CHICAGO | St. Regis Chicago (Vista) | 1,191 FT | 101 FLOORS

[munchymunch]

Still likely that is not the height, either. The chinese developer misread something, or they want build BIG like most developments in China now.

[gttx]

Originally Posted by wmarczyk333

I think there is some kind of mistake here with the hight of 1,148 feet and the floor count of 89. For example New York 432 park ave will have 1397 feet with 89 floors count and as I see both projects none of them will have any additional roof extension, so it will be flat. How do they count the floors then, living space none living space? If someone can explain this to me , thanks.

432 park is an anomaly because it has 15' finished floor heights (15'-6" floor to floor). Most residential buildings are much lower than that.

[rlw777]

Originally Posted by wmarczyk333

I think there is some kind of mistake here with the hight of 1,148 feet and the floor count of 89. For example New York 432 park ave will have 1397 feet with 89 floors count and as I see both projects none of them will have any additional roof extension, so it will be flat. How do they count the floors then, living space none living space? If someone can explain this to me , thanks.

As others have stated ceiling heights are crazy at 432 park. But also 432 does have a multiple floor roof extension.

[spyguy]

Of course there's the actual financial transaction between Magellan and Wanda, but here's what most people on this board will find interesting:

-Confirmed 89 floors
-1,635,788 sf
-359 condos and 374 parking spaces. That's right, condos apparently. Floors 70-88 will be full floor "uber" units as they are calling them
-250 hotel rooms on floors 14 - 23
-Expecting sales to begin after obtaining zoning approvals by January 2016, begin construction October 2016 and complete by September 2018. So yeah, I guess don't get too excited yet.

[Notyrview]

Originally Posted by spyguy

Of course there's the actual financial transaction between Magellan and Wanda, but here's what most people on this board will find interesting:

-Confirmed 89 floors
-1,635,788 sf
-359 condos and 374 parking spaces. That's right, condos apparently. Floors 70-88 will be full floor "uber" units as they are calling them
-250 hotel rooms on floors 14 - 23
-Expecting sales to begin after obtaining zoning approvals by January 2016, begin construction October 2016 and complete by September 2018. So yeah, I guess don't get too excited yet.

Wow, that was a really early leak by Wanda's people. It's a good thing there's so much going on to keep us distracted. It's also a good thing that Gang has plenty of time to work out the details that could make this building iconic.

[SamInTheLoop]

^^ Great info, Spyguy! Those are going to be some insane - and expensive units at the top. Makes sense I suppose from a timing perspective - unless they had a super aggressive strategy to not wait for pre-sales to launch construction, waiting for the beginning of 2016 to launch sales seems right for a project of this size. (2015 could still have worked, but might be a bit of a risk if it turns out to be too early and slower pace of sales made the pre-sell period drag on). Out of curiosity, what was the nature of the financial transaction here? Just trying to see if I'm right that it's really Magellan who will be the developer - if nothing more than develop-for-fee (although my guess would be it's something more than that), and Wanda the primary equity (and/or) overall capital source. (as opposed to Magellan just selling the land to Wanda for them to develop).

^ Yeah. I'm sure that created some problems as well. Again, my guess is as soon as that went over the wires, Carlins and Loewenberg picked up the phone, and 1) callend Panderman O'Jameson, and 2) called Wanda.

It will be a wait for this one, but my hopes are that it is well worth it. Maybe deep-pocketed Wanda will push for Loewenberg to lay off the typical VE craziness? The good news is that we have a major LSE high-rise start to look forward to well before this one - in 2015 (O), and actually - unless anyone knows that it's been further delayed - a high-rise start still this year as well (GEMS II).......

[LouisVanDerWright]

While the long time frame is a bummer, it's not surprising given the size of this project. For something this big, it's worth the wait. Like Notyrview said, hopefully Gang is continuing to refine this proposal into something really special.

I think this project is right in line with the reality of the condo market. The Spire would be too if they can get their ducks in a row. Speaking of the Spire, isn't the deadline like this week?

[F1 Tommy]

Originally Posted by spyguy

Of course there's the actual financial transaction between Magellan and Wanda, but here's what most people on this board will find interesting:

-Confirmed 89 floors
-1,635,788 sf
-359 condos and 374 parking spaces. That's right, condos apparently. Floors 70-88 will be full floor "uber" units as they are calling them
-250 hotel rooms on floors 14 - 23
-Expecting sales to begin after obtaining zoning approvals by January 2016, begin construction October 2016 and complete by September 2018. So yeah, I guess don't get too excited yet.

Less than two years for construction on this tower seems like a short time. I wonder if the timeframe quoted is a little off.

[chris08876]

Good for Chicago. This is a great opportunity.

[BVictor1]

Originally Posted by spyguy

Of course there's the actual financial transaction between Magellan and Wanda, but here's what most people on this board will find interesting:

-Confirmed 89 floors
-1,635,788 sf
-359 condos and 374 parking spaces. That's right, condos apparently. Floors 70-88 will be full floor "uber" units as they are calling them
-250 hotel rooms on floors 14 - 23
-Expecting sales to begin after obtaining zoning approvals by January 2016, begin construction October 2016 and complete by September 2018. So yeah, I guess don't get too excited yet.

I wonder if the 89th floor will be a possible observation deck, restaurant or mechanical?

Hotel floors don't start until 14 so it'll be interesting to learn the full programming.

[chris08876]

Loop Spy Scott smacked the tip line to send in the photo below of heavy equipment hefting heavy heaps of heath from the ick that passes for dirt at Lakeshore East. We’ve received e-mails from other spies telling us that the work is getting quite extensive. It’s a good sign that one thing will eventually lead to another and we’ll see a tower of some kind rise at this location. Before a building can scrape the sky, it has to plant deep roots. Step one is knowing what’s underground.

==============================
October 29, 2014
http://www.chicagoarchitecture.org/2...a-magic-wanda/

[123fakestreet]

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[rlw777]

^^ Have we gotten enough snow for it to stick around like in the 1st picture?

[RC Cola 23]

Originally Posted by 123fakestreet

So the top 19 floors will be full floor units? That may be their current plan but I don't think Chicago can support 19 $10m+ condos and they'll figure that out when they start doing presales and then the plan will change.

I assume Wanda will market these "uber" units to the Chinese wealthy...and they may seem attractive compared with NYC prices

[joeg1985]

Originally Posted by rlw777

^^ Have we gotten enough snow for it to stick around like in the 1st picture?

HA! I thought the same thing. I don't believe the city has has any snow yet though.

[123fakestreet]

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[lu9]

Originally Posted by 123fakestreet

I don't think rich Chinese will be dumb enough to pay NYC prices in Chicago. Maybe they'll get top yuan for 88 but the other floors are gonna sit empty.

What makes you assume these would be NYC prices?

PSF, I'm sure there will still be the enormous discount that comes with buying real estate in Chicago vs. Manhattan, no?

[lu9]

Double post.

[RC Cola 23]

Originally Posted by 123fakestreet

I don't think rich Chinese will be dumb enough to pay NYC prices in Chicago. Maybe they'll get top yuan for 88 but the other floors are gonna sit empty.

Yes, the Chinese will not be dumb enough to pay NYC prices in Chicago. But the developers will surely not be so dumb as to ask NYC prices in Chicago.
And to be clear, a full floor unit in a brand new building ~800 feet up or higher with these type of views would be worth way way more than $10m in NYC.

[123fakestreet]

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