Tag Archives: tower

Brookfield Earnings With Plans to Establish Third Tower in Toronto'' s Bay Adelaide Centre

Bank of Nova Scotia Indications 15-Year Lease, Devotes to Occupy 51% of $500 Million Tower

Brookfield Property Partners signed the Bank of Nova Scotia to prelease 420,000 square feet in the planned Bay Adelaide Centre North office tower, a relocation that will permit the designer to begin building on the $500 million job in downtown Toronto.

Toronto-based Scotiabank signed a 15-year lease to anchor the third and last workplace tower in the 3 million-square-foot Bay Adelaide Centre, committing to occupy 51 percent of the structure.

The lease contract and plans to continue with the office tower’s advancement follows news in March reported by CoStar that Brookfield was < a href=" http://product.costar.com/home/news/188601?keywords=Bay%20Adelaide%20Centre&market=178" target=" _ blank “> selling a HALF stake in the 2 existing towers of the complex for $ 850 million. The purchaser of that stake was VPMA Bay Adelaide Property Ltd., a business connected to Guernsey-based Dadco Investments Ltd.

. With the offer to offer the half-share in the other two towers complete, Brookfield was anticipated to concentrate on the north tower’s building. The north tower was not consisted of because sale.

Bay Adelaide Centre North is located on the north side of Temperance Street, throughout from the existing east and west towers. Strategies call for a 32-floor tower amounting to 820,000 square feet.

Under its lease arrangement, Scotiabank will have a devoted reception area and special access to an outdoor podium balcony. The structure will have direct access to subways and the COURSE underground pedestrian system.

Brookfield said it anticipates the structure to be finished in early 2022, with Scotiabank’s lease arranged to start later on that year.

The 52-floor, 1.2 million-square-foot Bay Adelaide Centre West opened in 2009 and is totally rented. The building was the first brand-new office tower established in Toronto’s financial core in 17 years.

The 44-floor, 1 million-square-foot Bay Adelaide Centre East opened in 2015 and is likewise 100 percent rented.

Garry Marr, Toronto Market Press Reporter CoStar Group.

Vikings Owner Proposes 17-Story Tower for Downtown Minneapolis

Strong Market Surrounding Arena Could Cause Numerous Tasks on Land Owned by the Wilf Household

The family that owns the Minnesota Vikings of the National Football League remains in movement to establish a collection of long-held residential or commercial properties that are clustered near the football group’s two-year-old, $1.1 billion stadium in downtown Minneapolis, beginning with a 17-story home tower.

Considering that 2005, the team has actually been managed by the Wilf family. Based in New Jersey, the family made its fortune in house building, industrial and multifamily advancement on the East Coast. The household has actually already undertaken one massive advancement in the Twin Cities residential areas: Viking Lakes, which includes plans to develop retail, office and a thousand domestic systems on the 200 acres around the Vikings’ brand-new corporate headquarters and practice center in Eagan.

However, previously the Wilf household hasn’t tried to profit from the growing market that has actually emerged around U.S. Bank Stadium in Minneapolis proper. Finished in 2016, the stadium hosted the NFL’s Super Bowl LII on February 4, 2018.

The new house tower is prepared for a car park at 240 Park Opportunity. But that could be simply the start of a prolonged effort to build on Wilf-owned homes downtown, stated Don Becker, who works as both task executive with the Vikings and is a principal for the Wilf’s development service, Garden Houses.

The.75-acre site at 240 Park is part of a bundle of lots purchased from Central Parking in 2007. The portfolio also includes about 1.1 acres at the northeast corner of Chicago Opportunity and 4th Street and approximately.9 acres of uninhabited land right away to the east, right before Third and Fourth Street briefly converge and dip under Interstate 35.

At that time, the business did not have specific prepare for the homes, Becker said, but thought they might be useful, either to the stadium project itself or as development homes down the roadway. At the time, downtown’s domestic population was much lower: According to the Minneapolis Downtown Council, 11,552 people moved into the downtown location between 2006 and 2017, bringing the total residential population from about 32,000 to 43,456, a 36.2 percent increase.

A hotspot in this property renaissance has actually been the location north and east of the arena, which has been in the middle of a building boom that reveals little indication of easing off. Until now, other designers like Minneapolis’ Ryan Companies, Alatus and the Sherman Group have been the most active there, Becker stated, however the Wilf household is prepared to get in the video game.

Today, much of the plan for 240 Park is initial, and many aspects of the task are still to be determined. Business executives still have yet to choose the number and type of units, amenity mix, and target segment of the rental market.

Nevertheless, Garden Residences favors low turnover in its building and chooses stable, long-lasting renters– for instance, empty-nesters or newlyweds who plan to remain for years, instead of months. Whatever the last style involves, the houses will be big enough to easily sustain families.

Becker, together with members of Minneapolis architectural firm BKV Group, will provide preliminary plans for the tower at a community conference on Monday. For now, the group is just trying to find informal feedback, Becker said.

He included prepare for the remainder of the parcels are still to be identified.

60-Story Miami Worldcenter Apartment Tower Caps Change to City Horizon

Paramount Miami Worldcenter developers are completing vertical construction on the 60-story residential high-end tower, capping a nearly $4 billion task that’s altering among the biggest skylines in the United States Southeast.

The last beam was put Friday atop the highest point in the condominium covering 10 blocks stretching 27 acres in Miami’s downtown. Developers say the job is one of the greatest now under building and construction in the United States.

During an event for the mixed-use job this morning at 129 NE 8th Ave., flags from 50 nations flew atop the building, representing the citizenships of the various purchasers. Argentina, Mexico, Russia, Greece and Guatemala are among the countries represented in the purchaser pool for a job where the typical apartment price tops $1 million.

” Miami has become a truly global city and this building is a clear indication of that,” developer Dan Kodsi said in a declaration.

The 569-unit structure has actually generated more than $400 million in presales so far, designers said. Units range from 1,180 to 2,350 square feet each, and tenancy is set for early next year.

Features include an outdoor soccer field, 2 tennis courts and a resort-style pool total with cottages and rental properties.

Aside from the condominium tower, Worldcenter will have a 444-unit apartment building that is arranged to open in the fourth quarter of 2018, and an office tower with approximately 600,000 square feet slated for 2021.

Nitin Motwani is handling partner of a development group that consists of Art Falcone. When finished, the development will feature an open-air retail, dining and home entertainment center, a 1,700-room Marriott Marquis and a 2nd house tower.

Paul Owers, South Florida Market Press Reporter CoStar Group.

BB&T Tower Trades in One of the Largest Office Deals in Jacksonville This Year at $24.5 Million

The 18-story BB&T Tower in Jacksonville, FL offered in among the greatest office sell the marketplace so far this year.

After being put up for sale by unique servicer LNR Partners this&spring, BB&T Tower chose $24.47 million, or about $86 per square foot, making it among the most pricey, inning accordance with CoStar information.

LNR Partners, which re-possessed the 285,487-square-foot complex after it entered into foreclosure in 2016, sold BB&T Tower to an entity connected to in your area based designer Ash Residence by means of online auction platform Ten-X.

Transwestern’s John Bell, who was tapped by the seller to shop the landmark possession, noted that BB&T Tower was among the most in-demand office investments in Jacksonville up until now this year. Inning accordance with Transwestern, the complex underwent an extreme bidding procedure, receiving almost 300 privacy contracts from capital sources across the country and internationally.

BB&T Tower, located at 200 W. Forsyth St., was initially integrated in 1975 however was recently remodelled. According to Bell, LNR Partners completed almost $4 million in capital improvements to the office complex and kept a 63 percent occupancy rate. The complex is anchored by its namesake renter, BB&T.

Other leading workplace offers that have actually taken place so far this year include the $13.75 million Dream Finders headquarters deal in June, the $9 million Southpoint Company Park sale in June and the Flagler Center deal that can be found in at a tremendous $136 million.

Please see CoStar COMPS # 4437572 to learn more on the BB&T Tower deal.

Hunt Cos., WestStar Begin Work on Downtown El Paso, TX'' s Tallest Workplace Tower

WestStar Tower is Very First High-Rise Office Complex to obtain Underway in El Paso in 40 Years

Courtesy: Duda |

Paine Architects.An El Paso, TX-based collaboration between Hunt Companies Inc. and WestStar has begun construction on a new 18-story, 262,000-square-foot high-rise office building, which, upon conclusion, is set to be the Texas town’s tallest tower.

The high-rise office building at 601 N. Mesa St.– the first in 40 years to obtain underway in El Paso– would consolidate four downtown WestStar places into the 306-foot tall corporate office complex, and take the name WestStar Tower. Building is slated for conclusion in summer 2020.

WestStar, a locally-owned neighborhood bank with properties amounting to $1.7 billion, intends to have “a long-lasting impact on the downtown economy and that of the entire area,” with the new workplace tower, said L. Frederick “Rick” Francis, WestStar’s chairman and chief executive.

The prepared combination would cause 260 employees of WestStar and its affiliates in one office spanning 3 floors with an industrial banking location on the ground flooring of the tower.

In addition to WestStar, Hunt Companies also prepares to move its head office from Mesa Street into the new development. In all, Hunt plans to inhabit 3 floorings in the building for its new corporate headquarters with about 175 employees.
The Hunt Household Foundation would move along with the rest of Hunt-affiliated companies into the future industrialized office space.

The office tower lines up with El Paso’s plan on rejuvenating its downtown community, stated Mayor Dee Margo.

“Today’s groundbreaking is another action toward decreasing the tax concern on residential taxpayers while increasing our commercial tax base,” Margo stated in a statement on June 22. “This advancement will be type in attracting brand-new business to move and invest into our community.”

WestStar Tower.Photo Credit: Duda|Paine Architects.The brand-new office complex

, along with a landscaped park and plaza, called Hunt Plaza, would inhabit an entire city block in downtown El Paso. The tower would likewise include about 13,000 square feet of retail space with 735 parking areas for its occupants.

For the record:

Duda|Paine of Durham, NC, is the building architect, with San Francisco-based Gensler supervising the interior decoration work. The Office of James Burnett, based in Houston, is the landscape architect of the park and plaza. Moss, of Fort Lauderdale, FL, is the job’s general professional.

Regional company Sonny Brown & & Associates is renting the workplace and retail area on behalf of the collaboration.

Patrinely Group Pulls Permit for 30-Story Workplace Tower at Block 162 in Downtown Denver

A Houston business has actually pulled its very first building and construction license for the foundation of a long-anticipated task in downtown Denver.

Plans for Patrinely Group’s Block 162 task were very first floated in early 2016 as a 32-story workplace and hotel development on 15th Street in between Welton and California streets. Updated marketing products reflect a little less enthusiastic plans for a 30-story office tower amounting to 595,000 square feet.

An agent from Patrinely Group did not instantly react to an email ask for comment.

In 2017, Patrinely signed a ground lease along with USAA Real Estate Co. to establish the site, which had actually been assembled during a number of years by Denver designer Evan Makovsky.

Marketing products for Block 162 suggest that the building will include ground-floor retail and 12 levels of above- and below-ground parking.

If developed, the tower would be the second-tallest office building built in downtown Denver in current memory, just behind Hines’ 40-story 1144 15th, which was the tallest office complex constructed in the area given that the 1980s.

$222 Million Sale of Charlotte Workplace Tower Sets Market Record

Portman-Developed 615 South College Sells for Highest Price Per Square Foot for Class A Workplace Residential Or Commercial Property in Charlotte History

CBRE Global Investors and a pension fund client simply obtained 615 South College, a brand-new Class A workplace tower in Charlotte for $222 million.

The sale of the 19-story, 375,865-square-foot office tower established by Atlanta-based Portman Holdings recorded in county records Tuesday. The brand-new office building was completed in 2017 beside Charlotte’s popular Westin Hotel and houses co-working firm WeWork.

The structure was sold by a joint endeavor partnership in between Portman, Los Angeles-based PCCP and a Chinese financial investment firm, China Orient Summit Capital Co., Ltd.

. At that rate, that sale works out to approximately $590 per square foot, a record cost per square foot for a Charlotte workplace home.

The office tower was constructed on top of a 1,456-space underground parking deck and the record-setting price shows in part the additional income produced by parking costs.

However, even representing the additional value from the parking earnings, the rate per square foot far eclipses any previous Class A workplace sale in Charlotte, which formerly had not exceeded $400 per square foot.

The sale did not set a general record rate for a Charlotte workplace property, nevertheless. That honor is still held by the 2016 sale of 301 S. College St. for $284 million.

The Atlanta office of Eastdil Secured organized the sale on behalf of the seller. The California State Teachers’ Retirement System (CalSTRS) joined CBRE Global Financiers in the building purchase. The purchaser and seller reacted to calls however stated they might not yet comment on the sale.

Brian Dawson, a managing director for Jones Lang LaSalle who heads JLL’s Capital Markets group in Charlotte, was not associated with the transaction but said he was not amazed that it traded for a record rate.

“This is a special property that is a really solid, well-designed, core trophy property located in Charlotte’s top submarket,” Dawson said. “The income produced by the parking garage and ancillary utilizes advantage net operating earnings.”

The office tower in Charlotte’s stylish Stonewall Passage is the last significant development finished by Portman Holdings before the death of its creator, renowned architect/developer John Portman, who died in December 2017. Portman personally cut the ribbon the main opening of 615 South College in May 2017.

The underground parking deck was developed by Portman at the very same time as the Westin Charlotte, which opened 15 years back. When Portman broke ground on the 700-key Portman-designed hotel in September 2000, the designer said the garage would be built to accommodate a 2nd stage that would comprise either extra hotel spaces or an office building.

The tower at 615 South College still is in its preliminary lease-up phase and currently is about 82 percent leased, according to CoStar research study. WeWork is the largest tenant and inhabits 76,000 square feet. Regions Bank occupies nearly 64,000 square feet. Other occupants consist of Addison Group, BDO U.S.A. and Direct Digital.

Asking rents are $39.50-$40 per square foot each year on a full-service basis.

To find out more on CBRE Global Investors’ acquisition of 615 South College, please see CoStar COMP # 4302369.

Breaking: Cadillac Fairview Thinks Toronto Ready for New Tower

Realty Company Will Move its Parent Corporation Into $800 Million, 46-Storey Structure Planned for Fall of 2022

Courtesy: CNW Group/Cadillac Fairview Corporation Limited.Cadillac Fairview

is teaming up with the Investment Management Corporation of Ontario on a new $800 million, 46-storey office tower for downtown Toronto with Cadillac’s moms and dad corporation devoting to move to the building.

Ontario Teachers’ Pension Plan will be the initial client for the building at 160 Front Street, which is slated to open in the fall of 2022.

” This city continues to experience record-low job rates, sustained by demand for quality, sustainable workplace across a broad variety of customers, and in particular the tech and monetary sectors,” stated John Sullivan, president and president of Cadillac Fairview, in a statement. “With space accessibility in downtown Toronto at the most affordable level in over 25 years, we see significant chance for this advancement.”

Cadillac has $1.5 billion of substantial office tasks under development, including a $479 million structure at 16 York Street in Toronto, the $200 million BMO School at CF Toronto Eaton Centre, a $60 million revitalization of 2 Queen Street West and the $25 million redevelopment of a former Sears area at CF Champlain in Moncton for TD Bank Group.

In addition to the 1.2 million-square-foot workplace part, Cadillac’s most current advancement for downtown Toronto will consist of 339 parking stalls and 12,290 square feet of retail space.

Teachers’ has offices in the Xerox Tower at 5650 Yonge Street in the north end of the city where it inhabits near 190,000 square feet, inning accordance with CoStar information.

” Toronto is a lively and worldwide city, and the downtown core is a major hub of financing. Our company believe this is the correct time to prepare our relocation better to our partners and the swimming pool of talent we will need to see us into the future. This brand-new building will have lots of appealing aspects to assist promote team effort and innovation, in a healthy and sustainable environment that is close to many different transit choices,” stated Ron Mock, president and chief executive of the Ontario Educators’ Pension Plan, in a declaration. “We are very happy to be moving into a structure run by Cadillac Fairview, our property subsidiary and a global designer of leading-edge office.”

Sullivan stated its most current jobs shows demand for “prime urban areas,” and belongs to the demand for premium, amenity-rich office environments throughout the nation. “We take great pride in our ability to work with our clients to satisfy those requirements ultimately,” he stated.

Cadillac said 160 Front Street will be designed by Adrian Smith + Gordon Gill Architecture, in partnership with B+H Architects as the architect of record, and will offer an unique silhouette on the downtown skyline while meeting potential occupant “desire for effective style and environmental sustainability in both construction and operation.”

The site is one city block from Union Station and with neighboring access to the Gardiner Expressway.

Cadillac said its partnership with the Investment Management Corporation of Ontario represents a continued cooperation on a number of jobs on behalf of the latter’s customer, the Ontario Pension Board. Their partnerships consist of the new workplace tower under building at 16 York Street in Toronto, in addition to ownership in existing workplace homes in Toronto and Vancouver, consisting of RBC Centre and Toronto-Dominion Centre.

” Buying real estate is an integral part of our investment strategy since it is well-aligned to Ontario Pension Board’s return objectives,” said Brian Whibbs, managing director of realty for IMCO, in a statement. “We value our strong relationship with Cadillac Fairview, and we are happy to be a part of this amazing project, as we continue to concentrate on delivering value to OPB through the acquisition and advancement of premium assets that generate strong outcomes over the long term.”

Garry Marr, Toronto Market Press Reporter CoStar Group.

Exxon Mobil'' s XTO Energy to Offer its Last Workplace Tower in Downtown Fort Worth

XTO Energy is Upgrading the Adjacent Office Complex for its Continued Regional Operations

XTO Energy Inc., a subsidiary of Irving, TX-based Exxon Mobil, which is moving its head office to Houston this summertime, is selling off its second-to-last structure in downtown Fort Worth, TX. XTO Energy prepares to offer its 24-story, 185,757-square-foot office complex at 714 Main St. after choosing to consolidate its remaining North Texas operations at the nearby XTO-owned office complex at 711 Houston St. The tower at 714 Main last traded to XTO Energy in 2007, with the

energy company remodeling the 1920s-era structure three years after the acquisition. Terms were concealed, nevertheless, the Tarrant Appraisal District last valued the tower at $20.7 million. The residential or commercial property is anticipated to obtain a lot of interest from potential financiers as the marketing pamphlets struck desks this week, stated Ryan Matthews, an executive vice president in Jones Lang LaSalle’s Fort Worth office. “This possession has a lot of optionality to it,”Matthews informed CoStar News.” It might be a great deal of various uses.

It is very appealing for another workplace user because of its Main Street address and downtown place, however it might likewise be on the radar of a great deal of hospitality designers or designers searching for a renowned residential project.”Matthews is leading the charge on marketing the office tower. XTO Energy is updating the surrounding structure along Houston Street in downtown Fort Worth to

outfit it for the remaining 350 employees expected to remain in the region.”With this building going on the market, XTO has determined the structure it will inhabit moving forward,”Matthews told CoStar News.”This isn’t really a lease-back personality, and XTO Energy will leave it [714 Main] at some point by the end of the year.” He included this downtown Fort Worth building will likely be XTO Energy’s last significant property to sell off as part of its North Texas portfolio. Financiers have actually currently started inquiring about the

property, which Matthews stated makes him feel there is going to be “excellent momentum “in the potential sale of the home. Moving on, XTO Energy’s offices will occupy the 1910-built Bob R. Simpson Building at 711 Houston St. The 108-year-old structure was last renovated in 2005. This year, XTO Energy plans to move its head office and more than a

thousand employees to Exxon Mobil’s vast 385-acre campus near Houston. The phased consolidation is anticipated to involve mid-2020. Just recently, JLL assisted XTO Energy sell the Petroleum

Building at 201 West Sixth Street to the ownership group behind Sundance Square in the town hall. The brokerage firm likewise plans to settle the sale of the WT Waggoner Structure at 810 Houston St. to a new owner by the end of the

summer.

Tribune Tower Redevelopment Team Require 2nd Tallest Tower in Chicago

Thin Glass, Metallic Structure in Stark Contrast to Iconic Tribune Tower; Would Go Beyond Trump Tower as Second Tallest in the City

Courtesy: tribunetowerredevelopment.com.Chicago-based Golub & Co. and

CIM Group of Los Angeles laid out plans Monday night for a sky-high tower east of the renowned Chicago Tribune Tower. At conclusion, the metal and glass tower would stand as the 2nd tallest structure in Chicago. Picture Credit: tribunetowerdevelopment.com The plans become part of a$1 billion-plus redevelopment of the historical Tribune Tower, the home of the city’s biggest newspaper operations for nearly a century, and its complete city-block residential or commercial property. If the city permits the home to be rezoned, the adaptive re-use and new tower would replace the Tribune newsroom, office, WGN-TV and radio stations, a printing-plant building and a nearby surface area car park. In its stead would be more than 700 houses that consist of expensive luxury condos and homes, along with 47,500 square feet of high-end retail, a 200-room shop hotel and 280 below-grade parking areas, inning accordance with Lee Golub, principal of Golub & Co. The website sits amidst Chicago’s storied Gold Coast, with Michigan Avenue to the west, St. Clair to the east and Illinois and East North Water streets to the north and south, respectively. The Chicago River streams just south of East North Water Street and east of Michigan Avenue.”We are on Michigan Opportunity. We are on the river. We remain in the center of whatever here,”Golub said at the conference. Golub and CIM purchased the residential or commercial property

in 2016 for$ 240 million, or about$ 325 per square foot, according to CoStar research. Image Credit: tribunetowerdevelopment.com The proposition is set

into two stages on what the designers called Parcel A and Parcel B. Plans for Parcel A at 435 N. Michigan consist of converting the landmark 1925 neo-Gothic Tribune Tower into 436,000 square feet of property units, the upscale street-level retail and the underground parking. The plans likewise call for”pedestrian-friendly “re-dos of the Leader Court pedestrian plaza and the Nathan Hale Yard, honoring the American Revolutionary War soldier who is extensively thought about America’s very first spy. The Michigan Opportunity outside space would be reconfigured and lead into brand-new retail space. Interestingly, just the upper area of the 36-story tower, beginning on the 12th floor, carries landmark status. The designers said they aim to landmark other parts

of the structure too, though not all of it. The building’s style is thought about a foundation of Chicago architecture and the Michigan Opportunity passage at the Chicago River. In 1922, a strenuous interior and exterior design competitors drew in the likes of architect Eliel Saarinen for the$ 50,000 grand prize. He took 2nd place to New York architects John Mead Howells and Raymond Hood, who introduced exactly what is commonly considered the American Perpendicular Design of architecture, known for its then-novel take on Gothic styles of verticality with pointed arches, vaulted ceilings, spires, pinnacles and flying buttresses. The Gothic spire is stated to have actually been imitated the medieval Butter Tower Cathedral of Rouen in France. Pictures of a pet dog groaning and Robin Hood(get it: Howells and Hood?)are sculpted in stone near the entrances of the structure and a large dining establishment at its base today is called Howells and Hood. The structure likewise holds pieces of history in its wall of stones, a smattering of chunks of well-known structures and historical sites around the world that Col. Robert McCormick, the renowned president of the

Tribune Co. from 1911 to 1955, instructed his foreign correspondents to revive from overseas tasks. Bricks from Comiskey Park, the former home of the Chicago White Sox, and the Chicago Cubs ‘Wrigley Field have been added in current times. Tribune Tower.Photo Credit: tribunetowerdevelopment.com Parcel B would consist of the brand-new tower, which has yet to be named. The tower rendering reveals a slim, tapering image increasing 1,422 feet from the northeast edge of the parking area behind the Tribune Tower. Building and construction on the new tower would not begin till at least 2019, Golub said, and would include the boutique hotel, 439 rental homes and 125 condominiums-all of the ultra-swanky variety. The brand-new tower’s glimmering profile and curving glass walls would stand in plain contrast to Tribune Tower’s stout, grand design. The proposal– and it’s still just that– was fulfilled mainly with appreciation among the 400 to 450 neighborhood, architecture and preservationist groups that collected at Alderman Brendan Reilly’s reveal of the developers’strategies. The tower, which Reilly worried as “aspirational,”would go beyond the Trump International Hotel & Tower as the second-tallest tower in the

city, and a simple 29 feet shorter than the Willis Tower. It likewise is most likely to be a big rival for the very same clients that stays in, resides in and dines in the Trump Tower. Golub stated demolition on some floors of the Tribune Tower already has actually been completed with more work arranged for early August, after Tronc, Inc., the former Tribune Co. &, abandons the website. The approximated redevelopment would take 20 months. There’s still a claim pending over the legendary “Chicago Tribune “sign that sits atop the southern fa├žade of the Tribune Tower. The developers are suing to keep the sign in place as part of the structure they purchased. Tronc claims that it is a piece of copyright that the company has the rights to keep. “We feel that it is a piece of the material of the Tribune Tower,” Golub said. There’s still plenty to do before any genuine building can

take place, including zoning approvals and funding. While the Tribune Tower redevelopment and new-tower proposal were headline news in Chicago Tuesday, they were met with an aspect of uncertainty. A 116-story tower, dubbed the Chicago Spire, was proposed in 2005 as the second-tallest city structure however never got built after a series of monetary obstacles

. The site at 400 N. Lake Shore Drive is still nothing more than a fenced-off hole in the ground, though speculation about another tower proposal for that place is high.