CHICAGO | Highrise Projects & Construction, v7

[k1052]

Originally Posted by LouisVanDerWright

They could have left the building as is, converting it to lofts, and built something next on the parking lot. If this city had any balls they would have required that.

Part of their lot is on the rail ROW so they'd need to overbuild if they did something like this. Doable but there isn't a lot of space to work with.

The parking lot to the north is owned by Vornado who has their own plans.

[BVictor1]

No high-rises on the June plan commission.

[LouisVanDerWright]

Originally Posted by k1052

Part of their lot is on the rail ROW so they'd need to overbuild if they did something like this. Doable but there isn't a lot of space to work with.

The parking lot to the north is owned by Vornado who has their own plans.

If only there were multiple standing examples of large highrises built over rail ROWs within a three block radius!

[r18tdi]

Anyone fancy a tour of Parq Fulton and Evo Union on June 10?
https://www.paperlesspost.com/go/rNyRqrMSzlzL2C4DazMK

[Zapatan]

Originally Posted by BVictor1

No high-rises on the June plan commission.

Maybe July and August will be better.

Would be nice to see Tribune East and Parcel I break ground now that the neighboring / connected buildings of both of those projects have (almost?) finished.

I think 400 LSD is already scheduled to break ground later this year if I'm not mistaken but they weren't waiting for other buildings to be completed like the first two. I think they can start whenever they want.

[Steely Dan]

Originally Posted by Zapatan

I think 400 LSD is already scheduled to break ground later this year if I'm not mistaken but they weren't waiting for other buildings to be completed like the first two. I think they can start whenever they want they manage to close on a construction loan.

Fixed that for you.

[Zapatan]

Originally Posted by Steely Dan

Fixed that for you.

Honestly, how hard will it be for Related to get a loan? I think it's just the taller tower going up first in any case, not really anything that ambitious.


I don't even think Tribune East or Parcel I are too ambitious either. Currently it seems Monterrey, Mexico may be breaking ground on a 400+ meter building, no reason a larger US city like Chicago can't do the same.



...

[Rizzo]

Originally Posted by r18tdi

Anyone fancy a tour of Parq Fulton and Evo Union on June 10?
https://www.paperlesspost.com/go/rNyRqrMSzlzL2C4DazMK

Thanks for sharing, looking forward to checking it out.

[twister244]

Originally Posted by Zapatan

Honestly, how hard will it be for Related to get a loan? I think it's just the taller tower going up first in any case, not really anything that ambitious.


I don't even think Tribune East or Parcel I are too ambitious either. Currently it seems Monterrey, Mexico may be breaking ground on a 400+ meter building, no reason a larger US city like Chicago can't do the same.



...

It's not whether they can get a loan.... I am assuming. The larger concerns here is the broad economy. Rates are going up and cheap money is gone now. The numbers may not pencil in favorably anymore for Related to sink a bunch of dollars into a project if the economics aren't there. Most people are anticipating a recession soon (if not already), so companies are going to be very cautious about taking big risks.

[BVictor1]

https://chicago.suntimes.com/busines...n-market-lease

Boston Consulting Group signs big Fulton Market lease

The deal for 250,000 square feet certifies Fulton Market’s emergence as a prime destination for corporations.

By David Roeder Jun 2, 2022, 6:16pm CDT

In a deal that shows Fulton Market’s appeal to a wide range of companies, developer Sterling Bay said Boston Consulting Group will relocate from downtown to a new building planned in Fulton Market.

The management consultancy will lease 250,000 square feet, or about half of a building Sterling Bay and J.P. Morgan Global Alternatives plan at 360 N. Green St. Construction on the $288 million building is expected to start this summer, with completion in 2025.

The move will involve about 1,000 employees at Boston Consulting, which will leave the riverfront tower at 300 N. LaSalle St. Brad Martens, the firm’s Chicago office leader, said the “vibrant neighborhood will be a magnet for our recruits, and the state-of-the-art office will enable new forms of collaboration between our teams and our clients.”

[ardecila]

Originally Posted by rivernorthlurker

Some beautiful timber beams. Still looking as straight as the day the building was built 120 years ago.

Interesting contrast in approach to 210 Aberdeen also photo'd by Solar

The difference is the Fulton Market zoning overlay, which gave the city leverage to push for partial preservation of this unique space.

I assume they will put this up for lease targeting boutique retail tenants. Gourmet restaurant, spa, salon, etc. The clear spans could also be appealing to a more banal kind of tenant like CVS, Walgreens, Target, Aldi etc.

As for why the beams look more "rustic", it's probably because a steel shop hung all kinds of tools and devices from the roof beams over the years, which crushed the corners.

Originally Posted by SamInTheLoop

The tower is indeed fantastic, but this would be so much better without the fultonized base. Just an honest, cohesive expression carried down to sidewalk. Hopefully a revision of the guidelines that are forcing architects to base-fultonization is indeed in the works.

I agree the city has probably pushed some other Fulton Mkt buildings too far, but this one is really a shining example of what the guidelines are supposed to do. The base is a lightweight frame of black steel and glass. The brick is only used as a spandrel panel, and it looks like they are planning to use unusual brick shapes and/or patterns to drive home the idea that the brick is purely decorative.

[BruceP]

Originally Posted by twister244

It's not whether they can get a loan.... I am assuming. The larger concerns here is the broad economy. Rates are going up and cheap money is gone now. The numbers may not pencil in favorably anymore for Related to sink a bunch of dollars into a project if the economics aren't there. Most people are anticipating a recession soon (if not already), so companies are going to be very cautious about taking big risks.

"Some" economists are predicting a recession, not "most." Economists surveyed by The Wall Street Journal in April, on average, put the probability of the economy being in recession sometime in the next 12 months at 28%. Fundamentals have not materially changed since then.

[SolarWind]

June 2, 2022

[SolarWind]

June 2, 2022

[SolarWind]

June 2, 2022

[west-town-brad]

Originally Posted by BruceP

"Some" economists are predicting a recession, not "most." Economists surveyed by The Wall Street Journal in April, on average, put the probability of the economy being in recession sometime in the next 12 months at 28%. Fundamentals have not materially changed since then.

fundamentals have not changed much (which is the problem) but interest rates have nearly doubled since April and will continue to go higher this summer

it's what the fed does that will determine if we tip into recession, with Jerome Powel now saying his ability to cool the economy without tipping into recession is getting less and less likely

anyway here is a link from May, with 57% of economists expecting a recession due to the required actions of the fed to tame the overheating economy

https://www.cnbc.com/2022/05/03/the-...bc-survey.html

[twister244]

Originally Posted by west-town-brad

fundamentals have not changed much (which is the problem) but interest rates have nearly doubled since April and will continue to go higher this summer

it's what the fed does that will determine if we tip into recession, with Jerome Powel now saying his ability to cool the economy without tipping into recession is getting less and less likely

anyway here is a link from May, with 57% of economists expecting a recession due to the required actions of the fed to tame the overheating economy

https://www.cnbc.com/2022/05/03/the-...bc-survey.html

Right. That's enough uncertainty to probably force folks to re-evaluate proposed plans.

[simon07]

Originally Posted by SolarWind

June 2, 2022

Mark my words this will be a vacant lot for many years before any kind of construction might possibly start. Pathetic!

[SamInTheLoop]

^ Much more likely in this case that the developer has already landed their loan, and that is what kicked off demo.

[rivernorthlurker]

Originally Posted by SolarWind

June 2, 2022

There was only 1 excavator last time I was there, now 2. I think they're getting ready to roll!