CHICAGO | River Point | 730 FT | 52 FLOORS

[the urban politician]

Edit:

I moved my post to General Developments

[Abner]

What about south of Congress, from the river to Clark? There's a ton of space there. The section south of Polk wouldn't connect to the east without destroying at least part of Dearborn Park, but then most of the people around here would like to do that anyway. It could use better transit connections, but between the LaSalle Metra station, the LaSalle Blue Line, the LaSalle/Van Buren Loop station, and the Harrison Red Line, existing access is not too bad (and comes from a lot of different directions that don't require a transfer, which hardly any other locations have going for them).

[BVictor1]

Originally Posted by Abner

What about south of Congress, from the river to Clark? There's a ton of space there. The section south of Polk wouldn't connect to the east without destroying at least part of Dearborn Park, but then most of the people around here would like to do that anyway. It could use better transit connections, but between the LaSalle Metra station, the LaSalle Blue Line, the LaSalle/Van Buren Loop station, and the Harrison Red Line, existing access is not too bad (and comes from a lot of different directions that don't require a transfer, which hardly any other locations have going for them).

That area is planned to be residential, but office space would be good to. It's within walking distance of LaSalle Street Station and the blue line.

[spyguy]

http://www.chicagorealestatedaily.co...ws.pl?id=34513

Jones Lang releases $2.8 million lien for commission on riverfront deal
By Thomas A. Corfman, June 23, 2009

Jones Lang LaSalle Inc. and developer Hines Interests L.P. have apparently settled a dispute over a $2.8-million commission payment for brokering a deal to have law firm Baker & McKenzie co-anchor a riverfront skyscraper proposed by a Hines-led venture.

Chicago-based Jones Lang filed a lien earlier this year against the site at 444 W. Lake St., where Baker and William Blair & Co. were to co-anchor a 1.1-million-square-foot tower. But Hines has missed deadlines to obtain financing for the project, leading to the termination of Blair’s deal, and the lien cast even more doubt on whether the structure will ever be built.

[lawfin]

Not sure if this was reported about the decrease in space from 1,2 mil to 800K

New financing parameters have led to the uncertainty of an
announced office development. 444 Lake Street went back to the
design table when financing could not be secured for a 1.2M sf
building anchored by William Blair and Baker McKenzie. Blair has
since walked from the deal and the building size has been reduced to
800,000 sf while financing for the project remains problematic.

http://www.cresapartners.com/tenantsguides/Chicago.pdf

[djvandrake]

Ah!!! Bad news. Very bad news. I'd rather they wait until the market improves and build the original design than have them shorten the tower and build now.

[VivaLFuego]

If the floorplates stay of a similar size, that will bring this guy under 500 feet, probably to a comparable height of its neighbor Riverbend.

[brian_b]

There are two concrete trucks and what looks like a soil boring rig on the site this morning. I'm guessing it is unrelated to the development as they are on the portion that would become parkland and very near the Lake St bridge.

[uaarkson]

This building is absolutely gorgeous. Get built!

[spyguy]

[Dr. Taco]

[Ordo_]

I actually wish the building wasn't so set back and more closely followed the river.

[ardecila]

It's done for practical reasons. The rail tracks underneath will be close to the river, so if Hines wants to build a building over them, the tracks must be relocated and shifted around the columns. A plaza space can simply be supported on long beams over the tracks.

I think it's funny how none of the new renders show the building in full-height. It's as if they're saying - everything cool about this building is still in the plans! (Just ignore how tiny it has become...)

[brian_b]

The other advantage is that the building will be close to the street!

[scalziand]

It looks like the plaza could use more than one set of steps down to the riverwalk.

[BVictor1]

Originally Posted by scalziand

It looks like the plaza could use more than one set of steps down to the riverwalk.

i agree.

there also seems to be elevator access at Lake Street.

The more detailed renderings make me like this tower even more, but I still hope that they don't reduce the height.

Also, the lobby decor looks too much like 300 North LaSalle. Yes, I know it's the same architect, but there needs to be some variation.

[ardecila]

Originally Posted by BVictor1

Also, the lobby decor looks too much like 300 North LaSalle. Yes, I know it's the same architect, but there needs to be some variation.

It's also the same developer. Perhaps they want to have a signature lobby design?

[the urban politician]

Yeah, looks good. I hope the height isn't too affected.

[jcchii]

I thought this was on the ash heap of history

[ardecila]

Nope, it still has a heartbeat. Hines is a huge company with lots of assets, and apparently they see a really good opportunity here, since they are spending their own time and money resolving the lien disputes.

It really is a signature site... Despite the technical challenges, I'm surprised it isn't developed already. It fronts directly onto the turning basin, at the visual terminus of Wacker Drive and the Main Branch. If Wolf Point is ever developed, it will block out Riverbend from that vista, but River Point here will still be visible.