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  #19401  
Old Posted Sep 17, 2021, 3:52 AM
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  #19402  
Old Posted Sep 17, 2021, 3:52 AM
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  #19403  
Old Posted Sep 17, 2021, 3:54 AM
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  #19404  
Old Posted Sep 17, 2021, 3:55 AM
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  #19405  
Old Posted Sep 17, 2021, 3:57 AM
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  #19406  
Old Posted Sep 17, 2021, 4:00 AM
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  #19407  
Old Posted Sep 17, 2021, 2:50 PM
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That trident column on K3 is interesting... I wonder they they'd put a flourish like that on Union which is basically an alley for Jewel's loading dock.

Maybe that is the "city side" entrance to the building for residents heading to the Loop or River North? The building has a Union address, too so I guess that will be the "primary" entrance?
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  #19408  
Old Posted Sep 17, 2021, 2:56 PM
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Originally Posted by SolarWind View Post
August 4, 2021

Wasn’t renovating the smaller building on the left supposed to be part of this project?
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  #19409  
Old Posted Sep 17, 2021, 3:05 PM
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^ Nope. That building (Veseman Building) was landmarked in 2007, but the tower next to it has a separate owner/developer. The tower is also a by-right development so it didn't need a special PD that might prompt the developer to do Adopt-a-Landmark.

The last news on the Veseman Building was last year when PharmaCann wanted to open a dispensary there. They withdrew the application and found a different River North site since they wanted to rush onto the market, and worried the landmark status would drag out permitting.

Really the highest and best use is probably another restaurant/bar, but I think we have to wait until after the pandemic abates. LaSalle is kind of a marginal location compared to a block east. But I'm sure there will be demand once the new office tower and other buildings nearby (Merch Mart etc) fill back up with workers.
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  #19410  
Old Posted Sep 17, 2021, 3:50 PM
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Originally Posted by ardecila View Post
^ Nope. That building (Veseman Building) was landmarked in 2007, but the tower next to it has a separate owner/developer. The tower is also a by-right development so it didn't need a special PD that might prompt the developer to do Adopt-a-Landmark.

The last news on the Veseman Building was last year when PharmaCann wanted to open a dispensary there. They withdrew the application and found a different River North site since they wanted to rush onto the market, and worried the landmark status would drag out permitting.

Really the highest and best use is probably another restaurant/bar, but I think we have to wait until after the pandemic abates. LaSalle is kind of a marginal location compared to a block east. But I'm sure there will be demand once the new office tower and other buildings nearby (Merch Mart etc) fill back up with workers.
For the lot south of the Veseman building, there were plans for a hotel before the pandemic - I'm wondering how that's going. https://www.chicagobusiness.com/comm...ed-river-north
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  #19411  
Old Posted Sep 17, 2021, 4:58 PM
SamInTheLoop SamInTheLoop is offline
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Originally Posted by SolarWind View Post
September 13, 2021


Always good to see your photo run-downs, Solar.


Am I imagining that 410 S Wabash started construction already? Could swear it. Or was that just a permits issued?
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  #19412  
Old Posted Sep 17, 2021, 6:01 PM
SamInTheLoop SamInTheLoop is offline
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Originally Posted by Randomguy34 View Post
Not including Lincoln Yards, here's a list of Sterling Bay's active projects. This isn't even including all of their purchases of existing buildings.

U/C:
300 N. Michigan
345 N. Morgan

Soon/likely to start:
ALLY (1229 W. Concord)
1000 W. Caroll
1200 W. Caroll

Active proposals:
360 N. Green
330 N. Green
160 N. Morgan
1400 W. North
1245 W. Fulton
1325 W. Fulton

I've heard from Sterling Bay before that they're bullish on an office boom post-pandemic. I'm surprised though they've earned the confidence of J.P. Morgan, they're the primarily financial advisor and backer, to pursue all of these projects. Watching them further grow and establish themselves as a dominate presence in the city's physical, and potentially political, landscape will be a bit terrifying to say the least



Design looks better than I expected. Here's hoping more of the lowrise north lakefront sites finally get developed


They earned the confidence of JP Morgan long before the pandemic - that's important to remember. Sitting here today, I do not know whether JP Morgan Asset Management (it's important to know which unit you're talking about in a massive financial organization such as that, because it make a real difference) has the same (at least apparent) optimistic outlook that Sterling Bay does. Also, keep in mind most of these are still mere proposals and I certainly suspect they won't be launching many more completely speculative projects in the near-term. Exception could be if they have a truly targeted market such as life sciences with enough of a current strong supply/demand story that lease-up risks seem manageable. That stated, life sciences in general tend to be more build-to-suit-oriented than the office market as a whole given how customized various aspects of their design can tend to be. That's not to say of course there isn't any speculative development, it's just trickier and less prevalent in general.

Another note on this being JP Morgan Asset Management and their current real assets/real estate/office investment strategy and portfolio allocation views - don't get them confused with JP Morgan as an overall corporate entity. Jamie Dimon is clearly very eager to get his employees back in their offices....just a basic philosophical thing with him. Finance and banks in general lean more in that direction and there are certain leaders of those firms in particular - perhaps he's the most prominent example - who are outspoken on that front. And, as an corporate office occupier strategy, clearly that position looks like it will also be put into practice with respect to occupancy decisions the firm will make over the next few years across its millions upon millions of sq ft in its portfolio, with a primary example locally being its apparent likely upcoming decision to anchor a new Loop skyscraper with a massive lease.

None of this of course necessarily reflects JPMAM's thinking on office broadly in its investment portfolio. But, clearly they had seen something they really liked in Sterling Bay, and Fulton Market more generally as a district. And, I don't have the details, but I'm assuming JPMAM didn't write anything approaching a blank check in its JV. I would think JPMAM approves all of the projects it chooses to contribute equity to on a deal-by-deal basis, and if something looks too risky - for whatever idiosyncratic or market-related reason, they can pass on participating. Someone please correct if you know my assumptions here to be off-base in this JV.
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  #19413  
Old Posted Sep 17, 2021, 6:05 PM
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Originally Posted by CrazyCres View Post


I really like 360 N Green. One of the stronger recently proposed Fulton Market designs for certain.
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  #19414  
Old Posted Sep 18, 2021, 3:19 PM
west-town-brad west-town-brad is offline
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Nothing against SB but JP Morgan’s involvement is not a vote of confidence in anything other than JPM’s ability to sell these investment funds to their clients. JPM is not investing for their own account.

The global hunt for ROI (or yield) is pretty aggressive right now due to rock bottom interest rates, making demand for alternative and risky investments like speculative office buildings high.

Crypto, Space tourism company IPOs, and record setting art auctions also tell the same story… as well as record setting prices for broad stock market indexes basically on a weekly basis for the last few years.
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  #19415  
Old Posted Sep 21, 2021, 6:01 PM
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https://www.chicagobusiness.com/comm...-fulton-market

September 21, 2021 12:44 PM UPDATED A MINUTE AGO

Guinness brewery coming to Fulton Market

The Irish beer brand will open a high-profile outpost in a long-vacant property owned by Chicago developer Fred Latsko.

DANNY ECKER




Chicago developer Fred Latsko has struck a deal with Irish beer brand Guinness to open a brewery and beer hall in a long-vacant Fulton Market District building while he lines up plans to build what could be one of the former meatpacking neighborhood's tallest office buildings next door.

Guinness is poised to open the venue as part of a revival of the graffiti-clad former Pennsylvania Railroad Terminal building on the eastern edge of Latsko's property at 375 N. Morgan St., according to sources familiar with the plans. Separately, a Latsko venture aims to develop a 33-story office building on the vacant western edge of the property near the corner of Morgan and Kinzie streets, according to a document submitted to City Council this month by 27th Ward Ald. Walter Burnett.

Quote:
If the 33-story plan becomes reality, the building would be among the tallest structures in Fulton Market
Burnett introduced an ordinance at the Sept. 14 City Council meeting to extend a deadline for the city to vacate a portion of the site along Latsko's property to make way for the office development.



I call myself looking through the city council ordinances on that day and I couldn't find anything.
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  #19416  
Old Posted Sep 21, 2021, 6:08 PM
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^ interesting. modern office floor-to-floors tend to be in the 14' - 17' range, so 33 floors would be roughly 450' - 550' zone. definitely a biggie for fulton market.
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  #19417  
Old Posted Sep 21, 2021, 7:00 PM
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Wow that's cool. I hope they preserve the graffiti.
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  #19418  
Old Posted Sep 21, 2021, 7:10 PM
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Originally Posted by Handro View Post
Wow that's cool. I hope they preserve the graffiti.
I hope they cover up all the tagging - narcissists with spray paint.

The art could definitely stay.


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  #19419  
Old Posted Sep 21, 2021, 7:29 PM
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Originally Posted by BVictor1 View Post
I call myself looking through the city council ordinances on that day and I couldn't find anything.
The zoning change hasn't been submitted yet, but the street vacation ordinance has: https://chicago.legistar.com/Legisla...vanced&Search=

Here's Latsko's original proposal for the site:



https://chicago.curbed.com/chicago-d...-375-west-loop
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  #19420  
Old Posted Sep 21, 2021, 9:05 PM
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Wow that's cool. I hope they preserve the graffiti.
I'd be shocked if Guinness preserved the graffiti. A huge part of their brand is general "Ireland-ness". If they are opening a statement, flagship, St. Paddy's day center of gravity Guinness-theme-park, it's hard to believe the best way to build upon their brand is with some random painting that already happened to be there.
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