Tag: developer

Related Pockets How Much?!: Refinancing Related's 500 Lake Shore for 175 Million - What's Next?

Related Pockets How Much?!: Refinancing Related's 500 Lake Shore for 175 Million - What's Next?
Today Crains reported that Related just refinanced their luxury apartment building at 500 N Lake Shore Drive for a cool 175 Million.   Mass. Mutual Life Insurance handled the refi which enables Related to payoff the 100M construction loan while leaving everybody with that warm fuzzy feeling an extra 75 Million  leaves you with. This... Read more »

The Chicago Spire: Is It Back On?! Survey Says...

The Chicago Spire: Is It Back On?!  Survey Says...
Today is St Patricks Day and developer Garrett Kelleher seems to have the luck of the Irish.  For months years we’ve been speculating about the future of this sexy supertall. Unfortunately, in recent years, there’s been little to say about Streeterville’s deepest swimming hole. Just last summer, Curt Bailey and Related Midwest seemed poised to put the nail... Read more »

Block 37 Development Update- Apartment Tower on the Horizon?

Block 37 Development Update- Apartment Tower on the Horizon?
We’ve been talking about Block 37 for years.  Back in 2010, we rated it #2 on our most disappointing developments.  There was nothing too exciting about Block 37 until recent rumors began to hint at an upscale apartment building. Today, Alby Gallun and Crain’s gave some insight into the proposed plan: a 500 unit apartment... Read more »

Waterview Chicago: An Eyesore and Nothing More

Q: What’s worse than a hole in the ground?  A: Waterview Tower The unfinished Waterview Tower In their list of disappointing developments, Kamin, Hilkevitch, and Glanton neglected to mention the eyesore known as “Waterview Tower”  We can’t quite blame them since we’ve known about this for a few years now, but it is definitely worth... Read more »

Block 37: #2 On Our List of Disappointing Developments

Credit: Mark Mumford Block 37 was over budget, behind schedule, and now seemingly stalled. Many high-profile tenants have backed out leaving the many areas of the mall deserted.  The developer, Joseph Freed & Associates, is desperately fighting the clock and the legal system to salvage their stake in the property. Crains Chicago reported yesterday that... Read more »

The Chicago Spire: Dead In The Water

Courtesy of StructureHub Who doesn’t want an 80 foot deep hole just off of Lake Shore Drive?  Chicagoans are hoping someone does… The anticipation for the Fordham Chicago Spire was nothing short of a frenzy.  Unfortunately, Calatrava’s masterpiece quickly lost momentum as international investors hesitated to jump on the bandwagon.  Shelbourne still held strong and... Read more »

Odyssey Lofts

Image Courtesy of @properties Odyssey lofts has a new name and a new address: “770 Lofts” Back in July, Crains broke the news that new owners had taken over the Odyssey Lofts project and with new ownership came a project face lift, a new marketing team, and new pricing.  Odyssey 770 Lofts neared completion right... Read more »

How Low Can They Go? Preferred Lenders Offer Buy-downs at New Construction

Thanks to Ludacris for low rate inspiration Image courtesy of iBlog26 Mortgage rates continue to astound.  They are “lower than your Momma’s ever seen it in her lifetime” and as if that weren’t Ludacris enough, developers are bringing them down even lower.   While free parking used to be the developer incentive du jour, many... Read more »

Buyer Woes at Lexington Park: Developer Headaches

Image Courtesy of Chicago Journal It seems that buyer at Lexington Park have more to complain about than just the long wait.  In a not-so-surprising turn of events, Lexington Park is the latest in a string of developments to go rental and it isn’t looking pretty. While this may have been expected, the surprise was... Read more »