CHICAGO | NEMA Chicago | 896 FT | 81 FLOORS

[SamInTheLoop]

^ Yeah, I feel like we've seen this just recently on a number of projects as well.....I don't feel it's that unusual....


My guess has been that they have been waiting on financing to close. Construction lending for large apartment projects has decidedly tightened over the last few quarters........projects are still definitely going to be launching over the rest of these year and next, it's just that developers will need more equity, will face somewhat higher interest rates, and in some cases will be getting loans from less traditional sources (as banks back off selectively as they cope with stricter regulations)..........this is all - on net - healthy and positive in terms of the continuing longevity of this cycle....

[Mr Downtown]

I though this was a condo project. Won't they need 30% or more presales to even get construction financing?

[ardecila]

Originally Posted by Mr Downtown

I though this was a condo project. Won't they need 30% or more presales to even get construction financing?

If that's the case, they've got a funny way of doing marketing. No project website, no sales center, no listings on the MLS...

There may be a small condo component on the upper floors of this tower like there is at 451 E. Grand, but I believe this tower will be mostly or entirely rental.

EDIT: DNAInfo reports 792 rentals only. The second phase next door is slated for condos, probably assuming that the market for condos will pick up after the rental boom dies down.

[SamInTheLoop]

Originally Posted by Mr Downtown

I though this was a condo project. Won't they need 30% or more presales to even get construction financing?

What made you think that? Crescent Heights has always stated this was rental. The future second tower at the corner of Michigan and Roosevelt may be a different story (my best guess is that one maybe a mixture of condos and rentals, or it could actually end up being all condos).....but this first tower at the corner of Indiana was always rental.....

[SamInTheLoop]

This just popped-up on McHugh's site.......subcontractor bids due......today!

[marothisu]

Anyone been by here lately? They were issued a permit for the foundation almost 1.5 months ago. Wondering if they've been doing anything like even site prep..

[Le Baron]

Originally Posted by marothisu

Anyone been by here lately? They were issued a permit for the foundation almost 1.5 months ago. Wondering if they've been doing anything like even site prep..

Nothing. No activity.

[Kumdogmillionaire]

Looking pretty unlikely at this rate we'll get 3 800+ footers in a year that someone here had been hoping/looking forward to. Bummer, but at least it seems this should get started next year in the first quarter

[the urban politician]

^ First of all, who's going to start drilling that day after Thanksgiving. Secondly, we still have all of December

[Kumdogmillionaire]

Originally Posted by the urban politician

^ First of all, who's going to start drilling that day after Thanksgiving. Secondly, we still have all of December

Drilling this close to winter just seems unlikely to me, and pouring foundation in the winter is just that much more difficult to accomplish.

[Le Baron]

Just received from a source:

Please note that Management was just informed today that McHugh Construction will be mobilizing next week to commence construction of 1200 S. Indiana. They will first clear the site, as well as erect fencing around the perimeter. They will also establish the private alley connection through to Michigan Avenue. Drilling of deep foundations is anticipated to begin by the beginning of January 2017 and will take approximately 2 months. Finally, excavation and construction of the rest of the foundation system and related underground work will carry on through the end of May 2017.

[Steely Dan]

^ YAY!!!!!

I love early Christmas presents!

[TimeAgain]

Originally Posted by Le Baron

Just received from a source:

Please note that Management was just informed today that McHugh Construction will be mobilizing next week to commence construction of 1200 S. Indiana. They will first clear the site, as well as erect fencing around the perimeter. They will also establish the private alley connection through to Michigan Avenue. Drilling of deep foundations is anticipated to begin by the beginning of January 2017 and will take approximately 2 months. Finally, excavation and construction of the rest of the foundation system and related underground work will carry on through the end of May 2017.

Fantastic news! Can't wait to see this get started!

[Notyrview]

Yusssssss kweeeeeen

[Kumdogmillionaire]

I was right by the thinnest of the thin margins... Happy it's starting, this will have a huge impact on the skyline. When these two towers and Wanda go up the city from the south side view will have a pretty different looking skyline

[KWILLSKYLINE]

Heeeeeeelllllllls yeaaaaaaahh!!!!!!!!

[the urban politician]

Awesome news. Now all we need is for 630 N Franklin to get going

[BVictor1]

Originally Posted by the urban politician

Awesome news. Now all we need is for 630 N Franklin to get going

130... And I feel that start is further down the line.

[KWILLSKYLINE]

I can only assume that the second tower for this project is going to wait to see how sales of this first tower goes before they start it, almost similar to OMPark and OMPark west? Unless someone knows any different info?

[maru2501]

skyline impact for sure