CHICAGO | Post Office Redevelopment

[le_brew]

Originally Posted by ardecila

Does Chicago really have any large Federal employers in the suburbs? I'm not aware of any.

US census bureau regional office (one among about 12 nationally) is located in oak brook. when the 10 year decennial approaches, they expand considerably, temporarily (for abt 4 years) to a centralized locale downtown. i worked for them last time; we were anchored at citicorp ctr.

whether they've considered relocation to a permanent large facility? that's beyond me.

correction: they downsized to six regional offices, so this is a relatively large gov't presence in suburbs.

[denizen467]

^ Also I think there's some bigass US post office facility out in Carol Stream or Palatine or somewhere. But then I highly doubt the Old Main Post Office would be redeveloped for use by ... a post office.


Argonne?

[munchymunch]

http://www.rejournals.com/2014/07/03...n-post-office/

With $500 million going towards the first phase of renovations, Sterling Bay and IPDNA’s vision is to convert the property into 2.7-million-square-feet of modern office space and retail amenities. Gloor says they are hoping to start construction fourth quarter of this year. “It’s a gut rehab, so literally an all new building system, windows, and roof. Everything in the building is going to be brand new. We’re restoring the main lobby entrance, which is beautiful.” As for the next phases, and how much they will cost, of revamping the historic post office, Gloor said they were not sure when they would begin.

As far as prospective tenants go, Gloor said that there is an enormous amount of interest in the building from a variety of office tenants. Gloor says that construction on the building will take about two and a half to three years, and estimates early 2018 for the revamping of the once prominent post office to open to the public.

from ReJournal

[ardecila]

That's nice and all, but where does Sterling get $500M without a single tenant commitment?

Setting a date to start work sounds pretty damn rosy unless Sterling is on the cusp with several tenants (or one massive one).

[LouisVanDerWright]

Originally Posted by ardecila

That's nice and all, but where does Sterling get $500M without a single tenant commitment?

Setting a date to start work sounds pretty damn rosy unless Sterling is on the cusp with several tenants (or one massive one).

Yeah, either it is a load of bullshit or there is something they are not telling us. My guess is that if they have really set the hook with Walgreen then we are going to hear about it before they break ground on full scale rehab of this building. The chatter on this project continues to get intriguingly more positive IMO. I don't want to get my hopes up, but Sterling Bay isn't a group that tends to bandy about specific project start dates unless they have something hot on their hands.

In fact, they've likely been involved with this project for a long time prior to the recent public announcement of their JV with Davies. If you notice, not a peep of their interest in partnering with Davies was leaked until they had already inked a deal. I doubt they'd be claiming they are getting started this year unless they had some anchor tenants in the bag and contingent term sheets for the financing from lenders.

PS: It is also worth noting that Sterling Bay has filled up Fulton Market Cold Storage. They certainly seemed to have the edge over just about everyone in the market with the project and it is likely there are a lot of other tenants clamoring to sign a deal with Sterling Bay. The prospect overflow alone from FMCS could be enough to start driving this project.

[LouisVanDerWright]

Sorry for the double post, but related question: Does the Old Post Office lobby run the entire N-S length of the building? If so this renovation could result in an excellent new pedestrian connection between the Near West Loop and the bullshit DS zoning to the south. I have a feeling a little rezoning will be in order for this area after Sterling Bay fills this place up.

[ardecila]

Originally Posted by LouisVanDerWright

Sorry for the double post, but related question: Does the Old Post Office lobby run the entire N-S length of the building? If so this renovation could result in an excellent new pedestrian connection between the Near West Loop and the bullshit DS zoning to the south. I have a feeling a little rezoning will be in order for this area after Sterling Bay fills this place up.

No... the ground floor was basically a large open staging area with truck docks and such, plus conveyors to upper levels for mail processing. Plus the ground floor is divided in two by the Eisenhower tunnel, so you can't have a continuous N-S passage unless you go up a level (or maybe down).


Here's a cool tidbit: sometime in 2012, Davies' team did tests on window restoration. These old steel windows are becoming rare, but I believe they are protected at the Post Office by some deed restrictions that were written when USPS first sold the building.

restored window at center

src

[LouisVanDerWright]

^^^ Ah, makes sense, it would be nice if they constructed some kind of Merch Mart like arcade through the second floor of the building (perhaps they are planning this anyhow as a part of the retail component?) that would allow pedestrians to cross the expressway without being subjected to the grody underpasses in that area.



Also, that window looks totally baller. I never noticed that they were essentially triple hung steel frames before. Even that little glimmer of shiny steel (is it stainless steel?) foretells things to come. This building will probably have a 1 Prudential like transformation from grimy to virtually brand new!

[rigby]

If Sterling Bay is involved it ,with his history and reputation than this is more than speculation. Looking forward to what's in store for this property.

[ardecila]

Originally Posted by LouisVanDerWright

^^^ Ah, makes sense, it would be nice if they constructed some kind of Merch Mart like arcade through the second floor of the building (perhaps they are planning this anyhow as a part of the retail component?) that would allow pedestrians to cross the expressway without being subjected to the grody underpasses in that area.



Also, that window looks totally baller. I never noticed that they were essentially triple hung steel frames before. Even that little glimmer of shiny steel (is it stainless steel?) foretells things to come. This building will probably have a 1 Prudential like transformation from grimy to virtually brand new!

I agree with this, but I think the main pedestrian corridor will be along the river in the new liner building (or along the riverwalk at the lower level). It does look like they will make some improvements to the Canal underpass, and turn those truck loading areas into plazas.

The window is not stainless steel, just plain old rolled steel. I believe the restored unit was powder-coated though.

[LouisVanDerWright]

Originally Posted by ardecila

I agree with this, but I think the main pedestrian corridor will be along the river in the new liner building (or along the riverwalk at the lower level). It does look like they will make some improvements to the Canal underpass, and turn those truck loading areas into plazas.

The window is not stainless steel, just plain old rolled steel. I believe the restored unit was powder-coated though.

What kind of powder coating? Like a grey or is there some kind of clear coat they can do?

[ardecila]

Closeup view. The color is not what I would choose...


src

[ChiTownWonder]

Originally Posted by ardecila

Closeup view. The color is not what I would choose...


src

That purple is tacky, but it is an improvement nonetheless. i would have choose an olive green to sort of mimic the old oxidized bronze used in the skyscrapers of that era

Also they are calling this renovation phase one, does that include the tower also planed for phase one in the beginning?

[SamInTheLoop]

^ Those towers are still very much firmly grounded in make-believe. This is an adaptive re-use of the existing ex-post office building.

[ChiTownWonder]

At one point, he envisioned a complex of high-rises, hotel rooms, apartments, stores, restaurants and entertainment venues surrounding a 120-story skyscraper that would have been the tallest in North America. Much of that fell by the wayside as Mr. Davies struggled to attract tenants and financing.

this makes it seem like the new Towers are now out of the plan, but...

Sterling Bay's involvement also brings credibility to a project some have dismissed as a pipe dream. It already has pulled expectations back into the real world, focusing initially on a $500 million office-and-retail redevelopment of the post office building itself. That seems far more doable than Mr. Davies' grandiose original vision of a $3.5 billion, 16-million-square-foot extravaganza sprawling over 20 acres.

the first part of the paragraph makes it sound like the original huge proposal is still on as it is, just the project had switched to more successful management. but reading the rest of the paragraph it sounds like the author has dismissed the idea of the surrounding areas being developed.

so what gives? i know this is a step by step ordeal, but are the developers still interested in the original humongous plan, or have they given up on it after the first try failed?

More here vvv
http://www.chicagobusiness.com/artic...ld-post-office

[Mr Downtown]

The original huge plan was never anything more than a fever dream.

[Steely Dan]

Originally Posted by ChiTownWonder

so what gives? i know this is a step by step ordeal, but are the developers still interested in the original humongous plan, or have they given up on it after the first try failed?

what part of the term "pipe dream" do you not understand?


_________________________________________________________________


as it is now more than clear that this is just a massive redevelopment plan of the old post office structure itself for now, i'm moving this thread out of the highrise proposal sub-forum and into the general development sub-forum to avoid any further confusion by those who thought the super-tall pipe dream plans were ever anything more than pipe dreams.

[wierdaaron]

It's not entirely outside the realm of possibility that if the Sterling Bay redevelopment is wildly popular they might think about expansion down the road, but I'd wager that they've taken all that stuff off the table in their minds to focus on the first thing first. My guess is we'll see a 600 W Chicago style refactor into flexible office space and maybe some restaurant or retail spaces along the street, but they'll leave the building shell itself intact.

They might be thinking about something like Merch Mart's food court or Illinois Center's tangled indoor pedestrian walkways, but that could be a bit outdated.

[LouisVanDerWright]

Yeah, there WILL be highrises on the surrounding lots, but certainly not anytime soon and they will probably look absolutely nothing like the pipe dream renderings proposed by Davies. Until the 2.7 million SF of the Post Office building itself is fully or mostly leased, I doubt there will be any talk of towers unless they maybe try to sneak a hotel or a apartments in on the sliver of land next to the building by the river. 2.7 million SF is a TON of space and could take quite a while to lease even if Walgreens comes an gobbles up half of it. Keep in mind that this is almost as big as River Point and 400 N Riverside combined.

They might be thinking about something like Merch Mart's food court or Illinois Center's tangled indoor pedestrian walkways, but that could be a bit outdated.

You know I think we will probably see an entirely different model here. This is a very unique site and I am excited to see what Sterling Bay will do to make this building more practical. I was always bothered by the talk of butchering up this block of space with couryards or light courts, they simply don't make floorplates like this anymore. Once we chop it up, we never get any more space like this. Sterling Bay will likely keep it almost exactly as is and find creative ways to make it efficient for office use.

After seeing what they are doing with Fulton Cold Storage, I am convinced that they will find a way to make it work out. The common areas in that building look like they will be pretty flashy and they didn't even have a sexy art deco multi story lobby to work off of.

[BraveNewWorld]

Originally Posted by Steely Dan

what part of the term "pipe dream" do you not understand?


_________________________________________________________________


as it is now more than clear that this is just a massive redevelopment plan of the old post office structure itself for now, i'm moving this thread out of the highrise proposal sub-forum and into the general development sub-forum to avoid any further confusion by those who thought the super-tall pipe dream plans were ever anything more than pipe dreams.

I don't know, Sterling spoke about the expansion plans and said they would probably come after the redevelopment. The 300m expansion might be under actual consideration, and more then a pipe dream.