CHICAGO | Highrise Projects & Construction, v7 - Page 1117

Randomguy34 · #**22321** Posted **Mar 13, 2023, 6:33 PM**

Quote:

Originally Posted by Randomguy34

Zoning apps are starting to roll in. They haven't been uploaded yet, but here are some interesting ones I'm waiting to be uploaded

800 W Lake: https://chicago.legistar.com/Legisla...vanced&Search=

725 W Randolph: https://chicago.legistar.com/Legisla...vanced&Search=

330 N Clark (Reid-Murdoch proposal): https://chicago.legistar.com/Legisla...vanced&Search=

800 W Lake is now residential with 349 units at 400 ft.

The Reid-Murdoch proposal is only asking to allow for residential, but it doesn't mean it's going to include residential units. Good to know that this still seems to be a real proposal.

357-359 N Green St will be 495 feet tall. Even though it's just short of being 500 ft, it might be worth having it's own thread: https://chicago.legistar.com/Legisla...vanced&Search=

BVictor1 · #**22322** Posted **Mar 13, 2023, 6:43 PM**

Quote:

Originally Posted by r18tdi

The rumor was that 800 Lake was ditching hotel rooms for apartments. Curious what is going on the 330 Clark, it's been so long I wonder if their zoning is about to lapse.

Yup and now has a height of about 400'

800 W. Lake

The Applicant seeks to rezone the property for the purpose of constructing a new 33-storv residential development with floors 1-6 as lobbv. narking and amenity floor. The floors 7-33 will include approximately 349 dwelling units. There will be approximately 3.450 square feet of retail ground floor and 106 accessory vehicular parking spaces. The gross area of the buildingwillbeapproximately389.000squarefeetandabuildingheightof approximately400feet.

Toasty Joe · #**22323** Posted **Mar 13, 2023, 6:47 PM**

Love that it went taller and residential, and I'm hopeful for a better design. Unfortunate that they went from 0 parking spaces to 106

twister244 · #**22324** Posted **Mar 13, 2023, 6:54 PM**

Definitely seems to be continuing the trend for developers to move away from office/mixed use in the West Loop and more towards residential in the short term.....

Klippenstein · #**22325** Posted **Mar 13, 2023, 6:57 PM**

Quote:

Originally Posted by Randomguy34

357-359 N Green St will be 495 feet tall. Even though it's just short of being 500 ft, it might be worth having it's own thread: https://chicago.legistar.com/Legisla...vanced&Search=

Still no high speed ROW. How did it just disappear? Wasn't there a chance for input a while ago? I do love the paseo they designed, but it doesn't address the problem that this is the only building not respecting the future high speed ROW.

BVictor1 · #**22326** Posted **Mar 13, 2023, 6:58 PM**

Quote:

Originally Posted by Randomguy34

357-359 N Green St will be 495 feet tall. Even though it's just short of being 500 ft, it might be worth having it's own thread: https://chicago.legistar.com/Legisla...vanced&Search=

It grew by about 15'.

r18tdi · #**22327** Posted **Mar 13, 2023, 8:24 PM**

Quote:

Originally Posted by Toasty Joe

Love that it went taller and residential, and I'm hopeful for a better design. Unfortunate that they went from 0 parking spaces to 106

Agreed. I'm a bit worried that we went from sleek tower with a floating mass over an interesting "split" base to a less detailed box covered by a bunch of balconies. I'll withhold judgement until the we see renderings.

Architects is still GREC. Developer has changed to a JV between Shapack and Intercontinental RE Corp.

Previous design:

simon07 · #**22328** Posted **Mar 13, 2023, 8:59 PM**

Quote:

Originally Posted by MorganChi

Hey I found this article I don’t know if this has been posted

https://www.costar.com/article/18315...partment-tower

It was bought in January for 15mil and sold in march for 34...how is this possible?

OrdoSeclorum · #**22329** Posted **Mar 13, 2023, 9:56 PM**

Quote:

Originally Posted by simon07

It was bought in January for 15mil and sold in march for 34...how is this possible?

I can't say for sure, but a couple realistic possibilities.

1) Turning information and experience into a broker's fee. Company-A buys the site and sees the value in it that isn't obvious. Because of deep business networks and marketing ability it knows how to market the site to a larger developer-B and pockets the difference.

2) Improving the site. Company-A buys the site and uses a favor it is owed or other connections to improve the regulatory situation; i.e. get it upzoned or remove some other impediment to development. Now that company-A has "improved" it, the site is worth more.

3) Trading on inside info. Company-A has knowledge about some development or circumstance that is currently under the radar. They buy the site from the owner for $15M knowing there's a good chance that soon-to-be-announced events will increase the value substantially.

west-town-brad · #**22330** Posted **Mar 14, 2023, 1:42 PM**

Quote:

Originally Posted by simon07

It was bought in January for 15mil and sold in march for 34...how is this possible?

buy, change the zoning, and resell... standard (if not easy) investment strategy.

Jibba · #**22331** Posted **Mar 14, 2023, 4:43 PM**

Quote:

Originally Posted by west-town-brad

buy, change the zoning, and resell... standard (if not easy) investment strategy.

Was one of the things I was thinking of at first. But with that quick of an ownership changeover, that would value the zoning upgrade service at ~$20 million, which doesn't make sense to me. Probably a data anomaly or reporting error.