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  #101  
Old Posted Jun 23, 2015, 12:08 PM
SamInTheLoop SamInTheLoop is offline
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Great news that this one finally seems to be on the verge of resumption. Wales by mid afternoon yesterday and those folks had departed, nothing moving on site, but clearly we might see real progress shortly, at last.......I wouldn't be surprised if we see an article or blurb soon that indicates Hovey has closed on the financing.....
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Last edited by SamInTheLoop; Jun 23, 2015 at 1:12 PM.
     
     
  #102  
Old Posted Jun 23, 2015, 5:03 PM
SamInTheLoop SamInTheLoop is offline
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^ Like clockwork, article just posted in Crain's.


So as I expected, this was almost assuredly mostly a delay due to lack of financing when they did the caisson work late last year..........
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  #103  
Old Posted Jun 23, 2015, 5:16 PM
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Quote:
Originally Posted by SamInTheLoop View Post
^ Like clockwork, article just posted in Crain's.


So as I expected, this was almost assuredly mostly a delay due to lack of financing when they did the caisson work late last year..........
http://www.chicagobusiness.com/reale...struction-loan

June 23, 2015
Streeterville apartment project scores $160 million construction loan
By Alby Gallun

Quote:
Local developer David Hovey landed a $159.5-million construction loan for a 53-story apartment tower he's building in Streeterville, next door to another residential high-rise he completed in 2013.

Hovey said he and his partner, Tampa, Fla.-based DeBartolo Development, closed last week on the loan for the 490-unit building at 220 E. Illinois St. The development venture borrowed the money for the $225 million project from Bank of America, PNC Bank and Fifth Third Bank, he said.

The venture began work on the site last fall. Construction halted for several months as the development team finished its construction drawings, not because of financing delays, said Hovey, CEO of Optima, a Glencoe-based developer.


I really like the contrast of colors between the two projects.
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  #104  
Old Posted Jun 23, 2015, 5:22 PM
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^ Love this color scheme
     
     
  #105  
Old Posted Jun 23, 2015, 6:07 PM
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so shortened from 57 to 55 to 53? whats the final height?
     
     
  #106  
Old Posted Jun 23, 2015, 6:15 PM
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Originally Posted by hawainpanda View Post
so shortened from 57 to 55 to 53? whats the final height?
The rendering above, which was included in the Crain's article, shows 53 levels from upper Illinois St. It is 57 levels to Grand Ave on the north facade of the building. Either way, 53 floors alone is pretty tall (not sure what the final height of this building is). And I also love this color scheme.
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  #107  
Old Posted Jun 23, 2015, 6:46 PM
SamInTheLoop SamInTheLoop is offline
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^^^ I love it as well......this is going to be great!


^^ by the way, hovey's explanation of the delay doesn't wash.......it's a redirect as for whatever reason he doesn't want the difficulty in getting finances wrapped broadcast (or he doesn't want to look like he made a mistake in starting construction without financing - which of course it was).....
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  #108  
Old Posted Jun 23, 2015, 7:13 PM
chrisvfr800i chrisvfr800i is offline
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Quote:
Originally Posted by sentinel View Post
The rendering above, which was included in the Crain's article, shows 53 levels from upper Illinois St. It is 57 levels to Grand Ave on the north facade of the building. Either way, 53 floors alone is pretty tall (not sure what the final height of this building is). And I also love this color scheme.
There are 57 levels above ground, including mechanical levels, and the overall height from Grand Ave is 587.58'.
     
     
  #109  
Old Posted Jun 23, 2015, 7:26 PM
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Originally Posted by chrisvfr800i View Post
There are 57 levels above ground, including mechanical levels, and the overall height from Grand Ave is 587.58'.
So 587.58'/57 floors = 10.31' floor to floor height. So it's not hard to extrapolate that the four floors to Upper Illinois would be about 41.2', so perhaps we can assume the building height if taken from upper Illinois to be 587.58' - 41.2' = 546.38' which is still pretty tall (aren't numbers fun??? )
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  #110  
Old Posted Jun 23, 2015, 7:39 PM
chrisvfr800i chrisvfr800i is offline
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Originally Posted by sentinel View Post
So 587.58'/57 floors = 10.31' floor to floor height. So it's not hard to extrapolate that the four floors to Upper Illinois would be about 41.2', so perhaps we can assume the building height if taken from upper Illinois to be 587.58' - 41.2' = 546.38' which is still pretty tall (aren't numbers fun??? )
Upper Illinois is at +37.25', Grand Ave. is at +13.42', and the overall building elevation is at 601.00'. So, from Upper Illinois, it's 563.75' tall and from Grand it's 587.58'

Bottom line it sticks out of the ground 587.58'!!
     
     
  #111  
Old Posted Jun 23, 2015, 7:42 PM
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Originally Posted by chrisvfr800i View Post
Upper Illinois is at +37.25', Grand Ave. is at +13.42', and the overall building elevation is at 601.00'. So, from Upper Illinois, it's 563.75' tall and from Grand it's 587.58'

Bottom line it sticks out of the ground 587.58'!!
Um well, no need to get snippy - my point was that it's still pretty tall regardless of whether it's seen from Upper Illinois or Grand Ave.
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  #112  
Old Posted Jun 23, 2015, 8:41 PM
chrisvfr800i chrisvfr800i is offline
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Um well, no need to get snippy - my point was that it's still pretty tall regardless of whether it's seen from Upper Illinois or Grand Ave.
No snippiness intended!!
     
     
  #113  
Old Posted Jun 23, 2015, 8:52 PM
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No snippiness intended!!
Top of the muffin...TO YOU!!!!!

https://www.youtube.com/watch?v=yE7hGMMIyfE
     
     
  #114  
Old Posted Jun 24, 2015, 2:44 AM
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Love the color scheme. This thing will look awesome!
     
     
  #115  
Old Posted Jun 24, 2015, 3:13 PM
SamInTheLoop SamInTheLoop is offline
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Quote:
Originally Posted by chrisvfr800i View Post
Upper Illinois is at +37.25', Grand Ave. is at +13.42', and the overall building elevation is at 601.00'. So, from Upper Illinois, it's 563.75' tall and from Grand it's 587.58'

Bottom line it sticks out of the ground 587.58'!!


Thanks for #s. What's the height of Optima I from Upper Illinois I wonder

Walking around the site the other day, I can sure see (at least one of the major reasons) why they chose to (unless - correct me if I'm wrong, here Chris) put the main entrance on the Illinois side - that block of Grand Avenue - the north side - has got to be one of the very ugliest in Streeterville, if not in competition for ugliest in all of downtown..........can you imagine walking out the front entrance of your building, and looking at that everyday? It's pretty brutal, as it currently stands.......obviously there is potential going forward for redevelopment of the various parcels, but at present it is just bleak......
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  #116  
Old Posted Jun 24, 2015, 4:45 PM
chrisvfr800i chrisvfr800i is offline
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Originally Posted by SamInTheLoop View Post
Thanks for #s. What's the height of Optima I from Upper Illinois I wonder

Walking around the site the other day, I can sure see (at least one of the major reasons) why they chose to (unless - correct me if I'm wrong, here Chris) put the main entrance on the Illinois side - that block of Grand Avenue - the north side - has got to be one of the very ugliest in Streeterville, if not in competition for ugliest in all of downtown..........can you imagine walking out the front entrance of your building, and looking at that everyday? It's pretty brutal, as it currently stands.......obviously there is potential going forward for redevelopment of the various parcels, but at present it is just bleak......
There are secondary lobbies for residential and commercial on the Grand side, and three retail spaces. It is bleak down there, and Grand is a bit of a race track.

Optima I stands 410.33-ish from Upper Illinois and 434.00 from Lower Illinois.
     
     
  #117  
Old Posted Jun 24, 2015, 5:00 PM
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Agreed. Which is why I am still more then a bit miffed that the powers that be haven't decided to deck over Grand from Michigan to St.Clair. That could potentially be a very nice pedestrian plaza right off Michigan with retail space and al fresco dining.
     
     
  #118  
Old Posted Jul 1, 2015, 6:16 PM
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6/30
     
     
  #119  
Old Posted Jul 1, 2015, 6:18 PM
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^ tower crane base put in after you shot that. Just walked by it
     
     
  #120  
Old Posted Jul 2, 2015, 12:33 AM
LouisVanDerWright LouisVanDerWright is offline
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Originally Posted by SamInTheLoop View Post
^^ by the way, hovey's explanation of the delay doesn't wash.......it's a redirect as for whatever reason he doesn't want the difficulty in getting finances wrapped broadcast (or he doesn't want to look like he made a mistake in starting construction without financing - which of course it was).....
I'm not sure what makes you think this was a financing issue. The loan was likely contingent on the permits and the fact is it happened almost instantly after the permits were issued. Given how screwed up the 9th floor is right now I have a feeling it was a combination of last minute changes by Hovey and a clogged up permit pipeline that delayed this. It's not as if one just asks the city to delay issuing you permits until your loan is closed. If he made an error it was starting foundations before having the superstructure squared away. Remember the original scheme with all blue and black? I have a feeling he probably revised more than just the color of the glass.
     
     
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