Lake Michigan and Chicago Lakefront
Protection District. The site includes the "Esquire Theater" building at 60 - 68
East Oak Street which has been rated as potentially significant in the broader
context of the city, state, or country ( "red") by the Chicago Historic Resources
Survey and would be demolished. (42nd Ward)
I believe this would be the first "Red" rated building to be willfully demolished in Chicago since the Demo Delay ordinance took effect. What a pity.
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  #4804  
Old Posted Sep 13, 2008, 3:15 AM
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Giant Ferris wheel for Navy Pier?

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http://www.chicagotribune.com/busine...,6418099.story

Giant Ferris wheel for Navy Pier?
By Kathy Bergen | Tribune staff reporter
8:29 PM CDT, September 12, 2008

Gargantuan Ferris wheels are the new status symbol for big cities vying to grab more attention on the world stage, so Chicago is going for an upgrade at Navy Pier, planning to build one at least twice the size of the existing wheel there.

A new, privately developed Ferris wheel, Navy Pier officials hope, would rise at least 300 feet into the air and attract the sorts of tourist hordes who plunk down big bucks to ride other monster wheels worldwide, including the enormous London Eye on the bank of the Thames.

Other cities such as Singapore and Beijing either have huge Ferris wheels or are planning them, and even Baghdad is dreaming of a giant wheel in the sky.

For Chicago, the Ferris wheel not only would be an extraordinary addition to the skyline, but a highly symbolic endeavor as well, because the attraction was invented in the early 1890s to be the star of the world's fair here.

.........The authority, also known as McPier, on Monday will advertise for companies "to design, build, own and operate" a giant wheel, according to the bid document. "The design of the new wheel must be worthy to inherit the traditions of the original Ferris wheel built by George Washington Ferris."

"We're basically looking for the wheel to be self-financed, so taxpayer money will not be involved," Tetzlaff said. The idea is for the developer to construct the wheel, and to share a portion of its revenue with the pier. Officials declined to speculate on the cost of such a project.

Bidders also are asked to "use their ingenuity" as to where the wheel should be located on the pier.

.......Chicago is not going for "tallest" title, but rather is seeking innovative design, said Tetzlaff, adding he hopes the winning bidder would work with local architects and engineers.............
..
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  #4805  
Old Posted Sep 13, 2008, 11:32 AM
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Quote:
Originally Posted by Tom In Chicago View Post
^Don't say that. . . I have fiber in those tunnels and they're piling directly above one that traverses the river. . .
Gosh, if you want to help keep the city's bowels regular, call CDOT or city hall or something, and keep the fiber for yourself...


(sorry, wacky time of day, wacky frame of mind..)
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  #4806  
Old Posted Sep 13, 2008, 5:04 PM
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THE SKYLINE
by Blair Kamin
September 13, 2008
A bigger Navy Pier Ferris wheel? Let's get the wheels of creativity turning

A giant Ferris wheel at Navy Pier?

Why not? The Ferris wheel was invented in Chicago at the world's fair of 1893, and there's no reason, as pier officials say, that the city can't contribute a new creative chapter to the Ferris wheel tradition....If pier officials answer that question in the right way, they could have a new Millennium Park on their hands. And if they answer the wrong way, they may get the hot new tourist attraction they're after, but they'll blow an opportunity to uplift the public realm.

http://featuresblogs.chicagotribune.com/theskyline/



http://www.chicagotribune.com/busine...946924.graphic


Not pictured above is the new Singapore Eye at 541 ft.
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  #4807  
Old Posted Sep 13, 2008, 6:09 PM
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421 (?) N Clark

This will be a parking garage, a foreman (?) told me it would go down 2 levels.

A few neat things dug up along with the usual brick and foundation.

Sept 12


Old safe


Iorn support collumn


Signage and a bottle


Old basement walls
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  #4808  
Old Posted Sep 13, 2008, 6:12 PM
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Metra to open marketplace under Ogilvie

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After years of delay, work will begin next week on transforming a two-block stretch of decrepit storage and parking space under the Metra tracks at the Ogilvie Transportation Center into a retail and dining center, officials said Friday.

The $42 million development, called MetraMarket, will feature a French market offering baked goods and produce, a CVS pharmacy, a cafe, retail shops and restaurants.
finally...
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  #4809  
Old Posted Sep 13, 2008, 6:13 PM
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Lots of possibilities for a new Chicago Wheel. Here is Alsop/Arup's now-defunct Shanghai "Kiss" project:


http://www.worldarchitecturenews.com...385%20kiss.jpg

The Shanghai 2010 Expo Tower:



Shanghai will turn a 165-meter chimney at an old power plant into an observation tower for the 2010 Expo. The chimney, at the eastern end of the Puxi side of the Expo Site, where the old Nanshi Power Plant was located, will be transformed into a 201-meter-tall World Expo Harmony Tower that can carry 650 visitors every hour. It will include tracks and cars similar to a roller coaster that will wrap around the tower and take people to the top for a view of the city's skyline.....
http://superpeasant.blogspot.com/

Last edited by wrab; Sep 13, 2008 at 6:23 PM.
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  #4810  
Old Posted Sep 13, 2008, 6:56 PM
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I would hate to copy an idea but something similar to that Shanghai 2010 Expo Tower would look so fitting next to the Spire. A helix turning kind of design just seems like a natural fit.
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  #4811  
Old Posted Sep 13, 2008, 7:35 PM
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^ What makes you guys think they'll get anything but more cheap schlock? My expectations for this are very low, especially since they're not contributing any funds. This approach will probably yield the cheapest possible project.

I know they claim they want good design, which is a start, but I honeslty don't trust the people at McPier to get it when it comes to design. Quite the contrary, per past experience.
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  #4812  
Old Posted Sep 14, 2008, 1:45 PM
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http://www.chicagotribune.com/news/c...,4815114.story

How to make Chicago better
City and suburbs enter a new era in planning how we live, where we live and how we get around

By Blair Kamin, Charles Leroux and Patrick T. Reardon | Chicago Tribune reporters
September 14, 2008

When Richard Daley, mayor of Chicago, bicycles northward on the lakeshore pathway, he finds frustration when the trail dead-ends.

"At Hollywood," he said in an interview in his City Hall office, "it just stops."

Forty miles to the west, Jeff and Cathy Jones, he on an 8-speed, she on a 24-speed, enjoy the serene, wooded Fox River Trail about once a week—until they hit a 1.3-mile gap in downtown Aurora, where smooth pavement gives way to jagged rocks.

"You've got to get off and onto city streets," Cathy noted.

These breaks in parkland trails are examples of missed opportunities across the metropolitan region. Close gaps like these, and you not only heighten the recreational delights of hundreds of thousands of Chicagoans and suburbanites, but you also take a step toward knitting the region's diverse eight million people more closely together.

That's what Daley and planners across the region are dreaming of—and not just in terms of open space.

With next year's 100th anniversary of the legendary Burnham Plan that changed the face of Chicago, the city and its suburbs are poised at what some predict will be a new era in planning for how we live, where we live and how we get from one place to another. The high cost of gas is adding urgency.

The just-minted Chicago Metropolitan Agency for Planning is beginning to draft a comprehensive blueprint for the future of the seven counties that include Chicago and nearly 300 other municipalities. Chicago Metropolis 2020, a coalition of civic leaders, calls for doubling the percentage of people in the region who use public transit.

The Chicago Architectural Club is holding an international design contest for converting Union Station into a high-speed rail hub.

The Art Institute of Chicago has just opened the first of five exhibits displaying the original drawings from the Burnham Plan.

On Oct. 2, the Burnham Plan Centennial Committee will announce a plethora of events, including concerts, exhibits and lectures, to celebrate the anniversary. And the theme of this year's Chicago Humanities Festival, running Oct. 3 through Nov. 16, is "Thinking Big," in honor of the plan.

Often called the most important planning document in the region's history, the Plan of Chicago was written in 1909 by Daniel Burnham and Edward Bennett on behalf of the Commercial Club of Chicago.

The plan gave the city its spectacular lakefront and such postcard icons as Navy Pier and North Michigan Avenue. And by leading to the creation of Cook County's forest preserves and anticipating the path of the region's highways, it framed the growth of the suburbs.

But the Burnham Plan was not completed, and now, a new generation of business and political leaders is seizing upon next year's celebration as a golden opportunity to finish key aspects of the plan and to frame new visions to deal with the problems of today.

Daley, for instance, has a vision of giving Chicago four new miles of lakefront parkland that would fill gaps now occupied by high-rises, apartment buildings and abandoned industrial sites. Although the mayor has no money available at the moment, he has named John Bryan, the former Sara Lee Corp. chairman, to head a committee that will look into building a continuous waterfront park stretching from Evanston to the Indiana border. Bryan spearheaded the creation of Millennium Park.

"I'm delighted that [Daley] wants to jump on it in some fashion," said Bryan, co-chairman of the Burnham Plan Centennial Committee, a group that is coordinating efforts to celebrate the anniversary.

The nascent Chicago effort is part of a broader push to fill more than a dozen significant gaps in trails and greenways across the region. On them, people bike, walk or jog through landscapes ranging from the skyscraper-lined pathways of Chicago's lakefront to the tree-lined trails snaking along the Fox River. Closing the gaps, planners predict, will open new ways to save energy, experience nature and turn back the tide of sprawl.

"Just as we think comprehensively about our roads, we should think that way about hiking and biking," said Gerald Adelmann, executive director of Openlands. The Chicago-based non-profit is proposing the completion of the projects as a major legacy of the Burnham Plan centennial.

On the North and South Sides, four of the city's 30 miles of shoreline remain inaccessible to the public. High-rises wall off the shore in most of Edgewater and in the stretch of South Shore between 71st and 75th Streets. From Hollywood Avenue north to the Evanston border, there is no continuous lakefront park, just Loyola Park and a patchwork of small parks.

At the moment, because of the city's budget crunch, Daley's dreams for closing these gaps are just that—dreams. "It's one of his long-term goals," said the mayor's press secretary, Jacquelyn Heard. "If he had his druthers, he'd do it."

Nevertheless, the mayor's appointment of Bryan to head a committee to look into the question is likely to spur concern from some lakefront residents and property owners, particularly in the Edgewater and Rogers Park neighborhoods on the North Side. They claim that new beaches and parks would lower property values, bring swarms of foot and vehicle traffic, and disturb residents' tranquility.

"There's still some opposition," Daley said, "but we're saying, in the long run, this is the best thing. We're talking about a huge open space for people there."

The mayor of Aurora, Illinois' second-largest city with a predicted 2010 population around 180,000, is preaching from the same open-space bible.

Last year, Mayor Tom Weisner unveiled plans to turn an underused, 30-acre strip along the east bank of the Fox River—lined with muffler and auto-repair shops and (until recently) a huge pile of tires—into his city's version of Millennium Park. Among its proposed features: An outdoor music venue modeled on architect Frank Gehry's popular Pritzker Pavilion and an elegant, curving pedestrian bridge sweeping over the river. Since then, state officials announced a $700,000 grant that will help Aurora pay for cleaning up brownfields along the river, including the site of the park.

Also last year, Aurora, the Kane County Forest Preserve District and the Fox Valley Park District agreed to spend $1.7 million to fill the 1.3-mile gap in the Fox River Trail.

"In the next century, [the river] will have a completely different role in our community," Weisner said.

There's an irony at work here: Aurora has been a poster child of sprawl, with its residents spread over 43 square miles in four counties (Kane, DuPage, Kendall and Will). Today, it symbolizes how suburbs are using the lure of open space to make their downtowns more lively and densely populated, thus defying the image of suburbia as an undifferentiated expanse of single-family homes on large lots.

The downtown's prospects are mixed. On one hand, it is blessed with attractive historic structures including the Art Deco-style Paramount Theatre and the 22-story Fox Island Place apartment building, once the tallest building in Illinois outside of Chicago. On the other hand, the Hollywood Casino, which opened in 1993, hasn't done much for nearby businesses, and the downtown still suffers from a perception of poverty.

Yet there are those like Judy Gagne who are attracted by downtown Aurora's history and character. The 38-year-old was walking her brown Chihuahua on a pink leash outside her condo in Aurora's River Street Plaza, a pair of four-story, brick buildings on the Fox River's west bank.

"I think there's potential here," she said. "I look at this like the South Loop in the city. In five or 10 years, it will be like the South Loop."
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  #4813  
Old Posted Sep 14, 2008, 3:36 PM
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Originally Posted by BVictor1 View Post
http://www.chicagotribune.com/news/c...,4815114.story

How to make Chicago better
City and suburbs enter a new era in planning how we live, where we live and how we get around

By Blair Kamin, Charles Leroux and Patrick T. Reardon | Chicago Tribune reporters
September 14, 2008
^^^ Good article.

In some Lincoln Park/Lakeview development news:

Fliers were posted all over my street for the last couple weeks advertising a "community" meeting. The title of the flier was "Is our neighborhood for sale?" It concerned a potential 4 story grocery store to be built on Diversey near Orchard. According to the flier 2 stories would be parking and the other two would be the store.

Of course the flier reeked of NIMBY-ism. The development sounds pretty good to me--maybe heavy on the parking, which I think the group was reacting to. I think another grocery in the area would be a much welcomed addition by most residents.

Anyone heard anything on this development beyond the details I provided?

Taft
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  #4814  
Old Posted Sep 14, 2008, 3:52 PM
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Michigan Ave bridge

Sept 12




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  #4815  
Old Posted Sep 14, 2008, 4:00 PM
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Originally Posted by Taft View Post
^^^ Good article.

In some Lincoln Park/Lakeview development news:

Fliers were posted all over my street for the last couple weeks advertising a "community" meeting. The title of the flier was "Is our neighborhood for sale?" It concerned a potential 4 story grocery store to be built on Diversey near Orchard. According to the flier 2 stories would be parking and the other two would be the store.

Of course the flier reeked of NIMBY-ism. The development sounds pretty good to me--maybe heavy on the parking, which I think the group was reacting to. I think another grocery in the area would be a much welcomed addition by most residents.

Anyone heard anything on this development beyond the details I provided?

Taft
Keep us posted. There have been articles about this development before, but with no additional details than what you've provided. It would replace some 1-story retail.

So the NIMBYs think there's too much parking? Or they just hate the notion of development?
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  #4816  
Old Posted Sep 14, 2008, 9:34 PM
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Quote:
Originally Posted by Taft View Post
It concerned a potential 4 story grocery store to be built on Diversey near Orchard. According to the flier 2 stories would be parking and the other two would be the store.(...)

Anyone heard anything on this development beyond the details I provided?

Taft
http://www.chicagobusiness.com/cgi-bin/news.pl?id=29423
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  #4817  
Old Posted Sep 14, 2008, 11:07 PM
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[QUOTE=harryc;3798892]Sept 12


Please tell me they're not tearing down the whole tower on that bridge...aren't those towers the ones with really nice sculpture/reliefs on them?
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  #4818  
Old Posted Sep 14, 2008, 11:25 PM
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Originally Posted by VivaLFuego View Post
Keep us posted. There have been articles about this development before, but with no additional details than what you've provided. It would replace some 1-story retail.

So the NIMBYs think there's too much parking? Or they just hate the notion of development?
I missed the meeting, so I can't say for sure. But I know my landlord and other "old-timers" in the neighborhood have been against additional parking in other developments nearby (he once asked me to sign a petition against a condo building because it had "too much parking for the alley" ). They feel traffic congestion is too high in the neighborhood already.

Taft
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  #4819  
Old Posted Sep 14, 2008, 11:28 PM
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Excellent! Thanks.

Taft
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  #4820  
Old Posted Sep 15, 2008, 12:35 AM
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But I know my landlord and other "old-timers" in the neighborhood have been against additional parking in other developments nearby (he once asked me to sign a petition against a condo building because it had "too much parking for the alley" ). They feel traffic congestion is too high in the neighborhood already.

Taft
It's an interesting conundrum. On the one hand, build the parking and it's an invitation for everyone to drive. On the other hand, depending on what's built they'll just drive anyway and cause even more traffic by circling for parking. One obvious fix is to stop drastically underpricing street parking so that there aren't any free or nearly free spaces on the street for people to look for - this may happen within the next couple years as part of the BRT/congestion pricing plan. Unfortunately economic reality dictates the grocery store will need at least some off-street parking, but there is a good chance they want to totally overbuild the parking in which case the residents may have a good point. Unless they're just trying to shut down all development...
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