CHICAGO | Optima Phase II | 588 FT | 57 FLOORS - Page 7

ardecila · #**121** Posted **Jul 2, 2015, 12:57 AM**

Quote:

Originally Posted by SamInTheLoop

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......

Of course Hovey put the main entrance on Cityfront Plaza. He's a suburban developer and he's got a ready-made car turnaround. It's also likely that anybody coming/going on foot is headed to Michigan, so if the main entrance was on Grand, you're forcing people to walk up an ugly, crumbling flight of stairs.

Sometimes developers get it wrong - Fifield at K2, for example. Lots of people coming and going from lower level Kinzie service entrance while the big grand Halsted entrance with car turnaround is a ghost town. To be honest, I'm guessing the busiest entrance is probably the bridge to the Jewel - no hills or steps to climb and the most direct access to shopping, transit, and workplaces. They probably added that after people expressed concerns.

SamInTheLoop · #**122** Posted **Jul 7, 2015, 3:55 PM**

Quote:

Originally Posted by LouisVanDerWright

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.

I'm guessing all - or the great majority - of the changes were on the books before he started that foundation work late last year. I'm also guessing it was never his plan to have a gap of any length between that work, and the work that is now just starting back up. I also think that this is a large resi project - what, 225-230 mil or so? Don't get me wrong - I like Hovey's work A LOT. But it probably took a while for his lenders to get comfortable...he runs a smaller scale shop and wears a lot of hats, it's not like he has a super extensive very large scale track record and is laser focused on one aspect (which is what lenders like in their sponsors). Also, I know that he's had to take out a pretty decent chunk of mezz financing/preferred equity stake yet again......can be on the pricey side and let's just say it's not necessarily indicative that he had a shall we say 'easy' time putting together the overall financing/loan package.........finally, on net, apartment lenders have actually been tightening standards somewhat in recent quarters.....this is counter to what's happening on the commercial side - where office, industrial, hotels and even retail lending have continued to loosen unabated......

ChiTownWonder · #**123** Posted **Jul 9, 2015, 5:34 PM**

Thanks to Koodoo for the updated optima 2 drawing

chicagoflorida · #**124** Posted **Jul 10, 2015, 2:55 AM**

7/9/15

LouisVanDerWright · #**125** Posted **Jul 10, 2015, 1:55 PM**

Thanks for the shot and welcome! Hope you can continue to contribute from your perch as this building starts to rise.

Nice to see another crane base in, this building is really going to push the critical mass in this area upwards.

Skyguy_7 · #**126** Posted **Jul 10, 2015, 2:38 PM**

^^ Great vantage point! Just curious- did your neighbors put up a stink when this building was proposed?

chicagoflorida · #**127** Posted **Jul 11, 2015, 5:25 AM**

ill update pics every week or two.

havent heard any complaints recently from the neighbors.

BrandonJXN · #**128** Posted **Jul 11, 2015, 2:18 PM**

Quote:

Originally Posted by BVictor1

http://www.chicagobusiness.com/reale...struction-loan

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

I really like the contrast of colors between the two projects.

As much as I go downtown, I've yet to see Optima up close. I'm a fan of smooth glassed, boxy skyscrapers (I love 500 N. LSD and Coast). Optima Phase II will look really nice in the skyline. Glad to see it under construction. Also: as a native of Los Angeles, I can't help but think that Optima is a vertical Pacific Design Center in West Hollywood.

http://www.tbany.com/images/uploads/...-TBA-web-1.jpg

sentinel · #**129** Posted **Jul 11, 2015, 7:32 PM**

^thats a very good point - I love the Pacific Design Center, maybe because it's so bright and colorful.

jcchii · #**130** Posted **Jul 13, 2015, 3:01 PM**

great addition for the color alone - agree

Swicago Swi Sox · #**131** Posted **Jul 13, 2015, 4:51 PM**

Quote:

Originally Posted by chicagoflorida

ill update pics every week or two.

havent heard any complaints recently from the neighbors.

Given that the Fairbanks tower is shaped to where most views are North or South, this tower does not really affect too many people. The tower is also offset to the North of both FB and Optima 1.

It will also be nice to have somehting finish off the circle drive instead of having to walk past a chain link fence all the time. All in all this is a big positive for neighbors in the area.