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  #581  
Old Posted Dec 12, 2019, 7:56 PM
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Originally Posted by Skyguy_7 View Post
I can't imagine a professional marketing team would come up with the term "sidescraper"...
Eh, it gets the point across...

I assume Related is looking to ape the success of Merchandise Mart and Old Post Office. It makes sense from a development standpoint, this style of building is more cost-efficient than highrise (there is less cladding and core space per SF). You can even design it to be expandable, horizontally.
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  #582  
Old Posted Dec 12, 2019, 9:03 PM
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  #583  
Old Posted Dec 12, 2019, 9:13 PM
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I've heard the term land scraper before.
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  #584  
Old Posted Dec 12, 2019, 9:25 PM
Sohcatoah Sohcatoah is offline
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When I hear Sidescraper, I think the Zurich building:

https://claycorp.com/wp-content/uplo...rich-new-3.jpg

Anyone know how to resize something that isn't imgur?
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  #585  
Old Posted Dec 19, 2019, 8:05 PM
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  #586  
Old Posted Dec 19, 2019, 8:46 PM
LouisVanDerWright LouisVanDerWright is offline
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I heard a rumour the other day from a credible source that Related has been shopping the 78 around because Lightfoot won't give them a TIF like Lincoln Yards. Anyone else heard this?
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  #587  
Old Posted Dec 19, 2019, 8:49 PM
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Huh. I thought the TIF was already approved?
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  #588  
Old Posted Dec 19, 2019, 8:54 PM
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Originally Posted by LouisVanDerWright View Post
I heard a rumour the other day from a credible source that Related has been shopping the 78 around because Lightfoot won't give them a TIF like Lincoln Yards. Anyone else heard this?
https://chicago.curbed.com/2019/4/10...e-city-council

Rahm made sure that wouldn't be the case, so I don't believe that for a second.
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  #589  
Old Posted Dec 20, 2019, 12:41 AM
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Originally Posted by LouisVanDerWright View Post
I heard a rumour the other day from a credible source that Related has been shopping the 78 around because Lightfoot won't give them a TIF like Lincoln Yards. Anyone else heard this?
Not that I've ever heard.

The new red line subway stop was approved today.



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  #590  
Old Posted Dec 20, 2019, 1:50 AM
BuildThemTaller BuildThemTaller is offline
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Cool! Just please please please do not call "The 78 Red Line" Stop. It's 15th Street.
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  #591  
Old Posted Dec 20, 2019, 4:47 PM
SamInTheLoop SamInTheLoop is offline
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Quote:
Originally Posted by LouisVanDerWright View Post
I heard a rumour the other day from a credible source that Related has been shopping the 78 around because Lightfoot won't give them a TIF like Lincoln Yards. Anyone else heard this?


A guess: This may be disinformation propagated by a rival developer (this is not to necessarily impugn your direct source....as we know disinformation can be more efficacious when amplified by unwitting participants). Perhaps you can think of one?


Or, maybe Related Midwest is looking to sell a stake, to bring in a big equity partner? That would make sense.

But an outright sale? It got its ~700 mil. TIF approved, and now the red line station. Granted, this project is much more deserving of TIF funds then say....just spitballing here - Lincoln Yards, which got a $1.3 bil. boondoggle. But a rumor of an outright sale doesn't smell right.
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  #592  
Old Posted Dec 20, 2019, 5:06 PM
Baronvonellis Baronvonellis is offline
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Yea, please don't call it the 78 red line. That is just confusing and weird. It's not 78th street! I think calling it 78 is dumb in the first place, no one cares that there's 78 designated community areas in Chicago, only a city planner would even know about that.
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  #593  
Old Posted Dec 20, 2019, 5:12 PM
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Originally Posted by Baronvonellis View Post
Yea, please don't call it the 78 red line. That is just confusing and weird. It's not 78th street! I think calling it 78 is dumb in the first place, no one cares that there's 78 designated community areas in Chicago, only a city planner would even know about that.
Agreed, hoping that title dies as the area becomes developed. Just call it River South or something.
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  #594  
Old Posted Dec 20, 2019, 5:28 PM
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Or SoRoNoChiTo

(South of Roosevelt but North of ChinaTown)
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  #595  
Old Posted Dec 20, 2019, 7:00 PM
LouisVanDerWright LouisVanDerWright is offline
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Or SoRoNoChiTo

(South of Roosevelt but North of ChinaTown)
Cermak Chinatown should be renamed "Chi Town"...
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  #596  
Old Posted Dec 20, 2019, 9:05 PM
mark0 mark0 is offline
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Originally Posted by Handro View Post
Agreed, hoping that title dies as the area becomes developed. Just call it River South or something.
Agreed - the terrible naming of things in this city has to stop. Jane Byrn Interchange? Ida B Wells Drive? SoNo? The 78? Please just stop!
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  #597  
Old Posted Dec 21, 2019, 1:06 AM
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Originally Posted by SamInTheLoop View Post
maybe Related Midwest is looking to sell a stake, to bring in a big equity partner?
They already have one: General Mediterranean still has something like a 95% ownership. Related Midwest is just the "general partner," doing the development work for a distant investor-owner.
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  #598  
Old Posted Jan 10, 2020, 4:43 AM
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  #599  
Old Posted Jan 20, 2020, 5:23 PM
SamInTheLoop SamInTheLoop is offline
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Originally Posted by Mr Downtown View Post
They already have one: General Mediterranean still has something like a 95% ownership. Related Midwest is just the "general partner," doing the development work for a distant investor-owner.

Ah yes, of course......perhaps General Mediterranean than is looking to sell a stake? I wonder also what the status is of the lawsuit involving the early investors in the land/78 that were suing General Mediterranean?
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  #600  
Old Posted Feb 12, 2020, 1:39 PM
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'Once-in-a-generation' South Loop project gets $500M boost from Pritzker

https://www.chicagobusiness.com/greg...boost-pritzker

Quote:
In a huge boost for Chicago’s tech industry and for development of the South Loop, Gov. J.B. Pritzker has decided to release $500 million in state capital funds for the budding Discovery Partners Institute in the 78 real estate project on the Near South Side.

The formal announcement, scheduled to come later today in a press conference featuring Pritzker and Mayor Lori Lightfoot, clears the way for construction of 500,000 square foot headquarters for DPI, including classroom and lab space for thousands of teachers and students expected to use the research facility.

Officials at Related Midwest, which is donating land for the DPI project, said the action provides a critical catalytic spark to attract other tenants to the firm’s 62-acre development along the South Branch of the Chicago River between Roosevelt Road and Chinatown.

The release of the state funds also clears the way for more than $260 million in other high-tech research spending at other campuses around the state, including $85 million for a pharmaceutical and cancer research facility at the University of Illinois at Chicago and $100 million for a big data hub and other buildings at the University of Illinois at Urbana-Champaign.


..

“When I got here, there was hardly any matching money,” Pritzker said in an interview. But now, $230 million in hard commitments have been made by various government units and private companies, and the state expenditure should clear the way for “at least” another $270 million.

“This puts Illinois at the epicenter of world commerce,” aid Pritzker, who was in the venture capital business before running for office. “It’s going to create an awful lot of jobs and upskilling”—a projected 1,100 within two years and 15,000 within five years.

Actually, a report prepared for DPI by Boston Consulting Group says the facility, which boosters say they hope will emulate Kendall Square in Boston, could generate even bigger figures, saying DPI should create 48,000 “new economy” jobs over the next decade, 27,000 support jobs and help 23,000 people get better jobs.

University of Illinois President Timothy Killeen said construction of DPI’s first building, along the 1400 block of South Wells, should begin this year, with the facility to include 500,000 square feet of laboratory and other space, classrooms, and an “immersion theater” be used for data visualization.

Related Midwest President Curt Bailey described the announcement as “a seminal moment” for his development, which also will benefit from a somewhat controversial tax-increment financing subsidy approved in Emanuel’s final days.

Bailey said he now expects to move ahead with phase one of his development, with six buildings including a million square feet of office space, a hotel and 400 apartments built by 2024, along with a riverwalk. Construction of a new el stop will come later.

Though Pritzker said private fundraising has stepped up, at least $224 million of the $500 million is coming from state schools in different forms, with UIC, for instance, donating $37 million in bond proceeds, $23 million in “indirect cost recovery,” $18 million in philanthropic gifts and $15 million in clinical revenue.

Two large corporate gifts—$50 million from Foxconn and $65 million from pharmaceutical company Deerfield Management—already had been announced.
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