Just caught these plans for a new residential high rise building on the real estate message board, Skyscraperpage. The proposed building, designed by Brininstool, Kerwin and Lynch, will replace one of the many parking lots in Chicago’s West Loop and Greektown neighborhoods on Green Street between Van Buren and Jackson.
The Brininstool, Kerwin and Lynch website describes the building as having around 370,000 square feet in 28 story’s, eight of which will be above ground parking clad in glazed horizontal windows. With the current plans, I’m definitely on the road to really liking the building. The base from far away actually looks pretty interesting but once you see a close up photo, my opinion goes a complete 180… It just looks so boring and sterile especially when it’s surrounded by dozens of old, detailed, brick buildings. Please come up with something better!
An investor team that includes two Bridgeport businessmen and a specialist in industrial cleanups is trying its luck with high-rise housing. They have proposed a 33-story building at 519 S. Clinton, just west of the vacant Old Main Post Office.
It’s a poor market for planning a high-rise, so work won’t start anytime soon. But Langdon Neal, the investors’ zoning lawyer, said they wanted to start the approval process anyway.
“They wanted to get the entitlement work done, so if the market does turn, they can take advantage,” Neal said.
The investors include William Pacella and George Bonomo of Bridgeport. Pacella owns a trucking firm that won contracts under the city’s scandal-scarred Hired Truck program exposed by the Chicago Sun-Times. Bonomo owns a supplier of paper and cleaning supplies.
They’ve invested together in race horses, and in the 1990s they tried to renovate the old Evans furrier building at 36 S. State, but couldn’t finance the deal.
Another investor is Shadow Mirkhaef, an executive at GSG Consultants Inc., which handles industrial cleanups.
Their proposal calls for 276 units of either rental or for-sale housing, depending on the market’s inclination, Neal said. Also included would be 327 parking spaces, a large allotment that would enable the site to provide parking for a Holiday Inn next door….
I’ve always wanted SOMETHING to be built on this side of the river and Congress. The land is soo close to the Loop and it’s being incredibly underutilized. This building looks great and should fit in nicely…not to mention the amazing green roof that’s planned for the building! I love green roofs!
Belgravia Group held out for as long as they could but their amazing condo/loft high rise, 565 Quincy, is now having to reduce prices by 15-30%! With around 50% of the homes sold, this is what 565 Quincy needs for a big boost in sales. Teaming up with Belgravia Group’s sales team is @properties who is also helping with sales. I can’t wait to bring future clients there because 565 Quincy is an awesome building.
565 Quincy, located at 565 W. Quincy Street in Chicago’s West Loop neighborhood, is split almost in half with the lower half converted from an old seven story office building into lofts. The top 11 floors are newly constructed condos with some amazing views. Some amenities include work out facilities, a movie screening room, pool tables, foosball, putting green, and even a two lane bowling alley. The eighth floor also includes an awesome roof deck!
The investment is a pricey bet that the market for new luxury condos will rebound strongly by 2011, when the project is scheduled to be completed.
The $242 million refers to the gross sales proceeds from the 88 condo units, says Bruce R. Schultz, a principal with Prism. He estimates the cost of the project at $200 million. The development has a $137.5-million construction loan from the German financial institution known as Helaba.
Of the remaining capital in the deal, Kuwait Finance has put up 95%, which would be about $59 million. That includes a $40-million preferred-equity investment when the sale of the site closed last year.
After KFH and Prism each recoup their equity investments, they will split the projects’ profits 50-50, Mr. Schultz says.
The project is about 40% sold, roughly unchanged in more than two years.
But in a hopeful sign, two contracts have been signed in the past 30 days, Mr. Schultz says. The development is slated to be completed at the end of 2011, with the foundation to be complete by March 1.
“We’re moving forward,” Mr. Schultz says, adding that the project is “very fortunate” to have KFH and Helaba on board.
Despite the current slowdown in sales, the project could benefit next year from a pent-up demand for high-end condos, says Gail Spreen, president of residential brokerage Streeterville Properties.
Also, Ritz-Carlton Residences will face less competition than it might have because of cancelled projects, she says….
Posted by ChicagoismynewBlog! on November 29, 2009
What do you think? After eating for an entire day, I was sitting bored and trying not to give in to the tryptophan so I did a little editing for Roosevelt University’s new proposed dormitory and educational building, located at 425 S. Wabash Avenue in Chicago’s Loop.