wrong thread

Now 2 projects ....will timeline speed up or slow

http://www.chicagotribune.com/busine...313-story.html

^ Probably a good idea

^^^ They are probably refinancing the tower they are finishing up and using the proceeds/profits to cover the costs of the land. That means both parties will essentially own their parcels cash after completion and can basically just finance each additional project off their track record and equity in the dirt.

They said it's not common for this to happen. Is that a good thing or bad thing? This better not put tower two on hold for a year.

How do you refinance a tower when it’s not even done yet? No proven cash flow. A lender would have to A) take for granted that construction will be completed and B) take for granted that the building will command ever-increasing rents.

It’s not impossible, but that’s a lot of uncertainty. Have we ever seen a developer do a refi before construction is even complete, with no tenants whatsoever?

It does seem like the split was amicable, but this may tank the possibility for a riverwalk connection through River City. On the other hand, that building is going rental again, so the new owner may see the upside to putting in a Riverwalk connection through the property, and it doesn’t have to be okayed by a stingy and NIMBYish condo association.

^^^ They may have a loan which converts into term debt upon completion and leasing. If they are talking about splitting the project now, the odds are that the split won't actually occur for several months because these types of deals take time even if you aren't negotiating any of the terms. My bet is that they already have financing in place (this is Lend Lease after all, they are basically as close to a zero risk borrower as you can get) and are announcing this split now when it really won't be official until the financing is complete on the project they are wrapping up now. It's likely they will do a big refi closing and back all the equity out at the same time as they refi the tower and split the ownership of the project. It makes very little sense to have multiple closings on any project, let alone one this large, so a smart developer is going to try to do all the ownership, financing, and equity changes all at once. That means you need to get the gears turning on your split a few months before financing will be ready which is now.

https://farm5.staticflickr.com/4793/...bb3f9364_b.jpgRiverline construction by Steven Vance, on Flickr

How do we want to do this guys?

Should the thread be spit into two, or just double named?

We have a name for the northern half...

SOUTHBANK

https://southbankchicago.com

Keep the same thread.

What an incredibly stupid name - even for the real-estate sales world - Yeah I know East Bank is already taken, but that does not in any way make this the south bank.

:sly:

So... what do we call the other one? Souther Bank? :haha:

What a bad name

The southern one now has the "Riverline" name, while the northern portion is now called "Southbank". Why was the name change necessary? Who knows :shrug:

Because now it's two separate developments from two separate companies, since Lendlease and CMK parted ways:

http://www.chicagotribune.com/busine...313-story.html

April 23, 2018

April 30







May 9

How rad that concrete would look if they didn't paint it...

Would've been almost like an homage to River City.

I know! This looks great as is. Seal the concrete and call it a wrap.

I feel like I'm alone in not liking how the bare concrete looked on this building. I feel like this collection of buildings and the others nearby being white will create a cool shift in the coloration of the skyline as it shifts south.

May 27

From the Dan Ryan


With the Essex in the back.

June 15





Working on the River




Holding back the river bank (sheet piles)


Old pilings - sharpened pine trees.

6-25-18

http://i66.tinypic.com/azc8ed.jpg

Wierd to think that corner lot is going to get going before the second riverline tower does. Anything going on the southend of river city?
Also looks like the 311 roofs got a paint job.

Yeah, in their defense, there is a lot of work that had to be done to fix the topography and river frontage before they could build the next few towers. I just drove past Roosevelt this morning after going to Costco and didn't notice anything on the southern end. Hope the pace starts to pick up though as well...

Website, leasing info, move in availability, prices, and floor plans are now live at their website

Thecoopersouthbank.com

Much is not yet there. From what is, 2 bedrooms cap out at 1,100 square feet which is hardly luxurious. Nothing online yet for the 3 bedrooms or the Town Houses or Penthouses.

Picture from the Water Taxi today (7/20/18). Lots of earth being moved and it looks like the river walk is starting to take shape.

https://i.imgur.com/HKZm7sP.jpg

August 2, 2018

lol... Chicago

Here in London, 1100 square feet is a 3 bedroom of an enormous 2 bedroom.

I hope these go quickly and construction begins on another tower. This is probably the least interesting building of either the north or south portions of Riverline.

I think there are some very charming aspects to this building actually. The townhomes at the base to be specific, once everything is landscaped and the other towers are built, this will be a really, really nice area, the tower is whatever, certainly better than it's neighbors, but I agree that the other towers, with their cantilevered elements and height are going to be the crown jewels of the development.

You are correct. The base is good. I wish the tower itself was a little more dramatic. I think the whole development will be stunning once complete.

The Cooper Southbank
 

August 27, 2018

^ Wow, I'm impressed with how this one is turning out. Even though it is basically parking ramps, it looks quite graceful at the base

^ Agreed. I don't say much in these forums (as I don't readily have time to follow all the excitement these days), but hot damn. THAT is how you treat a building's parking element. Very nicely done!

I think it will be fine. The parking element treatment rocks, and the building will be toward the back of a much larger development. Why waste your design bang on something that will be in the background.

I'm actually much more concerned about what the unrelated development on the Wells/Harrison corner will do.

One down. So many more to go! How many years is this development supposed to take to complete?

Less time than it has spent as an empty lot.

no that looks awful

Very succinct, Harry :haha:

I know it's a random comment, but I wish your Chicago Model was interactive with VR headsets. Me O My that would be fun!

I believe the end date was supposed to be 2023, but with the project being split into two parts, who knows if the timeline gets longer.

Sep 5













Testing the patios

I actually have all the tools to make that happen! I would just need time to work out how game play would work. Like would you only experience it from the ground or would you also have a flying ability or a jet pack or something lol.

Unlike NEMA I'm not digging the painting of the concrete on this one. This really would of looked better with just the raw concrete texture especially in close ups.

^ Yeah, I'd definitely want a jetpack for that haha

Like the tower. Really like the base. Can't wait for the next one!

And thus a new business was born in making VR "games" to walk around in virtual models of some of the world's best architectural cities :D

Your boy would pay 60 bucks for that :cheers:

and your avatar would be the look on your face after taking off the VR eyewear