[Suiram]

So if I remember correctly the reason for the redesign was the local community org wanting to preserve a completely flat street wall along S Michigan?

On apartments vs condos the fundamental problem all cycle has been simple math. Apartments renting at $3.5/ft (so $2,450 for a 700 sf 1 BR). Say get bottom line NOI of $2.2/sf. Apartment cap rates for prime locations can get as low as 4.5% or 4.75%. So we are talking about apartment projects exiting at $400k to $450k per 1 bedroom apartment.

As a condo those same units would probably require far higher quality finishes and you'd be stuck dealing with all the liability and potential lawsuits along with a harder process to get financing.

It'll be interesting to see what happens with Fritz and the news in Evanston. If apartment property taxes skyrocket it'll significantly push up the OPEX on apartment projects. People are kidding themselves if they think it'll all be passed through to the tenants. More likely, apartments just wont be worth as much anymore and suddenly it'll be easier to build condos in that $400-$500k range as the apartment values will decline.