Oh hey, speaking of Lincoln Park 2520, Joe Z. was in the neighborhood this morning and captured this snapshot of the construction site. Still no signs of an actual building, but the developers aren’t paying rent on that crane just for the fun of it.
Oh hey, speaking of Lincoln Park 2520, Joe Z. was in the neighborhood this morning and captured this snapshot of the construction site. Still no signs of an actual building, but the developers aren’t paying rent on that crane just for the fun of it.
How and why are they doing all of this without a construction loan?
How: GE’s pension fund is the equity in this deal and is pretty deep into it already (+$100M)
Why: They believe they will be able to secure financing at some point in the not so distant future (given the good pre-sale levels and the equity that has already been invested) and will deliver into a market where the supply and demand fundamentals are more in check due to the projected deliveries in 2011 and beyond (none).
Well I sure as heck hope this building gets built. I’m not thrilled about the design, but after losing a hospital this lakefront site needs the density
I live close to 2520, view from 41 floors. I am not knowledgable regrading high rise construction just can tell you what I see.
i see lots of activity, Concrete footings, wall on the south side. Lots of concrete, a little confusing – I am sure they know what they are doing and perhaps it will become clearer with time. If I had a plan to follow I would give you weekly reports. I will attempt to add pictures in the future.
A very exciting property I am looking forward to moving into!