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Originally Posted by AMWChicago
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Does anyone know any details on this one? Is there a timeline? I've seen this billboard here for at least 6 months now and no news surrounding it.
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I don't know details, but it's being marketed as "ultra-luxury," with prices starting at about $1.3 million, and for the penthouse(s?) running over $1,300 per square foot for 4,000+ square foot residences. Isn't that Trump Tower pricing levels, without Trump Tower location? Might be a hard sell. I mean, I live just 2 blocks east of there and love the area, but I'm not sure I'd pay that much to stay in this part of the neighborhood, regardless of how much I like it. It's sandwiched in between the autosewer that is Orleans and the busy 'L' tracks and there will still be a surface parking lot on the south side of Huron across from it, meaning it will be perhaps too gritty of a location for ultra-luxury to really perform well despite the recent build-out a block away along Wells.
The intersection of Franklin and Superior is very cool looking, but then the intersections of Franklin and Chicago Ave, and Orleans and Chicago Ave are really brought down due to the proximity of the Cabrini rowhouses and the Family Guidance methadone clinic on the north side of Chicago Ave between Franklin and Orleans. Personally, I have nothing against methadone clinics, and don't mind a few corners being visually rough but I'm guessing people with millions to spend on ultra-luxury units don't always feel the same way. Even the Starbucks under the Chicago/Franklin Brown Line station used to be a fairly typical Starbucks, but in the past year or so it has really been hollowed out with the better furniture removed, total seating reduced, and it's basically left feeling really rought inside now because of problems they've constantly had with homeless people misusing and abusing the space. This despite having a steady stream of Groupon employees who could/should be a natural source of customers for that location. But nobody likes getting panhandled that much every day during their commute just to get a cup of coffee.