Yes this would be too small for me as well, but big enough for some people.

For the units listed on Redfin.com, the range is $601/sqft - 1476/sqft.

When I was (extremely briefly) in the downtown apartment business, I had a few clients who specifically wanted as small as possible in a nice building and nice location. They weren't going to be in the unit much so they didn't care about the size of the space, but when they did stay they wanted ultra-convenience. $260K seems like a great price for that size for a retired couple who simply wants to have a cool place to stay for a weekend now and then in downtown Chicago, across from the park, and close to the train.

23 October, 2019 -- evening

https://i.imgur.com/RqYkN9Oh.jpg

https://i.imgur.com/1O3xlANh.jpg

Crains has a good article up today questioning what is really going on here. It is a good summary of a lot of the details that keep me skeptical of this development, even if the marketing team is trying to present everything as moving forward as planned.

I can't really tell what is likely to happen at this point, but this falling through wouldn't be a bad outcome. The thumb on a pedestal design is underwhelming and ill proportioned (and drastically inferior to the original proposal).

The sales numbers Crains estimates look just OK. Wiith such a large percentage being smaller units I wonder if part of the programming change was done as bulk sale to an investor that will effectively run them as apartments. The numbers look quite bad if that is the case.

This was interesting. . . specifically related to financing. . .

So they're not interested in talking about specifics to the public. . . I get that. . . it's taken a long time to sell a luxury product in a non-luxury location. . . hopefully the banks will agree with their scheme. . .

. . .

Interesting, this is saying GS is financing 1000M: https://chicago.curbed.com/2019/10/2...groundbreaking

Well there ya go. . . I can bump up my odds for this getting built. . .

. . .

from the arcticle:

that's a gigantically huge announcement, if true.

that's a proper reason to throw a ceremonial groundbreaking shindig.

Which buildings is this user referencing?

https://www.chicagotribune.com/colum...outputType=amp

Financing has not been finalized yet according to this article. It also looks like it would be financed in phases...

I believe the original building pitched for this site several years before 1000M was a concept was much taller and thinner? I'm 80% sure of this.

Numbers just don't add up imo..

Not quite. See the image in the top left of the thread for the original proposal. A landmarks commission didn't think it respected the Michigan Ave streetwall so it was downsized and Jahn said the design looked bad when shrunk.

The user above was referring to waterview, which stalled during the financial crisis and sat embarassingly unfinished until 2011.

Yeah, I agree. And financing in stages.... has this happened with a major project in recent times? I honestly don't recall something like that happening with any of the buildings now under construction. It points to the fact that they can't land financing for the entirety of the project.

I know there's a lot of people on this forum who keep saying this is a great project, and will have great views, and so on and so forth. But a lot of you are looking at this building in isolation, and not comparing it to the competition. To make an analogy, every time I see a new Cadillac, I think "hey, those are nice cars." And indeed they are. But whenever I put down my hard earned cash, I always end up buying a BMW or Mercedes. I doesn't matter that Cadillacs are nice cars. I prefer what I consider something better.

South of the river is the proverbial "other side of the tracks." At that price point, people almost always go north. At least for downtown condos (maybe not Hyde Park).

Waterview.

I don't think that was what happened. If I remember correctly Waterview got started without financing secured.

correct. Teng started work on waterview on their own dime, hoping to eventually secure financing that never materialized after the economic meltdown of 2008. and Teng eventually ran out dimes.

very similar to what Kelleher tried to pull off at the old spire site, though he didn't get as far along in construction before the bust.

I believe waterview did get a small mezzanine loan during initial construction..

. . . Right. . . and let's not forget that Kelleher swooped in only after Fordham started and failed to get anything done there. . .

. . .

While I'm skeptical of this whole project, I do think this would be a good future neighborhood for luxury high-rises. People say that it isn't at the moment, but I'm talking about 10-20 years down the road. Props to 1000m for starting a trend. I see no reason why park and lake views combined wouldn't be super desirable.

Hopefully NEMA II will happen as well an we'll see tons of them pop up, like Central Park in NYC