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-   -   CHICAGO | 1000M (1000 S Michigan) | 832 FT | 76 FLOORS | ON HOLD (https://skyscraperpage.com/forum//showthread.php?t=218947)

SteelMonkey Jan 31, 2019 6:36 PM

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

tm30 Jan 31, 2019 6:40 PM

Well that paints a different picture all together.

KWillChicago Jan 31, 2019 6:40 PM

This seems like good news?

Ricochet48 Jan 31, 2019 6:53 PM

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.

Fvn Jan 31, 2019 7:09 PM

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

jc5680 Jan 31, 2019 7:17 PM

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?

Barrelfish Jan 31, 2019 7:37 PM

Quote:

Originally Posted by jc5680 (Post 8456764)
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.

The Pimp Jan 31, 2019 7:47 PM

Quote:

Originally Posted by KWillChicago (Post 8456694)
This seems like good news?

No financing in place. Questionable.

the urban politician Jan 31, 2019 7:49 PM

Those micro units will almost certainly sell to investors who would plan to lease them out.

Problem is, that only works if:

A. Rents are high
B. Association fees are low
C. They don’t have too many association rules that make it hard to lease them out

SIGSEGV Jan 31, 2019 11:46 PM

I can imagine people using such studios as "luxury hotel rooms" for themselves if they travel to Chicago often.

marothisu Feb 1, 2019 1:14 AM

Quote:

Originally Posted by SIGSEGV (Post 8457169)
I can imagine people using such studios as "luxury hotel rooms" for themselves if they travel to Chicago often.

That was my thought too...some will probably try and rent them out and some will just use it as a crash pad for when they're in Chicago, but live elsewhere most of the year and don't want to spend more than $300K- $400K on it.

SIGSEGV Feb 1, 2019 3:06 AM

Quote:

Originally Posted by marothisu (Post 8457251)
That was my thought too...some will probably try and rent them out and some will just use it as a crash pad for when they're in Chicago, but live elsewhere most of the year and don't want to spend more than $300K- $400K on it.

Yeah, crash pads seem to be relatively common even for suburbanites. I have friends in a condo building in Streeterville that appears to be like 50% weekend crash pads. Hell maybe TUP needs one for when he gets sick of Libertyville!

DePaul Bunyan Feb 2, 2019 6:55 PM

Quote:

Originally Posted by SIGSEGV (Post 8457169)
I can imagine people using such studios as "luxury hotel rooms" for themselves if they travel to Chicago often.

For $1k/SF? Plus condo fees? People traveling to Chicago often enough to even entertain buying a crash pad are probably doing so for work, and they're probably expensing hotel rooms. If they're serious about buying something it's going to be bigger than a living room so they can have friends and family over.

I can imagine a three-way with Elizabeth Olsen and Taissa Farmiga...

Zapatan Feb 2, 2019 7:09 PM

Quote:

Originally Posted by Fvn (Post 8456749)
lol we'll see through, with this project I'm not gonna believe it until I see a caisson rig on site


Right, a lot of these reports seem unrealistically positive, but hey, who knows.

Wouldn't mind if this thing got built :shrug:

the urban politician Feb 2, 2019 7:23 PM

Quote:

Originally Posted by DePaul Bunyan (Post 8458883)
For $1k/SF? Plus condo fees? People traveling to Chicago often enough to even entertain buying a crash pad are probably doing so for work, and they're probably expensing hotel rooms. If they're serious about buying something it's going to be bigger than a living room so they can have friends and family over.

I can imagine a three-way with Elizabeth Olsen and Taissa Farmiga...

Agree. At most they may be used at AirBnbs but a lot of condo associations have banned them and place stiff fines.

More than likely they will serve as rentals. $300k for a studio is far too high, though.

BonoboZill4 Feb 2, 2019 10:00 PM

Quote:

Originally Posted by the urban politician (Post 8458912)
Agree. At most they may be used at AirBnbs but a lot of condo associations have banned them and place stiff fines.

More than likely they will serve as rentals. $300k for a studio is far too high, though.

And there is good reason why you would ban Airbnb in big condo/apartment buildings. Very shady and impossible to regulate to a level that would be deemed safe. No one wants randos just walking through their building by happenstance.

cozy Feb 4, 2019 6:29 PM

Quote:

Originally Posted by BonoboZill4 (Post 8459071)
And there is good reason why you would ban Airbnb in big condo/apartment buildings. Very shady and impossible to regulate to a level that would be deemed safe. No one wants randos just walking through their building by happenstance.

Very good point. Depending on the amount of "micro" units they sell, the entire base of this building could turn into a hotel of sorts. Is airbnb currently allowed in the loop?

Ricochet48 Feb 4, 2019 8:58 PM

It's my understanding that airbnb is up to the condo association (which also has to follow overall city regulations).

My building had to formally ban it and I'm very glad. Having HS kids rent out units for weekend parties would be terrible (and potentially dangerous).

Going to lots of events I feel I know a lot of the people I live with and would not feel as comfortable with randos roaming the halls (even if it means forfeiting a small chunk of potential rental change)

Anyways, as noted, at $1K a sqft before HOA fees, this would be nuts for a crash / bang pad. I doubt this will get off the ground based on its current proposal. I would rather rent in NEMA and maintain some flexibility at those rates...

Barrelfish Feb 4, 2019 11:42 PM

Quote:

Originally Posted by Ricochet48 (Post 8460666)
It's my understanding that airbnb is up to the condo association (which also has to follow overall city regulations).

My building had to formally ban it and I'm very glad. Having HS kids rent out units for weekend parties would be terrible (and potentially dangerous).

Going to lots of events I feel I know a lot of the people I live with and would not feel as comfortable with randos roaming the halls (even if it means forfeiting a small chunk of potential rental change)

Anyways, as noted, at $1K a sqft before HOA fees, this would be nuts for a crash / bang pad. I doubt this will get off the ground based on its current proposal. I would rather rent in NEMA and maintain some flexibility at those rates...

Even if it was fine for 51 weekends a year, the proximity of this building to Lollapalooza means that short-term rental is probably a bad idea :yuck:

kolchak Feb 5, 2019 12:09 AM

Quote:

Originally Posted by SIGSEGV (Post 8457341)
Yeah, crash pads seem to be relatively common even for suburbanites. I have friends in a condo building in Streeterville that appears to be like 50% weekend crash pads. Hell maybe TUP needs one for when he gets sick of Libertyville!

Ironically this added density of units has the potential to decrease the number of full time residents in the building. This part time dwelling effect reduces neighborhood real density in the end. It’s part of the reason cities with near 100% occupancy, like for example Paris, that have squatters rights and vacancy rules have such dense neighborhoods. But residency requirements will never be an issue in the US.


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