^^^
111 W Wacker inbound...

Slight correction, 37 units sold, not 34. Still pretty bad

So is this event they're having going to redesign the interior spaces to be more cost effect/efficient, or could we anticipate a height reduction or design change? What is at play here? And how will this affect the timeline. I remember this time last year they wanted to break ground Q1 2019, if all goes well (which is a big IF) would we expect a possible ground breaking in 2020, and at that point will the market be too cool for this to even launch...

Basically what I'm feeling now is that its window for breaking ground is 2019. If it doesn't get off ground this year we're gonna be looking at lot till at least 2025. :shrug:

With the amount of residential projects in the South Loop that have come to fruition since this projects inception what are the chances this lot pivots to office tower? Whether it be this developer or another?

The question relating to an office tower is if the lot is big enough. Because keep in mind decent sized office towers need quite a bit more space than residential towers (due to all the elevators needed the cores get big).

Idk how large the actual property of 1000 Michigan Ave is but looking at renderings the footprint looks to only go to about the back of 1006 Michigan Ave and that definitely would be too small for an office tower. But the neighboring lots could obviously probably be acquired if a developer really wanted to put an office tower there.

Is there really a market for a major office tower in this location?

Although I've lived in the south loop for 7 years, I can't speak to its demand or potential for an office tower. That said, 1000M's footprint and adjacent parking lot would make it a good candidate for a decently tall office tower.

This lot is too far from major transit hubs for office. And smart companies don't pay for amazing views for workers who aren't supposed to be looking out the windows.

There are still tons of parking lots in better spots than this that would be developed first.

The Roosevelt CTA stop is a block and a half away, there are tons of buses on Michigan have and near, and there's several Metra stops not too far away. I don't think transportation is an issue for this site.

I agree. It's close to Red/Green/Orange lines, and not too far from Brown/Pink/Purple, plus all the Michigan Avenue bus routes and the Metra stops in Grant Park.

I do agree that it's not the most attractive location for an office, but in a few cycles, once there are no more lots available in the CBD, who knows?

As far as the views, what about every office tower in the Loop and LSE looking towards the park and the lake? Also your idea of "smart companies" sound like the Chinese firms that need suicide nets outside of their windows haha.

I agree with you in regards to the transit. Sure it's definitely not a transit desert, but it's still inconvenient for metra commuters to have to tack on an extra 15 minute shuttle ride to an already 45 minute+ commute. If you look at pretty much every new office tower that's been constructed over the past few years they've all been in the West Loop close to Union and Ogilvie stations.

Per Curbed article today.....

“1000M was the fastest selling project in Chicago in 2018 by far, and the International Collection is already building on that,” added Karlik. “Right now we’re out there looking for financing. We hope to land financing in the next few months and to begin construction shortly thereafter.”

Provided the team keeps to schedule, Karlik expects 1000M to deliver its first units to residents in mid 2021 or roughly 24 to 28 months after breaking ground at 1000 S. Michigan Avenue.

The addition of the International Collection bumps the project’s overall unit count to 421—up from a previous figure of 323. The smaller units will make their official public debut on February 9 at a launch event at 1000M’s sales gallery located at nearby 1006 S. Michigan Avenue


https://chicago.curbed.com/2019/1/31...cro-apartments

Well that paints a different picture all together.

This seems like good news?

Was just about to post that curbed article, very surprising...

Interested to see the layout of a 325sqft studio (at $313K or w/e) as well as the market...

You can get an 800+sqft place in my RN building for that with solid (but less posh) amenities.

lol we'll see through, with this project I'm not gonna believe it until I see a caisson rig on site

I still don't really understand how a development claiming to be "the fastest selling project in 2018" reconciles that statement with the fact that they changed the layout mix so drastically that it increases the unit count by more than 30%. You don't make a change that big without some sort of catalyst.

Without specific numbers I am still suspicious. What other projects is this comparison being made against? Vista and OBP?

I share that skepticism. It's also hard to square "fastest selling project in 2018" with the fact that they don't yet have financing secured.

No financing in place. Questionable.