CHICAGO | 400 N Lake Shore Drive | 851 FT & 765 FT | 73 & ? FLOORS

[Roy_Batty]

^ Link doesn’t work.

[MorganChi]

My bad

[ChiPlanner]

Originally Posted by Klippenstein

Here’s a description I found on IHDA’s website:


I suppose my questions would be:
Do they have investors already lined up?
How many bonds would they need to sell before breaking ground?
If they weren’t somewhat confident in their ability to sell the necessary bonds to start construction would they be filing construction permits?

To me, all signs point to a good probability that this project will start soon though possibly delayed. My guess is that we see major work commence in early 2024.

Yes--this would not get approval if the deal wasn't fully baked.

[BVictor1]

Originally Posted by ChiPlanner

This was approved at the Illinois Housing Development Authority’s Board meeting yesterday for financing of the north tower. 80/20 marker/affordable unit split. It’s happening!

https://www.ihda.org/wp-content/uplo...-Notice_v2.pdf

The Illinois Housing Development Authority (the “Authority”) gives notice that it will hold a public hearing on Thursday, July 20, 2023 at 9:30 a.m., local time, by video/audio and telephone as described below in connection with the proposed issuance by the Authority of not to exceed $510,000,000 in aggregate principal amount of its tax-exempt and taxable bonds and/or notes (collectively, the “Bonds”), in one or more series, pursuant to a common plan of finance.

Property Name and Address
400 Lake Shore Drive
462 E. North Water Street Chicago, IL
Name of Owner
RMW Lake Shore LLC
Number of Units
635
Original Principal Amount (Not to Exceed)
Tax-Exempt Bonds: $300,000,000
Taxable Bonds: $210,000,000

https://webapps1.chicago.gov/buildin...ationstatus.do

Application Status
462 E NORTH WATER ST
Description: DDS 2019 CBC: CAISSONS ONLY (VERTICAL PENETRATION ONLY) PERMIT FOR THE NEW CONSTRUCTION OF A 73 STORY HIGH RISE RESIDENTIAL BUILDING WITH 3 BASEMENT LEVELS. ALL CAISSONS TO BE DRILLED FROM EXISTING GRADE. (OCC GROUPS: R-2, S-2, A-2, A-3, B; CONST I-A) CON

Application Review Summary
Name Completed Date Status
REVENUE REVIEW 2022-06-15 APPROVED
PRELIMINARY INTAKE REVIEW 2022-03-01 APPROVED
LANDSCAPE REVIEW (ZONING) INCOMPLETE
ARCHITECTURAL & FIRE REVIEW INCOMPLETE
GEOTECH REVIEW INCOMPLETE
PLANNING REVIEW INCOMPLETE

This permit has not yet been issued.

[twister244]

So it looks like we only have a permit app for one tower, no? Also, I am hoping this is the shorter of the two as I suspect a 73 story tower that's residential puts it closer to the 750-800 foot range.

[Klippenstein]

Originally Posted by twister244

So it looks like we only have a permit app for one tower, no? Also, I am hoping this is the shorter of the two as I suspect a 73 story tower that's residential puts it closer to the 750-800 foot range.

It's all pretty confusing at this point. 1000M is 73 stories and just over 800 feet. On the SOM website for 400 Lake Shore Drive they have:

Building Height: 841 feet
Number of Stories: 75

Which is strange since there's 2 buildings planned. I guess we'll have to wait for an official announcement or drawings to know for sure.

[BrickellBased]

That site also says 634 rental units and 1100 condo units. The 634 matches the 635 on the IHDA memo. 1100 condo units would be a lot... A lot larger than 634...

edit: checking waybackmachine they have had the 1100 condo units on the website since at least June 2022 and then added the 634 rental units sometime between June 2022 and October 2022. 2 buildings of 1100 and 634 would be sweet becasue an 1100 unit building would be pretty freaking large. I think NEMA is 800 or so. Hard to read too much into a website though.

Originally Posted by Klippenstein

It's all pretty confusing at this point. 1000M is 73 stories and just over 800 feet. On the SOM website for 400 Lake Shore Drive they have:

Which is strange since there's 2 buildings planned. I guess we'll have to wait for an official announcement or drawings to know for sure.

[Razorback]

If I recall, the alderman only approved one tower to be built with a post-traffic study before proceeding with the second one.

Originally Posted by twister244

So it looks like we only have a permit app for one tower, no? Also, I am hoping this is the shorter of the two as I suspect a 73 story tower that's residential puts it closer to the 750-800 foot range.

[MorganChi]

So we looking possibly (2) 800+ size buildings? I just don’t know why we can’t have them combine to one tower or would it be more expensive
?

[ChiPlanner]

Originally Posted by Klippenstein

It's all pretty confusing at this point. 1000M is 73 stories and just over 800 feet. On the SOM website for 400 Lake Shore Drive they have:

Which is strange since there's 2 buildings planned. I guess we'll have to wait for an official announcement or drawings to know for sure.

North tower to start, park, and riverwalk.

[Zapatan]

Originally Posted by Klippenstein

It's all pretty confusing at this point. 1000M is 73 stories and just over 800 feet. On the SOM website for 400 Lake Shore Drive they have:

Which is strange since there's 2 buildings planned. I guess we'll have to wait for an official announcement or drawings to know for sure.

I think the second, South Tower is more of a dark horse.

If it was 841 feet at 75 floors (and it now may be 73 floors) it probably won't be too much above 800 feet.

We shall see.

[mh777]

Wouldn’t you need way more than 800’ to construct 1100 condo units? I mean like way more. Even if you spread those 1100 out between both buildings, you still have 630 apartments. I just can’t see 1700 units fitting in two ~800’ towers.

[BVictor1]

Spoke with a neighborhood contact and was told Related was possibly shooting for late August or early September.

[Steely Dan]

Originally Posted by BVictor1

Spoke with a neighborhood contact and was told Related was possibly shooting for late August or early September.

Well hot damn!!!

That's a MUCH closer timeline than I was anticipating.

[CrazyCres]

Found this old community presentation if anyone is curious

https://www.dropbox.com/s/o973b0vvco...ation.pdf?dl=0

[F1 Tommy]

Great news if it does start this summer. I hope they do not value engineer the design too much beyond what they already did with the Terra Cotta reduction.

[BVictor1]

.

[lakeshoredrive]

Question... with the economy still plugging along even with high interest rate, could this development be the start of a new cycle? Not sure what defines the end of a cycle and the beginning of a new cycle.

[lakeshoredrive]

Originally Posted by F1 Tommy

Great news if it does start this summer. I hope they do not value engineer the design too much beyond what they already did with the Terra Cotta reduction.

Same! The reduction of that feature made me so sad lol

[marothisu]

Amazing news. Really hope it gets started before October