CHICAGO | 1000M (1000 S Michigan) | 805 FT | 73 FLOORS - Page 65

cozy · #**1281** Posted **Oct 24, 2019, 8:02 PM**

Quote:

Chi-Larry
….This building will make a handsome addition to the skyline of Chicago! ….Now, let’s Hurry, Hurry, Hurry, and get this thing built, before the next real estate downturn gives this building an unwanted height reduction (Hair-Cut), as has happened in the past, with other buildings here.

Posted on Oct 24, 2019 | 2:39 PM

Which buildings is this user referencing?

kolchak · #**1282** Posted **Oct 24, 2019, 8:03 PM**

https://www.chicagotribune.com/colum...outputType=amp

Financing has not been finalized yet according to this article. It also looks like it would be financed in phases...

gebs · #**1283** Posted **Oct 24, 2019, 9:00 PM**

Quote:

Originally Posted by cozy

Which buildings is this user referencing?

I believe the original building pitched for this site several years before 1000M was a concept was much taller and thinner? I'm 80% sure of this.

Donnie77 · #**1284** Posted **Oct 24, 2019, 9:02 PM**

Numbers just don't add up imo..

BrinChi · #**1285** Posted **Oct 24, 2019, 9:08 PM**

Quote:

Originally Posted by gebs

I believe the original building pitched for this site several years before 1000M was a concept was much taller and thinner? I'm 80% sure of this.

Not quite. See the image in the top left of the thread for the original proposal. A landmarks commission didn't think it respected the Michigan Ave streetwall so it was downsized and Jahn said the design looked bad when shrunk.

The user above was referring to waterview, which stalled during the financial crisis and sat embarassingly unfinished until 2011.

rgolch · #**1286** Posted **Oct 25, 2019, 1:04 AM**

Quote:

Originally Posted by Donnie77

Numbers just don't add up imo..

Yeah, I agree. And financing in stages.... has this happened with a major project in recent times? I honestly don't recall something like that happening with any of the buildings now under construction. It points to the fact that they can't land financing for the entirety of the project.

I know there's a lot of people on this forum who keep saying this is a great project, and will have great views, and so on and so forth. But a lot of you are looking at this building in isolation, and not comparing it to the competition. To make an analogy, every time I see a new Cadillac, I think "hey, those are nice cars." And indeed they are. But whenever I put down my hard earned cash, I always end up buying a BMW or Mercedes. I doesn't matter that Cadillacs are nice cars. I prefer what I consider something better.

South of the river is the proverbial "other side of the tracks." At that price point, people almost always go north. At least for downtown condos (maybe not Hyde Park).

The Pimp · #**1287** Posted **Oct 25, 2019, 4:46 AM**

Quote:

Originally Posted by rgolch

Yeah, I agree. And financing in stages.... has this happened with a major project in recent times? I honestly don't recall something like that happening with any of the buildings now under construction. It points to the fact that they can't land financing for the entirety of the project.

I know there's a lot of people on this forum who keep saying this is a great project, and will have great views, and so on and so forth. But a lot of you are looking at this building in isolation, and not comparing it to the competition. To make an analogy, every time I see a new Cadillac, I think "hey, those are nice cars." And indeed they are. But whenever I put down my hard earned cash, I always end up buying a BMW or Mercedes. I doesn't matter that Cadillacs are nice cars. I prefer what I consider something better.

South of the river is the proverbial "other side of the tracks." At that price point, people almost always go north. At least for downtown condos (maybe not Hyde Park).

Waterview.

rlw777 · #**1288** Posted **Oct 25, 2019, 4:39 PM**

Quote:

Originally Posted by The Pimp

Waterview.

I don't think that was what happened. If I remember correctly Waterview got started without financing secured.

Steely Dan · #**1289** Posted **Oct 25, 2019, 4:42 PM**

Quote:

Originally Posted by rlw777

I don't think that was what happened. If I remember correctly Waterview got started without financing secured.

correct. Teng started work on waterview on their own dime, hoping to eventually secure financing that never materialized after the economic meltdown of 2008. and Teng eventually ran out dimes.

very similar to what Kelleher tried to pull off at the old spire site, though he didn't get as far along in construction before the bust.

chicubs111 · #**1290** Posted **Oct 25, 2019, 4:42 PM**

Quote:

Originally Posted by rlw777

I don't think that was what happened. If I remember correctly Waterview got started without financing secured.

I believe waterview did get a small mezzanine loan during initial construction..

Tom In Chicago · #**1291** Posted **Oct 25, 2019, 4:49 PM**

Quote:

Originally Posted by Steely Dan

correct. Teng started work on waterview on their own dime, hoping to eventually secure financing that never materialized after the economic meltdown of 2008. and Teng eventually ran out dimes.

very similar to what Kelleher tried to pull off at the old spire site, though he didn't get as far along in construction before the bust.

. . . Right. . . and let's not forget that Kelleher swooped in only after Fordham started and failed to get anything done there. . .

. . .

Zapatan · #**1292** Posted **Oct 25, 2019, 6:19 PM**

While I'm skeptical of this whole project, I do think this would be a good future neighborhood for luxury high-rises. People say that it isn't at the moment, but I'm talking about 10-20 years down the road. Props to 1000m for starting a trend. I see no reason why park and lake views combined wouldn't be super desirable.

Hopefully NEMA II will happen as well an we'll see tons of them pop up, like Central Park in NYC

ThirdCoaster · #**1293** Posted **Oct 25, 2019, 6:28 PM**

Quote:

Originally Posted by Zapatan

While I'm skeptical of this whole project, I do think this would be a good future neighborhood for luxury high-rises. People say that it isn't at the moment, but I'm talking about 10-20 years down the road. Props to 1000m for starting a trend. I see no reason why park and lake views combined wouldn't be super desirable.

Hopefully NEMA II will happen as well an we'll see tons of them pop up

Agreed. Ignoring the over-confidence of this particular project, it's hard not to see the similarities between this location and Central Park in NY.

This has proximity to one of the largest urban parks in the country, plus views of a large body of water, proximity to the world-class Museum park, local transit options, and grocery stores. All of which should make this a very desirable neighborhood both now and in the future.

I predict that within 15 years you'll start to see another row of skyscrapers coming in behind on State and Wabash to take the last few vantage spots of Grant Park/Lake Michigan.

Within 20 years I could see there being proposals to re-develop Dearborn Park 1 or 2.

SolarWind · #**1294** Posted **Oct 27, 2019, 5:32 AM**

October 24, 2019

bhawk66 · #**1295** Posted **Oct 27, 2019, 6:59 PM**

Gotta love the added snark in the parking signage.

Zapatan · #**1296** Posted **Oct 27, 2019, 8:58 PM**

An excavator? Okay I'm starting to get a little excited

Quote:

Originally Posted by bhawk66

Gotta love the added snark in the parking signage.

They sure don't F around

spyguy · #**1297** Posted **Nov 2, 2019, 4:07 PM**

https://www.bdcnetwork.com/1000m2019

James McHugh Construction breaks ground on 1000M, Michigan Avenue’s tallest tower to be
McHugh will start work on the 832-foot-tall residential tower in December 2019.

...Greenburger confirmed that construction on the $470MM project will commence in December. 1000M has sold 23% of its 421 luxury residences to date.

Steely Dan · #**1298** Posted **Nov 2, 2019, 4:23 PM**

^ Bombardier proves his insider creds once again.

Zapatan · #**1299** Posted **Nov 2, 2019, 4:33 PM**

Nice!

Am I the only one that actually likes the new design a lot? I dig the curves...

RedCorsair87 · #**1300** Posted **Nov 2, 2019, 5:07 PM**

I really like the stainless steel/aluminum. Like most towers this cycle, I'm sure it will look better than the renderings once completed.