UPDATE: Related wrests control of Chicago Spire site from Garrett Kelleher

Development, Midwest, News, Skyscrapers
Tuesday, November 4, 2014
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spire

UPDATE [3:00 P.M.]: Related now has control of the Spire site, after embattled developer Garrett Kelleher transferred the deed Monday night. Related withdrew their claim in U.S. Bankruptcy Court following the transfer, reported the Chicago Tribune. They haven’t released plans for development or sale of the notorious site, but President Curt Bailey issued this statement:

We are pleased to have resolution on 400 N. Lake Shore Drive, the site of the former Chicago Spire project.  We recognize the importance of this site to the City of Chicago and look forward to creating an architecturally significant and thoughtful development befitting this premier location. We are proud to have a long track-record of developing landmark buildings with world-class architects like 840 N. Lake Shore Drive, 500 N. Lake Shore Drive, Park Tower, 340 on the Park and most recently, 111 W. Wacker Drive.  We look forward to continuing that legacy on this marquee site.

Halloween came and went last Friday, and with it so may have developer Garrett Kelleher’s chance at reviving the Chicago Spire, an ambitious supertall project that faltered during the recession and left an empty cofferdam at 400 North Lake Shore Drive. Read More

Pictorial> OneEleven, Chicago’s ritzy Loop residential with a rocky history

OneEleven, at 111 W. Wacker Dr. in Chicago. (Kevin Zolkiewicz via Flickr)

OneEleven, at 111 W. Wacker Dr. in Chicago. (Kevin Zolkiewicz via Flickr)

Developers Related completed its resurrection of 111 West Wacker Drive earlier this year, opening a luxury rental tower on the Chicago River where for years stood a ghostly concrete frame left over from a previous owner’s attempt to build. Read More

Post-Recession, Las Vegas’ Builders are “Cautiously Aggressive”

Las Vegas is bouncing back from the recession with new construction, including Gensler's 2013 renovation of The AXIS Theater inside Planet Hollywood. (Ryan Gobuty for Gensler)

Las Vegas is bouncing back from the recession with new construction, including Gensler’s 2013 renovation of The AXIS Theater inside Planet Hollywood. (Ryan Gobuty for Gensler)

“It’s a fun time in Vegas right now, with the economy up,” said Beth Campbell, principal and managing director of Gensler’s Las Vegas office. Downtown is being reborn, thanks in no small part to Zappos CEO Tony Hsieh’s multi-million dollar investment. The Strip, too, is booming—see the High Roller observation wheel, which opened on March 31. At the same time, the spendthrift breeziness of the pre-recession years is gone. “Everyone is coming back to life, but with a refined focus and purpose,” said Campbell. “I would say the clients and developers are cautiously aggressive…they still want to grow, still want to reach for the sky…But they’re really focused on how they’re applying [their money] to make these projects happen.”

Continue reading after the jump.

University of Michigan plans $28 million architecture building expansion

Dean's List, Midwest
Friday, March 21, 2014
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Alfred Taubman with University of Michigan's Taubman Scholars. (University of MIchigan)

Alfred Taubman with University of Michigan’s Taubman Scholars. (Courtesy University of Michigan)

Five years ago, the University of Michigan shelved its plans to expand its Art and Architecture Building. Now, a bit further along on the country’s economic recovery, the University said this week it would build a $28 million addition.

Continue reading after the jump.

5-OH Rising Out of Park Fifth’s Ashes in Los Angeles

Newsletter, West
Monday, March 17, 2014
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5-OH IS THE NEW RESIDENTIAL DEVELOPMENT SLATED FOR THE FORMER SITE OF PARK FIFTH (HARLEY ELLIS DEVEREAUX)

5-OH IS THE NEW RESIDENTIAL DEVELOPMENT SLATED FOR THE FORMER SITE OF PARK FIFTH (HARLEY ELLIS DEVEREAUX)

At long last, the recession-doomed site of the high-rise condo complex known as Park Fifth is seeing some action. This particular patch of ground, across the street from Pershing Square near downtown Los Angeles, has been the subject of a tug-of-war between would-be investors and market forces for at least seven years. Park Fifth, a pair of 76- and 41-story towers designed by Kohn Pedersen Fox, went down with the real estate bubble in 2008. Even the current project, dubbed 5-OH, has seen a lot of uncertainty during its relatively short life. “We went through a lot of studies and a lot of different client groups,” said Harley Ellis Devereaux’s Daniel Gehman. “[There were] a lot of shifting sands.” Read More

Urban Land Institute’s 2014 outlook: ‘recovering from the recovery’

Midwest, National
Friday, November 8, 2013
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ULI

At its annual fall meeting (this year in Chicago), the real estate research non-profit Urban Land Institute released its 2014 trends report Thursday. The verdict of the 1,000 professionals surveyed? Next year we will continue “recovering from the recovery,” in the words of one respondent, following the depths of the 2008 recession.

Continue reading after the jump.

Related Eyes Chicago Spire Debt as Speculation On New Life Swirls

Midwest
Wednesday, June 26, 2013
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The Chicago Spire site, currently the city’s most-watched hole in the ground, has had false starts before. This week The Wall Street Journal reported that Related Cos. of New York signed on to buy the stalled project’s debt, raising suspicions that development might proceed on the riverfront site.

Santiago Calatrava’s twisting tower design was to stand 2,000 feet high and house condos, but the $64 million land bordering Lake Shore Drive in Streeterville sat idle after the recession hit in 2008. The troubled project has been tangled up in litigation ever since.

Ireland’s National Asset Management Agency put the project’s $93 million in debt on the market earlier this year. While Irish developer Garett Kelleher’s firm still holds title to the parcel, and Related’s reported deal remains up in the air, speculation swirls around the site which not long ago was prepared to house the nation’s tallest building.

Miami’s Development Booming: Top 11 Starchitect-Designs Remaking the Magic City

East, Newsletter
Tuesday, March 12, 2013
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The Grove at Grand Bay by Bjarke Ingels Group. (Courtesy BIG)

The Grove at Grand Bay by Bjarke Ingels Group. (Courtesy BIG)

After a tumultuous few years, Miami’s real estate market is on the rise once again. When the recession hit the city in 2007, new developments came to a dramatic halt and abandoned construction sites became ubiquitous. But now, a surge of new projects—running the gamut from residential and retail to hotels and cultural institutions—are cropping up around Miami with many more slated for construction in the next few years. And some heavy hitters, such as Zaha Hadid, Rem Koolhaas, Herzog and de Meuron, and Bjarke Ingels, have signed up to lend their design sensibility to Miami’s changing landscape. The Miami Herald reported that the city now boasts 20 new condo towers with an additional five towers in the works for neighborhoods just north and south of downtown Miami. AN has compiled a list of the most significant projects taking shape in the Magic City.

Continue reading after the jump.

Smaller Airports Struggle with Vacant Space

Midwest
Monday, July 16, 2012
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Cleveland Hopkins International Airport (CLE)

Cleveland's airport had 1,565,187 fewer enplanements in 2009 than in 2000. (Image courtesy Cody Austin via Flickr.)

The airline industry was hit hard by the recession—2011 had fewer takeoffs than any year since 2002. Airports in cities like Pittsburgh, Cincinnati, and Oakland are feeling the effects of that contraction, leaving one-time regional hubs and smaller airports with vacant and underused terminals.

A report on airport building reuse commissioned last year by the Transportation Research Board found enplanements were down more than 60 percent in St. Louis over the last decade. Growing interest in regional rail transit could place further pressure on smaller airports to get creative with their extra space, especially as they face costly demolition bills and shrinking revenue.

California: From Bad To Worse

West
Wednesday, July 15, 2009
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Just when it looked like things might be getting better, the California construction outlook for the year, it appears, has gone from bad to worse. According to McGraw-Hill Construction’s 2009 California Construction Outlook: Mid-Summer Update, the state’s budget crisis has had a nasty effect on our industry, “reducing state tax revenues and worsening the state’s construction declines.” The report says that construction starts for the state are expected to drop 22% in 2009 to $36.5 billion. Here are some of the sobering figures in the report: Read More

Lessons From The Past

Other
Wednesday, March 11, 2009
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We just came across a story (above) by David Dunlap in the New York Times whose headline reads: Recession Is Ravaging Architectural Firms. In it architects bemoan the state of the industry and make claims like “it will never be the same again,” and “I’ve had the chance to see a lot of ups and downs. This one, to me, is without a doubt the worst.” Dunlap suggests that ‘Now, having shrunk, firms may decide to stay smaller.’ And one architect thinks this is the next Great Depression: “We don’t see a way out, a real turning point, until the end of the decade. If you’re talking about no significant work until the latter half of the decade, you’re talking about a situation that is somewhat similar to the 1930’s.”

Read More

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