Tuesday, September 22, 2015

Real Estate Rendering Reveal Season at 3rd Ward Town Hall

We know real estate development is hot, but if developers have their way it's going to be on fire.

Tonight, Alderman Dowel hosted a 3rd Ward Townhall meeting and while we didn't get a chance to go, we've been trying out best to stay informed thanks to others who have been posting on various social media outlets (big hat tip to DavidLMathews & Justin Breen).  While we imagine there will be quite a bit of coverage on the topics tomorrow, we wanted to help reveal some of the proposed buildings:

The juciest of them all is a gigantic two tower plan for the vacant land on Roosevelt (between Michigan and Indiana).  The project is from developer Crescent Heights, who has been very active in the South Loop.  There has been a lot of speculation about this property, but this is the most concrete thing we've seen:
Proposed high-rise at Roosevelt and Michigan (via David Lee Mathews)
While it's a unique building, judging by this picture it seems pretty bulky to us.  In terms of height, One Museum Park (pictured all the way on the left) is 62 stories, so this looks like it would be 80+.  Stay tuned for more deets on this one.

Additional Links to Renderings/Details about Crescent Heights Plan:
  • 'Iconic' Proposal Calls for Twin Towers, One 76 Stories Tall, In South Loop - DNAinfo
  • At 76 stories, proposed apartment tower would be tallest in South Loop - Crain's (paywall)

Proposed 48 Story apartment building at 1320 S. Michigan (via David Lee Mathews)
While clearly this is a much smaller high-rise than the Crescent Heights one above, this design seems more elegant and interesting to us.

Additional Links to Renderings/Details about 1320 S. Michigan Proposal:

Finally, it also sounds like another developer is hoping to make a splash on the 2100 South block of Wabash (where The Shrine nightclub currently sits and some retail tenants):
proposed building at 2100 S. Wabash (via David Lee Mathews)
This one looks pretty basic to us.  What's more interesting is that they would presumably tear down a variety of smaller buildings to build this.  The rendering makes it seem like it would stretch from Cermak up to 21st street along the east side of Wabash.  

Additional Links to Renderings/Details about 2100 S. Wabash Proposal:
  • New Green Line Station Attracts New South Loop Apartment Tower - The Chicago Architecture Blog
  • Apartment/Hotel Project Proposed for South Loop, Would Displace The Shrine - DNAinfo

All in all, it's pretty crazy how much development is being planned for the broader South Loop neighborhood again.  While overall we're pro development, it seems crazy to think there is enough demand to support all these units.

It's also slightly concerning how many people these buildings would bring to the neighborhood mostly from a traffic standpoint.  On the flip side, more people means more retail and restaurants.  

So yeah...stay tuned and dare we say it........bubble?

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