CHICAGO | Tribune Tower Addition | 1,442 FT | 113 FLOORS

[NSW2492]

Originally Posted by UrbanDweller98

I think we are all getting ahead of ourselves, we all saw that the bid was updated a few weeks ago. There was probably no need for it to still be up on the site, hopefully CIM group makes an official statement soon.

This is my hope, I just don't want to get too optimistic about it. It would make sense if it's no longer needed. Any
viable potential contractors have probably been in contact with the developers for years at this point.

[Klippenstein]

Another possibility is that they updated it for the utility work that somebody mentioned and took it down because they were getting too many unwanted inquiries.

[munchymunch]

Originally Posted by Tom In Chicago

Projects don't always get cancelled outright. . . sometimes they just fade away. . .

. . .

This. I'm sure someone on the exec board is still very much pushing for this, but for a project on a scale like this, the stars need to align... Or get a billion dollars from an overseas conglomerate.

[Zapatan]

Originally Posted by munchymunch

This. I'm sure someone on the exec board is still very much pushing for this, but for a project on a scale like this, the stars need to align... Or get a billion dollars from an overseas conglomerate.

Elon Musk should just get involved, why not?

All jokes aside those are my sentiments too, a project this scale is certainly within the realm of possibility for a city like Chicago but still a bit of a long shot IMO.

[NSW2492]

Originally Posted by Klippenstein

Another possibility is that they updated it for the utility work that somebody mentioned and took it down because they were getting too many unwanted inquiries.

This thought definitely crossed my mind as well. An article about a Tribune west condo going back on the market mentioned that 60% of units there are under contract, that still leaves quite a few to sell, and when the bid opportunity got updated, there were several articles that came out about the East tower still being an active proposal, I can't imagine that helped sales inquiries, and I could see them removing the bid opportunity as a result.

My only issue with that line of thinking is, wouldn't the residents of the West tower have grounds for a lawsuit if the developers are actively trying to obfuscate the potential for a massive development right next door? Like Golub flat out stating that the East tower was never a serious proposal. I hate NIMBY's as much as the next guy, but I'd be pretty pissed if the developer flat out lied through his teeth and sold me a condo under the pretense that they themselves own the adjacent parking lot, and that they are definitely not pursuing developing it. That seems like too bold of a move for it to be true.

Time will tell, I guess. I imagine if they are still pursuing it, we'll hear something before too long.

[Dylan Dude]

I got so excited for this a whopping 5 yrs ago. Stayed excited for it all the way up until about last year, when I realized it was never happening. Now I see this thread update that I never expected and got all excited only to end up being let down all over again lol wow what the hell

[skysoar]

My goodness, can we just wait until we hear something more definitive. All this skepticism and pessimism based on what?. They have a bidding process for Tribune East, that will soon play itself out, until then cooler heads should prevail. I don't believe they would state a possible start date of early 2024 if they were not serious. Yes, it could all fall apart, but until we hear something that dire, I remain optimistic it will happen.

[NSW2492]

Originally Posted by skysoar

My goodness, can we just wait until we hear something more definitive. All this skepticism and pessimism based on what?. They have a bidding process for Tribune East, that will soon play itself out, until then cooler heads should prevail. I don't believe they would state a possible start date of early 2024 if they were not serious. Yes, it could all fall apart, but until we hear something that dire, I remain optimistic it will happen.

I think you need to read the conversation again. Speculating on what the reasons could be for them removing the bid opportunity is not inherently optimistic or pessimistic, even if you read it that way. Yes, we know that we don't know what's going on with this project, does that mean we aren't allowed to talk about it? I see nothing wrong with speculating on the possibilities, as long as we aren't trying to convey a sense of certainty with our speculation.

[Zapatan]

Originally Posted by Dylan Dude

I got so excited for this a whopping 5 yrs ago. Stayed excited for it all the way up until about last year, when I realized it was never happening. Now I see this thread update that I never expected and got all excited only to end up being let down all over again lol wow what the hell

Well first, these types of developments can easily take 5-10 years, or more.

Second, why are you let down all over again? We don't even know if the tower is happening or not.

[skysoar]

Originally Posted by Zapatan

Well first, these types of developments can easily take 5-10 years, or more.

Second, why are you let down all over again? We don't even know if the tower is happening or not.

I agree, this may a situation similar to 1000M, not the starting and stopping saga, but a long drawn-out process that hopefully comes to fruition.

[Zapatan]

Forgive the bump if this is nothing new but I don't believe this was ever posted. I'm not sure how credible of a source "The Real Deal" is but this basically seems like a more in depth summary of the latest news.

CIM probes Tribune East Tower again

Developer seeks bids from contractors on supertall project some believed to be shelved

CIM Group and Golub & Co. are dipping their toes back into the water to test the market for the Tribune East Tower supertall project in Chicago’s River North.

While the project has been dormant for three years since city officials approved the development, which could become Chicago’s second-tallest tower at more than 1,400 feet, CIM recently posted a new bidding opportunity to its website for general contractors, Chicago YIMBY reported.

https://therealdeal.com/chicago/2023...&utm_medium=af

[Busy Bee]

The Real Deal is highly credible. This is good news.

[mh777]

Originally Posted by Busy Bee

The Real Deal is highly credible. This is good news.

Article is from March.

[Urbannizer]

Originally Posted by Busy Bee

The Real Deal is highly credible. This is good news.

Same material that was first discovered here.

[Busy Bee]

That's how much I'm following this. I thought it sounded familiar.

[Zapatan]

Originally Posted by Busy Bee

The Real Deal is highly credible. This is good news.

What makes you think it's highly credible?

Same material that was first discovered here.

I'm guessing the person who wrote it reads this forum and got the information from here.


This may be a silly question but what exactly is a "bidding" in this context? Is CIM Group looking for a loan? Don't they already own the property?

[Busy Bee]

Um, because it just empirically is a credible responsibly reported commercial real estate news source. Are you like asking for proof or something? Not sure how to help you.

[MAC123]

Originally Posted by Zapatan

What makes you think it's highly credible?




I'm guessing the person who wrote it reads this forum and got the information from here.


This may be a silly question but what exactly is a "bidding" in this context? Is CIM Group looking for a loan? Don't they already own the property?

How do you not know what the real deal is?

[NSW2492]

Originally Posted by Zapatan

What makes you think it's highly credible?




I'm guessing the person who wrote it reads this forum and got the information from here.


This may be a silly question but what exactly is a "bidding" in this context? Is CIM Group looking for a loan? Don't they already own the property?

Bidding in this context means allowing contractors to look over the details of the project and provide pricing to CIM so CIM can decide which company they want to hire to actually construct the building. Competition amongst contractors helps ensure that no one is padding their pricing too much, hence the bidding.

They do own the property, but that is a small fraction of the price to complete a building like this. Just because they own a lot worth $50 million (fake number) doesn't mean they can afford to pay cash to have a $1 billion (also fake number) building built on top (CIM actually does have that kind of cash, but there are numerous reasons why they still might want a loan rather than paying cash).

[Zapatan]

Originally Posted by NSW2492

Bidding in this context means allowing contractors to look over the details of the project and provide pricing to CIM so CIM can decide which company they want to hire to actually construct the building. Competition amongst contractors helps ensure that no one is padding their pricing too much, hence the bidding.

They do own the property, but that is a small fraction of the price to complete a building like this. Just because they own a lot worth $50 million (fake number) doesn't mean they can afford to pay cash to have a $1 billion (also fake number) building built on top (CIM actually does have that kind of cash, but there are numerous reasons why they still might want a loan rather than paying cash).

Thanks!