CHICAGO | OneEleven - 111 West Wacker | 630 FT | 59 FLOORS | COM

[Surrealplaces]

Originally Posted by J_M_Tungsten

I think it has to do with being dirty, and the glass is warped too.

A lot of times the glass is slightly warped until the mullions are fitted on.

[Tom Servo]

They're actually not using glass on the lower floors. It's a thin, highly reflective Jello mold.

You can see them here in Harry's picture as they set the mold in place.

[ChiPsy]

^^ Haha, I thought it was reflective tarp.

This Related company is a real prize, aren't they? Let's hope to God they don't end up taking over the Spire site.

[Chadillaccc]

Originally Posted by J_M_Tungsten

Excellent shot. This tower looks quite nice.

[left of center]

Originally Posted by Tom Servo

They're actually not using glass on the lower floors. It's a thin, highly reflective Jello mold.

You can see them here in Harry's picture as they set the mold in place.

[Notyrview]

Lol

[Mikemak27]

Geese are the rents here and at 73 east lake thru the roof!
About $2500 a month not even including utilities for a one bedroom.
We need more units built downtown ASAP.
The idea that the downtown apartment market is over saturated is hilarious with this as proof.

[marothisu]

Originally Posted by Mikemak27

Geese are the rents here and at 73 east lake thru the roof!
About $2500 a month not even including utilities for a one bedroom.
We need more units built downtown ASAP.
The idea that the downtown apartment market is over saturated is hilarious with this as proof.

AMLI River North and Hubbard Place is more for rent.

[the urban politician]

^ God bless high rents downtown.

Let them climb higher!

[marothisu]

Originally Posted by the urban politician

^ God bless high rents downtown.

Let them climb higher!

Yeah, but if you get enough of them then average wages will have to increase too. Not saying that's a bad thing - just wondering what the velocity of that would be.

[the urban politician]

Originally Posted by marothisu

Yeah, but if you get enough of them then average wages will have to increase too. Not saying that's a bad thing - just wondering what the velocity of that would be.

"Average" wages don't have to really go up.

It's just that those that skew on the higher end of the wage bell curve need to continue to flock to the core.

[marothisu]

Originally Posted by the urban politician

"Average" wages don't have to really go up.

It's just that those that skew on the higher end of the wage bell curve need to continue to flock to the core.

Yeah, true.

[intrepidDesign]

[J_M_Tungsten]

Today

[ThatOneGuy]

Finally all remnants of the exposed base section are covered. Chicago can move on...

[denizen467]

Originally Posted by harryc

Are they ever going to fix the curtainwall mistake where the swoosh goes horizontal?

[JDMChicago]

Originally Posted by J_M_Tungsten

Today

The glass is screwed up at the top too?
The pattern gets all messed up at the recess, and that dark blue window just above it doesn't look right either

[SamInTheLoop]

Originally Posted by Mikemak27

Geese are the rents here and at 73 east lake thru the roof!
About $2500 a month not even including utilities for a one bedroom.
We need more units built downtown ASAP.
The idea that the downtown apartment market is over saturated is hilarious with this as proof.

I hope this was supposed to be humourous??

If not, you do realize that overall downtown apartment market rents have now begun to decline, right?

That new projects are being delivered at top-of-market rents tells one nothing about current/near-term overall demand in the market

It's a classic error that some get caught up in - almost confusing supply and demand (overall market conditions/health being a function of the two). It's like looking at the Dubai skyline in early 2008 and exclaiming "look how strong this market is, there's so much demand they need to keep building and building".

That's an extreme example, but we are getting to a point in the downtown apartment market boom that one of two things (and actually hopefully both) now absolutely needs to happen in the next one to two years - 1) a strong increase in employment growth (despite some positive stories downtown - tech pockets, continued suburban to downtown corporate movement, etc), we just don't have enough organic growth right now - not nearly enough, 2) significant condo conversions, as soon as the condo market is strong enough, and not any later. If one or both do not materialize, the apartment market is going to have a tough go of it starting sometime next year, and possibly lasting for the remainder of this economic cycle...

[Mikemak27]

Originally Posted by SamInTheLoop

I hope this was supposed to be humourous??

If not, you do realize that overall downtown apartment market rents have now begun to decline, right?

That new projects are being delivered at top-of-market rents tells one nothing about current/near-term overall demand in the market

It's a classic error that some get caught up in - almost confusing supply and demand (overall market conditions/health being a function of the two). It's like looking at the Dubai skyline in early 2008 and exclaiming "look how strong this market is, there's so much demand they need to keep building and building".

That's an extreme example, but we are getting to a point in the downtown apartment market boom that one of two things (and actually hopefully both) now absolutely needs to happen in the next one to two years - 1) a strong increase in employment growth (despite some positive stories downtown - tech pockets, continued suburban to downtown corporate movement, etc), we just don't have enough organic growth right now - not nearly enough, 2) significant condo conversions, as soon as the condo market is strong enough, and not any later. If one or both do not materialize, the apartment market is going to have a tough go of it starting sometime next year, and possibly lasting for the remainder of this economic cycle...

No, I wasn't trying to be humorous. As a prospective future renter, I plan to sell my condo this fall (don't want to be caught holding the bag with large property tax increases for the pension problem), I don't want to be paying $3 plus per square foot for a 1 bedroom apartment. That means at 750 sq feet, rent would be $2250 a month not including the $100 utility fee per month or cable / Internet and electric. So all in that would be almost $2450 a month. The more units that are built, the lower rents will be. That's why I want more units to continue to come on the market. Apartment developers are killing it right now with these rents. Just look at the headline out of Crains today, "Related pockets big sum in $175 million apartment refinancing". These developers are not hurting whatsoever now or in the immediate future. That's why I'm hoping for the west loop 2 apartment proposals to get approved ASAP.

[the urban politician]

Originally Posted by Mikemak27

As a prospective future renter, I plan to sell my condo this fall (don't want to be caught holding the bag with large property tax increases for the pension problem),

You will not escape the higher taxes just by being a renter. Trust me.

It's better to own the condo and hold equity, not to mention the interest deduction on your taxes, but that's just my opinion...