CHICAGO | 680 North Rush | 752 FT / 229 M | 64 FLOORS | NEVER BUILT - Page 30

Juan_M2118 · #**581** Posted **Feb 16, 2008, 3:48 PM**

OK, so many things just dont go in my head, are they going to build this building or not??????

Norsider · #**582** Posted **Feb 16, 2008, 4:39 PM**

Quote:

Originally Posted by Juan_M2118

OK, so many things just dont go in my head, are they going to build this building or not??????

The answer is written on the underside of a rock hidden in the Lincoln Park lagoon. Go and find it, grasshopper.

rgolch · #**583** Posted **Feb 17, 2008, 5:59 AM**

Quote:

Originally Posted by Juan_M2118

OK, so many things just dont go in my head, are they going to build this building or not??????

Well, it's a definite maybe.

spyguy · #**584** Posted **Mar 1, 2008, 7:14 PM**

http://chicagobusiness.com/cgi-bin/m...rticleId=29353

Tower builder tie-up?
By Thomas A. Corfman and Eddie Baeb
March 03, 2008

Powerhouse New York developer Related Cos. is in advanced negotiations to acquire a stake in Chicago residential high-rise developer Magellan Development Group LLC, which would take over Related's faltering Chicago office.

...Meanwhile, in a sign of the weakening downtown condo market, Related has decided to stop marketing its proposed Canyon Ranch Living tower at Rush and Huron streets, east of St. James Episcopal Cathedral, sources say.

Dale · #**585** Posted **Mar 1, 2008, 8:08 PM**

Not surprising. Related has floundered just about everywhere outside of South Florida. And they've seriously pulled back there.

simcityaustin · #**586** Posted **Mar 2, 2008, 3:31 AM**

So does this mean it's dead, on hold, or what?

rgolch · #**587** Posted **Mar 2, 2008, 6:09 AM**

^With the current condo market, and a lot of competition, it say it's probably dead.

I guess given the times, it not surprising that this one, the Mandarin Oriental, and Park Michigan are either dead, or longshots for happening anytime soon.

SlatsGrobnik · #**588** Posted **Mar 2, 2008, 1:05 PM**

Damn.

Unfortunately, I think this is the start of a trend. My bet is that this forum is going to be posting delays and cancellations for months, then silence for a couple of years at least, before we start seeing new proposals and old proposals being resurrected.

We all knew this was coming. The surprise is that the boom lasted as long as it did.

chicubs111 · #**589** Posted **Mar 2, 2008, 3:49 PM**

yea...well if the canyon ranch project is actuall dead in the water it would be our firsta majore cancellation that actually had units for sale unlike park michigan which was still just very much a proposal

cbotnyse · #**590** Posted **Mar 2, 2008, 4:14 PM**

I think these were priced way too high. Starting prices were about the same as the Spire.

the urban politician · #**591** Posted **Mar 2, 2008, 4:46 PM**

Less competition for the Spire is always good news.

Of course, I always did like this project. Perhaps it will be resurrected once the market rebounds?

aaron38 · #**592** Posted **Mar 2, 2008, 4:54 PM**

Well this is the kind of soft landing the market needs. Better to have it canceled at this stage, rather than having an empty building, or worse, a half built building.

This way the CR sales go to help existing projects sell out. And the lot's not going anywhere. This can be resurected in a couple years.

Chicago Shawn · #**593** Posted **Mar 2, 2008, 7:33 PM**

Damn! Of all the developers to acquire a quality producing developer like Related (LR), its going to be Low-end-burg's Megellan Group. This is a major loss for us, way beyond just a possible cancellation of 680 Rush.

honte · #**594** Posted **Mar 2, 2008, 7:52 PM**

Quote:

Originally Posted by Chicago Shawn

Damn! Of all the developers to acquire a quality producing developer like Related (LR), its going to be Low-end-burg's Megellan Group. This is a major loss for us, way beyond just a possible cancellation of 680 Rush.

Yeah, I don't think anyone saw that coming.

But, I remain hopeful. I think that Related wanted them for their local marketing know-how and knowledge in the market. I think they might retain a good deal of control on the actual product and design. So, I am hopeful that this instead might eliminate some bad Loewenberg buildings? I think we call can agree that 340 OTP turned out FAR better than anything we'd seen from Magellan prior.

Personally, I would far rather see the Peshtigo move forward than this tower (you all know my position!), so I hope that one can be continued.

rgolch · #**595** Posted **Mar 2, 2008, 8:08 PM**

Quote:

Originally Posted by the urban politician

Less competition for the Spire is always good news.

Of course, I always did like this project. Perhaps it will be resurrected once the market rebounds?

I liked it too. But honestly, the only project that I am really attached to it the Spire. And if the Waldolf-Astoria could get started, I'd be pretty psyched. This one is more of a shrug your shoulders and move on.

BVictor1 · #**596** Posted **Mar 2, 2008, 10:37 PM**

Quote:

Originally Posted by Chicago Shawn

Damn! Of all the developers to acquire a quality producing developer like Related (LR), its going to be Low-end-burg's Megellan Group. This is a major loss for us, way beyond just a possible cancellation of 680 Rush.

Did you read the article?

It said that Related Construction was in talks to acquire a stake in Magellan Development which could actually be a good thing. Where as Magellan has $$, Related has architectural taste, and If they can get their foot in the door VIA Lake Shore East, this could be good.

Lets all just wait and see what happens. I remember a few years ago when the condo market slowed down, It didn't last forever.

Alliance · #**597** Posted **Mar 2, 2008, 10:44 PM**

THANK YOU.

The article makes it clear that this was a setback, not a cancellation. I agree, if Magellan could lend a hand, Related could end up in a stronger position in Chicago.

nomarandlee · #**598** Posted **Mar 29, 2008, 11:03 AM**

Quote:

http://www.suntimes.com/business/867...n29WEB.article

Condo tower planned for St. James site scrapped
REAL ESTATE | Building would have housed high-end spa, hotel

March 29, 2008Recommend

BY DAVID ROEDER Business Reporter/droeder@suntimes.com

A planned condominium and hotel high-rise in Streeterville promised to cater to the wellness needs of the wealthy, but it couldn't withstand the virus in the real estate market.

Developer Related Midwest said Friday it has scrapped plans to build the 67-story building at 65 E. Huron. With condos and for-sale hotel rooms plus a high-end Canyon Ranch spa, the building would have replaced offices owned by the Episcopal Diocese of Chicago.........

.....

chicubs111 · #**599** Posted **Mar 29, 2008, 11:19 AM**

damn damn damn....well chicago this is our first significant tower that has been officially canclled...its been a good run!

Chi_Coruscant · #**600** Posted **Mar 29, 2008, 12:18 PM**

That suck. I have a high hope for this beautiful building.

Canyon Ranch should not abandon Chicago but try again in the future.