HomeDiagramsDatabaseMapsForum About
     

Go Back   SkyscraperPage Forum > Global Projects & Construction > Skyscraper & Highrise Construction


    1000M in the SkyscraperPage Database

Building Data Page   • Comparison Diagram   • Chicago Skyscraper Diagram

Map Location
Chicago Projects & Construction Forum

Reply

 
Thread Tools Display Modes
     
     
  #1561  
Old Posted Apr 9, 2020, 9:58 PM
CrazyCres's Avatar
CrazyCres CrazyCres is offline
Registered User
 
Join Date: Jan 2020
Posts: 109
So it's pretty much on hold now right?
Reply With Quote
     
     
  #1562  
Old Posted Apr 10, 2020, 3:10 PM
skysoar skysoar is offline
Registered User
 
Join Date: Dec 2018
Posts: 120
Obviously no one on the forum knows. Also its eerily silent on the media front with no source reporting inside information. But not surprising because this project has been shrouded in mystery from its inception. Hopefully we hear some updated news on 1000M soon.
Reply With Quote
     
     
  #1563  
Old Posted Apr 10, 2020, 3:54 PM
harryc's Avatar
harryc harryc is offline
Registered User
 
Join Date: Jun 2007
Location: Oak Park, Il
Posts: 13,043
April 9

Complimenting the rusted pants art installation across the street.
Chicago | 1000 S Michigan by Harry Carmichael, on Flickr

Ready and waiting
Chicago | 1000 S Michigan by Harry Carmichael, on Flickr

The proverbial one man with a wheelbarrow - w/o the one man.
Chicago | 1000 S Michigan by Harry Carmichael, on Flickr
__________________
Harry C --- Chicago rep for SkyRise Cities ---- My Flickr stream HRC_OakPark
The man who trades freedom for security does not deserve nor will he ever receive either. B Franklin.
Reply With Quote
     
     
  #1564  
Old Posted Apr 10, 2020, 4:13 PM
Zapatan's Avatar
Zapatan Zapatan is offline
DENNAB
 
Join Date: Aug 2009
Location: NA - Europe
Posts: 4,247
Quote:
Originally Posted by skysoar View Post
Obviously no one on the forum knows. Also its eerily silent on the media front with no source reporting inside information. But not surprising because this project has been shrouded in mystery from its inception. Hopefully we hear some updated news on 1000M soon.
Yea, it's a little hard to wrap your head around, obviously for the site and for the construction done so far they've spent a huge amount of money, if they know deep down the project will never be finished why on earth did they start it in the first place?

Who is the main developer behind this anyway? Their website says South Michigan Equities but the groundbreaking article posted a while back mentioned it was a joint venture, I think JK Equities is, but from their website it looks like this is their first big project.

Quote:
Although co-developers Time Equities, JK Equities, and Oak Capitals hosted a groundbreaking ceremony in October, work at 1000 S. Michigan Avenue didn’t start in earnest until the last weekend of November—after the project landed its first building permit.
Reply With Quote
     
     
  #1565  
Old Posted Apr 10, 2020, 4:18 PM
harryc's Avatar
harryc harryc is offline
Registered User
 
Join Date: Jun 2007
Location: Oak Park, Il
Posts: 13,043
Quote:
Originally Posted by Zapatan View Post
Yea, it's a little hard to wrap your head around, obviously for the site and for the construction done so far they've spent a huge amount of money, if they know deep down the project will never be finished why on earth did they start it in the first place?

Who is the main developer behind this anyway? Their website says South Michigan Equities but the groundbreaking article posted a while back mentioned it was a joint venture, I think JK Equities is, but from their website it looks like this is their first big project.


The term you are looking for is sunk costs.
__________________
Harry C --- Chicago rep for SkyRise Cities ---- My Flickr stream HRC_OakPark
The man who trades freedom for security does not deserve nor will he ever receive either. B Franklin.
Reply With Quote
     
     
  #1566  
Old Posted Apr 10, 2020, 5:52 PM
CrazyCres's Avatar
CrazyCres CrazyCres is offline
Registered User
 
Join Date: Jan 2020
Posts: 109
Quote:
Originally Posted by harryc View Post


The term you are looking for is sunk costs.
Not Again...
Reply With Quote
     
     
  #1567  
Old Posted Apr 11, 2020, 12:08 AM
Kumdogmillionaire's Avatar
Kumdogmillionaire Kumdogmillionaire is offline
Development Shill
 
Join Date: Nov 2015
Location: Chicago
Posts: 1,047
Quote:
Originally Posted by Zapatan View Post
Yea, it's a little hard to wrap your head around, obviously for the site and for the construction done so far they've spent a huge amount of money, if they know deep down the project will never be finished why on earth did they start it in the first place?

Who is the main developer behind this anyway? Their website says South Michigan Equities but the groundbreaking article posted a while back mentioned it was a joint venture, I think JK Equities is, but from their website it looks like this is their first big project.
They were probably praying starting construction would spur consumer confidence, but any possibility of that went out the window with COVID.
__________________
For you - Bane
Reply With Quote
     
     
  #1568  
Old Posted Apr 11, 2020, 10:15 PM
CrazyCres's Avatar
CrazyCres CrazyCres is offline
Registered User
 
Join Date: Jan 2020
Posts: 109
They are still offering virtual tours of the building and the sales gallery is still open so maybe they're waiting for something like equipment to show up or maybe one of there workers got sick and there waiting to see if he/she has the virus?
Reply With Quote
     
     
  #1569  
Old Posted Apr 12, 2020, 12:06 AM
Bombardier Bombardier is offline
Registered User
 
Join Date: Aug 2016
Location: Chicago, IL
Posts: 357
I'm hearing the project has been put on hold by the client for 30 days (minimum).
Reply With Quote
     
     
  #1570  
Old Posted Apr 12, 2020, 4:20 AM
Razorback Razorback is offline
Registered User
 
Join Date: Nov 2019
Posts: 4
Whatever the case my be, I'm hoping the "issues" get resolved soon. This project will add so much character and complement the other new projects in this sector of the skyline.
~ Future South Loop Resident
Reply With Quote
     
     
  #1571  
Old Posted Apr 12, 2020, 2:19 PM
Flaccer05 Flaccer05 is offline
Registered User
 
Join Date: Dec 2017
Posts: 93
Future poster (or current!) to the forum. Nice gesture by McHugh. Site looked pretty quiet on Saturday.

Workers surprise 7-year-old who loves construction for birthday

https://wgntv.com/news/coronavirus/w...-for-birthday/
Reply With Quote
     
     
  #1572  
Old Posted Apr 23, 2020, 11:45 PM
SamInTheLoop SamInTheLoop is offline
you know where I'll be
 
Join Date: Sep 2006
Posts: 5,136
I'm going to go way, way out on a limb here and surmise that the developer did not wrap up their complete construction financing package.


Would be as I expected. That's the kind of event that a developer screams from the treetops, as they want to publicize it and build up confidence for their project (even more so given this would have been a very rare huge condo project for this cycle.....which has now ended). I think it would have been by far the largest all-condo project. (yes, the condo portion of Vista was larger, of course)
__________________
It's simple, really - try not to design or build trash.
Reply With Quote
     
     
  #1573  
Old Posted Apr 24, 2020, 1:40 PM
cozy cozy is offline
Registered User
 
Join Date: Sep 2018
Location: Chicago, IL
Posts: 377
Quote:
Originally Posted by Bombardier View Post
I'm hearing the project has been put on hold by the client for 30 days (minimum).
Thanks Bombardier, a bummer to hear but glad to have greater insight now.



__________________
Make no little plans; they have no magic to stir men's blood and probably themselves will not be realized.
Reply With Quote
     
     
  #1574  
Old Posted Apr 24, 2020, 2:21 PM
bhawk66 bhawk66 is offline
Registered User
 
Join Date: Mar 2019
Posts: 295
^^ What a beauty. Middle May will be here before you know it!
Reply With Quote
     
     
  #1575  
Old Posted Apr 24, 2020, 4:16 PM
CrazyCres's Avatar
CrazyCres CrazyCres is offline
Registered User
 
Join Date: Jan 2020
Posts: 109
The project stopped construction on Àpril 3 if this 30-day hold is credible then construction at a minimum would start back up on May 4, if the 30-day hold counts weekdays and not weekends then there would be a possible May 18th start.
Reply With Quote
     
     
  #1576  
Old Posted Apr 24, 2020, 4:24 PM
Zapatan's Avatar
Zapatan Zapatan is offline
DENNAB
 
Join Date: Aug 2009
Location: NA - Europe
Posts: 4,247
Quote:
Originally Posted by SamInTheLoop View Post
(even more so given this would have been a very rare huge condo project for this cycle.....which has now ended). I think it would have been by far the largest all-condo project. (yes, the condo portion of Vista was larger, of course)
Was One Bennet all condos?

In any case there's no set date to when a cycle starts and ends, it's just a construct. Can't a building technically be built outside of a cycle?
Reply With Quote
     
     
  #1577  
Old Posted Apr 24, 2020, 5:20 PM
Bonsai Tree's Avatar
Bonsai Tree Bonsai Tree is offline
Small but Mighty
 
Join Date: Jun 2017
Location: Chicago, IL
Posts: 192
Quote:
Originally Posted by Zapatan View Post
Was One Bennet all condos?

In any case there's no set date to when a cycle starts and ends, it's just a construct. Can't a building technically be built outside of a cycle?
No, because the term "cycle" in construction is based off the idea of an economic cycle where there are peaks and troughs that repeat one after the other. Yes, a skyscraper can start construction in the middle of a trough (or a recession like the one we are in now) it's just a lot more difficult. To be built outside of a cycle would break the rules of economics. A cycle is not just a period of economic expansion. We know a cycle "ends" when a period of economic expansion ends and a recession begins, which starts the next cycle. Hoped that helped.
Reply With Quote
     
     
  #1578  
Old Posted Apr 24, 2020, 7:03 PM
bgsrand bgsrand is offline
Registered User
 
Join Date: May 2017
Location: Chicago
Posts: 149
.
Reply With Quote
     
     
  #1579  
Old Posted Apr 24, 2020, 9:35 PM
ardecila's Avatar
ardecila ardecila is offline
TL;DR
 
Join Date: Jun 2006
Location: the city o'wind
Posts: 14,110
Quote:
Originally Posted by Zapatan View Post
Was One Bennet all condos?

In any case there's no set date to when a cycle starts and ends, it's just a construct. Can't a building technically be built outside of a cycle?
No, OBP was mixed condos/rentals.

Obviously a building CAN be built outside of a cycle, but it depends on the specifics, Salesforce Tower is moving forward because they already had a loan agreement and a big, wealthy corporate tenant who isn't backing out. 1000M is a lot more shaky; they had difficulty selling the units and never unlocked a full construction loan as far as we know. The foundation work was likely done with a smaller loan or other financing sources.

I'm not optimistic about this one coming back; it'll probably end up in a situation like Waterview. Fortunately they never got above ground, so if the design gets revised (probably into a rental tower), all the structural awkwardness will be underground and we won't get some weird frankenstein design.
__________________
la forme d'une ville change plus vite, hélas! que le coeur d'un mortel...
Reply With Quote
     
     
  #1580  
Old Posted Apr 24, 2020, 9:57 PM
BVictor1's Avatar
BVictor1 BVictor1 is online now
Registered User
 
Join Date: Sep 2002
Location: Chicago
Posts: 9,582
Quote:
Originally Posted by Zapatan View Post
Was One Bennet all condos?

In any case there's no set date to when a cycle starts and ends, it's just a construct. Can't a building technically be built outside of a cycle?
One Bennett is about 70 condos and maybe 300 rental...? Don't know that exact number.
__________________
titanic1
Reply With Quote
     
     
This discussion thread continues

Use the page links to the lower-right to go to the next page for additional posts
 
 
Reply

Go Back   SkyscraperPage Forum > Global Projects & Construction > Skyscraper & Highrise Construction
Forum Jump


Thread Tools
Display Modes

Forum Jump


All times are GMT. The time now is 11:54 PM.

     

Powered by vBulletin® Version 3.8.7
Copyright ©2000 - 2020, vBulletin Solutions, Inc.