{"id":8263,"date":"2016-11-08T13:08:24","date_gmt":"2016-11-08T13:08:24","guid":{"rendered":"http:\/\/minutes.machine.market\/?p=8263"},"modified":"2016-11-08T13:08:24","modified_gmt":"2016-11-08T13:08:24","slug":"number-of-tower-cranes-at-work-in-chicago-hits-8-year-high","status":"publish","type":"post","link":"https:\/\/machine.market\/blog\/number-of-tower-cranes-at-work-in-chicago-hits-8-year-high\/","title":{"rendered":"Number of tower cranes at work in Chicago hits 8-year high"},"content":{"rendered":"<p>There truly is an extraordinary number of tower cranes in the air above downtown Chicago. Currently, 33 are busy constructing high-rise buildings, the largest number since the 2008 recession brought development to a halt.<\/p>\n<p>Besides 33 buildings using cranes now, seven others are awaiting permits to begin this year, according to the city&#8217;s Department of Buildings. Among them are the Wanda Vista hotel and condo at 363 and 401 E. Wacker Drive, a hotel at 854 W. Randolph St., apartment and retail buildings at 1136 S. Wabash Ave. and 935 W. Altgeld St., and the multiphase Riverline development involving a 28-story apartment building and 452 condos at 720 S. Wells St.<\/p>\n<p>Among 48 downtown Chicago projects this year, 31 have been residential and there have been six office and six hotel towers.<\/p>\n<p>One Bennett Park, like most of the new buildings erected during the last few years in Chicago&#8217;s downtown area, will house luxury apartments. But the tower will have 69 condominiums in addition to the 279 apartments. Condos are expected to start at $2 million a unit and rents could be close to $4 a square foot, according to developer Related Midwest.<\/p>\n<p>The <a href=\"http:\/\/www.chicagotribune.com\/business\/ct-chicago-skyline-building-cranes-1108-biz-20161107-story.html\" target=\"_blank\" rel=\"noopener noreferrer\">Chicago Tribune<\/a>\u00a0reports, since the financial crisis, lenders have required that a sizable portion of planned condo units \u2014 often 30 percent or more \u2014 be sold before extending construction loans. <a id=\"PEBSL001233\" title=\"Curt R. Bailey\" href=\"http:\/\/www.chicagotribune.com\/topic\/business\/executives-management\/curt-r.-bailey-PEBSL001233-topic.html\">Curt Bailey<\/a>, president of Related Midwest, said he wasn&#8217;t required to meet such a high hurdle.<\/p>\n<p><em><a href=\"mailto:gmarksjarvis@chicagotribune.com\">gmarksjarvis@chicagotribune.com<\/a><\/em><\/p>\n<p><em>Twitter @gailmarksjarvis<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"<p>There truly is an extraordinary number of tower cranes in the air above downtown Chicago. Currently, 33 are busy constructing high-rise buildings, the largest number since the 2008 recession brought development to a halt. Besides 33 buildings using cranes now, seven others are awaiting permits to begin this year, according to the city&#8217;s Department of [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":8264,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_et_pb_use_builder":"","_et_pb_old_content":""},"categories":[2,3],"tags":[1533],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v14.7 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Number of tower cranes at work in Chicago hits 8-year high - MachineMarket Blog<\/title>\n<meta name=\"robots\" content=\"index, follow\" \/>\n<meta name=\"googlebot\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<meta name=\"bingbot\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/cranemarket.com\/blog\/number-of-tower-cranes-at-work-in-chicago-hits-8-year-high\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Number of tower cranes at work in Chicago hits 8-year high - MachineMarket Blog\" \/>\n<meta property=\"og:description\" content=\"There truly is an extraordinary number of tower cranes in the air above downtown Chicago. Currently, 33 are busy constructing high-rise buildings, the largest number since the 2008 recession brought development to a halt. Besides 33 buildings using cranes now, seven others are awaiting permits to begin this year, according to the city&#8217;s Department of [&hellip;]\" \/>\n<meta property=\"og:url\" content=\"https:\/\/cranemarket.com\/blog\/number-of-tower-cranes-at-work-in-chicago-hits-8-year-high\/\" \/>\n<meta property=\"og:site_name\" content=\"MachineMarket Blog\" \/>\n<meta property=\"article:published_time\" content=\"2016-11-08T13:08:24+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/machine.market\/blog\/wp-content\/uploads\/2016\/11\/Tower-Crane-Chicago.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"550\" \/>\n\t<meta property=\"og:image:height\" content=\"309\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Organization\",\"@id\":\"https:\/\/machine.market\/blog\/#organization\",\"name\":\"CraneMarket | Cranes for Sale and Rent\",\"url\":\"https:\/\/machine.market\/blog\/\",\"sameAs\":[],\"logo\":{\"@type\":\"ImageObject\",\"@id\":\"https:\/\/machine.market\/blog\/#logo\",\"inLanguage\":\"en-US\",\"url\":\"https:\/\/machine.market\/blog\/wp-content\/uploads\/2019\/03\/crane-market-logo.png\",\"width\":282,\"height\":81,\"caption\":\"CraneMarket | Cranes for Sale and Rent\"},\"image\":{\"@id\":\"https:\/\/machine.market\/blog\/#logo\"}},{\"@type\":\"WebSite\",\"@id\":\"https:\/\/machine.market\/blog\/#website\",\"url\":\"https:\/\/machine.market\/blog\/\",\"name\":\"MachineMarket Blog\",\"description\":\"Machine News\",\"publisher\":{\"@id\":\"https:\/\/machine.market\/blog\/#organization\"},\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":\"https:\/\/machine.market\/blog\/?s={search_term_string}\",\"query-input\":\"required name=search_term_string\"}],\"inLanguage\":\"en-US\"},{\"@type\":\"ImageObject\",\"@id\":\"https:\/\/cranemarket.com\/blog\/number-of-tower-cranes-at-work-in-chicago-hits-8-year-high\/#primaryimage\",\"inLanguage\":\"en-US\",\"url\":\"https:\/\/machine.market\/blog\/wp-content\/uploads\/2016\/11\/Tower-Crane-Chicago.jpg\",\"width\":550,\"height\":309},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/cranemarket.com\/blog\/number-of-tower-cranes-at-work-in-chicago-hits-8-year-high\/#webpage\",\"url\":\"https:\/\/cranemarket.com\/blog\/number-of-tower-cranes-at-work-in-chicago-hits-8-year-high\/\",\"name\":\"Number of tower cranes at work in Chicago hits 8-year high - MachineMarket Blog\",\"isPartOf\":{\"@id\":\"https:\/\/machine.market\/blog\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/cranemarket.com\/blog\/number-of-tower-cranes-at-work-in-chicago-hits-8-year-high\/#primaryimage\"},\"datePublished\":\"2016-11-08T13:08:24+00:00\",\"dateModified\":\"2016-11-08T13:08:24+00:00\",\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/cranemarket.com\/blog\/number-of-tower-cranes-at-work-in-chicago-hits-8-year-high\/\"]}]},{\"@type\":\"Article\",\"@id\":\"https:\/\/cranemarket.com\/blog\/number-of-tower-cranes-at-work-in-chicago-hits-8-year-high\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/cranemarket.com\/blog\/number-of-tower-cranes-at-work-in-chicago-hits-8-year-high\/#webpage\"},\"author\":{\"@id\":\"https:\/\/machine.market\/blog\/#\/schema\/person\/d55314291bc2800387533231d1e82150\"},\"headline\":\"Number of tower cranes at work in Chicago hits 8-year high\",\"datePublished\":\"2016-11-08T13:08:24+00:00\",\"dateModified\":\"2016-11-08T13:08:24+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/cranemarket.com\/blog\/number-of-tower-cranes-at-work-in-chicago-hits-8-year-high\/#webpage\"},\"publisher\":{\"@id\":\"https:\/\/machine.market\/blog\/#organization\"},\"image\":{\"@id\":\"https:\/\/cranemarket.com\/blog\/number-of-tower-cranes-at-work-in-chicago-hits-8-year-high\/#primaryimage\"},\"keywords\":\"tower cranes\",\"articleSection\":\"Constuction &amp; 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