Quote:
Originally Posted by the urban politician
The 1345 S Wabash condo owners are screwed, no? I mean, their entire north facing view will be obliterated. What gets me is that CMK clearly knows this, but designed north facing balconies as such. This potentially says a lot about them as developers, and it doesn't send a good message
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I've been thinking about this as well. I wonder though what CMK sales folks are disclosing to buyers? They're no fly-by-night developer, and I'm sure they get (and certainly seek to land) some amount of repeat business through time with buyers (not too mention just broader reputational issues), so you'd think it's not in their med-longer term interest to not be transparent with potential buyers about what they themselves will be (according to their own business plans - not some potential future use of the land) building immediately to the north of this building.
Legally, I do not know that there is any requirement for this specific disclosure (I know there's got to be some case history somewhere - mabye even some in Chicago - on situations like this for sure), nor that there necessarily should be any legal disclosure requirements.
Really wondering about CMK's plans for timing of 1333 tower - I'm assuming they're thinking about it as a larger 'phase II' to this overall project, and that yes it will be condo, and timing will depend on sales performance at 1345. Also, would love to know any and all financing details on 1345. My guess is that they likely don't have a traditional bank loan on it - at least not yet - and they could very well be going/looking for - if financing isn't wrapped-up - something at least a little bit less traditional....