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-   -   CHICAGO | Riverline | 8 Towers | 600FT - 500FT(X2) - 380FT(X2) - 242FT(X2) - 300FT~ (https://skyscraperpage.com/forum/showthread.php?t=221826)

BVictor1 Feb 18, 2021 4:49 PM

Quote:

Originally Posted by CrazyCres (Post 9194352)
The Reed is now selling units and the website got an Update

https://thereedsouthbank.com/
https://www.chicagoarchitecture.org/...chicago-river/

Also if you click the link below and scroll to the bottom you'll see a new site plan

https://thereedsouthbank.com/southbank/

and a nice drawing
https://thereed-prod.imgix.net/asset...step=100&w=600


They've gone from 5 towers to 4.

The building along Harrison was supposed to be the tallest and now it appears no taller than The Reed.

Not impressed.....

marothisu Feb 18, 2021 5:58 PM

There was an article about The Reed a week ago. Should be starting construction soon, apparently.
https://www.chicagobusiness.com/resi...dds-apartments

Quote:

A 41-story South Loop tower that was to be all condos now is slated to be more than half apartments.

The Reed, scheduled to break ground in the spring, will have 216 condos on its upper floors and 244 apartments below them, according to Ted Weldon, executive general manager of development for the Chicago office of Lendlease, the firm developing the tower at 234 W. Polk St., at the edge of the South Branch of the Chicago River.

Newer rendering - The Reed in the center
https://s3-prod.chicagobusiness.com/...ndlease%20.jpg

Razorback Feb 18, 2021 6:32 PM

I checked out the sales center a few weeks ago because I'm in the market to purchase. Nice building, nice amenities, and nice finishes. But these factors don't justify a $750 average Price/Sq.Ft. Not in that location and not with a building that doesn't add any architectural significance to the Chicago skyline. :shrug:

Quote:

Originally Posted by CrazyCres (Post 9194352)
The Reed is now selling units and the website got an Update

https://thereedsouthbank.com/
https://www.chicagoarchitecture.org/...chicago-river/

Also if you click the link below and scroll to the bottom you'll see a new site plan

https://thereedsouthbank.com/southbank/

and a nice drawing
https://thereed-prod.imgix.net/asset...step=100&w=600


Tombstoner Feb 19, 2021 2:28 AM

Quote:

Originally Posted by Razorback (Post 9194532)
I checked out the sales center a few weeks ago because I'm in the market to purchase. Nice building, nice amenities, and nice finishes. But these factors don't justify a $750 average Price/Sq.Ft. Not in that location and not with a building that doesn't add any architectural significance to the Chicago skyline. :shrug:

Also, the future 40-story buildings (according to the site plan) will pretty much negate any northern view (the best one IMO) from this building.

Skyguy_7 Feb 19, 2021 1:16 PM

There is Case equipment on site at Harrison and Wacker (the Northern-most part of the property) :yes:

the urban politician Feb 19, 2021 1:41 PM

I’m so glad that there are still construction starts, but I can’t help but wonder what data these developers and lenders are looking at? In my own experience, rents are still down compared to pre-Covid and it’s still harder to fill apartments than it used to be.

BuildThemTaller Feb 19, 2021 1:47 PM

Quote:

Originally Posted by the urban politician (Post 9195223)
I’m so glad that there are still construction starts, but I can’t help but wonder what data these developers and lenders are looking at? In my own experience, rents are still down compared to pre-Covid and it’s still harder to fill apartments than it used to be.

Probably the data that suggests two new huge office buildings - OPO and BMO - are under construction, plus the rest of the Loop within walking distance and they want to have more apartments hit the market in 2 years when construction is finished. :shrug:

Handro Feb 19, 2021 3:23 PM

Quote:

Originally Posted by the urban politician (Post 9195223)
I’m so glad that there are still construction starts, but I can’t help but wonder what data these developers and lenders are looking at? In my own experience, rents are still down compared to pre-Covid and it’s still harder to fill apartments than it used to be.

This was in Crain's a few days ago:

https://www.chicagobusiness.com/comm...al-real-estate

Quote:


Demand rebounded in the fourth quarter, and rents and occupancies started to stabilize, according to new data from Integra Realty Resources. With coronavirus vaccinations ramping up and optimism about the economy rising, the worst may be over for landlords....

DeVries had earlier forecast absorption of -1,300 units for all of 2020. With the turnaround in the fourth quarter, absorption totaled -238 for the year. Though it was the first year of negative absorption since 2005, DeVries expected it to be much worse....

As vaccinations pick up and the pandemic subsides, more workers should return to their offices this year. But DeVries doesn’t expect downtown rents to recover fully until the spring of 2023, more than two years from now.
So basically we may not get a quick turnaround to full on downtown boom for a couple years, there is at least enough indication that by the time these new buildings are ready for tenants the demand will be there.

the urban politician Feb 19, 2021 3:45 PM

^ I read that article as well, but it's still a bit of a gamble no matter how you cut it

Barrelfish Feb 19, 2021 9:20 PM

Quote:

Originally Posted by Tombstoner (Post 9194953)
Also, the future 40-story buildings (according to the site plan) will pretty much negate any northern view (the best one IMO) from this building.

How much does this factor into developers' plans for what to build when?

For example, when WPE was built it blocked the views down the river of WPW. Some people bought into WPW not realizing this. So presumably demand would have been lower if WPE was built first.

How much is this actually a factor, vs. other considerations (e.g. waiting to commit to the taller more expensive building until you've already gotten returns on the earlier ones)?

LouisVanDerWright Feb 19, 2021 11:32 PM

Quote:

Originally Posted by the urban politician (Post 9195326)
^ I read that article as well, but it's still a bit of a gamble no matter how you cut it

There's already $2 trillion in excess savings sloshing around in the economy from pent up demand and massive stimulus. That's not considering the helicopter drop that Biden is about to make. Most people I know are already plotting the hedonistic binge they are going to undertake as soon as things normalize. Shits about to get wild real quick, who knows how long until the bubble they are inflating pops, but there is going to be intense growth and inflation between now and then. Inflation is essentially a transfer payment to asset holders particularly those holding real estate due to the leverage in that industry.

west-town-brad Feb 20, 2021 1:42 AM

Quote:

Originally Posted by LouisVanDerWright (Post 9195828)
There's already $2 trillion in excess savings sloshing around in the economy from pent up demand and massive stimulus. That's not considering the helicopter drop that Biden is about to make. Most people I know are already plotting the hedonistic binge they are going to undertake as soon as things normalize. Shits about to get wild real quick, who knows how long until the bubble they are inflating pops, but there is going to be intense growth and inflation between now and then. Inflation is essentially a transfer payment to asset holders particularly those holding real estate due to the leverage in that industry.

The Fed has been trying to get the US to have a consistent inflation rate of 2% since the 2009 financial crisis without much success. I wouldn’t bet on a lot of inflation. I’d be praying we don’t tip into a deflationary spiral which will make anyone with leveraged real estate a fool.

SamInTheLoop Feb 21, 2021 11:40 PM

^ Correct. LVDW's operating definition of inflation needs a good bit of work. What he's talking about is not inflation.

SamInTheLoop Feb 21, 2021 11:46 PM

Quote:

Originally Posted by the urban politician (Post 9195223)
I’m so glad that there are still construction starts, but I can’t help but wonder what data these developers and lenders are looking at? In my own experience, rents are still down compared to pre-Covid and it’s still harder to fill apartments than it used to be.


My take and I've mentioned before is that some of these developers that are launching large projects '20-21 are taking a calculated risk on the timing of the recovery. These are projects that won't deliver until '22-23 and they are making a bet (I'd argue a fairly smart one) that the economy will be back on track enough by then (with potentially a still strengthening 2-3 year outlook) to launch now. Given the nature of this downturn, it's makes sense to me.

Mr Downtown Feb 23, 2021 4:16 AM

^Exactly. If you're in the business of renting apartments, you want to have some inventory available when the market is ready to absorb them.

ithakas Mar 15, 2021 8:20 PM

Site prep is underway at The Reed.

It also appears that the lot on the north end is under construction – the area's fenced off, with heavy machinery on the site – though whether that's for a new building or something else I'm not certain.

ardecila Mar 15, 2021 8:49 PM

^ They are sealing off the freight tunnels that run under the site and building a new access point for utility workers. There will be a little bunker along Harrison there with a blank door and stairs that go down 7 stories to the tunnels.

left of center Mar 15, 2021 9:48 PM

Freight tunnels, on this side of the river? They must be the old abandoned narrow gauge rail tunnels from the Chicago Tunnel Company, right?

Mr Downtown Mar 15, 2021 10:18 PM

^Exactly.


https://i.imgur.com/PU4r02C.png

harryc May 2, 2021 9:30 PM

April 26






tunnel plugging ?

BVictor1 May 5, 2021 1:05 AM

05.04.21

https://uniim1.shutterfly.com/ng/ser...176666/enhance

SamInTheLoop May 7, 2021 11:09 PM

For some reason I'd assume real site work had already commenced for the new tower.

As much hate (hate might be a touch strong....disappointment?) the new design has gotten, I've got to say I think it's pretty solid. I could be wrong, but my gut tells me the older design (perhaps for all of the yet to be built towers) was always just a placeholder - and I think that contributed to the deflated feelings relative to expectations. I don't think the columns were ever really going to be built like that .

Also glad LendLease is thus far sticking with Perkins & Will with design work.

I'm as curious as ever what CMK is waiting for with (the actual) Riverline development (this one is Southbank/since the developers split up and split it up)?

Mr Downtown May 8, 2021 7:21 PM

CMK has a lot of dirt. The area south of River City, the 1st District Police Station parking lots, the salt shed at 18th & Clark, the parking lot at 14th & Wabash.

Wouldn't surprise me for them to do 14th & Wabash next and wait until The 78 has some things happening and makes the River City South site really ripe.

Zapatan May 9, 2021 2:28 AM

Why is this in the U/C section? Looks like they barely just got equipment on site for solid testing.

Drcastro May 9, 2021 7:40 AM

Quote:

Originally Posted by Zapatan (Post 9274136)
Why is this in the U/C section? Looks like they barely just got equipment on site for solid testing.

If you notice the thread title and the previous posts, you will see that there has been one tower built of a possible eight. However, it appears the project has been renamed and split up somewhat. Perhaps someone can update the title if that is the case.

BVictor1 May 10, 2021 8:08 PM

A caisson rig is being assembled and several liners have been delivered.

SamInTheLoop May 10, 2021 9:50 PM

^ Nice. Sounds like a 2nd May highrise start. (correction - looks like K3, if that's what it's really called? - actually started in late Apri)

SamInTheLoop May 10, 2021 9:57 PM

Quote:

Originally Posted by Mr Downtown (Post 9273903)
CMK has a lot of dirt. The area south of River City, the 1st District Police Station parking lots, the salt shed at 18th & Clark, the parking lot at 14th & Wabash.

Wouldn't surprise me for them to do 14th & Wabash next and wait until The 78 has some things happening and makes the River City South site really ripe.




True enough. 18th and Clark though? Did not realize they own that parcel. That's interesting......do they own all the way up to 16th I wonder? I'm very curious what they are thinking for this....could be multiple highrises I presume, adjacent to the 78

left of center May 11, 2021 2:31 AM

That is quite the narrow lot(s). I wonder if they could even build all that tall there, or if they'd simply settle for midrises. I suppose it really depends on what zoning density they get, assuming it hasn't been changed from its current industrial/city use.

ardecila May 11, 2021 4:24 AM

Quote:

Originally Posted by SamInTheLoop (Post 9275594)
True enough. 18th and Clark though? Did not realize they own that parcel. That's interesting......do they own all the way up to 16th I wonder? I'm very curious what they are thinking for this....could be multiple highrises I presume, adjacent to the 78

Yeah I'm also interested, is this public information? I know Streets and San is moving across the river eventually, but doesn't there need to be some kind of open solicitation for the land? They can't just cut a backroom deal with CMK.

The same would apply for the CPD parking lots...

BVictor1 May 12, 2021 4:48 PM

BTW, 'The Reed" is under construction. Two caisson liners in the ground that i saw.

r18tdi May 13, 2021 5:02 PM

Quote:

Originally Posted by BVictor1 (Post 9277974)
BTW, 'The Reed" is under construction. Two caisson liners in the ground that i saw.

So are they drilling caissons for the tower itself or "vertical access shafts" for the underground tunnel beneath the site?

marothisu Jun 8, 2021 12:17 PM

The Reed was issued new construction permits for the foundation yesterday.

SolarWind Aug 9, 2021 1:56 AM

The Reed at Southbank - 234 W Polk
 
August 5, 2021








SamInTheLoop Aug 9, 2021 9:06 PM

I've been wondering if actual foundation work had even gotten underway on this one, as there was mention of some other work being done first on the site. Nice update, and great to see.

SouthCentralPA Aug 9, 2021 11:39 PM

Nice update and great photos!

ithakas Aug 19, 2021 5:24 PM

There's new activity at the site over the past week or so, beyond the construction of the Reed.

There's a small notch of land that was prepped just north of The Cooper on Wells – the footprint doesn't look large enough to be the next rental building though.

Also, just an hour or so ago, I saw a crew putting in a new sidewalk path straight north of the circular path midway through the park.

Mikelacey45 Aug 19, 2021 10:10 PM

Quote:

Originally Posted by ithakas (Post 9370378)
There's new activity at the site over the past week or so, beyond the construction of the Reed.

There's a small notch of land that was prepped just north of The Cooper on Wells – the footprint doesn't look large enough to be the next rental building though.

Also, just an hour or so ago, I saw a crew putting in a new sidewalk path straight north of the circular path midway through the park.


Whatever happen to that wooden tower that’s was proposed couple years ago

r18tdi Aug 19, 2021 10:13 PM

Quote:

Originally Posted by Mikelacey45 (Post 9370827)
Whatever happen to that wooden tower that’s was proposed couple years ago

Nothing more than a conceptual design exercise, IIRC.

gebs Aug 20, 2021 2:02 PM

Quote:

Originally Posted by r18tdi (Post 9370830)
Nothing more than a conceptual design exercise, IIRC.

Correct. It was Perkins+Will's shot at taking timber to new heights. It was a marketing exercise at the least, and I think some of us were hoping the developer would latch onto the idea if the first phases of Riverline were successful.

LouisVanDerWright Aug 20, 2021 5:32 PM

Quote:

Originally Posted by Mikelacey45 (Post 9370827)
Whatever happen to that wooden tower that’s was proposed couple years ago

Ironically the design work behind that concept was used to inform the design of Ascent in Milwaukee which is now about halfway framed out. Just took some pictures of the construction today, pretty impressive. Will be the tallest heavy timber building on earth when complete. Check out the video about it here:

https://www.thorntontomasetti.com/project/ascent

ardecila Aug 20, 2021 6:56 PM

I understand why a timber parking garage is a bad idea, but it still feels like Ascent is cheating with a concrete podium...

BVictor1 Sep 11, 2021 6:34 PM

Tower crane going up for The Reed.

harryc Sep 12, 2021 2:39 AM

Sept 7









New com-ed vault for the tower and new rowhouses.

BVictor1 Sep 12, 2021 8:47 AM

05.10.21
https://uniim1.shutterfly.com/render...&ts=1631435083


08.30.21
https://uniim1.shutterfly.com/render...&ts=1631434762


09.10.21
https://uniim1.shutterfly.com/render...&ts=1631434860

https://uniim1.shutterfly.com/render...&ts=1631434880

https://uniim1.shutterfly.com/render...&ts=1631434914


09.11.21
https://uniim1.shutterfly.com/render...&ts=1631434941

https://uniim1.shutterfly.com/render...&ts=1631434970

rivernorthlurker Sep 12, 2021 1:22 PM

Awesome stuff.

Which of the 8 towers is this crane for?

marothisu Sep 12, 2021 1:56 PM

Quote:

Originally Posted by rivernorthlurker (Post 9393938)
Awesome stuff.

Which of the 8 towers is this crane for?

The Reed, which will be 447 feet tall (41 stories).


Also, any word on what CMK is thinking about their piece of the puzzle south of River City? Would be awesome to see that start.

ardecila Sep 12, 2021 4:54 PM

CMK seems to be in a "one project at a time" mode right now. They probably have reduced staff from their peak 10-15 years ago. And they've been focused on overseas development (Turks & Caicos) just as much as Chicago. I don't think Colin wants the headaches of juggling multiple Chicago projects at once. Right now their next project seems to be 1400 S Wabash, so that will proibably keep them busy for the next 1-2 years at least...

I know several years ago they were planning a large townhouse development for the riverfront site, but the townhouse market hasn't been super robust for years. They're probably waiting for that market to improve, so they can sell a super-premium product (like the townhouses on South Water St by the old Spire site). The sale of the north half of Riverline to Lendlease probably gave CMK enough financial cushion to sit on the south half for years, if need be. A lot depends on The 78 too - if Related can make something big happen there once the new road opens, then CMK will probably look to jump in too even if they need to reconsider their townhouse plans.

I just went on a boat ride yesterday with friends and was thinking how the South Branch still seems just as barren as when I took an architecture cruise in 3rd grade, 20 years ago. There are several new buildings visible from the river, but all set back by a block. The only real improvement fronting the river itself is the Riverline park.

left of center Sep 13, 2021 1:02 AM

Quote:

Originally Posted by ardecila (Post 9394074)
I just went on a boat ride yesterday with friends and was thinking how the South Branch still seems just as barren as when I took an architecture cruise in 3rd grade, 20 years ago. There are several new buildings visible from the river, but all set back by a block. The only real improvement fronting the river itself is the Riverline park.

I feel like we are right on the cusp of having the south branch see some very rapid change.

Its unfortunate that literally all the changes will be on the east bank of it, though. Hopefully one day the air rights over the Amtrak/BNSF/Metra railyards on the west bank can be acquired by a developer, although the logistics of building over them is probably going to be quite a feat to overcome.

ithakas Sep 15, 2021 7:06 PM

Tower crane is fully installed, as Harry's pictures indicate.

There's also a new installation in the park courtesy of PORT and the Chicago Architecture Biennial (rendering here: https://chicagoarchitecturebiennial....tributors/port).


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