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-   -   CHICAGO | Post Office Redevelopment (https://skyscraperpage.com/forum/showthread.php?t=192697)

SamInTheLoop Sep 25, 2015 4:06 PM

Oh, duh - A SIGN!!
 
This is the key - Davies never put a sign up on the building!! Now national and global developers will know it's for sale.............why didn't anybody think of this before?! Davies is now a genius in my book!!!

Baronvonellis Sep 25, 2015 4:41 PM

Well Davies bought the Post office for $24 million and Sterling Bay offered him a legitimate offer for $150 million in 2014 but he rejected it. That's 6x what he payed for it! So yea, hes probably holding out for something ridiculous like $1 billion for it.

Jim in Chicago Sep 25, 2015 6:02 PM

Quote:

Originally Posted by Randomguy34 (Post 7176472)
I'd be impressed if someone managed to get the sign's phone number down that fast while driving on the Ike

If there was a giant QR code they could zap it with their camera as they pass.

wierdaaron Sep 25, 2015 6:54 PM

Do any cities have a "use it or lose it" law for situations like this? I know sometimes real estate involves patience, but it sucks that a nitwit can just sit on a property like this.

Near North Resident Sep 25, 2015 7:17 PM

Quote:

Originally Posted by Randomguy34 (Post 7176472)
I'd be impressed if someone managed to get the sign's phone number down that fast while driving on the Ike

yeah the Ike is definitely known for its congestion free travel :haha:

Chicago Shawn Sep 25, 2015 7:21 PM

Quote:

Originally Posted by LouisVanDerWright (Post 7176880)
I believe this site and large parts of the south loop were given to Solis as part of Operation Gerrymander Fioretti Out of Office.

This was in Solis's ward before the remapping. After the new boundaries took effect, 26 jumped the river and took in parts of the South Loop.

k1052 Sep 25, 2015 7:21 PM

Quote:

Originally Posted by wierdaaron (Post 7177387)
Do any cities have a "use it or lose it" law for situations like this? I know sometimes real estate involves patience, but it sucks that a nitwit can just sit on a property like this.

Yea, strip the unbuilt PD then threaten eminent domain unless you move ass…just like Rahm did to General Mediterranean. This is a very clear shot across the bow to do something or suffer the consequences.

ardecila Sep 25, 2015 7:37 PM

Quote:

Originally Posted by brian_b (Post 7176887)
What's the legality of that? Didn't the city do that with SoNo and lose in court, wasting millions of taxpayer dollars?

The city giveth, the city taketh away.

SoNo was allowed under the site's pre-existing zoning, the city can't downzone a parcel just because it doesn't like what the developer has planned.

The Post Office is different... the city already granted zoning relief to Davies in the form of a PD. They are on firm legal ground to take that away again and let the PD sunset to its original DX zoning, especially because it is clear that Davies has no intention of actually building the development he got the city to approve.

brian_b Sep 28, 2015 1:42 PM

Quote:

Originally Posted by ardecila (Post 7177468)
The city giveth, the city taketh away.

SoNo was allowed under the site's pre-existing zoning, the city can't downzone a parcel just because it doesn't like what the developer has planned.

The Post Office is different... the city already granted zoning relief to Davies in the form of a PD. They are on firm legal ground to take that away again and let the PD sunset to its original DX zoning, especially because it is clear that Davies has no intention of actually building the development he got the city to approve.

Cool, thanks for explaining the difference.

Rizzo Sep 29, 2015 4:07 AM

Ugh, I had this thread. Enter with hope, leave terribly disappointed. I want the city to take this building back and sell it to someone with a real plan. It can't be an impossible building to renovate.

BVictor1 Oct 28, 2015 6:32 PM

http://www.chicagotribune.com/busine...028-story.html

Quote:

Minor progress at old main post office? Sugar House could be razed

http://www.trbimg.com/img-5630e83d/t...17/750/750x422

Kim JanssenContact Reporter
Chicago Tribune

October 28, 2015

Under pressure to show signs of progress at Chicago's vacant old main post office, British developer Bill Davies plans to demolish an adjacent five-story building before Thanksgiving, his business associates say.

But the arrival of workers in hard hats won't necessarily mean that major construction is finally about to begin.

Sugar House, at 358 W. Harrison, would simply be razed. For now, the space would be used as a riverfront staging area for maintenance and potential future construction projects at the hulking 2.7 million-square-foot art deco post office building, according to Davies' advisers.

The long-stalled redevelopment of the post office, which looms over the western entrance to the city, straddling the Eisenhower Expressway, has become a source of civic exasperation. Davies' demolition plans come as the city's patience appears to be wearing thin.

Last month, Zoning Committee Chairman Ald. Daniel Solis, 25th, threatened to strip the 12.6-acre site's valuable mixed-use residential and business zoning if something doesn't happen soon. Davies had secured that zoning change with an ambitious $3.5 billion plan to build 16 million square feet of office, retail, residential, entertainment, parking and hotel space after buying the property for $24 million in 2009.

Mikemak27 Jan 27, 2016 7:10 PM

New plans by Bill Davies for the Post office include 1500 apartments.

http://chicago.curbed.com/archives/2...pdate.php#more

rlw777 Jan 27, 2016 7:12 PM

Old Main Post Office Update from Curbed

Quote:

After months of silence, British developer Bill Davies has come forward with a new plan for Chicago's Old Main Post Office — rental units. The behemoth Art Deco building has been the focus of numerous plans, partnerships and potential sales since it was purchased by Davies in 2009 for $24 million. However, this week, a new plan for 1,500 apartments and a new tower addition have emerged for the Chicago landmark.

emathias Jan 27, 2016 7:23 PM

That would certainly enliven the southwest part of the greater Loop area, but who is going to pay $4 per square foot for a tiny 2-bedroom astride an expressway not particularly near anything else people usually want to be close to?

Via Chicago Jan 27, 2016 7:35 PM

Quote:

Originally Posted by emathias (Post 7315075)
That would certainly enliven the southwest part of the greater Loop area, but who is going to pay $4 per square foot for a tiny 2-bedroom astride an expressway not particularly near anything else people usually want to be close to?

not many i reckon

woodrow Jan 27, 2016 8:06 PM

Look at the floor plans provided! Unit 12 would be especially attractive at "roughly $1,100 per month." HAHAHAHAHAHAHA!

k1052 Jan 27, 2016 8:08 PM

Only marginally less unbelievable than his previous proposals. The city should give him an ultimatum of getting something actually underway this year or yank the PD.

Jim in Chicago Jan 27, 2016 8:44 PM

Quote:

Originally Posted by Mikemak27 (Post 7315053)
New plans by Bill Davies for the Post office include 1500 apartments.

http://chicago.curbed.com/archives/2...pdate.php#more

The post office's redevelopment will be built in phases, with the first phase expected to be completed by the end of this year.

Yeah, right. What are they smoking.

rlw777 Jan 27, 2016 9:05 PM

Quote:

Originally Posted by emathias (Post 7315075)
That would certainly enliven the southwest part of the greater Loop area, but who is going to pay $4 per square foot for a tiny 2-bedroom astride an expressway not particularly near anything else people usually want to be close to?

Yeah this proposal isn't gonna fly. Too many units in a poor location too late in an apartment boom.

If I were Davies I would see if I could connect the building underground to the Clinton Blue stop and make the first few floors a mall and above that maybe office or residential.

Steely Dan Jan 27, 2016 10:11 PM

Quote:

Originally Posted by woodrow (Post 7315146)
Look at the floor plans provided! Unit 12 would be especially attractive at "roughly $1,100 per month." HAHAHAHAHAHAHA!

Yeah, those look like some egregiously miserable unit plans.

$4/SF? for that? :haha:

I don't know what Mr. Bill is smoking, but it's clearly some pretty strong stuff.

emathias Jan 27, 2016 10:36 PM

He probably forgot the building is in Chicago and not in London ...

I mean that 707 N Wells building is in a great location and you can get a 1,000 square foot 2-bedroom with an enormous terrace for $3.35 per square foot.

Tom Servo Jan 27, 2016 10:39 PM

"Antunovich Associates to lead design duties for the new plan"

Oh gee... but of course... :yuck::yuck::yuck:

Via Chicago Jan 27, 2016 11:42 PM

hes just throwing shit against a wall at this point

Busy Bee Jan 27, 2016 11:54 PM

What difference does it make who the architect is, nothing is going to be built anyways. Why pay a top notch world class firm to play make believe when you can pay a hack much less to do the same?

LouisVanDerWright Jan 28, 2016 1:04 AM

Apartments are literally the least efficient use for this building. The only logical use is office. Now if he was proposing residential in the tower and office in the post office, well, that would just make too much sense wouldn't it. We can't have that.

Also it's called:

"Olde Chicago Post Office"


Lololololol. He doesn't even get that calling something "ye olde" is like a joke nowadays in the US.

Via Chicago Jan 28, 2016 2:26 AM

i thought office space wasnt preferable due to the big floorplates and most people then being away from light/windows?

ardecila Jan 28, 2016 3:22 AM

:sly:





:haha::haha::haha::haha::haha:





:koko:

LaSalle.St.Station Jan 28, 2016 7:45 AM

I was wondering if the original post office building on the east side of the adjacent larger main building was torn down, would the newly exposed facade of the main building exist, or would it have to be recreated ?

Kumdogmillionaire Jan 28, 2016 10:50 AM

Should just turn the Post Office into a Casino. Only way I see that floorplate being used efficiently

DonMendigo Jan 28, 2016 12:03 PM

Quote:

Originally Posted by Kumdogmillionaire (Post 7316048)
Should just turn the Post Office into a Casino. Only way I see that floorplate being used efficiently

This X 1,000,000. Especially now that Davies has proven incapable of making anything viable happen here and let's the mofo burn once in a while. The city should just claim imminent domain and make a 1920's/Chicago gangster/prohibition themed casino

Jim in Chicago Jan 28, 2016 3:12 PM

Quote:

Originally Posted by Busy Bee (Post 7315542)
What difference does it make who the architect is, nothing is going to be built anyways. Why pay a top notch world class firm to play make believe when you can pay a hack much less to do the same?

Which also explains why those apartments look so God-awful bad. Someone spent like 5 minutes throwing something together.

Seems like this is just another delaying tactic to avoid losing control of the property.

rlw777 Jan 28, 2016 3:44 PM

Davies should have worked with Sterling Bay instead of whatever the f*** he's doing right now

SamInTheLoop Jan 28, 2016 4:08 PM

This is clearly no more real a proposal than the previous pie-in-the-sky 'proposal'. Obviously he was sent a message by the city that's it's time to do something with the property, and this is something he had his hackey lackey Antunovich whip-up to make it look like he's serious now about moving forward with something. Enough is enough. It's time for an actual ultimatum - you jv with (or preferably sell outright to) a credible established developer who wants to actually redevelop the building, or the city is taking the property. Deadline for a deal - June 30. July 1 legal filings begin for eminent domain, and once they start, there's no stopping it - it's over. I've had it with this schmuck........

I'm not crazy about the idea of the city controlling who gets the next crack at it (do I have to even mention block 37 history), but at this point the probability is very, very, very high that it will be a better scenario - potentially much, much better - than Davies continuing to own it........

Ryanrule Jan 28, 2016 4:51 PM

Just fucking take it from him. Give him a dollar.

Kngkyle Jan 28, 2016 5:51 PM

The building is set up perfectly for one use and one use only - a casino. The city/state desperately need the revenue and that area of downtown is not all that desirable for anything else. Then a few new condo/hotel/apartment towers along the river can probably work with the casino there bringing traffic and tourism to the area. I like what someone said in another thread - a 1920's prohibition/al capone era theme would be perfect fit for the building and city.

Just need a competent developer and the city/state to come to terms on splitting the revenue.

ChiTownWonder Jan 28, 2016 6:12 PM

Quote:

Originally Posted by DonMendigo (Post 7316075)
This X 1,000,000. Especially now that Davies has proven incapable of making anything viable happen here and let's the mofo burn once in a while. The city should just claim imminent domain and make a 1920's/Chicago gangster/prohibition themed casino

not a bad idea...

DePaul92 Jan 28, 2016 6:43 PM

Per DNAInfo, the apartment tower is planned at 100 floors.

Steely Dan Jan 28, 2016 6:54 PM

Quote:

Originally Posted by DePaul92 (Post 7316574)
Per DNAInfo, the apartment tower is planned at 100 floors.

of course it is.

:haha: :haha: :haha: :haha: :haha:

Jim in Chicago Jan 28, 2016 7:37 PM

Quote:

Originally Posted by DePaul92 (Post 7316574)
Per DNAInfo, the apartment tower is planned at 100 floors.

Only 100? Why not go for "world's tallest?" :rolleyes:

rlw777 Jan 28, 2016 7:50 PM

Quote:

Originally Posted by DonMendigo (Post 7316075)
This X 1,000,000. Especially now that Davies has proven incapable of making anything viable happen here and let's the mofo burn once in a while. The city should just claim imminent domain and make a 1920's/Chicago gangster/prohibition themed casino

Meh no thanks. I think I would rather have an empty building than an inevitably kitschy casino. Lately it seems 'Build a Casino' has become the Midwest quick fix solution to difficult economic problems. I would much rather find the right developer for the property than turn it into a 'themed' anything.

VKChaz Jan 28, 2016 9:05 PM

Quote:

make a 1920's/Chicago gangster/prohibition themed
Lord, No
(though am always a fan of the Art Deco scheme)

sentinel Jan 28, 2016 9:16 PM

^Relax, any desired redevelopment of this monster will go absolutely nowhere until the vast amounts of asbestos have been completely removed. Which will cost a fortune.

brian_b Feb 1, 2016 2:36 PM

The casino of the future will be a server farm. The clientele of physical gambling spaces become less and less desirable as the years go by. Let Hammond and Elgin deal with those problems. We don't need them here.

Edit:

http://money.cnn.com/2016/01/08/news...asinos-losses/
Quote:

Nevada's casino industry lost $662 million last year, and has been in the red consistently for six years. Things hit bottom in 2009 when the industry posted a staggering loss of $6.8 billion.
It's not that casinos don't bring in plenty of cash. Nevada's 271 casinos collected a hefty $24.6 billion in fiscal year 2015 (which ended June 30,) according to the state's Gaming Control Board. That's up from $21 billion in revenue for 2010.

The problem: Visitors are spending plenty on restaurants, booze and glitzy shows featuring Jennifer Lopez, Britney Spears and magician Criss Angel. But spending on actual gambling is way down, according to Mike Lawton, senior research analyst for the Gaming Control Board. And if people aren't gambling as much, that means they're not losing as much.

"The Strip is at an all-time high in revenue," he said, driven by hotel rooms, the second biggest spending category behind gambling, as well as retail and entertainment. "But gaming is lagging. That's why we're losing money."
Chicago already has all the restaurants and shows and hotels. What does a casino actually do when you already have that?

VKChaz Feb 1, 2016 3:10 PM

Quote:

Chicago already has all the restaurants and shows and hotels. What does a casino actually do when you already have that?
Presumably government revenue.
LV does provide a very unique entertainment offering with the abundance of performers/shows and even just the simple glitz of the strip. No city with gambling will replicate all that.

The Lurker Feb 1, 2016 4:14 PM

Why do I come here? Why do I even check this thread? :shrug:

ChiHi Feb 1, 2016 6:36 PM

Quote:

Originally Posted by Jim in Chicago (Post 7316656)
Only 100? Why not go for "world's tallest?" :rolleyes:


Why not just make it a 1,000 floors..... Both are just as likely.

marothisu Feb 20, 2016 6:25 PM

Looks like Rahm wants to take the Post Office from Davies

https://www.dnainfo.com/chicago/2016...-new-developer

Quote:

"The city has notified the building owner of its intention to acquire the vacant property and solicit bids to redevelop it," a statement from the office of Mayor Rahm Emanuel said Saturday morning.

The Community Development Commission will consider the proposals to seize the property via eminent domain and to issue a request for proposals on March 8. If they pass, the proposals will head to City Council. The request for proposals could be issued as early as spring, with a developer selected by summer.

The city said, "No city funds will be used to acquire or redevelop the building," though it did not provide additional details.

But the city said that the "blighted" property is deteriorating as it sits vacant, adding that it has been cited for 20 building code violations since 2012, including deteriorated building conditions, issues with fire prevention, electrical, mechanical and exhaust stems, and improper security standards.
Quote:

“Today’s action will accelerate the process of transforming the old Main Post office, which has sat empty for more than two decades, into an economic driver for the neighborhood and the entire city,” Emanuel said in the statement. “Development of this key gateway to the city can create thousands of jobs while rebuilding one of Chicago’s iconic structures.”

Kngkyle Feb 20, 2016 6:57 PM

Quote:

Originally Posted by marothisu (Post 7342825)
Looks like Rahm wants to take the Post Office from Davies

https://www.dnainfo.com/chicago/2016...-new-developer


:happybirthday:

:cheers:

k1052 Feb 20, 2016 8:18 PM

Yaaaasssss

Finally

LouisVanDerWright Feb 20, 2016 9:17 PM

Really fun to watch a speculator from out of town wall right into the whirling blades of the city that works. Shit or get off the pot Davies.


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