CHICAGO | St. Regis Chicago (Vista) | 1,191 FT | 101 FLOORS - Page 70

Kenmore · #**1381** Posted **May 3, 2016, 12:46 PM**

I can't believe it but it looks like this is actually going to happen despite some rather stiff local and regional macro economic headwinds

pretty cool

marothisu · #**1382** Posted **May 3, 2016, 2:05 PM**

Quote:

Originally Posted by Kenmore

I can't believe it but it looks like this is actually going to happen despite some rather stiff local and regional macro economic headwinds

pretty cool

I don't see why it wouldn't. People are continuing to make money in the city and contrary to popular belief, there's enough millionaires from the area and outside that want to own a property like this in Chicago. As the city has financial problems, people continue to make money (and all of the ACS estimates show a fairly large increase in median income since 2010 for the city).

Steely Dan · #**1383** Posted **May 3, 2016, 2:29 PM**

Quote:

Originally Posted by Kngkyle

https://imgur.com/7O0sftz

Further soil testing in progress

awesome!

it's crazy to think that roughly 2 months from today we might see Case rigs on site drilling deep into the earth.

we've only been waiting 11 years for this.

the urban politician · #**1384** Posted **May 3, 2016, 2:32 PM**

^ Why do you say 11 years?

Kenmore · #**1385** Posted **May 3, 2016, 2:57 PM**

Quote:

Originally Posted by the urban politician

^ Why do you say 11 years?

assuming that has been the amount of time since the last super tall went uc

Steely Dan · #**1386** Posted **May 3, 2016, 3:00 PM**

Quote:

Originally Posted by Kenmore

assuming that has been the amount of time since the last super tall went uc

correct, if you don't count the teases.

jmartens · #**1387** Posted **May 4, 2016, 3:03 AM**

Have not posted here before and have not really visited the site since the spire's construction was halted, but I was thinking that once a buildings progress proceeded to this point, it is normally switched over to the "super tall construction" category. No big deal that it has not yet, but I have noticed that buildings that are marked as being under construction tend to get more comments and the comments tend to come from a more global audience.

Kngkyle · #**1388** Posted **May 4, 2016, 3:25 AM**

Quote:

Originally Posted by jmartens

Have not posted here before and have not really visited the site since the spire's construction was halted, but I was thinking that once a buildings progress proceeded to this point, it is normally switched over to the "super tall construction" category. No big deal that it has not yet, but I have noticed that buildings that are marked as being under construction tend to get more comments and the comments tend to come from a more global audience.

We do not consider it u/c until caissons are being drilled. The current state merits site prep status at best.

BVictor1 · #**1389** Posted **May 24, 2016, 6:24 PM**

Not about this specific project, but...

http://www.msn.com/en-us/money/companies...d/ar-BBtpn1Y?li=BBnbfcL&ocid=mailsignout

Kngkyle · #**1390** Posted **May 24, 2016, 6:59 PM**

Strata has finished the soil testing, or at least all the trucks are gone. The site was idle today.

munchymunch · #**1391** Posted **May 31, 2016, 5:08 PM**

Dalian Wanda’s joint venture luxury residential project in Chicago has sold US$200m since March
PUBLISHED : Tuesday, 31 May, 2016, 4:40pm
UPDATED : Tuesday, 31 May, 2016, 6:02pm
Sandy Li

Quote:

Dalian Wanda Group’s first joint venture luxury hotel-residential project in Chicago has generated US$200 million in revenue from the sale of 20 per cent of its condominiums since the official launch in March, the co-developer said.
The US$1 billion mixed-use luxury project, Vista Tower, comprises 406 apartments and a five star 191-room hotel, called Wanda Vista Hotel.
The project, jointly developed with Chicago-based Magellan Development Group, is slated for completion in 2020 and is located in the city’s Lakeshore East neighbourhood.
Unit prices start at US$1 million for a 1,000 sq ft, one-bedroom flat, and go up to US$17.1 million for the penthouse on floors 92 and 93.
Sean Linnane, executive vice president of Magellan Development Group, said buyers have so far snapped up about 80 units worth a total of US$200 million. “Most buyers are locals and include some mainland buyers,” he said.
The Vista Tower amenities deck.

link

marothisu · #**1392** Posted **May 31, 2016, 5:12 PM**

Quote:

Originally Posted by munchymunch

Dalian Wanda’s joint venture luxury residential project in Chicago has sold US$200m since March
PUBLISHED : Tuesday, 31 May, 2016, 4:40pm
UPDATED : Tuesday, 31 May, 2016, 6:02pm
Sandy Li

link

The article also states that 34% of the real estate transactions since 2011 in Chicago come from Asia Pacific investors. I'm sure that has to do with $$ more than number of buildings.

Kngkyle · #**1393** Posted **May 31, 2016, 7:42 PM**

Redfin has 83 units listed as under contract which is pretty much in line with what that article says. I suppose Redfin is a fairly accurate indicator of sales then. They do only show 29 units for sale though... so they aren't listing everything that is still available.

LouisVanDerWright · #**1394** Posted **May 31, 2016, 8:24 PM**

Redfin is very accurate as it directly pipes in data from the MLS. The MLS has long been the REALTOR TM tool of monopolistic (technically monopsonistic since they choke a labor market) dominance which is also why you are now seeing Redfin driving commissions through the floor as the REALTOR TM top secret data is flooding directly into buyers hands.

SamInTheLoop · #**1395** Posted **May 31, 2016, 10:25 PM**

Quote:

Originally Posted by marothisu

The article also states that 34% of the real estate transactions since 2011 in Chicago come from Asia Pacific investors. I'm sure that has to do with $$ more than number of buildings.

More 🞵🞵🞵🞵🞵🞵🞵🞵 nonsense from Chinese 'media'/press releases......

My guess is that the 34% figure is meant to be of all foreign dollar volume (the 'article' also mentions one-third is from Europe......Chicago is obviously a heavy majority domestic capital-sourced market - that will not change (and we shouldn't wish that it did), even if it does tend toward incrementally higher (in volatile fashion no doubt) foreign source market share over time - which I expect to transpire.....

marothisu · #**1396** Posted **May 31, 2016, 10:50 PM**

^ Most likely, though just doing the math on the four buildings they listed totalling over $1.4B is equal to over 5800 homes at an average price of $250K.

BVictor1 · #**1397** Posted **Jun 1, 2016, 2:27 AM**

http://chicago.curbed.com/2016/5/31/11821696/chicago-for-sale-condos-vista-tower

Quote:

Several 3-Bedroom Units in the Upcoming Vista Tower List Online

These multi-million dollar high-rise residences likely won't last long
BY JAY KOZIARZ MAY 31, 2016, 1:57P

While the 94-story Jeanne Gang-designed Vista Tower may not be ready to deliver units until 2019 or 2020, a handful of three-bedroom condos has hit the market over the long holiday weekend. Ranging from 2,035 to 2,481 square feet, the ultra luxury units are asking between $1,790,800 and $2,828,340. With the highest placed unit of the bunch located on the 46th floor, one can’t help but imagine the premium being paid for the high-ceilinged, full-floor "Sky Residences" on levels 71 through 91.

Each unit contains an interior by the design specialists at Hirsch Bedner Associates and feature high-grade finishes such as Gaggenau appliances, hardwood floors, Snaidero cabinetry, and Kallista plumbing fixtures. All 405 condominiums in the nearly 1,200-foot tower will have full access to the building's luxury amenities, which are depicted in renderings included in each listing. Vista will feature a fitness center, screening room, multiple swimming pools, a private dining room, and a dedicated wine storage and tasting space.

SamInTheLoop · #**1398** Posted **Jun 2, 2016, 3:24 PM**

Quote:

Originally Posted by marothisu

The article also states that 34% of the real estate transactions since 2011 in Chicago come from Asia Pacific investors. I'm sure that has to do with $$ more than number of buildings.

Another howler in that article: it actually claims that Anbang completed the deal to acquire Starwood (with the mention of those two downtown Chicago hotels)! Has news that the deal never happened, and that Marriott stepped in to actually acquire Starwood not leaked into China yet? I mean, that's only - what - like 3 or 4 months ago that all that transpired?!

SteelMonkey · #**1399** Posted **Jun 2, 2016, 5:13 PM**

Quote:

Originally Posted by SamInTheLoop

Another howler in that article: it actually claims that Anbang completed the deal to acquire Starwood (with the mention of those two downtown Chicago hotels)! Has news that the deal never happened, and that Marriott stepped in to actually acquire Starwood not leaked into China yet? I mean, that's only - what - like 3 or 4 months ago that all that transpired?!

Actually the Fairmont and Intercontinental were part of private equity firm Blackstone Groups holdings (Strategic Hotels & Resorts). They did sell those to Anbang back in March as part of a hot churn and burn market. Starwood was a separate attempt by Anbang that ultimately fell through.

SamInTheLoop · #**1400** Posted **Jun 3, 2016, 1:56 PM**

^ Thanks - I stand corrected!! That is of course absolutely accurate....