From CAB Twitter

they need to know if the surface parking lot will be stable?

No I believe these are soil rigs so they can determine the amount of contaminating soil in the area.

yeah kidding. they filed paperwork at one point suggesting it would be turned back into parking until they build. Let's hope not

Soil testing usually means that they are working on the engineering of the building which isn't exactly cheap, but also ain't exactly impending construction either. They probably wanted to get that testing out of the way before paving it so they don't tear their new lot up drilling holes should they want to proceed with engineering drawings for either project. It's forward momentum, but who knows when these projects will start. Could be waiting another decade!

I am going to go out on a limb and guess that we will be hearing about specifically the south tower pretty soon. I suspect that the south tower is going to be part condo part hotel. If that's the plan it won't surprise me if they move on this sooner rather than later. The market suggests we are right at the beginning of a little condo boom. Prices are above 2008 levels and are expected to continue to rise.

Isn't this generally considered near the peak of the hotel boom though? They're also building another luxury hotel as part of Vista.

4/11
 

Double Drill

Yes I think most folks think we are at or near the peak of the hotel boom. However it's worth noting that there are several hotel proposals very close to wolf point that may or may not get off the ground. Like 590 W Madison / Hubbard & Lasalle / and a few in the west loop. Also I'm not sure how much Magellan really cares about competition between Vista and the hypothetical WPS tower. I think that would be mostly the concern of Hines and Wanda.

if they were smart they would try to deliver before wanda, but maybe that's a stretch

Big stretch as this has to have more neighborhood meetings and would have to go back before the plan commission.

I wonder how accurate this is...


link


If this is true, it would be hard to imagine this one starting during the current office cycle.

Just glancing at that website and I'm already leaning towards not trusting their word. My guess is they misheard, office with residential would just be inefficient building

I would think someone got mixed up. The PD includes around 1400 residential units 450 hotel rooms and then office space.

Going through, you'd see that they are a legit company. Working with JDS development on a supertall tower in New York.

Them being a real business isn't my point

While not as common, there are plenty of examples of office/residential mixed use buildings. JHC would be a pretty good analogue for what is planned here.

I don't think claiming it would be 'just inefficient' actually weighs on it's likelihood.

i can't think of too many office/residential mixed-use towers in chicago:

1. JHC
2. 900 N michigan
3. olympia center
4. one magnificent mile
5. mid-continental plaza (built as all office, retrofit of upper floors to residential)
6. doral plaza

am i missing any?

1 E Erie / Ontario Place.


Also, I would not take much stock into this information but on Costar (a commercial real estate site used by commercial brokers) it list the south tower as 1,800,000 SF proposed 2018 and the east tower as 1,500,000 SF proposed 2020. Once again, I would take that information with a grain of salt.