CHICAGO | Tribune Tower Addition | 1,442 FT | 113 FLOORS - Page 22

Bonsai Tree · #**421** Posted **Apr 17, 2018, 3:45 AM**

Quote:

Originally Posted by the urban politician

Being on the Mag Mile has not always equated to good luxury condo sales. Look at the Ritz Carlton Reisdences, which struggled for years.

I understand, but that's like comparing an apple to a rotten pear, sure they are both fruit, but one is obviously superior to the other.

Also, it was designed by Lucien Lagrange, and was built at a rather inconvenient time. Finally, the momentum of Michigan Avenue really has shifted south, so I can see why being on North Michigan might not be as desirable as it used to be.

emathias · #**422** Posted **Apr 17, 2018, 3:47 AM**

Quote:

Originally Posted by the urban politician

I gotta go ahead and say it. I’m not that into it. I think the design is boring.

I agree. While not offensive, I think it's boring.

JMKeynes · #**423** Posted **Apr 17, 2018, 3:49 AM**

I find the cost of doing business in Chicago remarkable. That a very tall tower in the city’s best area can contain rental units, and yet, be profitable, is insane.

marothisu · #**424** Posted **Apr 17, 2018, 3:58 AM**

Quote:

Originally Posted by JMKeynes

I find the cost of doing business in Chicago remarkable. That a very tall tower in the city’s best area can contain rental units, and yet, be profitable, is insane.

One thing is for certain is that the apartment units and hotel will both not be cheap, but most likely the key to success would be the condo units. I'm guessing the hotel and apartments together would probably be in anywhere from $35M to $50M per year. Then you have 125 condo units, so if they were $1.2M average per unit then that's $150M if you sold everything. So if you estimated this thing at $1B, then I guess you could pay it off in what, like 20-25 years? Just an estimate but yeah who knows......quite interesting when you think about it

The Lurker · #**425** Posted **Apr 17, 2018, 4:00 AM**

The programming could make this possible. Sign a hotel and a few contracts up top. Apartments are an easy sell for investors. And as others have mentioned it is a team that could pull it off

JMKeynes · #**426** Posted **Apr 17, 2018, 4:05 AM**

Quote:

Originally Posted by marothisu

One thing is for certain is that the apartment units and hotel will both not be cheap, but most likely the key to success would be the condo units. I'm guessing the hotel and apartments together would probably be in anywhere from $35M to $50M per year. Then you have 125 condo units, so if they were $1.2M average per unit then that's $150M if you sold everything. So if you estimated this thing at $1B, then I guess you could pay it off in what, like 20-25 years? Just an estimate but yeah who knows......quite interesting when you think about it

It’s cheap by major city standards. I’ve heard that the Vista condos sell for $750-$1,000/ sf.

rgolch · #**427** Posted **Apr 17, 2018, 4:08 AM**

Quote:

Originally Posted by JMKeynes

It’s cheap by major city standards. I’ve heard that the Vista condos sell for $750-$1,000/ sf.

Presuming this project can sell units and get financing... which still is a big if....

Maybe the numbers won’t work, and this will be another “never built.”

Zapatan · #**428** Posted **Apr 17, 2018, 4:10 AM**

Quote:

Originally Posted by rgolch

Presuming this project can sell units and get financing... which still is a big if....

Maybe the numbers won’t work, and this will be another “never built.”

Can't say I disagree, but we'll see. It would be really awesome if it happened.

rgolch · #**429** Posted **Apr 17, 2018, 4:10 AM**

Quote:

Originally Posted by The Lurker

The programming could make this possible. Sign a hotel and a few contracts up top. Apartments are an easy sell for investors. And as others have mentioned it is a team that could pull it off

It’ll be interesting to see who they’d like to land for the hotel operator. Chicago still doesn’t have a Mandarin Oriental hotel, nor a St. Regis. Again... it’s location lends itself very well to a high end, 5 star hotel operator.

wchicity · #**430** Posted **Apr 17, 2018, 4:21 AM**

Quote:

Originally Posted by rgolch

It’ll be interesting to see who they’d like to land for the hotel operator. Chicago still doesn’t have a Mandarin Oriental hotel, nor a St. Regis. Again... it’s location lends itself very well to a high end, 5 star hotel operator.

Considering the location and the magnitude of this project, I could definitely see the hotel being something like a St. Regis, Mandarin Oriental, or Shangri-La or something like that.

marothisu · #**431** Posted **Apr 17, 2018, 4:21 AM**

Quote:

Originally Posted by JMKeynes

It’s cheap by major city standards. I’ve heard that the Vista condos sell for $750-$1,000/ sf.

Not necessarily. If the apartment units run an average of $4000 for a 1 bedroom, then it's not really as far below some of the other very expensive cities as you may be thinking. Below it, but not like half price or anything. And yes, Vista is $1000 per sq ft, but not $750. It's $1000.

Skyguy_7 · #**432** Posted **Apr 17, 2018, 4:30 AM**

Quote:

Originally Posted by jchase79

I know Chicago usually goes for boxier buildings, I think the gentle curves of this design will make for a nice contrast. It's a fairly simple shape but I love how it is evocative of a Gothic arch. I hope it gets built!

I’m in this camp as well. It’s got curves that play well off of Trump Tower and it also has verticality along the east west sides, that compliment Tribune Tower, Aon, 333 N Mich.

I also like the crown that, from the East/West, will appear as a contemporary take on our traditional Chicago spires of the Sears Tower and JHC.

Mr Roboto · #**433** Posted **Apr 17, 2018, 5:12 AM**

Cool proposal, we'll see if it actually happens...

KWillChicago · #**434** Posted **Apr 17, 2018, 5:32 AM**

I'm getting the same feeling I got with the Waldorf and Mandarin announcements, so I'm not getting my hopes up for awhile. Whats the pricetag on this one. Love the design though.

Northwest · #**435** Posted **Apr 17, 2018, 5:59 AM**

Stunning!
I'm completely on-board with this, I hope it happens. Tweaks and changes are surely coming, but I really don't have any major beefs with the design as-is, I hope any refinements are thoughtful improvements and not just cost reductions. So much potential here for a new icon!

BraveNewWorld · #**436** Posted **Apr 17, 2018, 6:30 AM**

Honestly, I love it. I love the curves. I love the gold. And I really think there is a good chance it gets built.

I'm hopeful at this point. Also that shot from Lake Michigan is a real stunner.

AMWChicago · #**437** Posted **Apr 17, 2018, 7:20 AM**

Quote:

Originally Posted by vexxed82

Quality meme

pico44 · #**438** Posted **Apr 17, 2018, 10:59 AM**

I love it too. Im not a big fan of Smith/Gill, but I like this much much more than most of their other stuff.

OhioGuy · #**439** Posted **Apr 17, 2018, 12:00 PM**

Quote:

Originally Posted by Skyguy_7

I’m in this camp as well. It’s got curves that play well off of Trump Tower and it also has verticality along the east west sides, that compliment Tribune Tower, Aon, 333 N Mich.

I also like the crown that, from the East/West, will appear as a contemporary take on our traditional Chicago spires of the Sears Tower and JHC.

Me too. I like the gradual curving aspect of it, as I feel if provides some nice variety. At the same time, the curves aren’t so audacious as to make it stick out like a sore thumb. I especially love the way the East/West sides really offer a soaring appearance, enhanced by the verticality of the gold (bronze?) design elements. And your view on the crown being a contemporary take on the traditional Chicago spires is interesting and a view I can get on board with!

LMich · #**440** Posted **Apr 17, 2018, 12:34 PM**

This is so much more modern than I was expecting, and a really pleasant surprise. I thought they were going to do something while not PoMo would try to copy the massing of the Tribute Tower, which is already super risky. That can either turn out really nice or really poorly.

Just love how much this fits, while still providing a better-than-decent modern punch in the arms.