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Yahoo
14-05-2025
- Business
- Yahoo
Neighbors mixed on proposed Evanston tower that would rival suburbs' tallest buildings
An Evanston developer is facing community pushback after proposing a 31-story, 333 foot tall apartment building that would rank third tallest in suburban Chicagoland. The proposed residential tower would have the same number of floors as suburban Chicago's tallest building, Oakbrook Terrace Tower in DuPage County, though that building rises 418 feet, according to information from Shawn Ursini of the Council on Tall Buildings and Urban Habitat. The proposed highrise, which aligns with Mayor Daniel Biss' goal to increase housing density in Evanston, is also notable becuse it includes dramatically fewer parking spaces than is typical for the suburbs. There would be 80 on-site spaces for 445 apartments. The developer suggested using an estimated 120 parking spots in nearby city-owned garages, but so far that remains only a suggestion. Representatives from Chicago based co-developers Vermilion Development and Campbell Coyle shared with neighbors proposals of their 605 Davis Street high rise, at the northwest corner of Davis Street and Chicago Avenue, at a ward meeting on April 29. The developers anticipate the development, on two currently vacant lots, will also help the city's goal of raising property tax revenue for the land parcels by millions of dollars. The proposed building's height would put it under the suburbs' second-tallest building, Two Pierce Plaza in Itasca, at 395 feet, but much taller than Evanston's existing tallest buildings: Orrington Plaza at 277 feet, Sherman Plaza at 276 feet, Optima Views at 265 feet and One Rotary Center at 237 feet tall, per information from the Council on Tall Buildings and Urban Habitat. The community meeting, hosted by Councilmembers Clare Kelly (1st) and Jonathan Nieuwsma (4th), was attended by about 50 residents at the main branch of the Evanston Public Library. The majority of residents offered a mix of reasons as to why the project should not move forward, including parking troubles, traffic troubles and a potential 'wind tunnel' effect that could strengthen winds, making downtown harder for pedestrians to walk. The project had some support at the meeting from Evanston's commercial partners. 'We should be welcoming this type of development. We should be working with them,' said Andy Vick, the executive director of the Downtown Evanston Merchants Organization. Evanston resident Tina Paden said the development will not benefit most Evanstonians, particularly Black families. 'Let's be real, that this building is for Northwestern students,' she said. 'I live down the street from (housing developments) E2 and The Link. I do not see Black families with three or four children walking out of the building. They are Northwestern students. You are coming here for opportunity to make big, giant dollars from Northwestern students. You do not care about Evanston residents.' As proposed by developers, the building's 445 residential units will mostly be studio, one-bedroom and two-bedroom units, according to Dickson. The development is proposed to have 20%, or 89, of them marketed as affordable units, which is 5% more than the city's inclusionary housing ordinance requires. Plans call for the development to have three storefronts. Luay Aboona, principal at traffic consulting firm KLOA, Inc., said the development is not likely to increase traffic in a significant way in the immediate area of the development. Kerry Dickson, managing director of Vermilion Development, said the developers hope to negotiate a lease with city-owned parking lots on Church Street and Davis Street for residents to park their vehicles there. The city could net an additional $172,000 in renting out parking spaces needed by the development's residents, he said, estimating that an additional 120 vehicles will need parking. Dickson said the site at 605-609 Davis Street now houses two vacant lots and is in blighted condition. The Davis Street development isn't the only high rise project in the works in Evanston. Last September, two developers proposed a 27-story apartment building also in the downtown area at the current Church Street Plaza. That development is anticipated to have 358 units, and is also asking the city for variances in its zoning code to have a lower number of parking spaces. Property tax breaks Jonathan Perman of Jasculca Terman Strategic Communications, a spokesperson hired to represent the development, said that because the 605 Davis Street development offers 20% of its units to be rented at an affordable rate, a state statute makes discounts available in the developer's property tax bill. Called Affordable Illinois when it was signed into law by Gov. JB Pritzker in 2021, the state law makes housing developments in certain areas of Cook County eligible for a significant property tax break, in the form of lowered assessments, available for 30 years, as long as they also provide 20% of their housing units to be rented at affordable rates, among other requirements. For the first 12 years after the development is complete, the building owner will pay 60% or less of the building's assessed property tax value. For the 18 years after that, they will pay 80% of the assessed value. After that time period is over, the property tax bill must be paid in its entirety. At the meeting, Councilmember Kelly said the 30 years of property tax discounts would essentially be a forfeiture from the city to the developer. Perman took a different emphasis, characterizing the property tax bill the developers will be paying, stating that after 12 years, the city of Evanston would be reaping an estimated $2.7 million instead of the $21,450 it is getting now for the undeveloped property. .
Chicago Tribune
14-05-2025
- Business
- Chicago Tribune
Neighbors mixed on proposed Evanston tower that would rival suburbs' tallest buildings
An Evanston developer is facing community pushback after proposing a 31-story, 333 foot tall apartment building that would rank third tallest in suburban Chicagoland. The proposed residential tower would have the same number of floors as suburban Chicago's tallest building, Oakbrook Terrace Tower in DuPage County, though that building rises 418 feet, according to information from Shawn Ursini of the Council on Tall Buildings and Urban Habitat. The proposed highrise, which aligns with Mayor Daniel Biss' goal to increase housing density in Evanston, is also notable becuse it includes dramatically fewer parking spaces than is typical for the suburbs. There would be 80 on-site spaces for 445 apartments. The developer suggested using an estimated 120 parking spots in nearby city-owned garages, but so far that remains only a suggestion. Representatives from Chicago based co-developers Vermilion Development and Campbell Coyle shared with neighbors proposals of their 605 Davis Street high rise, at the northwest corner of Davis Street and Chicago Avenue, at a ward meeting on April 29. The developers anticipate the development, on two currently vacant lots, will also help the city's goal of raising property tax revenue for the land parcels by millions of dollars. The proposed building's height would put it under the suburbs' second-tallest building, Two Pierce Plaza in Itasca, at 395 feet, but much taller than Evanston's existing tallest buildings: Orrington Plaza at 277 feet, Sherman Plaza at 276 feet, Optima Views at 265 feet and One Rotary Center at 237 feet tall, per information from the Council on Tall Buildings and Urban Habitat. The community meeting, hosted by Councilmembers Clare Kelly (1st) and Jonathan Nieuwsma (4th), was attended by about 50 residents at the main branch of the Evanston Public Library. The majority of residents offered a mix of reasons as to why the project should not move forward, including parking troubles, traffic troubles and a potential 'wind tunnel' effect that could strengthen winds, making downtown harder for pedestrians to walk. The project had some support at the meeting from Evanston's commercial partners. 'We should be welcoming this type of development. We should be working with them,' said Andy Vick, the executive director of the Downtown Evanston Merchants Organization. Evanston resident Tina Paden said the development will not benefit most Evanstonians, particularly Black families. 'Let's be real, that this building is for Northwestern students,' she said. 'I live down the street from (housing developments) E2 and The Link. I do not see Black families with three or four children walking out of the building. They are Northwestern students. You are coming here for opportunity to make big, giant dollars from Northwestern students. You do not care about Evanston residents.' As proposed by developers, the building's 445 residential units will mostly be studio, one-bedroom and two-bedroom units, according to Dickson. The development is proposed to have 20%, or 89, of them marketed as affordable units, which is 5% more than the city's inclusionary housing ordinance requires. Plans call for the development to have three storefronts. Luay Aboona, principal at traffic consulting firm KLOA, Inc., said the development is not likely to increase traffic in a significant way in the immediate area of the development. Kerry Dickson, managing director of Vermilion Development, said the developers hope to negotiate a lease with city-owned parking lots on Church Street and Davis Street for residents to park their vehicles there. The city could net an additional $172,000 in renting out parking spaces needed by the development's residents, he said, estimating that an additional 120 vehicles will need parking. Dickson said the site at 605-609 Davis Street now houses two vacant lots and is in blighted condition. The Davis Street development isn't the only high rise project in the works in Evanston. Last September, two developers proposed a 27-story apartment building also in the downtown area at the current Church Street Plaza. That development is anticipated to have 358 units, and is also asking the city for variances in its zoning code to have a lower number of parking spaces. Property tax breaks Jonathan Perman of Jasculca Terman Strategic Communications, a spokesperson hired to represent the development, said that because the 605 Davis Street development offers 20% of its units to be rented at an affordable rate, a state statute makes discounts available in the developer's property tax bill. Called Affordable Illinois when it was signed into law by Gov. JB Pritzker in 2021, the state law makes housing developments in certain areas of Cook County eligible for a significant property tax break, in the form of lowered assessments, available for 30 years, as long as they also provide 20% of their housing units to be rented at affordable rates, among other requirements. For the first 12 years after the development is complete, the building owner will pay 60% or less of the building's assessed property tax value. For the 18 years after that, they will pay 80% of the assessed value. After that time period is over, the property tax bill must be paid in its entirety. At the meeting, Councilmember Kelly said the 30 years of property tax discounts would essentially be a forfeiture from the city to the developer. Perman took a different emphasis, characterizing the property tax bill the developers will be paying, stating that after 12 years, the city of Evanston would be reaping an estimated $2.7 million instead of the $21,450 it is getting now for the undeveloped property. .
South China Morning Post
17-02-2025
- Business
- South China Morning Post
From ‘Ghost Tower' to ‘Hotel of Doom': Asia's abandoned skyscrapers
Asia housing and property Published: 2:32pm, 17 Feb 2025 Updated: 2:33pm, 17 Feb 2025 Towering skyscrapers often create a city's iconic skyline, yet sometimes its tallest buildings can fall into disrepair or remain unfinished. While abandoned structures can become symbolic of a location's financial or social struggles, cities still have to decide what to do with them. Some are left to rust, others are demolished – and a few become revitalised. 'A lot of these buildings can still have a lot of life left in them,' said Shawn Ursini, the Council on Tall Buildings and Urban Habitat's senior building database manager. 'We just maybe need to get a bit more creative as to what their purpose is going forward.' Here are some of the skyscrapers around Asia that now sit empty or uncompleted – and how they ended up that way. Unattached toilets sit in an open room in the empty Sathorn Unique building in Bangkok, Thailand, in 2017. Photo: AP Sathorn Unique, Bangkok Popularly known as Thailand 's 'Ghost Tower', this looming structure dates back to 1990. The 47-floor building was only 80 per cent finished when the 1997 Asian financial crisis hit.
Yahoo
16-02-2025
- Business
- Yahoo
10 of the tallest abandoned skyscrapers around the world
Iconic skylines are one way to immediately identify some cities. Some looming skyscrapers haven't stood the test of time, becoming abandoned or remaining incomplete. Cities must figure out what to do with the structures, and the cost of revitalization can be huge. Towering skyscrapers often create a city's iconic skyline, yet sometimes its tallest buildings can fall into disrepair or remain unfinished. While abandoned structures can become symbolic of a location's financial or social struggles, cities still have to decide what to do with them. Some are left to rust, others are demolished, and a few become revitalized. In the mid-20th century, many older buildings in the US went under the wrecking ball. That's not the best option from a sustainability standpoint, Shawn Ursini, the Council on Tall Buildings and Urban Habitat's (CTBUH) senior building database manager, told Business Insider. "A lot of these buildings can still have a lot of life left in them," he said. "We just maybe need to get a bit more creative as to what their purpose is going forward." He added that the CTBUH doesn't have a designation for abandoned buildings since it doesn't track buildings' occupancy once they're completed. However, the organization does keep tabs on the many buildings worldwide that are on hold. "Generally speaking, when a project goes on hold, there is still an attempt to finish it," Ursini said, although these attempts aren't always successful. Here are 10 of the tallest skyscrapers around the world that now sit empty or uncompleted — and how they ended up that way. Beirut Trade Center, Beirut (459 feet) During the Lebanese Civil War (1975-1990), snipers took up residence in a number of Beirut buildings in what became known as the "Battle of the Hotels." Construction on the 40-story Beirut Trade Center, also known as Burj al-Murr or the "tower of bitterness," began in 1974, just a year before war broke out. At that point, the $15 million building was 70% complete, Executive Magazine reported in 2004. In addition to office space, the Trade Center was designed to hold a movie theater and restaurant accessible by helicopter. Architect Camillo Boano and urban planner Dalia Chabarek described it as a scarred artifact of war that's "difficult to topple" or renovate. Several artists have incorporated the unfinished building into their work. In 2018, Jad El Khoury put up a temporary installation in the structure, adding colorful curtains to the windows to transform it into Burj El Hawa, the Tower of Air, according to Archinect. Plaza Tower, New Orleans (531 feet) One of New Orleans' tallest buildings has become a danger in the decades since it was erected in the 1960s. While the $15.5 million building had a few residential units, it was mainly designed for offices. In 2002, building tenants, including the Orleans Parish district attorney's office, complained that toxic mold was making them sick. In the aftermath of Hurricane Katrina, the building was gutted due to both mold and asbestos, The Times-Picayune reported in 2014. Since then, its problems have continued. A piece of paneling fell and hit a bicyclist in 2021. There was a fire in 2022, and a man died falling from one of the floors in 2023. Despite attempts to salvage the Plaza Tower, "the city made their case that the buildings become a public safety hazard," Ursini said. Now the city is preparing to demolish the building, though the current owner hopes to find a buyer instead, The Times-Picayune reported in January. 900 Chestnut, St. Louis, Missouri (588 feet) In 2022, Rosin Preservation wrote a report arguing that 909 Chestnut Street, also known as One AT&T Center, should be added to the National Register of Historic Places list. Completed in 1985, the St. Louis building is one of the tallest in the state, has a "fortress-like base," and a "façade [that] appears to stretch beyond what is expected, seemingly indefinitely," according to the report. AT&T didn't renew its lease in 2017, and the building has been empty since, according to Costar, which gathers information on commercial real estate. In 2024, the Goldman Group bought 909 Chestnut for $3.6 million, a fraction of its 2006 price of $205 million. "At that price, I guess the building itself is a blank slate because you're picking it up for almost nothing," Ursini said. The real estate firm hopes to put in 600 apartments, a pickleball court, and a movie theater, Fox2 reported in January. Sathorn Unique, Bangkok (607 feet) Popularly known as Thailand's "Ghost Tower," this looming structure dates back to 1990. The 47-floor building was only 80% finished when the 1997 Asian financial crisis hit. Its architect was also charged and then acquitted as part of a murder plot that was never carried out, Architectural Digest reported in 2023. With the unfinished luxury condo in ruins, daredevil travelers risk trespassing and injury to explore the tower. Exposed wires and rusty metals are just a few of the building's hazards. Centro Financiero Confinanzas, Caracas, Venezuela, (623 feet) For years, this empty 45-story building, known as the Torre de David or Tower of David, was also described as the world's tallest slum. Banker David Brillembourg hoped to create Venezuela's version of Wall Street with the tower, The New Yorker reported, but the country's financial crisis and Brillembourg's death put an end to construction in 1994, New York Magazine reported. Some 3,000 people took up residence in the concrete shell of a building, transforming it into a community with electricity, grocery stores, and water, Slate reported in 2014. However, the structure was deemed unsafe and the occupants were evicted in 2014, per The BBC. In 2018, a powerful earthquake did some damage to the upper levels of the Tower of David, Reuters reported. 1 Seaport, New York City (670 feet) At between $1.5 million and $20 million a pop, units in 1 Seaport came with the promised luxuries of an infinity pool, dazzling views, and 10-foot ceilings. Buyers snapped them up, putting down hundreds of thousands of dollars as deposits. In 2017, a carpenter working on the $273 million building fell to his death, The New Yorker recently reported. When it emerged the building was sinking and leaning to the left, its contractors and developers started blaming each other, Curbed reported in 2021. One lawyer involved in one of 1 Seaport's many lawsuits described the tilted structure as resembling a banana. While the building is unlikely to fall over, construction has been halted since 2020. Oceanwide Plaza, Los Angeles (677 feet) Consisting of three towers, the unfinished Oceanwide Plaza has become notorious for artists tagging its exterior. Last year, thrill-seekers even BASE jumped from the top. The ambitious complex, expected to cost $1 billion, was meant to be home to luxury residential units and a five-star hotel, The Los Angeles Times reported. It's about 60% complete after construction halted in 2019. Oceanwide Holdings, the company behind the towers, filed for involuntary bankruptcy, Los Angeles Magazine reported last year. Finishing the project would take around $800 million, per the Wall Street Journal. Ryugyong Hotel in Pyongyang, North Korea (1,082 feet) Jutting high above its surrounding buildings, the pyramid-shaped Ryugyong earned the nickname "Hotel of Doom" when it sat empty and incomplete for over a decade in the middle of North Korea's biggest city. Work on the 105-story building began in 1987 under the rule of Kim Il Sung, Kim Jong Un's grandfather. In 1992, the economic depression following the Soviet Union's collapse halted construction before windows were installed and the concrete was covered. Construction has stopped and started several times since, and it's unclear when the structure will open. In 2008, Reuters reported it would take an estimated $2 billion to complete the hotel. "It was bare," tour operator Simon Cockerell told of the concrete-filled interior after a visit in 2023. On the outside, though, a new LED screen broadcasts propaganda. SkyCity, Mandaluyong, Philippines (1,099 feet) This is one project that never got off the ground. Originally, its developers hoped SkyCity would be the Philippines' tallest building. They planned for the 77-story skyscraper to hold a hotel, swanky condos, and a bar, Esquire Philippines reported. Nearby homeowners complained when developers broke ground in 1997 for several reasons, including that the structure, planned at over 1,000 feet tall, would cast a giant shadow. A lengthy legal battle ensued, and funding for the estimated $85 million project dried up. The location is just a large, mossy hole now. Goldin Finance 117, Tianjin, China (1,957 feet) Nothing in the vicinity comes close to the height of the rusting, unfinished Goldin Finance tower in Tianjin, a city in Northern China. It was meant to hold a hotel, condos, and offices. Construction began on the structure in 2008. A diamond-shaped atrium was supposed to sit atop the building, reminiscent of a glittering gem on top of a walking stick. From the atrium's observation deck and restaurant, guests would have had dizzying views of the city's downtown. Then, in the mid-2010s, Goldin Group, the skyscraper's developer, started having financial troubles. At that point, it would have taken $10 billion to complete the project, Forbes reported in 2022. "There's no cladding on the exterior, and the building is just there awaiting a restart of construction," Ursini said. It still remains empty today. This story was originally published in August 2018 and most recently updated on February 16, 2025. Read the original article on Business Insider
