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  #941  
Old Posted Sep 21, 2017, 7:36 PM
Khantilever Khantilever is online now
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Originally Posted by SammisAran View Post
I don't think there is any plan to develop the area between the OPO and the river, south of the highway, but north of Harrison. I've heard that building referred to as the "Sugar Shack". There's already been some work that has been done under/in/near that building for the utilities, and I think it would make any significant building in that area difficult to develop.

Going further south than Harrison with any river walk would likely get veto'ed by the actual Post office since that's a loading bay area near the river, and even further south is a big ComEd substation.
I haven't seen anything planned for that area from the current owner, but the previous owner's plan certainly included a very significant skyscraper at that location. Of course, Davies had fairly ambitious plans for the site, so i wouldn't be surprised if it's actually completely infeasible.

However, if that's the case I think that does somewhat diminish the Post Office's prospects for Amazon. Sure, there's ample land available to the west - including the Holiday Inn parcel right across Canal that is part of the same Planned Development (1065) but might not be owned by the same developer - but the area lacks amenities and the streetscape is much more of a fixer-upper (since the Eisenhower disrupts the continuity of the neighborhood).
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  #942  
Old Posted Sep 21, 2017, 9:57 PM
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It would be great if they could terminate 290 at the Circle, and then convert the highway east of it to Congress Parkway, with signaled intersections at Jefferson, Clinton and Canal. This would heal the neighborhood of its existing scar, and create a more walkable and welcoming environment immediately around the former expressway. Doing so would also probably open up the blocks south of 290 and east of 90/94 to more development, be it commercial or residential. That neighborhood is pretty isolated as of now.

All of this is probably pretty unlikely to happen, unless the existing elevated roadway is in bad condition to the point where it would need to be replaced.
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  #943  
Old Posted Sep 21, 2017, 10:29 PM
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Originally Posted by left of center View Post
All of this is probably pretty unlikely to happen, unless the existing elevated roadway is in bad condition to the point where it would need to be replaced.
I mean, they are literally in the process of rebuilding that section right now
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  #944  
Old Posted Sep 21, 2017, 11:11 PM
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I mean, they are literally in the process of rebuilding that section right now
I thought the Circle reconstruction project is only replacing the portion of 290 that goes through the interchange itself? I don't think they are replacing any sections east of Desplaines (sans the on and off ramps). I could be wrong though.
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  #945  
Old Posted Sep 22, 2017, 6:28 PM
tjp tjp is offline
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Dumb question, probably, but: does 601W own any of the sites surrounding the Post Office building? If not, how would the city go about making its proposal to Amazon? Would the plan just assume that some properties (like the Holiday Inn) would sell?
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  #946  
Old Posted Sep 22, 2017, 7:08 PM
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Dumb question, probably, but: does 601W own any of the sites surrounding the Post Office building? If not, how would the city go about making its proposal to Amazon? Would the plan just assume that some properties (like the Holiday Inn) would sell?
They own 550 W Jackson which is about 450,000 sq ft as I recall and is about to have large vacancies as existing leases come up.

The city will entitle whatever they need. If the Union Station redevelopment needs to be 5 million square feet of office then it will be 5 million square feet of office. Owners of another half dozen nearby sites would be falling over each other to sell or develop for them.
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  #947  
Old Posted Sep 22, 2017, 8:39 PM
Khantilever Khantilever is online now
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Originally Posted by k1052 View Post
They own 550 W Jackson which is about 450,000 sq ft as I recall and is about to have large vacancies as existing leases come up.

The city will entitle whatever they need. If the Union Station redevelopment needs to be 5 million square feet of office then it will be 5 million square feet of office. Owners of another half dozen nearby sites would be falling over each other to sell or develop for them.
There's still a potential hold-up problem, though. Once Amazon commits to the site, owners of surrounding parcels can extract higher prices than the actual value of their properties, since Amazon would want to avoid a big hole in middle of their campus. I would presume Amazon would prefer to minimize the number of property owners they have to deal with for this reason.
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  #948  
Old Posted Sep 25, 2017, 1:08 AM
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If anyone on here is a commercial appraiser can you send me a direct message I have a questions and could use some help.

Also, so I can justify asking an off topic question here is a neat photo of the post office. The windows are starting to look nice.

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  #949  
Old Posted Sep 25, 2017, 3:15 AM
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Originally Posted by left of center View Post
I thought the Circle reconstruction project is only replacing the portion of 290 that goes through the interchange itself? I don't think they are replacing any sections east of Desplaines (sans the on and off ramps). I could be wrong though.
No, the Circle project includes reconstruction of I-290 as far east as the west edge of Canal, including the offramps at Canal.

Unfortunately this does not include any streetscaping, plaza space, etc under the viaduct but the new piers will be somewhat decorative and there will be new lighting installed that should make the area beneath the highway more inviting at night.
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  #950  
Old Posted Sep 27, 2017, 12:27 PM
marothisu marothisu is offline
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There was a building permit issued last week, for $5M, for this:

"INTERIOR RENOVATION OF EXISTING SPACE AT LEVEL 2 & 4+5E FOR MARKETING OFFICE & SPEC OFFICE SUITE. (STRUCTURAL PEER REVIEW)**CERTIFIED CORRECTIONS- - SUBJECT TO FIELD INSPECTIONS & AUDIT "

Is this both an actual company building out and 601W having an actual tenant already, or just all spec? It does mention specifically marketing office
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  #951  
Old Posted Sep 27, 2017, 1:32 PM
SammisAran SammisAran is offline
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Originally Posted by marothisu View Post
There was a building permit issued last week, for $5M, for this:

"INTERIOR RENOVATION OF EXISTING SPACE AT LEVEL 2 & 4+5E FOR MARKETING OFFICE & SPEC OFFICE SUITE. (STRUCTURAL PEER REVIEW)**CERTIFIED CORRECTIONS- - SUBJECT TO FIELD INSPECTIONS & AUDIT "

Is this both an actual company building out and 601W having an actual tenant already, or just all spec? It does mention specifically marketing office
Pretty sure it's just the spec suite and some common areas. Spec suite/ marketing on 4+5E and level 2 might be stuff near the lobby.
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  #952  
Old Posted Sep 27, 2017, 3:02 PM
SammisAran SammisAran is offline
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Originally Posted by SammisAran View Post
Pretty sure it's just the spec suite and some common areas. Spec suite/ marketing on 4+5E and level 2 might be stuff near the lobby.


Took a picture of the North-East corner of the building today. You can see how the floors in the Northern block of the building don't match up with the East section. It's easy to tell by the condition of the windows that the 2nd floor, which is connected to the lobby as some sort of mezzanine is part of that permit.

Then in the North section, you've got the 4th floor with the nice looking windows, and then further south on the eastern face of the building you have 5E with it's windows looking new and shiny.
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  #953  
Old Posted Sep 27, 2017, 6:09 PM
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Da mayor is supposedly doing his big reveal today
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  #954  
Old Posted Sep 27, 2017, 6:50 PM
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Inside the Old Main Post Office, a $500 million 'blank canvas'
Ryan Ori | Contact Reporter | Chicago Tribune
September 27, 2017, 10:25 AM


Quote:
Chicago’s prominence in the mail-order catalog industry led to the creation of the world’s largest post office in the city in the 1930s, when the old main post office was completed.

These days, a small army of construction workers is pushing aside the dust of those bygone days — more than 23 tons of debris have been hauled away so far — as part of a $500 million plan to convert the art deco behemoth into modern offices, restaurants, shops, entertainment and park space.

In the process, owner 601W Cos. wants to bring the long-vacant post office full circle. As it happens, e-commerce giant Amazon, today’s master of home deliveries, is seeking a home for a 50,000-employee second headquarters.
Quote:
The Post Office, as it’s called now, fronts the Chicago River and straddles Congress Parkway. With contiguous floors of up to 250,000 square feet, The Post Office will have the largest office floor plates in the city.

With 2.5 million square feet of office space, and the ability to build millions of additional square feet on adjacent land, it is one of just a few Chicago sites that appear capable of meeting Amazon’s long-term need of 8 million square feet. Another key factor cited by Amazon in its H2Q plans: public transportation.

New York-based 601W plans to pursue “HQ2,” and might even consider combining forces with another nearby redevelopment, at Union Station, to land the deal, Whiting said.

Last edited by OhioGuy; Sep 27, 2017 at 7:53 PM.
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  #955  
Old Posted Sep 27, 2017, 7:05 PM
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If memory serves, there are four different buildings within what we call the Old Post Office. There's the office tower with lobby on Van Buren, the Terminal Building (from a decade earlier) facing east, and the workroom sections to the west and south along Harrison, with other floor levels because of the loading docks. Office tower is probably 12-foot ceilings, workroom areas 20-to-24-foot ceilings, and the Terminal something in between.
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  #956  
Old Posted Sep 27, 2017, 7:22 PM
k1052 k1052 is offline
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Interesting to hear 601 talk about teaming up with Riverside for a bid.
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  #957  
Old Posted Sep 27, 2017, 7:37 PM
SammisAran SammisAran is offline
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Originally Posted by Mr Downtown View Post
If memory serves, there are four different buildings within what we call the Old Post Office. There's the office tower with lobby on Van Buren, the Terminal Building (from a decade earlier) facing east, and the workroom sections to the west and south along Harrison, with other floor levels because of the loading docks. Office tower is probably 12-foot ceilings, workroom areas 20-to-24-foot ceilings, and the Terminal something in between.
From what I've seen from the inside, you are correct. I'm interested to see how the division of the different floors and possibly tenants shakes out.
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  #958  
Old Posted Sep 27, 2017, 7:40 PM
SammisAran SammisAran is offline
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Originally Posted by OhioGuy View Post
Inside the Old Main Post Office, a $500 million 'blank canvas'
Ryan Ori | Contact Reporter | Chicago Tribune
September 27, 2017, 10:25 AM
Looks like your link got broken somehow. Heres the actual link:

Inside the old main post office, a $500 million 'blank canvas'
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  #959  
Old Posted Sep 27, 2017, 7:54 PM
OhioGuy OhioGuy is offline
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Originally Posted by SammisAran View Post
Looks like your link got broken somehow. Heres the actual link:

Inside the old main post office, a $500 million 'blank canvas'
Thanks. Not sure what happened but I edited my post so that the link works.
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  #960  
Old Posted Sep 27, 2017, 8:22 PM
Kngkyle Kngkyle is offline
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I really can't imagine a more perfect fit for Amazon. This is made for them.
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