CHICAGO | Salesforce Tower | 850 FT | 60 FLOORS

[harryc]

Double Drill

[rlw777]

Originally Posted by ithakas

Isn't this generally considered near the peak of the hotel boom though? They're also building another luxury hotel as part of Vista.

Yes I think most folks think we are at or near the peak of the hotel boom. However it's worth noting that there are several hotel proposals very close to wolf point that may or may not get off the ground. Like 590 W Madison / Hubbard & Lasalle / and a few in the west loop. Also I'm not sure how much Magellan really cares about competition between Vista and the hypothetical WPS tower. I think that would be mostly the concern of Hines and Wanda.

[maru2501]

if they were smart they would try to deliver before wanda, but maybe that's a stretch

[BVictor1]

Originally Posted by maru2501

if they were smart they would try to deliver before wanda, but maybe that's a stretch

Big stretch as this has to have more neighborhood meetings and would have to go back before the plan commission.

[munchymunch]

I wonder how accurate this is...

One big discussion was on the Wolf Point project with its developer Joseph P. Kennedy Enterprises’ chairman Chris Kennedy. This mega project has been in the process for some time. It will eventually be home to four buildings: a parking garage, which is open now; an apartment tower; and two other towers, one with one million square feet of office, with residential on top, and another that will likely house apartments. f

link


If this is true, it would be hard to imagine this one starting during the current office cycle.

[Kumdogmillionaire]

Originally Posted by munchymunch

I wonder how accurate this is...



link


If this is true, it would be hard to imagine this one starting during the current office cycle.

Just glancing at that website and I'm already leaning towards not trusting their word. My guess is they misheard, office with residential would just be inefficient building

[munchymunch]

Originally Posted by Kumdogmillionaire

Just glancing at that website and I'm already leaning towards not trusting their word. My guess is they misheard, office with residential would just be inefficient building

Going through, you'd see that they are a legit company. Working with JDS development on a supertall tower in New York.

[Kumdogmillionaire]

Originally Posted by munchymunch

Going through, you'd see that they are a legit company. Working with JDS development on a supertall tower in New York.

Them being a real business isn't my point

[rlw777]

Originally Posted by munchymunch

I wonder how accurate this is...



link


If this is true, it would be hard to imagine this one starting during the current office cycle.

I would think someone got mixed up. The PD includes around 1400 residential units 450 hotel rooms and then office space.

[maru2501]

Originally Posted by BVictor1

Big stretch as this has to have more neighborhood meetings and would have to go back before the plan commission.

in my head it's an approved PUD, but is that not right?

I thought it went through a redo

[Chicago Shawn]

Originally Posted by maru2501

in my head it's an approved PUD, but is that not right?

I thought it went through a redo

It is a PD, but Alderman Reilly forced a requirement that each additional phase go through the process all over again. This was a concession to the whiny neighbors complaining about the density that was already approved back in 1978, when of course no one lived nearby. In fact, the allowable density on Wolf Point was actually reduced from what was already approved in 1978 when the recent amending of the PD occurred.

[LouisVanDerWright]

Originally Posted by marothisu

4 of the 10 are U/C, and Wanda Vista has a good chance of being built. I think the other ones in S. Loop also have a good chance too. The only crapshoots up there IMO are the other Wolf Point buildings. I'd say that most of them have a good chance of being built.

It's funny you put that in writing, I have been under the assumption that Wolf Point is the least likely large tower to get off the ground any time soon as well. But upon further examination of that notion, I don't think it makes sense. I mean I think it's a leftover feeling from years of watching Wolf Point sit there empty. But now we have phase one of the project done and a team of developers including Magellan and Hines. Honestly it seems inevitable that construction starts on Wolf Point in the next couple of years. 1000 S Michigan, for example, just came out of nowhere, why is that more likely than phase 2 of a project that already started backed by extremely competent developers?

[Chi-Sky21]

I have always felt these towers were the MOST likely to get built. With who is behind this project i doubt they will have any troubles with financing or the city. You just don't turn down the Kennedy's.

[MultiModal]

The Kennedy have decided building another apartment building on the east end of Wolf Point. They aim to break ground on the high-rise by first-quarter 2017.

"Residents have already signed leases for about 30 percent of the apartments in the first Wolf Point tower, a 509-unit building called Wolf Point West that opened in January. About 10 percent of the units are occupied

The second tower will be “significantly larger” than Wolf Point West, Kennedy said, but he did not offer specifics. The zoning agreement that covers Wolf Point allows for a 750-foot tower on the east end of the riverside site, enough for a 60-story apartment building."


http://www.chicagobusiness.com/reale...partment-tower


Doesn't 30% leased sound pretty low? I know it only opened a few month ago but still.

[r18tdi]

Originally Posted by MultiModal

The Kennedy have decided building another apartment building on the east end of Wolf Point. They aim to break ground on the high-rise by first-quarter 2017.

"Residents have already signed leases for about 30 percent of the apartments in the first Wolf Point tower, a 509-unit building called Wolf Point West that opened in January. About 10 percent of the units are occupied

The second tower will be “significantly larger” than Wolf Point West, Kennedy said, but he did not offer specifics. The zoning agreement that covers Wolf Point allows for a 750-foot tower on the east end of the riverside site, enough for a 60-story apartment building."


http://www.chicagobusiness.com/reale...partment-tower

Doesn't 30% leased sound pretty low? I know it only opened a few month ago but still.

Looks like the article disappeared. Very interesting...

EDIT: my mistake, just a bad link

Originally Posted by Tom Servo

Also what's the nearest grocery store? The Jewel over on Desplaines? Again, to get there you have to drive around in a huge circle.

The tower at Grand and Orleans (Clark and Barlow location) might be dead, but I wouldn't be shocked to see the grocery portion of that plan move forward.

[the urban politician]

^ I'm surprised they aren't going condo with at least some of this building, being that it's the furthest east and thus won't have obstructed views

[Notyrview]

^^Wow this is fantastic news * amazing. It is so much better to have significantly more residential on wolf point imo. Two giant office towers would not only struggle to get built but, if built, would be void of life after hours. This also lends itself to a better mix of architecture on the site. Let's face it, the twin office towers are pretty bland, especially the 750 footer, and the skyline is better off without it. Pleasssse let bkl do this one. A proper tall highrise. please.

Oh nevermind, it's by Pelli. Still, an apartment tower should be interesting.

[Steely Dan]

interesting. i had always assumed that the east tower would be office and the south tower would be some mix of rental/condo/hotel.

[spyguy]

I'm pleasantly surprised to hear some news about the next tower. I always worry about the later phases of these projects never being realized due to market or developer problems.

Originally Posted by Steely Dan

interesting. i had always assumed that the east tower would be office and the south tower would be some mix of rental/condo/hotel.

This is from Hines' "Experience Record" file dated 6/30/15:

WOLF POINT SOUTH & EAST
Chicago, IL
2,000,000 sq. ft. mixed-use development that will
include:
Wolf Point South - a 1,270,000 sq. ft. office tower that
includes 270,000 sq. ft. of residential space in 150
condos and parking for 280 cars
Wolf Point East - a 600,000 sq. ft. residential tower that
will contain 700 units and parking for 170 cars
Part of Wolf Point development

[Tom Servo]

I'm curious, who would actually want to LIVE right there? It's such a strange location. You're essentially boxed in by Orleans and forced up to either Hubbard, Illinois, or Grand. It seems like such an inconvenience to be cornered like that. Also what's the nearest grocery store? The Jewel over on Desplaines? Again, to get there you have to drive around in a huge circle. I don't know, I was just thinking about how weird of a location this is... but then again I would never live anywhere downtown, so maybe it's just me