CHICAGO | 400 N Lake Shore Drive | 851 FT & 765 FT | 73 & ? FLOORS - Page 102

MorganChi · #**2021** Posted **Jul 22, 2023, 5:52 PM**

Please God and bless us with a 1,000 footer

glowrock · #**2022** Posted **Jul 22, 2023, 7:43 PM**

Quote:

Originally Posted by Randomguy34

Pending permits are in place, this is not a drill!

462 E NORTH WATER ST

Holy shit! Talk about coming back from the dead!

Steely Dan · #**2023** Posted **Jul 22, 2023, 7:44 PM**

WOW!!!

This is potentially the most exciting Chicago skyscraper news since 1000M re-broke ground back in December of '21.

At 875' this would be the 11th tallest tower in the city.

And I've always LOVED this design.

Here's to hoping!

Zapatan · #**2024** Posted **Jul 22, 2023, 8:15 PM**

Quote:

Originally Posted by MorganChi

Please God and bless us with a 1,000 footer

Probably not, but 875' is decent. Parcel I, Tribune and NEMA II have supertall potentials though.

UrbanDweller98 · #**2025** Posted **Jul 22, 2023, 8:30 PM**

Hopefully after construction costs go down in a few years the south tower will get a height bump. Sucks that this isn’t the Spire, but it definitely beats a giant hole in the ground.

Hudson11 · #**2026** Posted **Jul 22, 2023, 8:37 PM**

Hope is hard to hang onto for this project. Currently glass half full. That the intention to build is now established via permits is great, but they'll need a substantial construction loan to begin.

Randomguy34 · #**2027** Posted **Jul 22, 2023, 8:58 PM**

^ ChiPlanner pointed out Related Midwest secured a loan from IDHA. It looks like it's for....$510 million!

https://www.ihda.org/wp-content/uplo...-Notice_v2.pdf

twister244 · #**2028** Posted **Jul 22, 2023, 9:06 PM**

Quote:

Originally Posted by Randomguy34

^ ChiPlanner pointed out Related Midwest secured a loan from IDHA. It looks like it's for....$510 million!

https://www.ihda.org/wp-content/uplo...-Notice_v2.pdf

Wow. So, in theory..... We should see an actual ground breaking soon?

CaptainJilliams · #**2029** Posted **Jul 22, 2023, 10:46 PM**

This is great news, fingers crossed this one finally gets built.

donnie · #**2030** Posted **Jul 23, 2023, 12:13 AM**

This is the project I have been waiting for since the beginning of the boom!

pip · #**2031** Posted **Jul 23, 2023, 3:48 AM**

What!?!

Out of nowhere. Great news!

Does anyone have the latest image for the design of these buildings?

Steely Dan · #**2032** Posted **Jul 23, 2023, 3:59 AM**

This is the most recent publicly released design, AFAIK.

BrickellBased · #**2033** Posted **Jul 23, 2023, 4:16 AM**

Just trying to understand this process. That meeting was for public notice and comment correct? That seems to be a step in the process but there are more steps if they are under the following 'Program Bond' process that I dug up on the ISDA website:

https://www.ihda.org/developers/mult...2/#toggle-id-2

Program bonds have a 'Public Comment Period' and the Conduit Bond Program does not, so I assume that is the program they are under. It also mentions the TEFRA Hearing that was alluded to in the memo Randomguy posted (https://www.ihda.org/wp-content/uplo...-Notice_v2.pdf) so they're at least not at that point yet.

Which according to the timeline doc means they just finished weeks 16-17 of a 28-29 week period when the 'initial closing' will commence. See full timeline here (and reproduced at bottom)

https://www.ihda.org/wp-content/uplo...ne-Website.pdf

Also this is just for the issuance for the bonds correct? It isn't a direct loan. They still have to find people to buy the bonds? From the first link:

Quote:

IHDA can act as bond issuer and lender and provide credit enhancement through its HUD Risk Share Program. IHDA will underwrite the loan to the Risk Share standards and obtain an FHA-insured loan. The developer is able to work with IHDA directly for the bond issuance, bond loan and automatic 4% LIHTC award. IHDA will also sell the bonds in the marketplace to obtain the bond rate.

Of course having the bonds FHA insured and tax exempt makes them much more attractive. I don't entirely understand what the above quote means in terms of a direct loan. Does it mean they also automatically buy 4%?

PS: It would be great if any of the other documents like the PPA they would have had to submit are publicly available. Maybe someone can contact the ISDA...

Quote:

Originally Posted by ChiPlanner

This was approved at the Illinois Housing Development Authority’s Board meeting yesterday for financing of the north tower. 80/20 marker/affordable unit split. It’s happening!

pianowizard · #**2034** Posted **Jul 23, 2023, 11:46 AM**

Quote:

Originally Posted by munchymunch

800ft+ towers continue in Chicago.

Indeed, this is the main reason for me to get excited about this project.

Quote:

Originally Posted by tylerbogerz

this is gonna be the first skyline changing tower since st regis.

I am afraid not, since it's not much taller than its neighbors especially the 837 foot One Bennett Park, and its taper reduces the impact. Take a look at rgarri4's model (disregard Parcel I):

Quote:

Originally Posted by rgarri4

Klippenstein · #**2035** Posted **Jul 23, 2023, 2:30 PM**

Quote:

Originally Posted by BrickellBased

Also this is just for the issuance for the bonds correct? It isn't a direct loan. They still have to find people to buy the bonds?

Here’s a description I found on IHDA’s website:

Quote:

IHDA can act as bond issuer and lender and provide credit enhancement through its HUD Risk Share Program. IHDA will underwrite the loan to the Risk Share standards and obtain an FHA-insured loan. The developer is able to work with IHDA directly for the bond issuance, bond loan and automatic 4% LIHTC award. IHDA will also sell the bonds in the marketplace to obtain the bond rate.

I suppose my questions would be:
Do they have investors already lined up?
How many bonds would they need to sell before breaking ground?
If they weren’t somewhat confident in their ability to sell the necessary bonds to start construction would they be filing construction permits?

To me, all signs point to a good probability that this project will start soon though possibly delayed. My guess is that we see major work commence in early 2024.

BrickellBased · #**2036** Posted **Jul 23, 2023, 2:43 PM**

Yeah - obviously some things are in motion so it's great news.

Getting permits approved as early as possible and making it look like everything's going smoothly will also help convince investors to buy the bonds.

Quote:

Originally Posted by Klippenstein

Here’s a description I found on IHDA’s website:

I suppose my questions would be:
Do they have investors already lined up?
How many bonds would they need to sell before breaking ground?
If they weren’t somewhat confident in their ability to sell the necessary bonds to start construction would they be filing construction permits?

To me, all signs point to a good probability that this project will start soon though possibly delayed. My guess is that we see major work commence in early 2024.

munchymunch · #**2037** Posted **Jul 23, 2023, 2:45 PM**

They also had soil testing done on the site in June for Thorium which passed. Related is a massive corporation if they’re going through all the trouble plus these IHDA bonds then I’d be pretty confident we see some movement soon.

BrickellBased · #**2038** Posted **Jul 23, 2023, 2:58 PM**

Also now we can start fantasizing about either Tribune East or Site I (or all 3!) also coming back from the dead and going up at the same time.

UrbanDweller98 · #**2039** Posted **Jul 23, 2023, 3:37 PM**

Quote:

Originally Posted by pianowizard

I am afraid not, since it's not much taller than its neighbors especially the 837 foot One Bennett Park, and its taper reduces the impact. Take a look at rgarri4's model (disregard Parcel I):

Yeah, 1000M is far more impactful on the skyline given it’s prominence.

MorganChi · #**2040** Posted **Jul 23, 2023, 8:05 PM**

Time for an update I suppose , or keep our hopes out if they want to combine the both towers