CHICAGO | Highrise Projects & Construction, v7 - Page 967

harryc · #**19321** Posted **Aug 25, 2021, 6:38 PM**

Aug 16

harryc · #**19322** Posted **Aug 25, 2021, 7:44 PM**

Aug 16

harryc · #**19323** Posted **Aug 26, 2021, 3:50 AM**

Aug 19

The green coated sleeves will be left in ( "to provide extra support" )

the urban politician · #**19324** Posted **Aug 26, 2021, 11:30 PM**

125 W Maple has been canceled.

The NIMBYs won

Hudson11 · #**19325** Posted **Aug 27, 2021, 12:00 AM**

the NEMA thread seems to be archived and locked, but here's some news. Nothing on Phase 2 sadly.

https://commercialobserver.com/2021/...-nema-chicago/

Bank of China, KKR Refinance Crescent Heights’ NEMA Chicago With $345M Debt Package

Quote:

Crescent Heights has nabbed $345 million in debt from Bank of China and private equity giant KKR to refinance its NEMA Chicago luxury residential tower, the largest such asset in the city, Commercial Observer has learned.

Bank of China supplied $280 million in senior debt, while KKR provided $65 million in mezzanine debt to round out the stack, sources said. The loan will pay accrue interest at an all in rate of 2 percent.

Quote:

KKR has been involved with NEMA Chicago in a lending capacity at different points in the short time since Crescent broke ground on it, according to Klein, with the private equity firm now sticking around to kick off its new fund vehicle with this deal.

rivernorthlurker · #**19326** Posted **Aug 27, 2021, 3:43 AM**

Quote:

Originally Posted by the urban politician

125 W Maple has been canceled.

The NIMBYs won

Insane.a So what happens now? Are the developers who spent millions on the property with plans to develop just screwed? Or do they just wait and try again later?

sentinel · #**19327** Posted **Aug 27, 2021, 1:40 PM**

Quote:

Originally Posted by rivernorthlurker

Insane.a So what happens now? Are the developers who spent millions on the property with plans to develop just screwed? Or do they just wait and try again later?

The building was a dud and Fifield is a mediocre development company, but I wonder if they have a case to sue the condo association that was against this, for any type of damages associated with any costs they've already incurred. After everything I endured from my old condo board when I lived in East Lakeview, during the Recession, I learned that those types of organizations have their merits, but are oftentimes run by incredibly incompetent or selfish people, who only join for their personal benefit, and not for everyone who lives in that shared environment. As much as Fifield screwed this up by not producing a better designed building, I hope Gold Coast Galleria's board is right proper sued.

Mr Downtown · #**19328** Posted **Aug 27, 2021, 2:40 PM**

Quote:

Originally Posted by rivernorthlurker

Are the developers who spent millions on [125 W Maple] with plans to develop just screwed?

They could always build a project that's legal under the current zoning.

sentinel · #**19329** Posted **Aug 27, 2021, 3:35 PM**

The DPD approved a lot of projects yesterday:

https://twitter.com/chicagodpd?lang=en

Randomguy34 · #**19330** Posted **Aug 27, 2021, 3:46 PM**

Dang, the Neighborhood Opportunity Fund netted close to $40 million this month! I'm still confused why the city only grants a couple million every 6 months when they're flushed with cash

glowrock · #**19331** Posted **Aug 27, 2021, 4:25 PM**

Quote:

Originally Posted by sentinel

The DPD approved a lot of projects yesterday:

https://twitter.com/chicagodpd?lang=en

This would equal an entirely new downtown in many cities if they were all located in the same square mile or so! Damn!

Aaron (Glowrock)

SamInTheLoop · #**19332** Posted **Aug 27, 2021, 4:47 PM**

Quote:

Originally Posted by sentinel

The building was a dud and Fifield is a mediocre development company, but I wonder if they have a case to sue the condo association that was against this, for any type of damages associated with any costs they've already incurred. After everything I endured from my old condo board when I lived in East Lakeview, during the Recession, I learned that those types of organizations have their merits, but are oftentimes run by incredibly incompetent or selfish people, who only join for their personal benefit, and not for everyone who lives in that shared environment. As much as Fifield screwed this up by not producing a better designed building, I hope Gold Coast Galleria's board is right proper sued.

Huh? This makes no sense. The property wasn't downzoned after they had spent a substantial amount for a project that conformed to zoning at the time. They just failed to win a zoning change for the development they were proposing. Certainly not an attorney, but it doesn't take one to realize there's no legal case here.

SamInTheLoop · #**19333** Posted **Aug 27, 2021, 4:59 PM**

Quote:

Originally Posted by Skyguy_7

^^ Fantastic news to see all the new development. 525 S Wabash being the most significant in my opinion. It'll make a nice impact from Millenium/Grant Park.

Re: 601 W Monroe, a relatively yuge development. Best part: bye bye Presidential Towers

Agree on 525 S Wabash - I too think that's the biggest impact project of the bunch.

Randomguy34 · #**19334** Posted **Aug 27, 2021, 5:55 PM**

Quote:

Originally Posted by Toasty Joe

hopefully the land gets handed to a more competent development team that comes back with a taller and better design that incorporates the brick building facing LaSalle.

Honestly it makes zero sense why they didn't build the highrise in the EMPTY LOT, and reserve the brick building for the community center

Steely Dan · #**19335** Posted **Aug 27, 2021, 6:26 PM**

Census results discussion moved to the general discussions thread:

https://skyscraperpage.com/forum/sho...d.php?t=208431

Barrelfish · #**19336** Posted **Aug 27, 2021, 10:13 PM**

Quote:

Originally Posted by Randomguy34

Honestly it makes zero sense why they didn't build the highrise in the EMPTY LOT, and reserve the brick building for the community center

I assume it was a combination wanting the community center right next to the church + the empty lot having a narrow L-shaped footprint that would complicate the high rise. But yeah, this feels solvable with a bit more creativity.

(if you are referring to the larger and more square empty lot on the other side of Maple, that is owned by a different church.)

harryc · #**19337** Posted **Aug 28, 2021, 3:04 PM**

Quote:

Originally Posted by Skyguy_7

^^ Fantastic news to see all the new development. 525 S Wabash being the most significant in my opinion. It'll make a nice impact from Millenium/Grant Park.

...snip...

What is to be lost ......

the urban politician · #**19338** Posted **Aug 28, 2021, 3:11 PM**

^ So much of our architectural heritage down the drain….

ardecila · #**19339** Posted **Aug 29, 2021, 12:27 AM**

Quote:

Originally Posted by Randomguy34

Honestly it makes zero sense why they didn't build the highrise in the EMPTY LOT, and reserve the brick building for the community center

Well, the brick apartment building isn’t suited for the banquets and other large events that the church probably wants to host. The ceilings aren’t tall enough, there are probably load bearing walls in the middle of the floorplates, not enough entrances/exits for a crowded event, etc. You’d have to do a facadectomy like Heritage/Legacy at exorbitant cost.

This might be the end of the deal honestly, I’m not sure the church wants a highrise looming over their building (instead of a few doors down) and Fifield may not be able to include a corridor through his building for an all-weather connection church-community center.

Klippenstein · #**19340** Posted **Aug 29, 2021, 12:32 AM**

Quote:

Originally Posted by the urban politician

^ So much of our architectural heritage down the drain….

I get it now...