Simon07 reported in the high rise thread that the parking lot has closed....just making conversation around this migrates here.....My guess is construction loan just closed and foundation permit was just issued or will be this week....

If a construction loan has closed, it will be reported sooner than not (usually).

Seems to be jumping the gun a bit to say this is in site prep just because the lot is closed. No equipment yet.

^ It's possible I could be jumping the gun just slightly.........but maybe not....

Typically there is a lag from anywhere between a few days and a few months between loan close and when it's reported on. Perhaps on average 2-3 weeks maybe? It is true that sometimes when the players are eager for press, they'll issue a release almost immediately on closing......I'd say that's definitely a minority of cases though.....

I'm expecting this one to be quite rapid fire ala One South Halsted (loan close, permits issued, excavate, caissons)......I have a hunch - and it's only a hunch, however a strong one - that this project has the same lender.....this project also has a very strong equity investor in the form of CIM Group......I'd look for action sooner rather than later here....

ChiRaz reported over in high-rise thread that foundation permits have been issued, per Curbed post. Just mentioning here in case post isn't moved. Now loan closing has likely either occurred or is imminent.....

Banana's hopefully within a month or two. South loop is a boom'n

All the news lately is excellent, and while not in sloop, wolf point east should break ground soon too.

An excavator and some new fencing showed up as of this weekend....

Good news. Potentially another big week ahead for South Loop if drilling begins up the street at Essex and 'site prep' activity commences here. Also can't wait to see the crane for OGP. Looks like its going to be massive.

They're digging up the lot.

We're in SITE PREP

Hell yeah!!!

Apr 10

April 11, 2017

April 25, 2017

http://www.chicagobusiness.com/reale...struction-loan

April 26, 2017
South Loop apartment project scores $92 million construction loan

By Alby Gallun

South Loop apartment project scores $92 million construction loan

"Chicago developer John Murphy and Los Angeles-based CIM Group have already begun work on the 500-unit high-rise at 1326 S. Michigan Ave., but financing is typically the biggest hurdle for big projects, marking the official transition from planning to construction phase. Murphy and CIM obtained the $92 million loan from Pittsburgh-based PNC Bank, according to Cook County property records."

I know there's still alot of clean up/prep work to do but does anybody got any info on when the first drills are supposed drop? Fingers crossed for late May?

Shouldn't this one be tagged as SITE PREP?

It's as though they were trying for that. How else do you end up with those symmetrical bustles entirely different from the tower's design language? Normally you'd translate the chamfer/frustum motif onto the bustle, or there would be a unitized podium expressing a single design, or something like that. In the first place, normally there aren't two small sundecks, usually the tower is on one side and a sundeck of maximum area fills out the rest of the lot, to fit a pool, etc. Then, add to all of this the fact that the bustles are not fused to the ground but appear to float carefree one or two stories above street level... I think the partner went home one Friday thrilled with his tower, and left some randy junior guys to finish up the bustles over the weekend.

At least there are no curb cuts on Mich Avenue like there were with some of the earlier condo towers built in the 2000s.

I wonder if the city has banned new curb cuts outright? I certainly wouldn't count on developers to voluntarily give them up.

Also, does anyone know the parking count on this? All I can find is that it will be 500 apts

As of March 2016, the number of parking stalls was about 180.