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  #461  
Old Posted Oct 8, 2014, 4:25 PM
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I am just excited that this thread was bumped with actual news, and not someone asking when this tower was going to break ground...
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  #462  
Old Posted Oct 8, 2014, 4:34 PM
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^^ Most certainly true. He doesn't remotely have what it takes as far as actual development. No track record for large, complex, mixed-use development whatsoever. What's funny is he didn't even have nice renderings - 'sales brochurey stuff' put together. First Booth Hansen (surely they knew what was going on here with this guy - maybe they 'threw' the designs they "threw" together, because they were pretty bad - certainly uncharacteristically bad for that firm), and then Antunovich, which was being, well, "Antunafish" per usual........


People need to forget about the fanciful dreams for the adjacent land parcels and start solely focusing on adaptive re-use of the building itself - the other stuff was just a mis-direct. Sterling Bay's plan offered this necessary focus, credibility, the experience, etc etc necessary to get this done.....but this yahoo screwed his chances....
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  #463  
Old Posted Oct 8, 2014, 7:51 PM
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^ Yep. Davies needs to go away
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  #464  
Old Posted Oct 8, 2014, 10:06 PM
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Wow. Davies is a first class moron. This news has seriously ruined my day.
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  #465  
Old Posted Oct 8, 2014, 11:02 PM
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I don't think he ever intended to develop the property. His motive for entertaining these proposals was simply to create a nice sales brochure.
I find that hard to believe if Sterling's offer really was double his investment and likely an opportunity to participate in future development in some way financially. Doubling your money plus upside in five years may not be up there with the best hedge fund returns, but it's certainly not small either. I think it's more likely that he's simply a really rich guy who sees no reason to rush things even though it costs the City of Chicago a fair bit of opportunity cost because maybe he'll fall into an opportunity to actually do something enormous there and get all the credit for it then. I think a lot of unheard-of but fantastically rich people like the idea of using their money just to play with big things at their own pace.
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  #466  
Old Posted Oct 9, 2014, 6:43 AM
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Use eminent domain to transfer this over to a serious developer. Simply based on the fact that this is a deteriorating landmark warrants it. I'd give Davies another year to show intent to develop or sell, and if no, eminent domain his ass.
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  #467  
Old Posted Oct 9, 2014, 6:19 PM
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Deleted. Wrong thread
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  #468  
Old Posted Oct 9, 2014, 6:54 PM
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Originally Posted by LaSalle.St.Station View Post
Use eminent domain to transfer this over to a serious developer. Simply based on the fact that this is a deteriorating landmark warrants it. I'd give Davies another year to show intent to develop or sell, and if no, eminent domain his ass.
There is a highway going through it. I bet that would help.
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  #469  
Old Posted Oct 9, 2014, 7:13 PM
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Originally Posted by LaSalle.St.Station View Post
Use eminent domain to transfer this over to a serious developer. Simply based on the fact that this is a deteriorating landmark warrants it. I'd give Davies another year to show intent to develop or sell, and if no, eminent domain his ass.
Just where is the city going to come up with $40M to purchase the building?

Admittedly, the city is pursuing eminent domain against General Mediterranean for Riverside Park. But that's a far larger site that demands careful planning and probably demands a thorough public process. The city can also add value by building infrastructure like the Wells-Wentworth Connector and parkland, and maybe even make money on the thing. The Post Office only covers two blocks, not 18, and success or failure there is not crucial.
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  #470  
Old Posted Oct 10, 2014, 3:34 PM
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Originally Posted by ardecila View Post
Just where is the city going to come up with $40M to purchase the building?

Admittedly, the city is pursuing eminent domain against General Mediterranean for Riverside Park. But that's a far larger site that demands careful planning and probably demands a thorough public process. The city can also add value by building infrastructure like the Wells-Wentworth Connector and parkland, and maybe even make money on the thing. The Post Office only covers two blocks, not 18, and success or failure there is not crucial.
might not be crucial but GOD is it a blight!
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  #471  
Old Posted Oct 10, 2014, 5:45 PM
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Originally Posted by ardecila View Post
Just where is the city going to come up with $40M to purchase the building?

Admittedly, the city is pursuing eminent domain against General Mediterranean for Riverside Park. But that's a far larger site that demands careful planning and probably demands a thorough public process. The city can also add value by building infrastructure like the Wells-Wentworth Connector and parkland, and maybe even make money on the thing. The Post Office only covers two blocks, not 18, and success or failure there is not crucial.
nuts to purchasing. just take it.
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  #472  
Old Posted Oct 10, 2014, 6:19 PM
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Are you aware of how eminent domain works? The government still has to pay the owner.

Fifth Amendment to the US Constitution
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No person shall be... deprived of life, liberty, or property, without due process of law; nor shall private property be taken for public use, without just compensation.
The opportunity for the city to get the building for free died when the Post Office decided to sell it.
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  #473  
Old Posted Oct 10, 2014, 10:52 PM
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I think the only hope is continuous media ridicule of Davies until he realizes it's not worth the trouble and sells it. He passed up a 625% return on his investment when Sterling Bay offered $150m for it, so I don't know if he can be reasoned with.

Maybe SB could team up with another developer to raise enough cash to make a deal.

This whole thing makes me angry. Woooo-sahhh.
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  #474  
Old Posted Oct 11, 2014, 1:09 AM
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Sterling Bay was going to put in $150M of capital investment, that wasn't an offer to purchase.

I'm guessing Sterling Bay wanted to do something basic - large floorplate office and parking - and Davies rejected this vision because he still wants to build some kind of futuristic mixed-use arcology.
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  #475  
Old Posted Oct 13, 2014, 5:09 PM
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  #476  
Old Posted Oct 13, 2014, 6:15 PM
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Dead

Why are we still talking about this , this project is dead, thread should be remove.
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  #477  
Old Posted Oct 14, 2014, 2:54 PM
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What is this mess?
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  #478  
Old Posted Oct 14, 2014, 6:15 PM
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Quote:
Originally Posted by ardecila View Post
Sterling Bay was going to put in $150M of capital investment, that wasn't an offer to purchase.

I'm guessing Sterling Bay wanted to do something basic - large floorplate office and parking - and Davies rejected this vision because he still wants to build some kind of futuristic mixed-use arcology.

The Crain's article, citing sources close to the deal, clearly stated Sterling Bay offered to buy the property from Davies for $150 mil. Are you stating that you know that is not factual?
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  #479  
Old Posted Oct 14, 2014, 6:18 PM
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At any rate,

Imagine a world in which either the Post Office wasn't auctioned off until the last few couple years, or another in which Sterling Bay had risen to its present prominence as far as visionary W Loop adaptive re-use 5 or 6 years ago. In either world, there is probably a half-decent chance Sterling Bay might now be the present owner of the post office, and we'd have never heard the name of this screwball Davies in Chicago......

A shame.....
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  #480  
Old Posted Oct 14, 2014, 7:10 PM
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Originally Posted by wmarczyk333 View Post
Why are we still talking about this , this project is dead, thread should be remove.
the part of this "proposal" that involved fantastical supertall towers was never alive to begin with.

something will eventually be done with the old post office hulk, and this will remain the thread to discuss that eventuality.
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