CHICAGO | Lincoln Park 2550 | 477 FT | 39 FLOORS | T/O - Page 2

the urban politician · #21 Posted: **Jul 10, 2010, 2:27 PM**

This is what millionaires want.

Sure you got rid of some moderate income housing but we're replacing it with rich households. Better to have them living here than in Lake Forest.

And I say this being a true NIMBY-hater. I hated NIMBY's before hating NIMBY's was considered cool.

beeneverywheretwice · #22 Posted: **Jul 14, 2010, 10:06 PM**

Money talks, b.s. walks. The 'haves' always get the best and rightfully so. That's Capitalism, that's America. You work hard and reap the rewards. Don't hate, congratulate!

Chicagoguy · #23 Posted: **Jul 15, 2010, 3:15 PM**

Do they happen to have an estimated completion date for this project? I must say I am excited to see this one start to rise...if nothing else just for the fact that its such a large project happening on the northside. I would love to see this spark a trend along Lincoln Park.

Baronvonellis · #24 Posted: **Jul 15, 2010, 4:47 PM**

What's going on with the church on the site? Is that going to remain a church or is it part of the new building now? Also, perhaps one of the reasons this project was downsized was because of the economy. Perhaps, the developer thought they wouldn't be able to sell twice as many units there. Look at Trump, it is only 50% sold out now and it's much more visible and in a better location.

Hayward · #25 Posted: **Jul 15, 2010, 7:38 PM**

They will probably use it for weddings and other events. Lot's of money in that.

lawfin · #26 Posted: **Jul 15, 2010, 7:48 PM**

Quote:

Originally Posted by beeneverywheretwice

Money talks, b.s. walks. The 'haves' always get the best and rightfully so. That's Capitalism, that's America. You work hard and reap the rewards. Don't hate, congratulate!

Oh god....leave the dime store political economy commentary to the appropriate forum and this ain't it....now beat it!

VivaLFuego · #27 Posted: **Jul 15, 2010, 8:07 PM**

Quote:

Originally Posted by Baronvonellis

What's going on with the church on the site? Is that going to remain a church or is it part of the new building now? Also, perhaps one of the reasons this project was downsized was because of the economy. Perhaps, the developer thought they wouldn't be able to sell twice as many units there. Look at Trump, it is only 50% sold out now and it's much more visible and in a better location.

Recently, yes --- but it's important to note that this project has been in the works for 10 years. The developer was ready to proceed with a project with an FAR somewhere around 4, with around 500 units (if memory serves) but the project spent about five years in the community meeting process before finally reaching the low density iteration, which didn't get to the financing/construction stage until the financial crisis of 2008.

the urban politician · #28 Posted: **Jul 15, 2010, 8:28 PM**

^ But Viva, how about some perspective?

A highrise pseudo-cluster with some luxury townhomes is getting built. Yes, it's less dense than we'd like, but it will still be a decent number of units full of people with more than enough disposable income. If the economy had not tanked, an even denser and taller project would have gone up.

Look at what's replacing other defunct hospitals:

1. Edgewater Hospital: NIMBY's are trying to turn it into a park
2. Children's Memorial: NIMBY's are almost certain to demand townhouse-only development
3. Lincoln Park Hospital: NIMBY's are having a hissy fit over this one

Given that perspective, I'd call this project a reasonable success..

Hayward · #29 Posted: **Aug 16, 2010, 3:36 AM**

8/15

Chicagoguy · #30 Posted: **Aug 16, 2010, 4:37 AM**

Very nice...I can't wait to start watching this one rise. It will be so nice seeing such a larger project under construction in Lincoln Park. That will be so nice to see on Lakeshore Drive coming home from work everyday

spyguy · #31 Posted: **Aug 16, 2010, 7:50 PM**

http://www.chicagobusiness.com/artic...0-million-loan

Lincoln Park condo project lands $170-million loan
By: Andrew Schroedter August 16, 2010

A development venture backed by the General Electric Corp. pension fund obtained a $170-million loan from a Japanese bank for a high-end condominium project overlooking Lincoln Park, the first major condo construction loan in Chicago since the credit crunch began nearly two years ago.

...As a result of the financing, the development venture is increasing the number of units to 229 condos, after slashing the number of proposed units last year by about one-third, to 198 condos, amid the widespread downturn in the market, the developers say.

the urban politician · #32 Posted: **Aug 16, 2010, 7:59 PM**

^ Woo-hoo!

chicubs111 · #33 Posted: **Aug 16, 2010, 8:03 PM**

Lincoln Park condo project lands $170-million loan
By: Andrew Schroedter August 16, 2010
(Crain’s) — A development venture backed by the General Electric Corp. pension fund obtained a $170-million loan from a Japanese bank for a high-end condominium project overlooking Lincoln Park, the first major condo construction loan in Chicago since the credit crunch began nearly two years ago.

http://www.chicagobusiness.com/artic...0-million-loan

Bond007 · #34 Posted: **Aug 16, 2010, 8:16 PM**

http://chicagobreakingbusiness.com/2...-on-track.html

Ricker-Murphy said Monday it received approval to build a 39-story tower with 229 residences.

Steely Dan · #35 Posted: **Aug 16, 2010, 8:20 PM**

interesting, so they're back to the taller 442'/39 story original proposal.

i'll edit the thread title accordingly.

ardecila · #36 Posted: **Aug 16, 2010, 8:26 PM**

They slashed the total height? I just thought they lowered the heights of the north and south towers while leaving the tallest center tower at its original height. An increase in units would presumably just boost the heights of the north/south towers to where they were before.

Steely Dan · #37 Posted: **Aug 16, 2010, 8:29 PM**

Quote:

Originally Posted by ardecila

I just thought they lowered the heights of the north and south towers while leaving the tallest center tower at its original height.

no, they had lowered the central portion as well, from 39 to 33 floors, to reduce unit count, but it sounds like with today's loan they're going back to the original 39 story plan.

spyguy · #38 Posted: **Aug 16, 2010, 10:59 PM**

Height - 464 ft (from press release)
South tower - 16 floors
Middle - 39
North - 22

(Rendering from YoChicago)

Ch.G, Ch.G · #39 Posted: **Aug 17, 2010, 3:49 AM**

the rape of our skyline continues... i think this may honestly be one of the worst offenders. the first fifteen stories are going to look like one of those awful high-rise walls you see all over hong kong.

denizen467 · #40 Posted: **Aug 17, 2010, 8:07 AM**

^ I don't have a huge problem with this design. But it might be helpful if someone could photoshop a fez on top of it, just to prepare us for the worst.