Quote:
Originally Posted by surfchicago
 Any idea what they were doing there? |
1) Examining the feasibility of controlled explosive demolition.
2) Looking into the possibility that the structure be opened cheaply as a dedicated parking garage to recoup some of the investment.
3) Studying whether or not the hotel portion of the building can be completed and occupied, leaving the condo tower to be completed at a later date (or left off entirely). Obviously the barrier to financing must be the glut of condos in the area. Teng must be frantically trying to repurpose the structure, with minimal alteration to the existing work, to make it attractive to finance.
My guess is we'll eventually see option 3. Yes, that will leave far too much parking space, but with Chicago losing parking lots near the river left and right the extra parking might be able to pay its way.
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