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  #41  
Old Posted Oct 20, 2015, 12:06 PM
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Any news as to the whereabouts of our Harry Callahan?
Carmichael?
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  #42  
Old Posted Oct 20, 2015, 11:12 PM
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  #43  
Old Posted Oct 20, 2015, 11:22 PM
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Thanks. Great to see this one moving along
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  #44  
Old Posted Oct 28, 2015, 1:51 AM
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any news on this site?
My office overlooks this site. They've not yet progressed to full-on site prep. I believe in SkyscraperPage parlance, this stage of construction is referred to as "Dicking Around"

They may have been doing exploratory digs to find the caissons from the initial construction but not much else.
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  #45  
Old Posted Oct 28, 2015, 2:23 AM
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Originally Posted by HowardL View Post
My office overlooks this site. They've not yet progressed to full-on site prep. I believe in SkyscraperPage parlance, this stage of construction is referred to as "Dicking Around"

They may have been doing exploratory digs to find the caissons from the initial construction but not much else.
It looks more like they're potholing the site to find and remove any buried debris. Are we sure that caissons were installed for the potential way back when?

There's a lot of junk in those images that should have been already gone if caissons were in.
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  #46  
Old Posted Oct 28, 2015, 2:44 AM
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Maybe it's a smoke screen for them to avoid re applying for the zoning?
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  #47  
Old Posted Oct 28, 2015, 2:52 AM
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It looks more like they're potholing the site to find and remove any buried debris. Are we sure that caissons were installed for the potential way back when?

There's a lot of junk in those images that should have been already gone if caissons were in.
Well, it's weird. The quarter site is generally disturbed but more specifically in two rows N-to-S and probably four or five columns E-to-W, there are points along the grid with more deliberate activity.

I have no idea what is there from the initial plan. I'm just gossiping in the gaps in what feels like a torturously long prep stage.
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  #48  
Old Posted Oct 28, 2015, 3:43 AM
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Originally Posted by munchymunch View Post
Maybe it's a smoke screen for them to avoid re applying for the zoning?


Ding Ding Ding Ding Ding

Got a winner.....



But of course, HowardL's right too - this is technically dicking around at the same time.......
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  #49  
Old Posted Oct 28, 2015, 6:40 AM
LouisVanDerWright LouisVanDerWright is offline
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The only section of the site they are disturbing is where there are no foundations. It seems likely to me that they are potholing that area because it was never done to begin with. It is also likely a delay tactic while they finalize financing as others have said, but its likely work that has to get done.
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  #50  
Old Posted Nov 7, 2015, 3:23 AM
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They were back today. To plant trees. Big ass, full grown trees. I am at a complete loss as to what is going on here.
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  #51  
Old Posted Nov 7, 2015, 1:08 PM
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wow sounds disappointing, I actually thought that this one would start before 151 or 130 franlkin
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  #52  
Old Posted Nov 7, 2015, 5:06 PM
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  • No confirmed (or even publicly rumored) leases for the office space
  • No official word on the hotel
  • No mention of financing in place

Not that it can't, but why do we expect this one to start soon?
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  #53  
Old Posted Nov 7, 2015, 6:26 PM
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Because they fenced off the lot, as if to start something
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  #54  
Old Posted Nov 7, 2015, 6:44 PM
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They were back today. To plant trees. Big ass, full grown trees. I am at a complete loss as to what is going on here.
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  #55  
Old Posted Nov 7, 2015, 6:52 PM
hawainpanda hawainpanda is offline
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Originally Posted by spyguy View Post
  • No confirmed (or even publicly rumored) leases for the office space
  • No official word on the hotel
  • No mention of financing in place

Not that it can't, but why do we expect this one to start soon?
also as someone mentioned above, they were allowed to avoid rezoning if construction started..I thought winter of this year
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  #56  
Old Posted Nov 8, 2015, 8:42 PM
SamInTheLoop SamInTheLoop is offline
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Originally Posted by spyguy View Post
  • No confirmed (or even publicly rumored) leases for the office space
  • No official word on the hotel
  • No mention of financing in place

Not that it can't, but why do we expect this one to start soon?


Yeah, I for sure wasn't in that general camp.

I thought there was a possibility they might somehow get lucky and beat established heavyweights like John Buck and Tishman Speyer, but for sure an outside chance.

I mean, this is the developer - Third Millennium Group (see link below).....unless they have a large experienced partner on this project, what am I missing as far as anything in their track record (they're not even an experienced developer at all as near as I can tell - just an investor in existing large scale commercial property) - that might suggest a likelihood of pulling off something as ambitious as 590 West Madison in the near-term?


http://www.3rdmg.com/properties.html
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  #57  
Old Posted Jan 4, 2016, 2:47 PM
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http://www.chicagobusiness.com/artic...-office-towers

Quote:
Boca Raton, Fla.-based investor Joseph Mizrachi also pursued CNA for an office and hotel tower he wants to develop next to an office building he owns at 540 W. Madison St. Mizrachi says his venture has a commitment from a hotel brand, but he can't build 700,000 square feet of offices on speculation.

“We're not going to do a spec deal,” he says. “We need a major tenant.”
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  #58  
Old Posted Jan 5, 2016, 4:45 PM
VKChaz VKChaz is offline
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Good article to get a sense of the vacated space coming to market
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  #59  
Old Posted Jan 20, 2016, 10:39 PM
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http://www.ctbuh.org/News/GlobalTall...-US/view.aspx#!

Proposed Chicago High-Rise Stalls without Anchor Tenant
Chicago, United States – 20 January 2016

Quote:
Plans to build a 44-story mixed-use hotel and office tower appear to be in a state of limbo until the developer can land a major tenant. The proposed building at 590 W. Madison first broke cover in late 2014 and hopes to add 330 hotel rooms, a rooftop restaurant, and 57,229 square meters of office space to the western edge of the central business district between the Chicago River and Kennedy Expressway.

Proposed by Florida-based Third Millennium Properties and designed by Chicago's Goettsch Partners, the 177-meter tower would become Chicago's tallest building west of Clinton Street if built.

While the project has a hotel partner on board, the building was not going to move forward without a major office space commitment, according to a conversation Joseph Mizrachi of Third Millennium Partners had with Crain's earlier in January.

Because the location was originally approved as a twin of ABN AMRO Plaza at 540 W. Madison (also owned by Third Millennium), zoning and other entitlements for 590 W. Madison are already in place. When the original plan evolved into Goettsch's taller design, the city allowed the project to proceed without reapplying for approvals − provided construction started before mid-September of 2015.

Many development watchers were excited to see fencing go up at the north end of the site along Washington and Jefferson streets and demolition begin on a portion of the surface parking lot. Excitement turned to confusion when, instead of foundation equipment, mature trees arrived on the site. As it turns out, work had only commenced on a small pocket park included in the site plan. While no work on the actual building has taken place, the park landscaping was deemed sufficient to keep zoning intact past the city's exploding September 2015 deadline.

Without an anchor tenant signed to its office portion, it is unclear how soon a deal can be announced and work on 590 W. Madison can begin in earnest. Worst case scenario: the southeast corner of Washington and Jefferson gets a new green space.
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  #60  
Old Posted Mar 22, 2016, 9:09 PM
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I was critical of this but after seeing the full set of images on 590 I'm convinced its a step in the right direction however old 1950-60's styled it might appear.
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