BVic is a familiar face and usually right about this stuff. I don't remember ever seeing this other dudes name so I'll stick with BVic's statement

I'm also curious about 1200 S Indiana, when it comes to forthcoming South Loop groundbreakings....

Also heard the glazing contractor was selected on 1200 South Indiana, which is a good sign it's moving forward.

^ thanks for the insider info. Let's all hope it's true.

The south loop skyline needs this one to go through.

Glad to hear it. This thing needs to get started soon.

Yes, this will be the Aqua of the current boom. Must happen.

if you can't make money at that location you're doing it wrong

Really excited about this one, but damn if it doesn't drive me up the wall that those tracks aren't covered yet. (OT) They just look SO BAD. I think an argument could be made that with the Riverwalk and Millennium, the (hopefully) soon to be popping SL deserves a signature park. It could be the South Loop version of the 606, a well manicured pedestrian path starting at the Art Institute connecting to the Museum Campus with connectors over LSD.

If they cover the tracks south of the park, there will be towers above them.

They look fine. They're a part of Chicago's industrial past and there's no reason to totally irradiate them from sight.

The south loop has a signature park, it's called Grant. They also have a number of small pocket parks.

Like one for every high rise.

agree some exposed tracks are cool. Great nod to city history. The set running behind the art institute are great. All the time I see tourists watching working trains down there. Part of the experience

I'd rather cap some part of the Kennedy around Randolph and join restaurant row there to the central city with an ultra modern park

Received its first building permit, for the foundation, yesterday. Hope they break ground soon!

Seriously. Having this would help balance out the skyline so much.

1200 S INDIANA AVE
Description: ***DIRECT DEVELOPER PILOT PROGRAM*** FOUNDATION ONLY FOR PROPOSED 76-STORY RESIDENTIAL TOWER WITH 792 DWELLING UNITS, GROUND FLOOR RETAIL AND 12 LEVELS OF PARKING.

Application Review Summary
Name Completed Date Status
REVENUE REVIEW 2016-10-14 APPROVED
FINAL DATA REVIEW 2016-10-14 APPROVED
CIVIL/STORMWATER REVIEW 2016-10-11 APPROVED
PLANNING REVIEW 2016-09-29 APPROVED
GEOTECH REVIEW 2016-08-09 APPROVED
DRIVEWAY REVIEW 2016-04-21 CONDITIONAL PROJECT
PRELIMINARY INTAKE REVIEW 2016-02-15 APPROVED
LANDSCAPE REVIEW (ZONING) WAIVED
ENVIRONMENTAL REVIEW WAIVED
ZONING REVIEW WAIVED
The owners of this address received a permit on Friday, October 14, 2016

Well that's exciting. Looks like Steely will get his three 800'+ starts in a year record after all. Any bets on what the next 800+ found breaking will be after this one? Jahns Michigan Ave Tower maybe?

Awesome!

Hmm not sure. I think this boom is just about out of steam. Trust me, apartments are about to seriously get soft.

Perhaps some condos will get going soon?

^^^ I've been hearing that from a lot of people and have yet to see it myself. I'm renting two bedrooms in little village for $1400+ a month and 3 BRs for $1600. I've been getting like a call a day just off craigslist. Already over 50% rented and I don't even have my CO yet. I've heard scattered anecdotes about people having trouble moving apartments in certain places like Logan Square near all the new TOD, but you aren't going to get $2000/mo for a half assed rennovation of a tiny old three bedroom when they are leasing brand new 2 BDs with amenities closer to the train for $2500/

Excellent.

Fantastic news. This will be one of the true signature towers of this boom. Can't wait for the rigs to roll on up to the site. This will be one of the largest all residential (no true mixed-use), no matter how you measure - no.of units, sq ftge, no. of stories, height, etc)

The South Loop is about to go true boom. You have Riverline that's just getting its move on, this massive tower, CA Residential tower just starting next to Five Guys, Essex tower, 1326 S Michigan, the residential/medical office project next to Firehouse, the multi flag hotel tower at 11th and Wabash, all of the stuff near convention center/motor row that hasn't started yet - and most or all of this stuff is going to be under way before spring......a little further down the road (this time next year?), we'll have the tower in the 1400 block of s Wabash that gets approved at next week's plan commission, Jahn tower, and who knows what else to look forward to......

I agree that it may seem that way but most trends support the continued growth and viability of this boom in part due to employment trends. See the article that I have linked below. I really like this article because it comes from a reputable source and it provides a graph of how we stand with respect to other cities. The long and short of it is that jobs are moving to the core of the city (particularly to the core of Chicago - which is outperforming New York, Los Angeles, San Francisco, Miami, etc.) and millennials want to live close to where they work.

http://www.nytimes.com/2015/02/24/up...urbs.html?_r=1


.

Phase 2 of this project will have condos.

I responded to this post in the Chicago Economy Thread

Awesome news about the construction permit. This one is gonna be great for the south loop.

This will become Chicago's 'tallest all residential tower' when completed.

I cannot wait for this tower and the other upcoming Michigan Ave towers to further enclose, or Central Parkitize, Grant Park. :cheers:

https://farm6.staticflickr.com/5526/...bff65341_b.jpg

That assumes it beating out A.M. Sterns building in terms of timetables, which it won't.

Define "all-residential". The building will have offices for the developer and a co-working space on the first two floors, so it's likely that there will be some commercial use as well.

So does the Legacy, and it counts.

I think that's already a pretty damn impressive street wall next to that Park. But this will only make it better.

I walked by the site today and there is no activity to report, yet.

This and the Jahn tower desperately need to be built just to expand and balance out the skyline. Wish we had a better idea of the Essex tower.

Still crickets? That's odd they would get the permit and idle like this.

I walked by as recently as Sunday and still nothing...

yeah. come on crescent, you've pulled the permit, it's time to get the rigs spinning!

This is ~10 weeks old but looks like CH is calling this "One Grant Park."

https://www.instagram.com/p/BJI35dMAQgu/

Well the real barrier to entry for these projects is $$, of course, not city permits. Maybe they are still tying up loose ends with that?

Yes, but usually one does not get to the point of having permits issued without funding already lined up.

That's not at all true. Often the development teams, especially the more seasoned teams that have a proven track record of success, will progress designs and get permits lined up in advance of construction loans. Especially on projects of this magnitude. My personal opinion is that they are still trying to get the GMP down, and get the loan closed before starting.

^ Yeah, I feel like we've seen this just recently on a number of projects as well.....I don't feel it's that unusual....


My guess has been that they have been waiting on financing to close. Construction lending for large apartment projects has decidedly tightened over the last few quarters........projects are still definitely going to be launching over the rest of these year and next, it's just that developers will need more equity, will face somewhat higher interest rates, and in some cases will be getting loans from less traditional sources (as banks back off selectively as they cope with stricter regulations)..........this is all - on net - healthy and positive in terms of the continuing longevity of this cycle....

I though this was a condo project. Won't they need 30% or more presales to even get construction financing?

If that's the case, they've got a funny way of doing marketing. No project website, no sales center, no listings on the MLS...

There may be a small condo component on the upper floors of this tower like there is at 451 E. Grand, but I believe this tower will be mostly or entirely rental.

EDIT: DNAInfo reports 792 rentals only. The second phase next door is slated for condos, probably assuming that the market for condos will pick up after the rental boom dies down.

What made you think that? Crescent Heights has always stated this was rental. The future second tower at the corner of Michigan and Roosevelt may be a different story (my best guess is that one maybe a mixture of condos and rentals, or it could actually end up being all condos).....but this first tower at the corner of Indiana was always rental.....

This just popped-up on McHugh's site.......subcontractor bids due......today!

Anyone been by here lately? They were issued a permit for the foundation almost 1.5 months ago. Wondering if they've been doing anything like even site prep..

Nothing. No activity.

Looking pretty unlikely at this rate we'll get 3 800+ footers in a year that someone here had been hoping/looking forward to. Bummer, but at least it seems this should get started next year in the first quarter

^ First of all, who's going to start drilling that day after Thanksgiving. Secondly, we still have all of December

Drilling this close to winter just seems unlikely to me, and pouring foundation in the winter is just that much more difficult to accomplish.