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Since the West Tower sales center is now up, I imagine they're going to try to fill the building before beginning phase II.
:slob: http://www.chicagobusiness.com/apps/...20151015134259 Rendering by Crains Also of note- "Renderings of the two future Wolf Point buildings that surfaced on the Internet over the summer depict a sleek tapering spire on the middle, tallest building, but Hines representatives say the renderings were not accurate or final. They won't comment on what Wolf Point will look like" :/ I love the south tower design. Per Crains. |
I wonder how long until we get something on the real gem of this project Wolf point south tower.
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WPS? Depends on demand for office and high price condos. http://www.chicagobusiness.com/artic...-office-towers |
at least they haven't turned the rest of the site into a parking lot just yet
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Well at least the article said the vacancy rate for office space at least is at an all time low since 2008. If it's a mixed used tower which I think it is that means Wolf point South still probably has a chance at getting built I assume.
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I wouldn't be surprised if the South tower is changed from office to condos and a hotel. I don't see an office tower being built there for awhile given the current market conditions. Not unless they can pull someone big from the suburbs or out of town. Condos on the other hand... that location is pretty prime.
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Whoever buys in the West tower can reasonably assume their East view is going to be blocked sooner than later?
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^ The west tower is rental, no?
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I think a more likely scenario is launching the East Tower as condos first before the South Tower. Then Hines could wait for the next market cycle to launch office leasing for the South Tower. The location is near irresistible for office tenants, there just aren't many large tenants looking for space at top rates right now.
That said, I'm not sure offhand if it's practical to build the South Tower after the East is completed. Seems pretty difficult from a construction standpoint, but I'm sure they could stage from the lower level somehow, or from a barge if they had to. |
From a construction standpoint, wouldn't building both at the same time be best? Wishful thinking though
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I say that because generally speaking as someone pointed out above office stands alone. But also notice that the east tower is the general size of just about every office tower proposal we've had the past few years and that usually when a developer combines hotel and condo they go for height and use some of the hotel services for the residences. Quote:
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The floorplates of the South Tower make no sense for office especially compared to the East Tower. This is Hines we are talking about. Does anyone really think they are going to hold a board meeting where everyone will sit down and say:
"Let's take the building that is 750' tall with 50,000 SF floorplates and make that condos. Then we can take the 1000' tall building with 30,000 SF floorplates and make it office. That way the office building can have a loss ratio of 20 or 25 % and the condos will be a tube with a little window at the end." The developer is looking for the highest and best use for each program given the set parameters of the PD. They are not going to build them in a less profitable use let alone select and less profitable use for both buildings simply because office tenants would think 800' views were cool. The location of the South Tower is also less desirable than the East Tower because it is significantly less visible and accessible than the East Tower which you view it from a leasing perspective. |
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^Let's hope the designs aren't finalized...
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