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-   -   CHICAGO | 301 & 321 S Wacker Drive | 2 x 775 FT | 2 x 49 FLOORS (https://skyscraperpage.com/forum/showthread.php?t=225692)

BVictor1 Nov 2, 2016 5:06 PM

CHICAGO | 301 & 321 S Wacker Drive | 2 x 775 FT | 2 x 49 FLOORS
 
http://www.chicagobusiness.com/reale...r-willis-tower

November 02, 2016
Twin office towers planned on Wacker Drive

By Ryan Ori


http://www.chicagobusiness.com/apps/...20161102113420

Quote:

A venture led by Chicago developer John Murphy is buying two Wacker Drive parcels near Willis Tower where it plans to build twin 48-story office buildings.

Murphy Development Group has a letter of intent to buy the parcels at 301 and 321 S. Wacker Drive from Oak Brook-based InSite Real Estate, Murphy said. He declined to disclose terms of the deal, which he said is expected to close before the end of the year.

Quote:

Murphy and investment partner Walsh Investment, an affiliate of Walsh Construction, plan to build 1.2 million-square-foot office buildings on each of the sites,

Quote:

The Wacker Drive sites are already zoned, and the proposed buildings have been designed by Kohn Pederson Fox Associates, the architecture firm that designed 311 S. Wacker. Each tower could be completed within two years of a signed lease, Murphy said.

BVictor1 Nov 2, 2016 5:17 PM

CHICAGO | 301 & 321 S. Wacker Drive | 2 x 48 FLOORS
 
http://www.chicagobusiness.com/reale...r-willis-tower

November 02, 2016
Twin office towers planned on Wacker Drive

By Ryan Ori

http://www.chicagobusiness.com/apps/...20161102113420

Quote:

A venture led by Chicago developer John Murphy is buying two Wacker Drive parcels near Willis Tower where it plans to build twin 48-story office buildings.

Murphy Development Group has a letter of intent to buy the parcels at 301 and 321 S. Wacker Drive from Oak Brook-based InSite Real Estate, Murphy said. He declined to disclose terms of the deal, which he said is expected to close before the end of the year.

Murphy and investment partner Walsh Investment, an affiliate of Walsh Construction, plan to build 1.2 million-square-foot office buildings on each of the sites, Murphy said. InSite, led by longtime developer Gerald Kostelny, will remain involved in the development after selling the West Loop land to the new venture, Murphy said.

The two-tower project is expected to cost more than $800 million, said Murphy, who said the venture has been in early talks with potential tenants that could kick off construction. The venture does not plan to build either tower on speculation, or without space leased in advance, Murphy said.

BVictor1 Nov 2, 2016 5:20 PM

Perhaps one of the moderators can edit the heading to look like the read of the Chicago threat titles.

As one might notice, I'm not used to starting new threads.

BrandonJXN Nov 2, 2016 5:21 PM

^ Interesting. I was down there yesterday wandering around 311 S. Wacker and remembered that there was supposed to be 2 more identical towers to 311 S. Wacker rotated inward. They were canceled in the 90s I believe. Funny how that happens.

ithakas Nov 2, 2016 5:24 PM

[QUOTE=BVictor1;7610501]http://www.chicagobusiness.com/reale...r-willis-tower

November 02, 2016
Twin office towers planned on Wacker Drive

Great news. A couple thoughts:

1. Is the first one to launch supposed to be the lot NW of 311 Wacker or SW? I hope it's the SW first, because...

2. I've always envisioned a building taller than 311 Wacker but shorter than Sears going in that NW space between 311 and Sears. It's always felt like the gap between those two buildings is just a tad too large in the skyline, like it's missing a piece, and something with an organic shape would be a great complement to the broad Sears and create a nice central cluster. Something like Adrian Smith's Clean Technology Tower (http://smithgill.com/work/clean_technology_tower_1/) or maybe Gensler's Salesforce...

3. Would like to see one be mixed-use to further encourage the development of the Loop as more than just office, but can't complain with Riverline going in and the old office building across from 235 Van Buren being converted to residential, I suppose...

TimeAgain Nov 2, 2016 5:35 PM

Exciting, but until they get actual leases going, I won't get my hopes up.

SamInTheLoop Nov 2, 2016 5:46 PM

^^ I agree with the mixed-use angle. I've always felt that this next S Wacker drive cluster of towers to go up should perhaps primarily be office, but should also include hotel and residential, and in doing so would also make a nice transition to 235/Riverline/Printer's Row, etc.....

Regardless, great news that these sites have a new owner that has rapidly become a major development/redevelopment player downtown this cycle, and should bring some much-needed energy to efforts to get some new development started at the South end of Wacker.

Encouraging that they've engaged a highly competent and experienced architect for office towers.

After the NW corner of the Loop (150, RP, 151, 130, GG), the (not W of expressway - mindlessly follow Google/hipsters, folks) South end of Wacker is the next concentration of major office development downtown.....as in addition to these towers, there is also a site at 401 S Wacker for a large tower......

sentinel Nov 2, 2016 6:05 PM

Boom! Continues...

November 02, 2016
Twin office towers planned on Wacker Drive

By RYAN ORI

http://www.chicagobusiness.com/apps/...20161102125644

"A venture led by Chicago developer John Murphy is buying two Wacker Drive parcels near Willis Tower where it plans to build twin 48-story office buildings.

Murphy Development Group has a letter of intent to buy the parcels at 301 and 321 S. Wacker Drive from Oak Brook-based InSite Real Estate, Murphy said. He declined to disclose terms of the deal, which he said is expected to close before the end of the year..."

http://www.chicagobusiness.com/reale...r-willis-tower

The article indicates that the architect is Kohn Peterson Fox.

ithakas Nov 2, 2016 6:09 PM

[QUOTE=sentinel;7610578]Boom! Continues...

Thanks for posting! BVic got to it a little while ago, and there's already a separate thread.

It's not tagged with Chicago yet, so the discussion's at Highrise & Supertall Proposals. I think we have quite a few threads lost over there without the Chicago tag at this point, if anything can be done (1326 Michigan, Union Station, etc.)...

maru2501 Nov 2, 2016 6:40 PM

why always with the attempted twins down there

the urban politician Nov 2, 2016 7:10 PM

Nice but we have other office proposals still lingering without signed anchors nor financing. Kind of ho hum until there is reason to believe it will move forward. Even 130 N Franklin seems to be running in place

sentinel Nov 2, 2016 7:10 PM

Oops, didn't see this until now - thanks BVic and Steely!

SamInTheLoop Nov 2, 2016 7:29 PM

Quote:

Originally Posted by the urban politician (Post 7610667)
Nice but we have other office proposals still lingering without signed anchors nor financing. Kind of ho hum until there is reason to believe it will move forward. Even 130 N Franklin seems to be running in place


No doubt.....this proposal may not come to fruition until next cycle potentially - or this particular scheme may never actually happen.......nonetheless, the fact that these parcels are now controlled by a credible developer with an apparently real development plan is indeed meaningful.....

Steely Dan Nov 2, 2016 7:33 PM

Quote:

Originally Posted by SamInTheLoop (Post 7610693)
this proposal may not come to fruition until next cycle potentially - or this particular scheme may never actually happen.......

or the third option, one of the twins gets built now and the other never comes to fruition.

sentinel Nov 2, 2016 7:56 PM

^^ That's exactly what happened with 311 S. Wacker, no?

emathias Nov 2, 2016 7:59 PM

Quote:

Originally Posted by Steely Dan (Post 7610698)
or the third option, one of the twins gets built now and the other never comes to fruition.

That seems most likely. I mean, originally it was to be a trio of identical towers and only one was built. Now it's a pair of new identical towers, and seems likely only one will get built. 161 N Clark was supposed to have 181 N Clark to pair with it, never happened. 540 W Madison was supposed to have a mirror image tower, never happened.

aaron38 Nov 2, 2016 8:23 PM

Hopefully they do SW first so that if the second fizzles, we're left with a park/plaza and not a parking lot. Which wouldn't be that bad. But it'll probably be the opposite.

k1052 Nov 2, 2016 11:42 PM

I think it's pretty questionable how much demand there will be for both office towers in this location. They may be able to land an anchor tenant or two but not if a very similar structure is planned to go up on the same block from the same developer. Willing to bet one of the sites changes programming to hotel/resi or combo.

KWILLSKYLINE Nov 3, 2016 2:57 PM

Am I missing somthing? Where's the "twin" in the picture. It looks like one building.

BVictor1 Nov 3, 2016 7:59 PM

Quote:

Originally Posted by KWILLSKYLINE (Post 7611554)
Am I missing somthing? Where's the "twin" in the picture. It looks like one building.

The twin would go to the north of the structure you see.

denizen467 Nov 4, 2016 8:12 AM

If someone could dig up the KPF render(ing) of the three-tower project as originally envisioned in the late 1980s, that would be interesting for reference. I'm sure 1000 SSP points are waiting for whoever can pull this out.

Tom In Chicago Nov 4, 2016 7:21 PM

Quote:

Originally Posted by denizen467 (Post 7612538)
If someone could dig up the KPF render(ing) of the three-tower project as originally envisioned in the late 1980s, that would be interesting for reference. I'm sure 1000 SSP points are waiting for whoever can pull this out.

I've got it somewhere in my archives. . . it was uploaded to Emporis back in the day but I can't find it there anymore. . . I'll post it as soon as I can, unless someone beats me to it. . .

. . .

KWILLSKYLINE Nov 6, 2016 9:37 AM

^^^Gotcha, thanks. Found the site pictures.

http://chicago.curbed.com/2016/11/2/...d-wacker-drive

hotwheels Dec 13, 2016 7:31 PM

Twin 48-Storey Office Tower Complex in the Works for Downtown Chicago
Quote:

A proposed twin-tower, 48-storey office complex to be designed by Kohn Pederson Fox Associates for local developer and CEO of MB Real Estate, John Murphy, is set to take up an entire block along 301-321 South Wacker Drive at the edge of the Chicago Loop financial district. With an estimated price tag of $800 million, the massive new development would bring a total of 2.4 million square feet of state-of-the-art office space to central Chicago, within steps of the iconic Willis (formerly Sears) Tower, on a parcel of land situated along the banks of the scenic Chicago River.

munchymunch Nov 26, 2019 7:47 AM

Dug this up on the developer's website. Don't think I've seen the second tower or the inside before. The website also lists a new height at 775'. I hope they actually go for some mixed-use here.


https://images.squarespace-cdn.com/c...g?format=1500w
https://images.squarespace-cdn.com/c...pg?format=750w

Skyguy_7 Nov 26, 2019 1:23 PM

^New to me as well. Can anyone recall how long the website has listed Walsh as the Construction Company? That they list the GC obviously shows this project pretty serious. Not to mention it's a frequently updated website, as their cover page shows two new gems- 1326 S Michigan and Cook County Hosp.

Zapatan Nov 26, 2019 4:26 PM

I thought this was dead, awesome news!

IrishIllini Nov 26, 2019 4:27 PM

Is this actually happening? Surprised given the height. Very little chatter on it.

RedCorsair87 Nov 26, 2019 4:41 PM

Looks good. Haven't looked at this one in awhile. Definitely in a hot area of the Loop, but I'll believe once its in the news.

Randomguy34 Nov 26, 2019 5:26 PM

In an article about the OPO a month ago, Murphy Development said they're waiting for a anchor tenant to sign and then they'll start ground breaking. I'll try to dig up the article they were quoted

Edit: Found it! Dated 09-26-19

Quote:

Just south of Willis Tower, Murphy Development Group is seeking anchor tenants to kick off construction of 50-story office towers alongside the existing 65-story skyscraper at 311 S. Wacker Drive.

“I don’t think it’s a matter of if, it’s a matter of when,” company chairman and CEO John Murphy said of his firm’s office proposals panning out. “The post office is a real game changer for that part of the Loop.”

There are also plans for a seperate tower south of 301/321 S. Wacker
Quote:

South of there, Development Resources for years has sought tenants for a planned office building on a lot it owns at 401 S. Wacker Drive.
https://www.chicagotribune.com/colum...fre-story.html

Handro Oct 22, 2020 8:42 PM

Apparently this still has legs and VERY hopeful planning for a fall 2021 ground breaking, according to someone I know with a major Chicago construction company. They submitted a proposal for site logistics/schedule last week.

ChiPlanner Oct 22, 2020 9:02 PM

Quote:

Originally Posted by Handro (Post 9082395)
Apparently this still has legs and VERY hopeful planning for a fall 2021 ground breaking, according to someone I know with a major Chicago construction company. They submitted a proposal for site logistics/schedule last week.

I've heard very concrete rumors as well- this should be at city meetings in the next few months.

CrazyCres Oct 22, 2020 9:23 PM

Has anything big changed, height, design, etc?

DCReid Oct 22, 2020 9:31 PM

Twins might be a challenge in this environment. I think they have been planning to build since the 311 S. Wacker.

DCReid Oct 22, 2020 9:32 PM

I thought I saw some article that 311 S. Wacker (the building behind and next to Willis) was supposed to have a twin that was never built, but I can't find the article.

ardecila Oct 22, 2020 9:37 PM

Very strange, I was just thinking about this proposal this morning while driving on Lower Wacker!

It's really the only site left on Wacker that can support a major office tower. 180 N Wacker is a lowrise that could be redeveloped, but it's too slender for large floorplates.

I kind of assumed the next trophy office property to kick off after WPS and BMO would be 130 N Franklin, in some form... it's closer to Ogilvie, River North and Fulton Market. But there is definitely renewed buzz in the Southwest Loop with OPO re-opening.

Zapatan Oct 22, 2020 9:53 PM

Quote:

Originally Posted by DCReid (Post 9082464)
I thought I saw some article that 311 S. Wacker (the building behind and next to Willis) was supposed to have a twin that was never built, but I can't find the article.

I think so, triplets even if I'm not mistaken. That would have been cool (or weird).

Good to know this is back on track potentially. Pretty boxy but sorta interesting at the same time.

vexxed82 Oct 23, 2020 12:10 AM

I'm good at taking photos of architecture, but understanding its associated real estate is not my forte.

Can someone explain to me how/why developers are planning on building any new office towers in this environment? With all the new office space coming online (110, BMO, Salesforce, Post Office, etc.) and how our society has successfully (not in all cases, obviously) learned to work from home, what's the rush to build new office space before knowing what the future work environment will look like?

the urban politician Oct 23, 2020 12:59 AM

Given the state of the office market downtown, I’m surprised that there is movement on this. Unless they’ve signed a major tenant

Zapatan Oct 23, 2020 1:25 AM

Quote:

Originally Posted by vexxed82 (Post 9082647)
I'm good at taking photos of architecture, but understanding its associated real estate is not my forte.

Can someone explain to me how/why developers are planning on building any new office towers in this environment? With all the new office space coming online (110, BMO, Salesforce, Post Office, etc.) and how our society has successfully (not in all cases, obviously) learned to work from home, what's the rush to build new office space before knowing what the future work environment will look like?

Most of those started the planning process well before covid hit, I suppose the developers also assume that this won't last forever and it'll be nice to have a shiny new office tower to move into when it's all over. Perhaps ego is also involved / having a trophy tower to show off :shrug:. While working from home will be more popular I don't know if it'll completely reshape how people work entirely. A lot of companies want people on site and hate WFH.

This is just my guess, I too am surprised by how many office towers are going up. It's even crazier in NYC.

pianowizard Oct 23, 2020 12:53 PM

Quote:

Originally Posted by Zapatan (Post 9082722)
Perhaps ego is also involved / having a trophy tower to show off

These would become the tallest twin buildings in the US, beating the 751' Time Warner Center in NYC. So yeah, ego is likely involved.

bhawk66 Oct 23, 2020 2:18 PM

Quote:

Originally Posted by Zapatan (Post 9082496)
I think so, triplets even if I'm not mistaken. That would have been cool (or weird).

Good to know this is back on track potentially. Pretty boxy but sorta interesting at the same time.

Triplets is right. If you can see the "wings" on the back of the existing 311 S, that's where they were supposed to be attached to. Funny, now it's just assumed the building by itself was supposed to look like that. Kind of awkward in actuality, but forgivable.

ithakas Oct 23, 2020 2:35 PM

I hope the southern twin gets built first and something taller than 311 S. Wacker gets built on the northern lot (likely much later), purely for skyline gap-filling reasons.

pianowizard Oct 23, 2020 4:37 PM

^We are referring to the 1% who are interested in these sorts of things, and thus design buildings that set new records and/or include vanity height elements like spires and crowns.

bgsrand Oct 23, 2020 4:44 PM

Wont the Manhattan West (1&2) developments be the tallest twins upon completion of 2?

Zapatan Oct 23, 2020 5:10 PM

Quote:

Originally Posted by bgsrand (Post 9083196)
Wont the Manhattan West (1&2) developments be the tallest twins upon completion of 2?

They're not identical twins. One is noticeably shorter than the other.

Quote:

Not trying to call you out specifically, but it's entertaining just how often people here think that tallest, tallest in an obscure category (twin offices?), or some other ego booster is what motivates developers...99% (and speaking as a developer) barely give those things a thought - the number one ego trip element is profit margin (mixed with quality work and happy bank / investors).

An extra foot that costs $$$ is a "who gives a crap" moment for developers, especially if it triggers redesign
Most of the time this is probably true but there are still certainly developers wanting to make a mark some way or another. Tallest twin towers is a pretty good category for that.

sentinel Oct 23, 2020 5:28 PM

I just want the design to be thoughtful, but hopefully unique and interesting; height is secondary.

Zapatan Oct 23, 2020 6:49 PM

Quote:

Originally Posted by sentinel (Post 9083270)
I just want the design to be thoughtful, but hopefully unique and interesting; height is secondary.

Seems they have sky gardens, I think that's a pretty cool design element, regardless of boxiness.

Height is kinda meh, especially next to Sears

maru2501 Oct 23, 2020 6:50 PM

It is a surprise this would have traction, even realizing developers are looking several years out, and investors can't just buy gold bars all the time

ardecila Oct 23, 2020 7:06 PM

Quote:

Originally Posted by vexxed82 (Post 9082647)
I'm good at taking photos of architecture, but understanding its associated real estate is not my forte.

Can someone explain to me how/why developers are planning on building any new office towers in this environment? With all the new office space coming online (110, BMO, Salesforce, Post Office, etc.) and how our society has successfully (not in all cases, obviously) learned to work from home, what's the rush to build new office space before knowing what the future work environment will look like?

In a competitive market like Chicago, every developer is looking for an advantage, or a *potential* advantage over rivals. If the office market starts to rebound, and if this developer is in position to break ground immediately, they have a huge advantage. Other developers will not be able to match this head start.

A groundbreaking in late 2021 is likely after the pandemic is effectively over, we should have widespread and available vaccinations by that time. It may be late enough for the developers to assess the office market and have enough information to pull the trigger or not. This only works if they already have their ducks in a row.

If you're skeptical the office market will actually rebound post-Covid, you're not alone... but in a properly functioning market there's always a few people who are betting against the conventional wisdom. Occasionally they strike it big.


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