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Old Posted Dec 16, 2021, 1:20 AM
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Randomguy34 Randomguy34 is offline
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Location: Chicago & Philly
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The other proposal is from Bob Dunn and they were gonna build multiple skyscrapers, no idea how tall. Lol looking at the math, both proposals require the state to buy space in either proposal

But when that work is completed—tentatively in 2024—the state is slated to pay $148 million to buy back about 427,000 square feet on floors two through seven in the building, which Reschke's group will have renovated. Another option on the table is for the state to pay a higher amount in installments starting at $18.50 per square foot per year escalating by 1.75% annually for 30 years.

That means the state will ultimately have paid at least $78 million in a move that gives it renovated offices, unloads the building's massive deferred maintenance costs—key to the savings Pritzker touted today—and gives the Prime Group venture control of about two-thirds of the property.
Under that bid, Dunn's group proposed to buy the Thompson Center for as much as $122 million and demolish it to make room for multiple high-rises on the site. The state would be a 350,000-square-foot anchor in one of the buildings and would be obligated to buy it back, beginning with a $69 million equity investment upfront. As a perk for the state, that equity would allow the state to pull in annual distributions from the property's income totaling $350 million over 30 years.

Aside from the upfront cost, Dunn's group would have then offered the state two options to buy the property: One in which the state would pay $250 million upfront and the other in which it would pay in escalating installments totaling $1 billion over 30 years.
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