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

Kngkyle Mar 26, 2016 9:28 PM

Quote:

Originally Posted by the urban politician (Post 7384493)
This is for premium viewers, but here is an article in today's edition of Crains about the New York firm that is under contract to buy the Old Post Office.

They seem like the right kind of firm to do this deal, if they can close on it as planned.

Yep - it sounds like these guys can do it right once Davis is out of the equation. The article says the acquisition should be complete towards the end of May and that they intend to invest "more than $250 million" in upgrades to the property.

marothisu Apr 13, 2016 5:33 AM

Emanuel backs off in Old Post Office fight

http://www.chicagobusiness.com/reale...t-office-fight

Quote:

The city said today that it has reached a settlement with the New York real estate firm that has agreed to buy the massive riverside building in the West Loop, which has sat empty since 1996. Under the agreement, the city will suspend its plan to take over the property through eminent domain, an aggressive move it began in February to jump-start a redevelopment of the 2.7-million-square-foot building.

But the city is giving the buyer, 601W, until June 1 to close on its acquisition of the Old Post Office, a tight timetable for such a big and complicated deal. By that date, 601W must also reach an acceptable redevelopment agreement with the city, including a budget, financing arrangements, uses and timelines.

601W Principal Mark Karasick said his firm is “on board” with the city in its effort to push a development forward at the Old Post Office and said it plans to close on the purchase by June 1.

“We intend to hit every milestone as required under the agreement,” he said.

Karasick said his redevelopment of the Starrett-Lehigh Building, a 2.3-million-square-foot complex on Manhattan’s West Side, serves as a model for the Old Post Office. After buying the industrial property in 1998, he turned it into a cutting-edge office building, scoring leases with companies including Tommy Hilfiger and Martha Stewart Omniliving. He sold the property for $920 million in 2011.

“We look forward to doing the same type of thing” at the Old Post Office, Karasick said.

Under the settlement, 601W must also produce a formal plan to address more than 20 building-code violations that have been filed against the property since 2012.

bnk Apr 13, 2016 4:48 PM

Quote:

Originally Posted by marothisu (Post 7405696)
Emanuel backs off in Old Post Office fight

http://www.chicagobusiness.com/reale...t-office-fight

If anyone can do this its these guys



http://www.starrett-lehigh.com/



Karasick said his redevelopment of the Starrett-Lehigh Building, a 2.3-million-square-foot complex on Manhattan’s West Side, serves as a model for the Old Post Office. After buying the industrial property in 1998, he turned it into a cutting-edge office building, scoring leases with companies including Tommy Hilfiger and Martha Stewart Omniliving. He sold the property for $920 million in 2011.

“We look forward to doing the same type of thing” at the Old Post Office, Karasick said.

go go white sox Apr 13, 2016 8:45 PM

Will the current rfp's still go as scheduled and due in June?

ChickeNES Apr 21, 2016 5:50 PM

Looks like they've started doing something to the building:
http://i.imgur.com/IlFnAGNl.jpg

ithakas Apr 21, 2016 5:54 PM

Quote:

Originally Posted by ChickeNES (Post 7416025)
Looks like they've started doing something to the building:

They also have a CBRE sign up on the NE corner: "1,000,000+ Square Feet available"

I don't think they've closed the sale to the new owner yet, have they? I know they have until June 1.

Baronvonellis Apr 21, 2016 9:26 PM

Maybe fixing some of their numerous code violations that they have there.

the urban politician Apr 21, 2016 9:56 PM

^ I doubt that the seller would be doing that a mere few weeks before a sale. This would suggest that closing has already occurred, at least if significant work is happening.

Kumdogmillionaire Apr 21, 2016 10:39 PM

Quote:

Originally Posted by Baronvonellis (Post 7416351)
Maybe fixing some of their numerous code violations that they have there.

That's exactly what they are doing. The building is a giant fire hazard that has to be dealt with every year

ChickeNES May 13, 2016 3:53 AM

Here we go:

Quote:

Deal moves forward to redevelop Old Main Post Office
Grace Wong - Chicago Tribune - May 12, 2016

Plans to buy and redevelop the empty and crumbling post office on the western entrance to downtown Chicago were finalized Thursday, the city said in a news release.

The building that straddles Congress Parkway was bought by investment group 601W Cos., which will undertake a $500 million redevelopment plan, according to the release.

...

The building, which has been vacant since the mid-1990s, will be rehabilitated into offices with a 3-acre rooftop park complex, outdoor cafes, events space and a sports and fitness center. The building's riverfront space will include a riverwalk and a grand plaza that has outdoor dining, according to the release.

http://www.chicagotribune.com/news/l...512-story.html

ardecila May 13, 2016 7:18 AM

Is anyone else getting deja vu from the image in the Trib article?

New rendering from 601W:
http://i63.tinypic.com/nd798y.jpg

Old rendering (2007) of the Walton Street Capital proposal:
http://i64.tinypic.com/hv6opg.gif

Gensler designed the 2007 proposal, maybe 601W just went back to them and tweaked the plan a little? Certain aspects of the design already seem dated. I can only assume much of the new rendering is simply a placeholder to illustrate the broad strokes...

k1052 May 13, 2016 12:31 PM

"dated" is an understatement

the urban politician May 13, 2016 12:44 PM

^ Looks as if they are planning to do this, at least partially, on spec, perhaps with the hope that midway through rehabilitating the property they get a lease.

Maybe this is where McDonald's will land after all? Is Walgreens still a contender?

Via Chicago May 13, 2016 2:46 PM

what exactly seems dated to you? the outdoor plazas arent amazing or anything from that crude rendering and could be tweaked. but generally speaking the real takeaway is that the building would largely be maintained and restored...so the lack of any exterior alterations is the best case scenario IMO. (rather than having everything chopped up or weird additions added).

HomrQT May 13, 2016 2:50 PM

Quote:

Originally Posted by Via Chicago (Post 7440435)
what exactly seems dated to you? the outdoor plazas arent amazing or anything from that crude rendering and could be tweaked. but the real takeaway is that the building would largely be maintained and restored...so the lack of any exterior alterations is the best case scenario IMO. (rather than having everything chopped up or weird additions added).

I agree. Finally some serious preservation attempts happening on some good art deco instead of knocking the thing down or mutilating it! If restoring the building brings in enough people, the area around it looks keen for redevelopment. PLENTY of surface parking lots that need to GO!

r18tdi May 13, 2016 3:23 PM

Quote:

Originally Posted by the urban politician (Post 7440309)
Maybe this is where McDonald's will land after all? Is Walgreens still a contender?

Interesting thought about Walgreens. Gensler did a Post Office design study for Walgreens a while back. The latest rendering of the riverwalk has their name attached to it...

ardecila May 13, 2016 3:29 PM

Quote:

Originally Posted by Via Chicago (Post 7440435)
what exactly seems dated to you? the outdoor plazas arent amazing or anything from that crude rendering and could be tweaked. but generally speaking the real takeaway is that the building would largely be maintained and restored...so the lack of any exterior alterations is the best case scenario IMO. (rather than having everything chopped up or weird additions added).

Chopped up and weird additions? The building is already a chimera of weird additions. You just don't notice it because they're all clad in limestone. I don't have any problems conceptually with deleting or demolishing parts of the building as shown in the 2007 rendering.

The only reason it's not being carved away this time is because 601W thinks they can lure Fortune 500 companies to the building based on its overwhelming floor plates. Quite frankly, I don't see why a successful company would want such a clunky behemoth as its public face...

This is primarily an office development, which means it is just as hard to get off the ground as any John Buck or Hines tower, but without the sex appeal and efficiency of modern architecture.

Kngkyle May 13, 2016 3:39 PM

Quote:

Originally Posted by ardecila (Post 7440501)
The only reason it's not being carved away this time is because 601W thinks they can lure Fortune 500 companies to the building based on its overwhelming floor plates. Quite frankly, I don't see why a successful company would want such a clunky behemoth as its public face...

This is primarily an office development, which means it is just as hard to get off the ground as any John Buck or Hines tower, but without the sex appeal and efficiency of modern architecture.

None of this seems to hold back the Merchandise Mart...

k1052 May 13, 2016 3:45 PM

Quote:

Originally Posted by Kngkyle (Post 7440516)
None of this seems to hold back the Merchandise Mart...

Appeals to different tenants in an entirely different (and much tighter) submarket. If you could transport the old post office to a riverside plot in River North it would have been converted a decade ago.

Via Chicago May 13, 2016 3:49 PM

Quote:

Originally Posted by ardecila (Post 7440501)
Chopped up and weird additions? The building is already a chimera of weird additions. You just don't notice it because they're all clad in limestone. I don't have any problems conceptually with deleting or demolishing parts of the building as shown in the 2007 rendering.

The only reason it's not being carved away this time is because 601W thinks they can lure Fortune 500 companies to the building based on its overwhelming floor plates. Quite frankly, I don't see why a successful company would want such a clunky behemoth as its public face...

This is primarily an office development, which means it is just as hard to get off the ground as any John Buck or Hines tower, but without the sex appeal and efficiency of modern architecture.

i actually wasnt aware it had additions already, but nevertheless im not sure how maintaining that makes this concept outdated. if sterling bay proposed the exact same thing you guys would all be going ga-ga

Quote:

Originally Posted by k1052 (Post 7440525)
Appeals to different tenants in an entirely different (and much tighter) submarket. If you could transport the old post office to a riverside plot in River North it would have been converted a decade ago.

yea, and that submarket is no longer a bargain the way it once was. and these sorts of floorplates no longer exist there anyway. it may have converted a decade ago if it was in River North....but its indeed 10 years later so why would the time not be ripe to expand into other areas?

this building is literally a 5 minute walk from union station. if anything its more convenient than all the office space going up in fulton.


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