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  #1821  
Old Posted Jan 25, 2021, 9:30 PM
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Originally Posted by SamInTheLoop View Post
This developer made some very odd and unfortunate choices with respect to that mix - also potentially with size/pricing - from the start.
Yeah I think they assumed what works for them in Manhattan would work in the South Loop.
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  #1822  
Old Posted Jan 26, 2021, 10:28 PM
SamInTheLoop SamInTheLoop is offline
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^ Yeah - seriously, could be. I mean, I was certainly left with the impression at least that they didn't do all their homework.
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  #1823  
Old Posted Jan 27, 2021, 5:44 PM
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So should we have faith in the restructuring of the condo to rental ratio or is this basically a last second Hail Mary?
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  #1824  
Old Posted Jan 27, 2021, 6:03 PM
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Originally Posted by AMWChicago View Post
So should we have faith in the restructuring of the condo to rental ratio or is this basically a last second Hail Mary?
With the rental component people can just sign leases and move in while brokers focus on selling the condo component. The money would be flowing for the rentals, making the entire project less of a risk.
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  #1825  
Old Posted Feb 7, 2021, 2:44 PM
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  #1826  
Old Posted Feb 7, 2021, 2:45 PM
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Revised Plans Filed For South Loop’s Stalled 1000M Skyscraper



The proposal was submitted by Time Equities, who has co-planned the project alongside JK Equities and Oak Capitals. The application requested an amendment to allow for 738 units, an increase from the initially planned 421 condominiums. Current zoning, according to The Real Deal, would only allow for a maximum of 506 units. It is unclear what types of units will occupy the new version of the tower, although a Chicago Tribune article from December 2020 suggests a potential shift to apartments. Despite the unit count increase, the height of the new structure would reduce slightly from 832 feet and 76 floors to 802 feet and 73 floors. Additionally, the tower’s total floor area would now stretch 903,455 square feet. The incorporated renovation of an adjacent 102-foot-tall office building would remain as is.





Link: https://chicagoyimby.com/2021/02/rev...kyscraper.html
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  #1827  
Old Posted Feb 7, 2021, 4:08 PM
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what an awesome plan. can't wait to check out that roof deck one day!!!
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  #1828  
Old Posted Feb 9, 2021, 12:06 AM
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  #1829  
Old Posted Feb 9, 2021, 3:09 AM
Ricochet48 Ricochet48 is offline
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Excited this has come back to life.

Aside from Regis, this will have the biggest impact on the skyline (even more than OneChicago). I will fill the gap between the NEMA cluster and Essex very well when viewed from Alder (which is of course a super popular viewing point).
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  #1830  
Old Posted Feb 9, 2021, 7:48 AM
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looks like all the detailing for the crown fell by the wayside... too bad
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  #1831  
Old Posted Feb 9, 2021, 5:19 PM
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Originally Posted by dropdeaded209 View Post
looks like all the detailing for the crown fell by the wayside... too bad
I think that's an improvement. The uninterrupted façade will help promote the sculptural aspect of the design, given the dimensionality of its curvy shape.
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  #1832  
Old Posted Feb 26, 2021, 1:49 PM
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Renderings Reveal Updated Design For 1000M At 1000 S Michigan Avenue In South Loop



Renderings have been revealed of the updated design for 1000M, a residential tower located at 1000 S Michigan Avenue in South Loop. Located on an empty lot, the site fronts S Michigan Avenue midblock between E 9th Street and E 11th Street. Time Equities and JK Equities are the developers behind the project.

https://chicagoyimby.com/2021/02/ren...outh-loop.html
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  #1833  
Old Posted Feb 26, 2021, 2:49 PM
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Originally Posted by CaptainJilliams View Post

Renderings have been revealed of the updated design for 1000M, a residential tower located at 1000 S Michigan Avenue in South Loop. Located on an empty lot, the site fronts S Michigan Avenue midblock between E 9th Street and E 11th Street. Time Equities and JK Equities are the developers behind the project.

https://chicagoyimby.com/2021/02/ren...outh-loop.html
Here is the key quote from that article:
Quote:
The change in unit type from condos to rentals was a result of the financing structure behind the project. The developers secured construction financing in two phases, where the provider had the option to change or rescind funds for the second phase if they chose to. In the late spring of 2020, financing for the second phase was not released by the provider and the project was halted. The developers hope that the change in unit type will allow for the reinstatement of financing either by the current provider or a new provider. Final negotiations on financing are still underway.
So as we suspected, COVID was just a fig leaf for the pause in construction last year. And they still have not secured financing to actually finish it.
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  #1834  
Old Posted Feb 26, 2021, 4:36 PM
SamInTheLoop SamInTheLoop is offline
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So according to article, all rentals, now 738 units. Big boost in density. I wish them all the luck in the world in pulling this off.

I haven't researched, but I wonder if these developers have any relevant experience (let alone a strong established track record) with very large rental development? If not, that will certainly not make things easier to pull off financing here. It's a heavy lift, and I hope they can get it done. If they run into real difficulty in the months ahead, would appear to be a good opportunity to JV with an established player in the market, or potentially sell to one that can hit the ground running.
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  #1835  
Old Posted Feb 26, 2021, 5:24 PM
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We just better not end up with a half built skeleton to look at for years and years from Grant Park and the Lake.
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  #1836  
Old Posted Mar 15, 2021, 9:33 PM
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  #1837  
Old Posted Mar 15, 2021, 9:40 PM
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"This extremely dense concentration of dwelling units could create safety problems and potentially lower the property values of the existing community”

What a joke.
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  #1838  
Old Posted Mar 15, 2021, 9:53 PM
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Quote:
The new proposal “would change the character of the building from what was originally to be a condominium of resident owners to a more transient population of renters,” Simon Fox, property manager of the building at 910 S. Michigan Ave., wrote in a letter to Ald. Sophia King (4th), who represents the neighborhood.
Yes.... transients. On Boul Mich, overlooking the park and the lake. By the sounds of it you would think they are building a highrise SRO here. Give me a break with these fatalistic/doomsday whines.
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  #1839  
Old Posted Mar 15, 2021, 10:21 PM
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Yes.... transients. On Boul Mich, overlooking the park and the lake. By the sounds of it you would think they are building a highrise SRO here. Give me a break with these fatalistic/doomsday whines.
The residents and adjoining property owners along Michigan Ave. need to non-politely go fuck themselves. This has got to be the most insipidly ridiculous logic I've ever read! Transients, in an expensive rental tower on Michigan Ave.? Wow, what a bunch of bovine excrement!

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  #1840  
Old Posted Mar 16, 2021, 12:43 AM
RedCorsair87 RedCorsair87 is offline
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Right. Because Nema is not all rental and a block away.

Give me a break
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