CHICAGO | LSE - Site I | 950 FT | 85 FLOORS

[Zapatan]

I was at the site today and saw zero evidence of impending construction, *SIGH*:

Was it expected to start construction soon?

I feel like we would have heard something in the news.



On another note, when / if this does get built, is it still the general consensus that shortening 195 N Columbus was to add more condos to this one? That was speculation and a rumor but still an exciting prospect if true. Would more than love to see another 1ker U/C in Chicago soon.

[pianowizard]

^ I was under the impression that construction would start shortly after the completion of Cirrus and Cascade, based on stuff I had read pre-pandemic.

[Zapatan]

Originally Posted by pianowizard

^ I was under the impression that construction would start shortly after the completion of Cirrus and Cascade, based on stuff I had read pre-pandemic.

That was the plan then, who knows what the updated timetable for any of these projects are though, or if they're still happening at all.

[Steely Dan]

^ exactly.

Any "plan" that was hatched pre-pandemic can be thrown right out the window at this point.

Magellan hasn't said boo about if/when they might get started on their final LSE tower for a couple years now.

[ardecila]

The design always seemed like a placeholder too - just the same design language as Cirrus and Cascade but larger and with the flare added.

I'm guessing when Magellan is finally ready to move forward on Site I it will be with a very different design. They may ask Studio Gang to come back if they really want a landmark quality building, that seems to be their M.O. Or maybe another starchitect like BIG or Foster.

[Zapatan]

Originally Posted by Steely Dan

^ exactly.

Any "plan" that was hatched pre-pandemic can be thrown right out the window at this point.

Magellan hasn't said boo about if/when they might get started on their final LSE tower for a couple years now.

How long can they hold onto the site without building anything? I'm not sure how permit expiration works for this one.

The design always seemed like a placeholder too - just the same design language as Cirrus and Cascade but larger and with the flare added.

I'm guessing when Magellan is finally ready to move forward on Site I it will be with a very different design. They may ask Studio Gang to come back if they really want a landmark quality building, that seems to be their M.O. Or maybe another starchitect like BIG or Foster.

Interesting thought, I actually really like this design though, it works so well with the existing complex.

[UrbanDweller98]

I would be shocked if this doesn't happen, the succes St. Regis is having should be all the reason to go forward with it. I just hope there is no scaling back of the building by the time we get an update

[CaptainJilliams]

Originally Posted by UrbanDweller98

I would be shocked if this doesn't happen, the succes St. Regis is having should be all the reason to go forward with it. I just hope there is no scaling back of the building by the time we get an update

I think deteriorating economic conditions are going to put a hold/stop on many projects around the city, including this one. At this point, I think a lot of developers are just playing the waiting game in terms of making those kinds of announcements.

[Kngkyle]

Originally Posted by UrbanDweller98

I would be shocked if this doesn't happen, the succes St. Regis is having should be all the reason to go forward with it. I just hope there is no scaling back of the building by the time we get an update

Success at St. Regis? They've only sold 50% or so of the units. Not sure I would define that as a success.

[Zapatan]

Originally Posted by Kngkyle

Success at St. Regis? They've only sold 50% or so of the units. Not sure I would define that as a success.

It's only been a year though, also where did you hear 50%? You may very well be right but I thought it was higher than that (I may very well be wrong).

Economy aside (which is obviously a huge factor) you'd think the success of recent very tall condo towers would pave way for this / 400 LS and even Tribune. The tricky part on their end is securing financing.

Does Magellan have financing in place for this one yet / has it even been approved? I'm guessing not.

[mh777]

Originally Posted by Zapatan

It's only been a year though, also where did you hear 50%? Yo may very well be right but I thought was higher than that (I may very well be wrong).

Economy aside (which is obviously a huge factor) you'd think the success of recent very tall condo towers would pave way for this / 400 LS and even Tribune. The tricky part on their end is securing financing.

Does Magellan have financing in place for this one yet / has it even been approved? I'm guessing not.

As of 11 months ago, 60% of units at St. Regis were sold/under contract. I'd assume that number now is closer to 70% at least.

Snippet from the article: Rob Pontarelli, senior vice president of marketing for Magellan, the developer of the St. Regis, declined to make anybody on the development or sales team available for an interview with Crain’s. He emailed a prepared statement that said, among other things, that “sales have exceeded our expectations” and that “we are approximately 60% sold or under contract.”

Source: https://www.chicagobusiness.com/resident...chicago-condo-market-how-sales-are-going

[UrbanImpact]

Originally Posted by Kngkyle

Success at St. Regis? They've only sold 50% or so of the units. Not sure I would define that as a success.

What's your source?

[Kngkyle]

Originally Posted by UrbanImpact

What's your source?

This thread. Every time sales figures our released they get posted here. It appears it's more like 60% not 50%, oops my bad. This is after 7+ years of sales.

I'd expect Site I to be swapped from condos to apartments and maybe land in the ~700ft range for height, assuming the development moves forward at all in the next ~5 years. Construction and financing costs have skyrocketed since this was originally proposed and the real estate market (and entire economy) is teetering on the brink. Tamper your expectations.

[Kngkyle]

delete

[rivernorthlurker]

Originally Posted by Kngkyle

This thread. Every time sales figures our released they get posted here. It appears it's more like 60% not 50%, oops my bad. This is after 7+ years of sales.

I'd expect Site I to be swapped from condos to apartments and maybe land in the ~700ft range for height, assuming the development moves forward at all in the next ~5 years. Construction and financing costs have skyrocketed since this was originally proposed and the real estate market (and entire economy) is teetering on the brink. Tamper your expectations.

Some rough sales numbers

https://therealdeal.com/chicago/2021/11/...xury-condos-in-prominent-chicago-towers/

The management team for the St. Regis has been cagey in releasing details about the tower’s sales. Crain’s contacted the team and was told that sales have exceeded expectations and that the tower is “approximately 60 percent sold or under contract.” According to the paper’s research, however, the building’s developer, Magellan, has closed sales for 151 units out of the 353 in the St. Regis tower, putting it at 42 percent sold.

Ballpark of 40% sold vs 60% sold or under contract. Not too far off, but that was from a year ago. But I agree with the point, those just aren't great numbers after that amount of time.

A major problem was that Alinea Group canceled their restaurant plans which affected the build out and opening of St Regis hotel and so that was delayed as well. Plus the pandemic of course. I think these uncertainties have all hurt sales quite a bit. Things seem to have picked up more recently. St Regis is supposed to finally open February and Lettuce Entertainment is taking over and announcement the opening of two new restaurants. One is Sushi restaurant which I think could work really well.

https://blockclubchicago.org/2022/10/07/...101-story-st-regis-building-next-spring/

Additionally this recent high profile sale of $20.5 millioin should help confidence I think as well.

https://headtopics.com/us/st-regis-tower...d-home-sales-in-chicago-history-30111565

I think once St Regis opens the sales could pick up substantially. I'm excited to see it when completed.

[r18tdi]

Off topic, but another issue with St. Regis is that the residential interiors aren't that special compared to One Bennett, One Chicago and Trib Tower (having seen all four in person). St. Regis comes across as cold, sterile, and overly bright -- whereas the others have much better detailing, artwork, lighting, richer textures, etc. that feel more luxurious and residential and less like a fancy hospital.

[ivi237]

Saw this pic on FB today, not sure if it’s related to parcel I.

[rivernorthlurker]

Hmm, related or not to Site I that concrete would have to eventually go anyway right? So in a way this kinda counts towards construction.

Originally Posted by ivi237

Saw this pic on FB today, not sure if it’s related to parcel I.

[pianowizard]

^ A comparison with this photo I took on Oct 22 (see below) shows that a wall has been demolished, and that they are breaking up the ramp. Would be great if this demolition is to prepare for Site I construction!

[rivernorthlurker]

Is this looking East? Ie the building is Cirrus/Cascade development and the road is Lake Shore?

Originally Posted by pianowizard

^ A comparison with this photo I took on Oct 22 (see below) shows that a wall has been demolished, and that they are breaking up the ramp. Would be great if this demolition is to prepare for Site I construction!