Quote:
Originally Posted by SamInTheLoop
This building is residential as well. I believe roughly 300 apartment units.
The new (built within the last few years anyway) 200 North Michigan, similar scale and 1 block due south (perhaps only just marginally less attractive as a hotel location - perhaps) is all residential. This is clearly a prime mixed-use area. I think you are wrong in your assessment that hotels are a higher and better use than residential at the 300 N Michigan location. I assess them to be pretty equal at the top. This does go against the heard mentality/group-think posture of urban real estate in general, in which typically a single use comes to dominate a particular district - or if not quite dominate, then at least become the clear preferred usage in new developments/redevelopments. However, there are some areas that are just fundamentally roughly equally appealing among 2 or 3 uses. That's definitely the case for the Millennium Park to River strip.
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Meh, IMO the calculus is a little different... a single-use hotel tower that maxed out the allowable zoning would be a big hotel indeed. Hotel operators at that scale probably want more amenities than they could conceivably squeeze onto this tight site, so Sterling Bay went with a mid-sized hotel and then residential to fill out the remainder of the building.
Also, remember that we're living in the age of Airbnb, so residential is often interchangeable for hotel.