CHICAGO | General Developments

[BVictor1]

08/24/17

[KWILLSKYLINE]

Has a nice presence at night.

[Jibba]

Anyone have an opinion as to whether or not that wall was painted? It looks that way to my eye, through a photograph.

[Near North Resident]

Originally Posted by Jibba

Anyone have an opinion as to whether or not that wall was painted? It looks that way to my eye, through a photograph.

probably powerwashed maybe with a sand mixture in it

[Ned.B]

Originally Posted by SolarWind

August 25, 2017

I've said it once before, but for all the work that the owners of this building have put into making it more "hip" and desirable for tenants, it would be great if some effort was put into restoring the exterior. The condition of the facade on this one is one of the worst in the Loop. Many decades of differed maintenance and hack repair jobs.

[Kenmore]

Originally Posted by LouisVanDerWright

Ponzi Scheme

yup

[Chi-Sky21]

Was on the Ike earlier thought i saw some equipment at the site where that zig zag design building was supposed to go in the West Loop near Van Buren and Racine.

[tjp]

Originally Posted by LouisVanDerWright

Ponzi Scheme

How so (genuine question)? Bush Temple delays aside, they were able to stabilize and sell several of their Uptown / Edgewater properties to CLK, and the ones remaining in their portfolio (Lawrence House, Otis in Pilsen) appear to be performing well.

[the urban politician]

^ I think he was just joking

[emathias]

Originally Posted by Stunnies23

So the bush temple flats apartments have still not had even 1 move in yet. How is this company profitable enough to start construction on the Lasalle project rehab? It's been over two years since they started the project.

The Bush project wasn't even approved by the City until about 18 months ago. I don't know why it doesn't have leasing yet. Maybe they need to do something with the 15-story tower land before they start leasing (not completed, but maybe some connector put in place or something, who knows). Or maybe there is still some interior work being finished or some sort of snag with final permitting.

They sold some of their buildings last year to fund newer renovations. Depending on how they structure themselves, finding funds for current projects doesn't necessarily have anything to do with profitability of completed buildings.

June, 2016, the sold six buildings for $67 million (875 N. Magnolia Ave., 5051 and 6134 N. Kenmore Ave. and 5411 and 5718 N. Winthrop Ave), and then in November they sold their headquarters building in Uptown for about $7 million more. They made a small profit on the headquarters building.

I think their business plan is mostly to make money rehabbing places and that the apartment management aspect is more about being able to hold over buildings until they find the right buyer and/or to be able to demand a higher price for a leased vs unleased building.

[tjp]

Originally Posted by the urban politician

^ I think he was just joking

Well I know it's not a ponzi scheme - but I figured the company's profitability might actually be in question; it does seem like they get a lot of online hate.

[FrankLloydWrong]

Walking home from work today, I noticed a demo/building permit for 680 N. Milwaukee. Looks like a 5 story, 20 unit building is going to replace the garage thats there. Couldn't find any images, but the project is listed on the Domain Groups website.

[emathias]

Originally Posted by tjp

Well I know it's not a ponzi scheme - but I figured the company's profitability might actually be in question; it does seem like they get a lot of online hate.

I think the online hate just comes with the territory. Trying to market something as high end while keeping the pricing (relatively) affordable. You get a lot of strivers in that market, and some strivers are just full of themselves and prone to be picky because they think it makes them seem like connoisseurs.

[emathias]

676 N Lasalle, August 30


676 N Lasalle
by me, on Flickr


676 N Lasalle
by me, on Flickr


676 N Lasalle
by me, on Flickr

[ardecila]

Originally Posted by Chi-Sky21

Was on the Ike earlier thought i saw some equipment at the site where that zig zag design building was supposed to go in the West Loop near Van Buren and Racine.

This is just for the demo of the existing buildings on the site. Construction (assuming Pizzuti has their ducks in a row financially) can't begin until the city agrees to vacate S. Aberdeen St and the utilities are relocated.

[BVictor1]

Digging DuSable

08/30/17

[KWILLSKYLINE]

I know i've been way behind so you guys are probably getting annoyed with my questions, but whats going on at dusable park? Just soil testing or is there an actual redevelopment plan in place? Or is this just still work being done for the Flyover?

[woodrow]

^^Perfectly valid question. It is remediation. More thorium, I believe. Then, new sea wall, then more....nothing. If I recall correctly, there is no funding in place for the park. I don't think anything will come of the most recent park designs, including a sculpture of DuSable by Martin Puryear. Which is sad

[r18tdi]

Originally Posted by woodrow

^^Perfectly valid question. It is remediation. More thorium, I believe. Then, new sea wall, then more....nothing. If I recall correctly, there is no funding in place for the park. I don't think anything will come of the most recent park designs, including a sculpture of DuSable by Martin Puryear. Which is sad

Isn't Related on the hook for a future overhaul of the park? Thought it was tied to the Spire site's PD...

[k1052]

Current work is thorium remediation, grading, and the planting of native grasses IIRC. No money yet for anything beyond that.