[SamInTheLoop]

Demo permits being issued now would seem to be consistent with the recent media reporting of a November construction start for the tower. Myself, I would have thought that this might launch 12-18 months ago, and I think the developers would be smart to have done so (that stated, this is a super-core, A++, enduring, fad-free location in my book, and will definitely have some decent relative resiliency in a down-cycle). However, there could be any number of reasons why their timeline is what it is, but I do not find some sort of unusual delay with obtaining demo permits to be a likely candidate.

Remember that this is Sterling Bay and Magellan developing this one. SB has no experience as an entity with residential. Obviously that's Magellan's specialty, so assuming that's why they were brought into the deal.

Interesting also that Magellan's model seems to have completely shifted in recent years to partnering with other developers on their projects (not just partnering with the usual equity and debt investors, but actual developers - whether it be Hines at WPW, LendLease with their new towers just launching at LSE, or SB here......I wonder if they are also bringing another developer in for Parcel O, or if the plan is to go that one alone?).

I like this project and am really looking forward to it sprucing-up and densifying this block. More solid design from bKL.


Actually.....come to think of it, the hotel flag(s) has not been identified yet, right? That's interesting, because surely they have officially landed a deal already. At least I would be super surprised if not.....