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  #41  
Old Posted Sep 24, 2015, 12:13 PM
Le Baron Le Baron is offline
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Crains article

From Crains:
Helmut Jahn designing 86-story South Loop residential tower
By Dennis Rodkin
September 24, 2015

http://www.chicagobusiness.com/reale...idential-tower

Architect Helmut Jahn is designing an 86-story South Loop residential tower that would resemble a stack of four tall boxes, with the widest at the top.

The glassy tower proposed for 1000 S. Michigan Ave. would contain 506 residential units and parking for 598 cars, according to plans that appeared on the city clerk's website late yesterday in advance of today's meeting of the Committee on Zoning, Landmarks and Building Standards.

The proposal surfaces less than two days after Miami-based developer Crescent Heights rolled out its plans for a pair of buildings topping out at 76 stories high a little more than a block south, on the southeast corner of Roosevelt Road and Michigan Avenue. That plan, too has a “starchitect”: Rafael Viñoly.

Together, the Jahn and Viñoly projects would raise the profile of the South Loop, where the tallest building now is the 62-story One Museum Park, completed in 2009.
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  #42  
Old Posted Sep 24, 2015, 12:25 PM
marothisu marothisu is offline
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Originally Posted by LouisVanDerWright View Post
Well $3000/mo for an apartment is 30% of a $120,000/yr salary. That's pretty typical income for your techy types whom, up until recently, Chicago has had almost none of. I have a feeling the job creation downtown particularly in tech is driving this. Also remember that there have been a grand total of two luxury condo towers this cycle, both of which are under construction and in the Gold Coast. Assuming we have the same demand for condos downtown that we did in the last boom, we need to build at least 3,000 condos a year for the next few years to even begin to absorb that demand. I have a feeling there are some market forces demanding condo units starting to pent up and they will be released through flashy new towers.

Yep. It's a semi normal salary for someone in tech with let's say more than 5-10 years of good experience who is good at their jobs. You could say the same thing about some consulting gigs too that might not necessarily be 100% tech. I recently saw a posting for Avant for a senior developer and the salary was listed at $90K-$170K/year. The high end is higher than normal for Chicago, but even at half of that if you had a good amount of experience, let's say low to mid 30s and were good at your job, you could get in the $120k-$140k range at some companies in town.

It's a lot of movement lately - a lot. I'm just hoping it's not all speculative or anything. I'm really hoping that the developers know a little something that we don't know yet.
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Last edited by marothisu; Sep 24, 2015 at 12:40 PM.
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  #43  
Old Posted Sep 24, 2015, 12:34 PM
Kenmore Kenmore is offline
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given the fiscal situation of the state/city and stagnant salaries, there is no chance both of these big dogs get built. heck, i'll be surprised if even one gets off the ground without major reductions.
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  #44  
Old Posted Sep 24, 2015, 12:37 PM
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Well, the medical district is a straight shot west, with incomes far exceeding those for tech.
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  #45  
Old Posted Sep 24, 2015, 12:43 PM
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Well, the medical district is a straight shot west, with incomes far exceeding those for tech.
And the Northwestern Hospital complex is easy to get to - straight shot north on Columbus
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  #46  
Old Posted Sep 24, 2015, 12:45 PM
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Originally Posted by Kenmore View Post
given the fiscal situation of the state/city and stagnant salaries, there is no chance both of these big dogs get built. heck, i'll be surprised if even one gets off the ground without major reductions.
What does the states fiscal issues have to do with these developments? There hasn't been a huge increase in vacancy rates downtown and companies have continued to move their headquarters there.
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Last edited by BVictor1; Sep 24, 2015 at 12:57 PM.
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  #47  
Old Posted Sep 24, 2015, 12:48 PM
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given the fiscal situation of the state/city and stagnant salaries, there is no chance both of these big dogs get built. heck, i'll be surprised if even one gets off the ground without major reductions.
I don't know about that, with thousands of jobs coming from the suburbs and the condominium market low on supply I bet this has a chance to be built.

I don't think this is being targeted for the average worker anyways...
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  #48  
Old Posted Sep 24, 2015, 1:17 PM
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given the fiscal situation of the state/city and stagnant salaries, there is no chance both of these big dogs get built. heck, i'll be surprised if even one gets off the ground without major reductions.
Actually salaries haven't been stagnant for the income bracket these are targeting. The fiscal situation of the state/city has barely anything to do with this. To that point haven't you noticed Chicago has one of the best office markets in the US right now. Chicago is having it's best year ever in office sales.
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  #49  
Old Posted Sep 24, 2015, 1:45 PM
OrdoSeclorum OrdoSeclorum is offline
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Actually salaries haven't been stagnant for the income bracket these are targeting. The fiscal situation of the state/city has barely anything to do with this. To that point haven't you noticed Chicago has one of the best office markets in the US right now. Chicago is having it's best year ever in office sales.
This is just something people are always going to say.

"We're doing this!? What about the national debt?"
"Why not fix the potholes first!"
"With the fiscal mess this city is in, how can we..."

Even if you have a $300,000 mortgage, sometimes you have to spend $500 on a new dishwasher. A lot of people just don't have the cognitive apparatus required to make that leap.
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  #50  
Old Posted Sep 24, 2015, 1:50 PM
Near North Resident Near North Resident is offline
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wow, BURIED PARKING?

Slim and 1000 ft tall?

yes please!
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  #51  
Old Posted Sep 24, 2015, 1:51 PM
Near North Resident Near North Resident is offline
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Originally Posted by UrbanLibertine View Post
This is crazy. Who the hell are all these people moving into these thousands of new units in all these new buildings? Seriously? I love new skyscrapers as much as the next guy but I get worried about the surplus on the market (not necessarily with the starchitect skyscrapers, but with the mediocre midrises).
people that bought the same sort of thing 7-10 years ago and want a newer unit?
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  #52  
Old Posted Sep 24, 2015, 2:00 PM
SamInTheLoop SamInTheLoop is offline
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Wow, my head's spinning from everything that's been released the last few days.

I think this looks fantastic. One of the developers is Time Equities, who is the developer of the Jahn-Designed 50 West tower in Lower Manhattan. Thrilled to be getting a new Jahn tower in Chicago, even more so in the South Loop.

I'm predicting there will be one opponent of this who is a forum member here.........
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  #53  
Old Posted Sep 24, 2015, 2:04 PM
SamInTheLoop SamInTheLoop is offline
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Originally Posted by OrdoSeclorum View Post
This is just something people are always going to say.

"We're doing this!? What about the national debt?"
"Why not fix the potholes first!"
"With the fiscal mess this city is in, how can we..."

Even if you have a $300,000 mortgage, sometimes you have to spend $500 on a new dishwasher. A lot of people just don't have the cognitive apparatus required to make that leap.

Really well put, for a first pass at rebuking that mindset. And then you have the fact that economically, the core of Chicago is doing quite well right now - and vast preponderance of indications are that this will continue for the next few years at minimum......
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  #54  
Old Posted Sep 24, 2015, 2:52 PM
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Originally Posted by Jibba View Post
Damn, SUPER excited about this.
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Originally Posted by SamInTheLoop View Post
Wow, my head's spinning from everything that's been released the last few days.

I think this looks fantastic. One of the developers is Time Equities, who is the developer of the Jahn-Designed 50 West tower in Lower Manhattan. Thrilled to be getting a new Jahn tower in Chicago, even more so in the South Loop.

I'm predicting there will be one opponent of this who is a forum member here.........
I'm super stoked as well. I really like the direction Jahn has taken in the last 10-15 years or so. I think this is the third time he's explored a subtle cantilever in a high-rise design? There's the aforementioned tower in Manhattan and the one at North Fairbanks before that.

God, if this and the Viñoly get built, Grant Park will finally be just about properly enclosed with two stellar pieces of architecture filling in the gaps. A lot (a lot) of development in the South Loop is needed to rebalance the skyline along Congress in the way it seems to want to be, and both of these would give the area a couple of significant anchors.

And I dunno. Maybe it's naivete but I'm optimistic about their chances of success. These lots are such prime real estate; it kinda baffles me that they're still available even as what are IMO less desirable nearby properties have been developed.

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  #55  
Old Posted Sep 24, 2015, 2:54 PM
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Seems like the architect likes to put holes at the top of his buildings.

IMG LINK
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  #56  
Old Posted Sep 24, 2015, 4:10 PM
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It's always worth checking to see if an architect has revealed their project on their website



http://www.jahn-us.com/project/tower...south-michigan
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  #57  
Old Posted Sep 24, 2015, 4:15 PM
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YES!


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  #58  
Old Posted Sep 24, 2015, 4:17 PM
SamInTheLoop SamInTheLoop is offline
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^ Yes is right!!! Is this week really happening??
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  #59  
Old Posted Sep 24, 2015, 4:22 PM
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  #60  
Old Posted Sep 24, 2015, 4:26 PM
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Are the bars open yet?
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