Quote:
Originally Posted by ardecila
Meh, IMO the calculus is a little different... a single-use hotel tower that maxed out the allowable zoning would be a big hotel indeed. Hotel operators at that scale probably want more amenities than they could conceivably squeeze onto this tight site, so Sterling Bay went with a mid-sized hotel and then residential to fill out the remainder of the building.
Also, remember that we're living in the age of Airbnb, so residential is often interchangeable for hotel.
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I would not assume that the starting point for the tower was hotel (and then they decided to 'fill-out' the zoning with residential). Could have just as easily been the opposite. I just do not see the Central-East Loop (let's say from approx. Dearborn eastward as being any less prime for resi than for hotels. Whereas I think you do (I remember your comment on same re Georgetown site on State....which I hold as being absolutely as attractive for residential as it is for hotels). I think that it's a certain type of resident of course that would find the area highly desirable - those that put a real premium on convenience to a super wide array of neighborhood amenities, prize diversity and very importantly dense employment concentration - and who obviously don't mind very active street and pedestrian traffic, noise, etc. But....that's a large potential resident base (it's not me or many others, but that's okay). It's not for those seeking a neighborhood land usage that's more residential-dominated, or clearly the chic/trendy set......again, that's fine - but none of that defines the East Loop as being somehow fundamentally more prime for hotel use than residential.....again, I view them as being roughly on par with each other at the top.