March 28, 2009 - Work on the ultra-luxurious Chicago condos in the Palmolive Building took a notoriously long time, with the renovation and customization of the 100 condos starting in 2003 and lasting several years. Chicago real estate developer Draper and Kramer has been in arbitration with Pepper Construction Group over a $28.6 million lawsuit filed in 2007. Draper and Kramer fired Pepper that year, contending that the company was taking too long to finish the work. Pepper then fired back with the lawsuit and the dispute hasn’t been settled yet.

But now D&K has filed a new lawsuit, this time against Booth Hansen, Ltd., who also did work on Palmolive. This is in response to claims made by Pepper Construction that their interior work was delayed because of Booth. According to a Crain’s report, D&K filed to be sure, “that Palmolive be entitled to judgment against Booth Hansen for any sum it is required to pay Pepper Construction and for its defense costs and expenses.” But if the arbitration finds in favor of D&K, chances are they won’t go after Booth.

In a celebrity note, you may remember that actor Vince Vaughn purchased the penthouse suite at Palmolive for about $12 million. And while you won’t be able to live there, you will be able to rent his high-end luxury townhome in River North. Rubloff is handling marketing for the four bedroom, 3.5 bath townhome and you can lease it for a mere $9,500 per month. If you want him to leave his furniture, it will cost a little extra. He originally bought the home in 2005 for $1.45 million and like his Palmolive condo, has no plans to sell.

If that is a little out of your budget, you can find plenty of other high quality Townhouses in Chicago.

Technorati Tags: Palmolive Building, Chicago Condos, Chicago Real Estate

March 27, 2009 - Besides the $86.7 million in liens and the recent bailout of the Shangri-La Hotel chain, the Waterview Tower has a new set of problems to contend with. Due to a number of building code violations, the city of Chicago is suing developer Teng and Associates. Crain’s reports that at least 9 citations were issued because of code complaints and violations.

One of those violations brought by city inspectors was for “failing to maintain the shell in a structurally safe and stable condition.” This was due to the apparent unsafe state of a concrete slab atop the concrete shell of a parking garage which was the only construction that made it above ground on the 111 Wacker Drive project. The stability of a crane that was left there was also called into question. Teng supplied a structural engineer’s report and consented to take down the crane within 90 days if construction doesn’t resume on the tower. As for the concrete slab, that will be decided in a court hearing next Thursday.

There were more violations issued for the “vacant abandoned construction site,” including standing water pooled in the basement of the structure and safety fencing that was inadequate. Those problems have since been fixed, however. A representative for the city told Crain’s that, “The developer has been cooperative and substantially compliant with the court orders.”

With so many liens, no financial support and now the city getting aggressive about the unfinished site, Teng may be forced to make a decision soon and take action. Construction sites with partially finished Chicago real estate projects are becoming more of an issue for both the city and residents of Downtown Chicago Condos located nearby.

Technorati Tags: Waterview Tower, Chicago Condos, Chicago Real Estate

March 26, 2009 - Evanston’s ever so controversial Church Street tower may have lost several stories during the two year push by Klutznick-Fisher Development Company and Focus Development, but the project finally won approval from the City Council. The Evanston Mini-Spire, as it was nicknamed, was originally planned as a 49 story high-rise. With recently enacted height limitations and a revised building plan submitted, the tower is now shortened to 35 stories. Once constructed though it will not only be the tallest building in Evanston, but in the Chicago suburbs as well. Currently the tallest suburban building is the Oakbrook Tower at 31 stories.

The vote was 6 to 3 in favor of giving a green light for the tower to be constructed, according to a CBS 2 Chicago news report. Alderman Cheryl Wollin told CBS that because of zoning laws, allowing this tower to be built won’t set a precedent for even taller towers, which was a concern for many opposing residents. Wollin also pointed out the advantages of the project. “It will bring in new retail, new residents and really develop a corner of town that is ripe for redevelopment.”

One of the stipulations of giving approval for the tower is that no demolition at the 708 Church Street site can start until the developers have financing for the project secured. The developers of this suburban Chicago condo project have previously stated that they don’t expect to start marketing and construction until at least 2010, and the most recent timetable is that construction will begin sometime in the next 5 years. While most Chicago real estate developers are scaling back on projects, we may start to see more who are laying plans for Pre Construction Condos in Chicago to launch once the housing market rebounds.

Technorati Tags: Church Street Tower, Chicago Condos, Chicago Real Estate