CHICAGO | Highrise Projects & Construction, v7

[Randomguy34]

400 N Elizabeth and 370 N Carpenter made it to this month's Plan Commission agenda with no significant cuts in heights or units. That's another 1100+ units for Fulton Market: https://www.chicago.gov/city/en/dept...n_Hearing.html

[mh777]

2031/33 N Kingsbury also on the agenda.

[Toasty Joe]

Originally Posted by mh777

2031/33 N Kingsbury also on the agenda.

I believe that's an old rendering. Updated ones here: https://chicago.urbanize.city/post/s...33-n-kingsbury

[r18tdi]

370 N Carpenter isn't really a "serious" proposal. It's Sterling Bay trying to add value so they can sell the site to someone else.

[Jstange059]

Upcoming community meeting for 345 N Aberdeen

[Randomguy34]

New rendering for 1105 W Carroll/315 N May, they plan to start construction soon. The developers also announced plans for two more buildings in Fulton Market

Trammell Crow said it plans to build another 800,000 square feet of undisclosed “flexible space” in two buildings in future phases at 1234 W. Fulton and 1152 W. Carroll.

https://product.costar.com/home/news/shared/561562033

[chi_raven]

Originally Posted by r18tdi

370 N Carpenter isn't really a "serious" proposal. It's Sterling Bay trying to add value so they can sell the site to someone else.

I thought that was the plan for 345 N Aberdeen. Is it also the plan for 370 N Carpenter?

[Randomguy34]

I think 370 N Carpenter is a serious proposal by Sterling Bay, 345 N Aberdeen for sure isn't

[r18tdi]

I think I may have gotten my addresses mixed up.

[BrickellBased]

Thanks - really like the design - I was hoping this would come to fruition. Dubbed 'Fulton Park Campus'

Press Release https://www.trammellcrow.com/newsroo...pus-in-chicago

17 pg Brochure - https://static1.squarespace.com/stat...rochure_v1.pdf

Includes some renderings for 1152 Carroll and and 1234 Fulton to be delivered 2026. The Park is supposed to be completed this year.

1114 W. Carroll Ave. now dubbed 'Flora' apartments

1105 Carroll delivery 2025 so if they break ground now they're looking at a 20 month timetable.

more color via Tribune https://www.msn.com/en-us/money/othe...rk/ar-AA1nTcWb

Trammell Crow is also forging ahead with 1105 W. Carroll, the campus’ fourth building. It will rise 26 stories and include 660,000 square feet of lab and office space for both life sciences and other types of research. The company also plans two additional buildings, one of about 500,000 square feet at 1152 W. Carroll, and another of about 225,000 square feet at 1234 W. Fulton, although it hasn’t decided how to use that space.

via above brochure

Originally Posted by Randomguy34

New rendering for 1105 W Carroll/315 N May, they plan to start construction soon. The developers also announced plans for two more buildings in Fulton Market



https://product.costar.com/home/news/shared/561562033

[r18tdi]

Originally Posted by Randomguy34

I think 370 N Carpenter is a serious proposal by Sterling Bay, 345 N Aberdeen for sure isn't

Urbanize has renderings of 370 N. Carpenter:

https://chicago.urbanize.city/post/3...lan-commission

[dreamy-developer]

Originally Posted by BrickellBased

Thanks - really like the design - I was hoping this would come to fruition. Dubbed 'Fulton Park Campus'

Press Release https://www.trammellcrow.com/newsroo...pus-in-chicago

17 pg Brochure - https://static1.squarespace.com/stat...rochure_v1.pdf

Includes some renderings for 1152 Carroll and and 1234 Fulton to be delivered 2026. The Park is supposed to be completed this year.

1114 W. Carroll Ave. now dubbed 'Flora' apartments

via above brochure

What is very interesting, is if you look here at Urbanize's coverage of the piece, it states 1105 W Carroll with a 2026 date? Not sure if they changed it immediately and set it back a year? Just an interesting detail I saw. https://chicago.urbanize.city/sites/...?itok=A50JWZZr

--

[BrickellBased]

And now the 'download brochure' link on https://www.fultonparkcampus.com/ has removed the date.

My guess is they first changed it to 2026 which urbanize used, but now removed it...

Rental listing with a Dec 1, 2026 available date - https://www.showcase.com/1105-w-carr...0607/26897747/
Another list with year built 2026 - https://www.loopnet.ca/Listing/1105-...o-IL/26897747/

Even if they start soon - late 2026 is more realistic so it's probably expected more like late 2026.

Originally Posted by dreamy-developer

What is very interesting, is if you look here at Urbanize's coverage of the piece, it states 1105 W Carroll with a 2026 date? Not sure if they changed it immediately and set it back a year? Just an interesting detail I saw. https://chicago.urbanize.city/sites/...?itok=A50JWZZr

--

[dreamy-developer]

Well speak of the devil.

Permits for 1105 W. Carroll are in the works apparently

https://chicago.urbanize.city/post/p...1105-w-carroll

[SamInTheLoop]

^ If - and this is a big IF - they have secured financing for 1105 W Carroll, I'm fascinated to know any details. Particularly assuming they have no tenants lined up yet, as there have been no announcements. There is very little demand at the moment for anything like this. However, this would be a bet on demand in 2 years of course, which admittedly could look different. But this would be extraordinarily difficult to pull off in terms of financing at the moment with no significant pre-leasing, and merely quite challenging still to pull off with a major pre-lease.

[BrickellBased]

Bradford Allen Q12024 Chicago commercial real estate report

https://bradfordallen.com/research/m...-cbd-q1-24.pdf

Loop at 25% vacancy and getting worse. Fulton Market and Michigan Ave ~ 15% vacancy.

Class C vacancy in Loop at 35%. Need to turn these into residential.

[twister244]

Originally Posted by BrickellBased

Bradford Allen Q12024 Chicago commercial real estate report

https://bradfordallen.com/research/m...-cbd-q1-24.pdf

Loop at 25% vacancy and getting worse. Fulton Market and Michigan Ave ~ 15% vacancy.

Class C vacancy in Loop at 35%. Need to turn these into residential.

Yikes.... I would have assumed things would have at least bottomed out, but it appears that might not be the case.

It's odd because when going downtown, feels as vibrant as ever. People love being in the city, they just don't like being tied to a traditional office space.

[Randomguy34]

^ In spite of all the vacant office space, weekday foot traffic is at 91% of pre-pandemic levels, with weekends at 107%! So the "downtown is dead" myth is pretty much debunked at this point. This then means any office-to-residential conversion will further push us past 2019 levels

Q1 Foot traffic report: https://loopchicago.com/in-the-loop/...bustling-loop/

[IrishIllini]

Originally Posted by Randomguy34

^ In spite of all the vacant office space, weekday foot traffic is at 91% of pre-pandemic levels, with weekends at 107%! So the "downtown is dead" myth is pretty much debunked at this point. This then means any office-to-residential conversion will further push us past 2019 levels

Q1 Foot traffic report: https://loopchicago.com/in-the-loop/...bustling-loop/

Where's the transit ridership? Traffic sucks more than ever, but if foot traffic is 91% of what it was, I'd expect to see surging ridership.

[Jibba]

Originally Posted by IrishIllini

Where's the transit ridership? Traffic sucks more than ever, but if foot traffic is 91% of what it was, I'd expect to see surging ridership.

Anecdotally, ridership on the Brown line seems to be high -- getting a N-bound train at weekday rush hour the other week, I had to wait for a couple of trains to come and go before I could squeeze on one.