CHICAGO | Highrise Projects & Construction, v7

[Jibba]

Article quotes 90,000 sf. Seems to indicate the property is the entire block bound by Chicago/State/Superior/Dearborn. Can anyone confirm that?

[Randomguy34]

Originally Posted by Jibba

Article quotes 90,000 sf. Seems to indicate the property is the entire block bound by Chicago/State/Superior/Dearborn. Can anyone confirm that?

Did a measurement using an online tool for Google Maps and using it to measure the entire block (not including sidewalks), it comes out to be about 90,000 SF. This means that who ever purchases that block can have anywhere from multiple towers on the site to just one really wide tower (assuming the tower is about as wide as its podium/base).

[marothisu]

OMG yes, this is great news...huge site that could fit a lot and PRIME real estate. This is awesome and the best news I've heard all day

Originally Posted by Randomguy34

Did a measurement using an online tool for Google Maps and using it to measure the entire block (not including sidewalks), it comes out to be about 90,000 SF. This means that who ever purchases that block can have anywhere from multiple towers on the site to just one really wide tower (assuming the tower is about as wide as its podium/base).

No way it'll be one tower. Living near that site, I pass by it all the time. You could easily fit 3-5 towers there.

BTW, it could be worth more than $100M. Remember that JDL bought the current No. 9 Walton lot almost 2 years ago for $70M just a few blocks north - that's just a fraction of the size at 17,180 sq ft. This site is over 5X the size. Even if they got it for half the price per sq foot as No. 9 Walton, it would still be over $100M

[ithakas]

Originally Posted by marothisu

No way it'll be one tower. Living near that site, I pass by it all the time. You could easily fit 3-5 towers there.

Great news indeed! Hope it's developed into a few buildings to help with diversity of architecture and scale.

Updated:

1. Related – Spire (should be seeing proposal soon)
2. Georgetown Cos. – Gap on State (should be seeing proposal soon)
3. SAIC – State/Harrison (have seen nothing recently)
4. Lennar – Wells/Huron
5. Related – South Wells land in South Loop
6. Macerich – Wabash/Illinois
7. Wolf Point East/South updates
8. 300 N. Michigan
9. Tribune Tower annex
10. Holy Name Cathedral

[Jibba]

Originally Posted by marothisu

OMG yes, this is great news...huge site that could fit a lot and PRIME real estate. This is awesome and the best news I've heard all day



No way it'll be one tower. Living near that site, I pass by it all the time. You could easily fit 3-5 towers there.

I would love for the developer to opt to make through-block connections that connect mid-block plazas, somewhat akin to what is planned for the old Children's Memorial site but on a grander scale. Having the development permeable to pedestrians would preclude a monolith and would be an opportunity to make a unique system of usable, practical open spaces of a type that there are a dearth of, especially in that part of the city.

[BVictor1]

Originally Posted by ChiHi

This could be pretty big.

http://www.wsj.com/articles/now-for-...ate-1463506522

This is actually the 2nd Ward now and I think the current zoning is DX-7. Brian Hopkins may be more favorable to up-zoning.

Any developer would want to recoup what could be a nearly $100,000,000 asking price for the parcel.

[ardecila]

Originally Posted by Jibba

I would love for the developer to opt to make through-block connections that connect mid-block plazas, somewhat akin to what is planned for the old Children's Memorial site but on a grander scale. Having the development permeable to pedestrians would preclude a monolith and would be an opportunity to make a unique system of usable, practical open spaces of a type that there are a dearth of, especially in that part of the city.

The archdiocese is looking for park space and 200 parking spaces.

The site is actually big enough to make underground parking practical, especially if they could combine with the properties along Dearborn for an entire block. There's definitely a deal to be made there... unfortunately the zoning code no longer rewards underground parking or transit improvements...

[Randomguy34]

Originally Posted by ardecila

The archdiocese is looking for park space and 200 parking spaces.

The site is actually big enough to make underground parking practical, especially if they could combine with the properties along Dearborn for an entire block. There's definitely a deal to be made there... unfortunately the zoning code no longer rewards underground parking or transit improvements...

On the bright side, developers can essential pay for FAR under the new proposal. With a site this big, what the developer may end up doing is try to upzone to DX-12 or -16 and just buy FAR if they really want to go big on this project. If they go with DX-16, then there is really no limit to how much FAR they can buy unlike with lower zonings levels.

Speaking of which, the new zoning codes were passed by the Zoning Committee today, and should go for full approval from city council tomorrow.
http://chicago.suntimes.com/news/zon...e-wealth-plan/

[the urban politician]

I envision them developing the north half of the lot with towers, and perhaps keeping the south half as a large park with a subterranean garage.

I'm thrilled that they are finally moving on this

[r18tdi]

Originally Posted by the urban politician

I envision them developing the north half of the lot with towers, and perhaps keeping the south half as a large park with a subterranean garage.

With Washington Square Park just a couple blocks north, I agree with putting the green space on the southern portion. It would also create some separation from One Superior Place.

[spyguy]

Great to see one of the most anticipated parcels finally in play. I hope we get something architecturally interesting and not a Lagrange/Pappageorge special.

[marothisu]

Originally Posted by spyguy

Great to see one of the most anticipated parcels finally in play. I hope we get something architecturally interesting and not a Lagrange/Pappageorge special.

Anybody who buys it will need to build a few towers there, or some sort of big retail too. The No. 9 Walton site was purchased a few years ago for $70M. That site is 17,180 sq ft - or almost $4075 per sq ft. That site is only a few blocks up the street. Even if this site, which is 90,000 sq ft (5.2X larger than No. 9 Walton's site) sold for half of that per sq ft, the sale price would be something like $183M.

[BVictor1]

http://www.chicagobusiness.com/reale...sidential-redo

May 18, 2016
Tribune Tower developers pitch hotel, residential redo
By Alby Gallun

A group of developers on the short list to buy Tribune Tower want to convert the Gothic Michigan Avenue landmark into condominiums, apartments and even a hotel, but the bigger opportunity may be the lot next door.

Tribune Media, which put the 36-story tower up for sale last October, is in the final stages of picking a buyer for the property, having narrowed the list to a small set that includes CIM Group, a Los Angeles-based developer that owns the Block 37 mall, and two Chicago firms: Oxford Capital Group, the developer of the new LondonHouse hotel across the river, and Riverside Investment & Development, which is building a 54-story office tower in the West Loop, according to people familiar with the bidding process.

The entire Tribune property, which includes a parking lot to the east of the tower, could sell for $230 million to $260 million, the people said.

Sitting just north of the Chicago River on the Magnificent Mile, the property offers a location that's hard to beat, though converting the tower to a new use would be complex and risky.

The property also comes with something all developers love: land for new buildings. A buyer potentially could build one or two more towers on the parking lot next door and on space created by demolishing some of the existing Tribune building that is not landmarked.

“Streeterville and North Michigan Avenue are incredible submarkets,” said Chicago developer Steven Fifield, chairman and CEO of Fifield Cos. “It's a great location for hotel, residential and retail. That's all very compelling.”

Personally, I wouldn't mind Oxford Capitol and Riverside Development partnering up on this one. Bring the ideas and money together to form a bigger and bolder vision.

[harryc]

Nice glass at the top (Penthouse balconies)

\
Great view - even in the fog.



More inside shots - SkyRiseCities

[harryc]

5/11

[harryc]

5/11 - from NEXT


street level


5/18 - from 321 N Clark

[r18tdi]

Originally Posted by spyguy

237 E Ontario = Aloft Chicago Mag Mile

Looks like the mechanicals are more pronounced and the notch about one-third up the building has been removed (for reference).

Is this one moving forward?

[Theoryg]

Originally Posted by BVictor1

This worries me...

http://www.chicagobusiness.com/reale...high-rise-site

May 12, 2016
Near North apartments for sale as high-rise site
By Dennis Rodkin




I'd rather see this preserved and or expanded over demolition.

Chicago has more then enough vacant space in the core area to keep some of the old charm and most of the towers planned and developed are actually uneventful visually except for a few. Its worth it to keep the old fiber. Block 37 and the long wait for that once vacant site is proof enough and now they cant fill that mall. They don't work with spaces like they used to and some of the sites require what they had originally in the first place.

[Theoryg]

Originally Posted by marothisu

Today, 4/9/2016
Sinclair aka "Tower of Jewel"


833 N Clark


Viceroy Hotel

I thought the design was to keep the existing structure and build the boutique glass hotel on top.

[Theoryg]

Originally Posted by marothisu

LOL! Okay - that wasn't a joke. This thing is pretty terrible.

In general its needed for the South Loop area development which is really new and exciting for the city.