CHICAGO | Waterview Tower | 1,047' Official / 1,035' Roof | 89 FLOORS |NEVER BUILT

[mcfinley]

^

the amount of revenue brought in is negligible. There is what, 10 floors of parking? If each floor has 100 parking spots, and we'll be generous and say that each spot is bringing an average of $20 a day...10x100x20 = $20,000 a day or $600,000 a month before expenses like insurance and whatnot.

It may sound like a lot of money, but it PALES in comparison to the total construction costs of the building. I don't think it would even cover the minimum interest of existing bank loans. The purpose of having a parking lot isn't to bring in revenue, it's to increase the desirability of hotel and condos in the building.

[Mojava]

[QUOTE=mcfinley;3559991]^

the amount of revenue brought in is negligible. There is what, 10 floors of parking? If each floor has 100 parking spots, and we'll be generous and say that each spot is bringing an average of $20 a day...10x100x20 = $20,000 a day or $600,000 a month before expenses like insurance and whatnot./QUOTE]

Probably closer to 50 spots per floor.

[simcityaustin]

Originally Posted by mcfinley

^

the amount of revenue brought in is negligible. There is what, 10 floors of parking? If each floor has 100 parking spots, and we'll be generous and say that each spot is bringing an average of $20 a day...10x100x20 = $20,000 a day or $600,000 a month before expenses like insurance and whatnot.

It may sound like a lot of money, but it PALES in comparison to the total construction costs of the building. I don't think it would even cover the minimum interest of existing bank loans. The purpose of having a parking lot isn't to bring in revenue, it's to increase the desirability of hotel and condos in the building.

I agree, but I also think a little money is better then no money. $600,000/mo could cover utility expenses, among other things. They're not looking to recoup the cost of construction with the parking, but that doesn't mean they don't want income from it as soon as possible.

[chi-arch]

Lots of those spaces are destined for the condo owners, and will never be income producing stalls (with the exception of the one time purchase). I doubt they would want the liability of traffic at an already tight construction site.

[Dalton]

Originally Posted by BVictor1

I'm wondering if they are trying to get the parking garage wll wired and sprinklered so that it can be open during construction? This would allow revenue to begin flowing in immediately.

They would need elevators too for public parking.

[harryc]

May 6
anyone seen the movie The Maiachi
.


May 8 - Plumbers


May 13


May 15 - not sure why the new canopy next door.

[Dalton]

Anyone know if the curtain wall panels, or major portions of them at least, have already been fabricated on spec?

It would be great if they were being held in some nearby warehouse, merely awaiting payment to be released to the site. That way we could see some action on this quickly once the China loan is secured. (Hopefully we won't have the Burj Dubai scenario where the building is 80 stories tall before a single piece of glass is hung.)

[BVictor1]

Originally Posted by Dalton

Anyone know if the curtain wall panels, or major portions of them at least, have already been fabricated on spec?

It would be great if they were being held in some nearby warehouse, merely awaiting payment to be released to the site. That way we could see some action on this quickly once the China loan is secured. (Hopefully we won't have the Burj Dubai scenario where the building is 80 stories tall before a single piece of glass is hung.)

There's some facade materials stored in a warehouse out in the burbs' somewhere.

[chi-arch]

^There are no less than 17 floors in Bensenville ready to go. Probably, several more floors than that as they have been coming over from China in regular shipments and I doubt the financing has slowed the delivery of those components. If we can get this curtainwall going in June that would be spectacular.

[Haworthia]

I asked this before, but didn't get a straight answer, is the tower portion of this all condo?

I assume it is, but there isn't really a first page to this thread and the link to original thread seems to lead nowhere.

[Rocket1]

Originally Posted by Haworthia

I asked this before, but didn't get a straight answer, is the tower portion of this all condo?

Yes.


You can get more basic info on the project at Waterview's website:

http://www.waterviewtower.com/

Select "Hotel Condominiums" and then "Floor Plan" and you'll get a good idea of the overall layout of the building

[Haworthia]

Originally Posted by Rocket1

Yes.


You can get more basic info on the project at Waterview's website:

http://www.waterviewtower.com/

Select "Hotel Condominiums" and then "Floor Plan" and you'll get a good idea of the overall layout of the building

Thanks! So I have another question that might have been asked or discussed already, is there any reason they can't open or finish the hotel portion of this project and then finish the condo tower section when financing is secured?

[chi-arch]

Shangri-La has absolutely no interest in opening until the project is complete. This has been discussed.

[cbotnyse]

Originally Posted by chi-arch

Shangri-La has absolutely no interest in opening until the project is complete. This has been discussed.

I dont think that makes any sense. That is some real revenue. Just look at Trump down the street, they are close to sold out every weekend at $400-2000 a night.

[Chicagoguy]

I think it has to do with respect to their clientele base. They dont want all of the distractions of construction to affect people's view on their hotel. I know alot of people who have stayed at Trump and were disappointed because of things like noise or things the didnt work right!

[Mojava]

Originally Posted by Chicagoguy

I think it has to do with respect to their clientele base. They dont want all of the distractions of construction to affect people's view on their hotel. I know alot of people who have stayed at Trump and were disappointed because of things like noise or things the didnt work right!

Agreed. Trump's reputation: good, bad, or indifferent can allow him to do that. Shangri-La has no reputation in the states as they dont have any hotels here. I dont think they'd be willing to take the risk on their first US hotel.

[Chicagoguy]

Originally Posted by Mojava

Agreed. Trump's reputation: good, bad, or indifferent can allow him to do that. Shangri-La has no reputation in the states as they dont have any hotels here. I dont think they'd be willing to take the risk on their first US hotel.

And to be honest I wouldnt risk it either! I mean yes...sure you could open as early as possible and gain a little extra income early on...but in the long run it is only going affect how people view your hotel. If you open once you are completely done it will also give people a much more impressed view of your hotel! They are being very smart in doing so. I think the Donald is hurting his reputation a little already here in Chicago.

[Norsider]

[QUOTE=Mojava;3560023]

Originally Posted by mcfinley

^

the amount of revenue brought in is negligible. There is what, 10 floors of parking? If each floor has 100 parking spots, and we'll be generous and say that each spot is bringing an average of $20 a day...10x100x20 = $20,000 a day or $600,000 a month before expenses like insurance and whatnot./QUOTE]

Probably closer to 50 spots per floor.

$20 per day??? Generous?

You clearly have no earthly idea what parking costs in this city.

[Crazy Ivan]

No kidding. I was over on Ontario the other day, stopped in to Bice for lunch, I was there for no more than 2 hours. Parking in the public ramp was $23.

[emathias]

[QUOTE=Norsider;3564164]

Originally Posted by Mojava

$20 per day??? Generous?

You clearly have no earthly idea what parking costs in this city.

Not every space is filled every day, especially on the weekends. Early-bird specials are usually less than $20. $20 is probably not so far off average for a tall garage.