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What do you think are the chances that this building won't be completed once real construction begins? Can this project really sit unfinished like Waterview? |
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It's Immediately adjacent to the city's largest park, 2 blocks from a Red/Green/Orange line station, ON Michigan Avenue (with a ton of transit options), a block from Roosevelt, which feeds onto the expressways, steps away from Museum Campus and the lakefront trail, and two blocks away from a Jewel and a Trader Joe's. The South Loop isn't sexy, but it has everything you need to live a very comfortable, walkable city life. This building, NEMA, and Essex are all capitalizing on this fact. |
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BUT, Bombardier, one of this forum's most reliable construction insiders, did report that McHugh is the GC and that he heard they are targeting a december construction start. so....... maybe this one actually will happen? time will tell. |
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October 22, 2019
Across Michigan Avenue, filming of Aaron Sorkin’s "The Trial of the Chicago 7." |
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Digging up the parking lot and hauling away the rubble at the moment. Also setting up some sort of large tent.
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^ that counts as "site prep".
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niceeee
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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. Quote:
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This was interesting. . . specifically related to financing. . .
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that's a proper reason to throw a ceremonial groundbreaking shindig. |
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