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  #19801  
Old Posted Jul 30, 2013, 11:12 PM
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Originally Posted by the urban politician View Post
Is the boutique-y office space being created by smaller projects in the West Loop (conversions of vintage cold storage and meat-processing facilities) going to be enough to fulfill this demand?
Why would new Class A space satisfy the demand from tenants leaving a Class C building?
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  #19802  
Old Posted Jul 30, 2013, 11:25 PM
LouisVanDerWright LouisVanDerWright is offline
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Why would new Class A space satisfy the demand from tenants leaving a Class C building?
It wouldn't, but hopefully it will draw enough of the big guys out of 20-50 year old buildings to open them up to the Class C tenants. I actually think we are starting to see a shortage of Class C space (that is actually usable and not completely horrible) downtown. I have a feeling that many of those types of tenants will be pushed into the neighborhoods and suburbs.
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  #19803  
Old Posted Jul 30, 2013, 11:48 PM
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Originally Posted by wierdaaron View Post
I was wondering if the decline in office space and their replacement by hotels could be considered good/bad, but it could just be a factor of modern companies needing modern amenities in an office space that these old buildings can't easily provide. Newer developments like River Point and 150 N Riverside can attract companies needing the latest tech, wiring, amenities, and super-fast elevators, while aging buildings like 360 N Michigan can take advantage of their prime locations and historic status by catering to hotel guests, who have much simpler needs from an infrastructure standpoint.
Indeed. The floorplans of 360 N. Michigan were wonky and hard to accommodate larger companies that would want to plug them with a ton of systems furniture. They were okay if you wanted to do some fancy boutique office with a lot of conferencing and custom odds and ends seating. But expect to pay a high price per square foot per employee. Alot of the Class C buildings work perfectly for doctors or small offices and there is plenty of space still available. You can still find a lot of older buildings with empty space, but less of them containing law firms, small non-profits, design firms, etc. I think these are the types of firms that have upgraded to Class A space.
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  #19804  
Old Posted Jul 31, 2013, 12:03 AM
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Originally Posted by LouisVanDerWright View Post
It wouldn't, but hopefully it will draw enough of the big guys out of 20-50 year old buildings to open them up to the Class C tenants. I actually think we are starting to see a shortage of Class C space (that is actually usable and not completely horrible) downtown. I have a feeling that many of those types of tenants will be pushed into the neighborhoods and suburbs.
Do the neighborhoods even have enough office space to absorb tenants from downtown Class C buildings?
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  #19805  
Old Posted Jul 31, 2013, 12:22 AM
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Originally Posted by Hayward View Post
Indeed. The floorplans of 360 N. Michigan were wonky and hard to accommodate larger companies that would want to plug them with a ton of systems furniture. They were okay if you wanted to do some fancy boutique office with a lot of conferencing and custom odds and ends seating. But expect to pay a high price per square foot per employee. Alot of the Class C buildings work perfectly for doctors or small offices and there is plenty of space still available. You can still find a lot of older buildings with empty space, but less of them containing law firms, small non-profits, design firms, etc. I think these are the types of firms that have upgraded to Class A space.
A tech company I've worked with just spent a few million dollars building out a shiny new office in 360 N, moving from the Monadnock, a couple of years ago. I feel bad for them now. Are they going to have to move out?
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  #19806  
Old Posted Jul 31, 2013, 12:23 AM
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Isn't it supposed to be Nordstrom Rack, or am I thinking of something else?
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Chase Bank branch with a drive-thru.
Both, actually - Nordstrom Rack (or some apparel outlet) is going on the north side of Weed, and Chase on the south. The springing up of precast that prompted my post was on the Nordstrom Rack site, because it's like a giant 3 story cliff of concrete where only 1 story structures were before. On the Chase Bank site, they are still doing site prep.
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  #19807  
Old Posted Jul 31, 2013, 12:32 AM
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Originally Posted by marothisu View Post
In some smaller news, I see that there will be a few pedestrian walkways (skyways?) added between 259 E Erie and a few other building which is on the Northwestern Memorial Campus. Also, a restaurant/cafe type of thing is going to be added to Saks Fifth on the 7th floor (700 N Michigan) which I don't believe has hit the news yet...but there's a building permit for it ;-)
The Saks restaurant was news a couple months ago when they also announced they were abandoning their men's building on the east side of Michigan.

But there is new news today about 259 E Erie - Crain's reports that LYFE Kitchen will open a store there after completion next year.

This is LYFE's 2nd announced location in the city -- their first is to open at Clark and Hubbard -- presumably, AMLI ?
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  #19808  
Old Posted Jul 31, 2013, 2:52 AM
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Do the neighborhoods even have enough office space to absorb tenants from downtown Class C buildings?
Of course. Historically the buildings at each corner of major intersections (1/2 mile streets) were office above, retail/restaurant at grade. Some have been converted to residential, but others remain as office space.

The bigger question is whether these kinds of spaces offer adequate transportation. Most of them have mediocre transit options compared to the Loop and even worse driving/parking situations.
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  #19809  
Old Posted Jul 31, 2013, 3:34 AM
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Remember that the new office tenants are packing more people into the same square footage.
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  #19810  
Old Posted Jul 31, 2013, 4:02 AM
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Originally Posted by denizen467 View Post
The Saks restaurant was news a couple months ago when they also announced they were abandoning their men's building on the east side of Michigan.

But there is new news today about 259 E Erie - Crain's reports that LYFE Kitchen will open a store there after completion next year.

This is LYFE's 2nd announced location in the city -- their first is to open at Clark and Hubbard -- presumably, AMLI ?
Interesting. Is there an article for that? I know the news and remember it but don't remember about the food. My friend who works at Saks doesn't seem to know much either.


I believe for Lyfe, yes, AMLI will be the first.
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  #19811  
Old Posted Jul 31, 2013, 2:12 PM
Vlajos Vlajos is offline
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Originally Posted by the urban politician View Post
Did anyone know that 100 W Monroe was going to be converted into a Hyatt hotel? I don't recall hearing that news. Either way, in today's Crains it is reported that that project has just received financing.

Another historic Loop tower being converted from office to other uses. We had the discussion before that the space needs of companies, due to downsizing, has decreased. But still, at some point all of this lost office space must be generating demand for more office space (beyond what can be offered by 444 W Lake). Is the boutique-y office space being created by smaller projects in the West Loop (conversions of vintage cold storage and meat-processing facilities) going to be enough to fulfill this demand?
This is not new news. The way the Crains article reads you would think this was new. The developer had already moved all the tenants out of the building. The building was 100% occupied, so I'm curious where they all went.
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  #19812  
Old Posted Jul 31, 2013, 2:33 PM
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This is not new news. The way the Crains article reads you would think this was new. The developer had already moved all the tenants out of the building. The building was 100% occupied, so I'm curious where they all went.
Workers have been gutting the building for several weeks now. I noticed this morning they were cutting out windows and a chunk of the building, probably for a lift.

I wonder what it will look like when completed. It’s a pretty bland building with almost no architectural features. They could re-clad it, paint it, etc. I imagine they will want to dress it up somehow.
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  #19813  
Old Posted Jul 31, 2013, 3:52 PM
SamInTheLoop SamInTheLoop is offline
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Originally Posted by Hayward View Post
I've said this before, but turning over these vintage buildings to residential or hotel uses does justice to these buildings. It's sad walking into these old pre-war buildings and seeing some ragged conditions or outdated office interiors. Some are stuck in the 70's. From a preservation standpoint, I'd rather see demand for office space shift elsewhere in the loop so we can see older buildings converted to alternative uses as opposed to demolition for larger office towers in the same spot.

With the exception 100 W. Monroe deep in teh loop, I'd like to see everything East of State Street transition primarily to hotel, shopping, residential, and educational uses.

Everything in the E. Loop? I definitely wouldn't go nearly that far. There is a good deal of older office stock east of State that remains quite functional for at least Class B office, and this won't likely change for decades. Also, you may be underestimating the potential for adaptive reuse from office to residential and hotel in the central loop, and even in the west loop (to a somewhat lesser extent as proportionally larger market share there of future new supply likely to be comprised of new construction). Definitely potential as one example, for some new hotel conversions along and within a block of LaSalle (hoping to see a resurrection of that proposal to conver an older LaSalle St building to a Residence Inn. Point is, more mixed-use is the way to go for pretty much the entire Loop, and use-segregated districts generally are not (this is not to say respective compositions would or should ever be identical). Yes, we'll hear some more nimby blathering for certain areas that we hadn't before, and we'll just have to deal with it. Also, yes these adaptive reuses are an overwhelming positive for downtown and the city at large......
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  #19814  
Old Posted Jul 31, 2013, 4:14 PM
Rizzo Rizzo is offline
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Originally Posted by SamInTheLoop View Post
Everything in the E. Loop? I definitely wouldn't go nearly that far. There is a good deal of older office stock east of State that remains quite functional for at least Class B office, and this won't likely change for decades. Also, you may be underestimating the potential for adaptive reuse from office to residential and hotel in the central loop, and even in the west loop (to a somewhat lesser extent as proportionally larger market share there of future new supply likely to be comprised of new construction). Definitely potential as one example, for some new hotel conversions along and within a block of LaSalle (hoping to see a resurrection of that proposal to conver an older LaSalle St building to a Residence Inn. Point is, more mixed-use is the way to go for pretty much the entire Loop, and use-segregated districts generally are not (this is not to say respective compositions would or should ever be identical). Yes, we'll hear some more nimby blathering for certain areas that we hadn't before, and we'll just have to deal with it. Also, yes these adaptive reuses are an overwhelming positive for downtown and the city at large......
Ooh, I never should have said everything. That was my fault. Most, would be better. After all I work in the East Loop myself! I guess what I meant is I'd like to see Wabash become an improved shopping street. More second level boutiques if possible. More hotels and residential. Some buildings that face Michigan Ave and modern buildings like CNA or 55 E Monroe will always be hardwired for office.
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  #19815  
Old Posted Jul 31, 2013, 4:22 PM
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Originally Posted by wierdaaron View Post
A tech company I've worked with just spent a few million dollars building out a shiny new office in 360 N, moving from the Monadnock, a couple of years ago. I feel bad for them now. Are they going to have to move out?
Depends if there's a termination agreement. So if you sign a 10-yr lease it can only be terminated after a set period of time if the landlord wants to do something else.
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  #19816  
Old Posted Aug 1, 2013, 1:32 AM
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Historic Dearborn Station in Printers Row getting some work done.



Haven't heard any news about this. I think this building is one of the best-looking things in the area.
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  #19817  
Old Posted Aug 1, 2013, 1:45 AM
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^I think they just needed to reset the clock.
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  #19818  
Old Posted Aug 1, 2013, 6:49 AM
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Developers Present Latest Proposal for Lathrop Homes Site

A passionate crowd was on hand at last night's community meeting as Lathrop Community Partners (LCP) presented yet another redevelopment scheme for Lathrop Homes.

To recap, this latest—and nearly final—master plan calls for a total of 1,208 units on the 32-acre site, bounded by Diversey, Clybourn, Damen, and the Chicago River. The units break down as follows: 504 market-rate, 212 affordable-rate, and 400 dedicated to public housing residents.As part of its plan to rebrand the Lathrop Homes site, LCP hopes to tap the potential of its riverfront location by creating three major outdoor attractions: River's Edge Park, Schubert Square, and Powerhouse Plaza, all of which would function as multipurpose spaces for concerts, farmers markets, and the like. All of the newly-constructed buildings will be 2-8 stories tall, except for the mixed-income, "iconic tower" of unknown height planned for the southern tip of the site.

Phase 1 could kick off as soon as 2015, with final delivery by 2016. After that, things get a bit more



============================
Kevin Dickert, 2013, http://chicago.curbed.com/archives/2...hrop-homes.php
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  #19819  
Old Posted Aug 1, 2013, 12:46 PM
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^Ha! Better not tell them about daylight savings time

wierdaaron: Do you think it looks better now than it did before decapitation? http://www.shorpy.com/files/images/4a24000a.jpg
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  #19820  
Old Posted Aug 1, 2013, 2:23 PM
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Dearborn Station is having some masonry work done. As of this morning, the coping and the top two or three courses of brick have been removed.
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