Quote:
Originally Posted by BuildThemTaller
It went from 300 condo units and a hotel to all rental. I can't believe any of you are surprised this lost the terra cotta. I thought it was obvious when the updated renders were revealed that it was all metal and glass. And blaming Related Midwest for this is nonsense. They wanted to build the original design but were told to downscale. The developer can only do so much when the alderman forces their hand like this.
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Considering current events the Alderman likely did them a favor. I doubt hotel development could get any funding at the moment and once the real estate market catches up with the lack of activity prices will collapse and condo development will follow suit.
As it is the height chop alone was probably sufficient. I doubt the difference between profit and loss was made by eliminating the terracotta. It's just that since it's no longer a condo or hotel development Related can't command a premium on sales due to the terra cotta. Since it isn't going to be a revenue driver it gets cut.
Anyway, I predicted this would happen back in early March when the height reduction rumor started. Not sure why folks here, particularly given our experience with Related, would have any doubt that Related wouldn't do what Related has done with every other development in this city...pinch pennies.