CHICAGO | 1000M (1000 S Michigan) | 805 FT | 73 FLOORS - Page 79

Razorback · #**1561** Posted **Apr 12, 2020, 4:20 AM**

Whatever the case my be, I'm hoping the "issues" get resolved soon. This project will add so much character and complement the other new projects in this sector of the skyline.
~ Future South Loop Resident

Flaccer05 · #**1562** Posted **Apr 12, 2020, 2:19 PM**

Future poster (or current!) to the forum. Nice gesture by McHugh. Site looked pretty quiet on Saturday.

Workers surprise 7-year-old who loves construction for birthday

https://wgntv.com/news/coronavirus/w...-for-birthday/

SamInTheLoop · #**1563** Posted **Apr 23, 2020, 11:45 PM**

I'm going to go way, way out on a limb here and surmise that the developer did not wrap up their complete construction financing package.

Would be as I expected. That's the kind of event that a developer screams from the treetops, as they want to publicize it and build up confidence for their project (even more so given this would have been a very rare huge condo project for this cycle.....which has now ended). I think it would have been by far the largest all-condo project. (yes, the condo portion of Vista was larger, of course)

cozy · #**1564** Posted **Apr 24, 2020, 1:40 PM**

Quote:

Originally Posted by Bombardier

I'm hearing the project has been put on hold by the client for 30 days (minimum).

Thanks Bombardier, a bummer to hear but glad to have greater insight now.

bhawk66 · #**1565** Posted **Apr 24, 2020, 2:21 PM**

^^ What a beauty. Middle May will be here before you know it!

CrazyCres · #**1566** Posted **Apr 24, 2020, 4:16 PM**

The project stopped construction on Àpril 3 if this 30-day hold is credible then construction at a minimum would start back up on May 4, if the 30-day hold counts weekdays and not weekends then there would be a possible May 18th start.

Zapatan · #**1567** Posted **Apr 24, 2020, 4:24 PM**

Quote:

Originally Posted by SamInTheLoop

(even more so given this would have been a very rare huge condo project for this cycle.....which has now ended). I think it would have been by far the largest all-condo project. (yes, the condo portion of Vista was larger, of course)

Was One Bennet all condos?

In any case there's no set date to when a cycle starts and ends, it's just a construct. Can't a building technically be built outside of a cycle?

Bonsai Tree · #**1568** Posted **Apr 24, 2020, 5:20 PM**

Quote:

Originally Posted by Zapatan

Was One Bennet all condos?

In any case there's no set date to when a cycle starts and ends, it's just a construct. Can't a building technically be built outside of a cycle?

No, because the term "cycle" in construction is based off the idea of an economic cycle where there are peaks and troughs that repeat one after the other. Yes, a skyscraper can start construction in the middle of a trough (or a recession like the one we are in now) it's just a lot more difficult. To be built outside of a cycle would break the rules of economics. A cycle is not just a period of economic expansion. We know a cycle "ends" when a period of economic expansion ends and a recession begins, which starts the next cycle. Hoped that helped.

bgsrand · #**1569** Posted **Apr 24, 2020, 7:03 PM**

.

ardecila · #**1570** Posted **Apr 24, 2020, 9:35 PM**

Quote:

Originally Posted by Zapatan

Was One Bennet all condos?

In any case there's no set date to when a cycle starts and ends, it's just a construct. Can't a building technically be built outside of a cycle?

No, OBP was mixed condos/rentals.

Obviously a building CAN be built outside of a cycle, but it depends on the specifics, Salesforce Tower is moving forward because they already had a loan agreement and a big, wealthy corporate tenant who isn't backing out. 1000M is a lot more shaky; they had difficulty selling the units and never unlocked a full construction loan as far as we know. The foundation work was likely done with a smaller loan or other financing sources.

I'm not optimistic about this one coming back; it'll probably end up in a situation like Waterview. Fortunately they never got above ground, so if the design gets revised (probably into a rental tower), all the structural awkwardness will be underground and we won't get some weird frankenstein design.

BVictor1 · #**1571** Posted **Apr 24, 2020, 9:57 PM**

Quote:

Originally Posted by Zapatan

Was One Bennet all condos?

In any case there's no set date to when a cycle starts and ends, it's just a construct. Can't a building technically be built outside of a cycle?

One Bennett is about 70 condos and maybe 300 rental...? Don't know that exact number.

bhawk66 · #**1572** Posted **Apr 25, 2020, 3:23 PM**

Quote:

Originally Posted by Bonsai Tree

No, because the term "cycle" in construction is based off the idea of an economic cycle where there are peaks and troughs that repeat one after the other. Yes, a skyscraper can start construction in the middle of a trough (or a recession like the one we are in now) it's just a lot more difficult. To be built outside of a cycle would break the rules of economics. A cycle is not just a period of economic expansion. We know a cycle "ends" when a period of economic expansion ends and a recession begins, which starts the next cycle. Hoped that helped.

You lost me at "like the one we're in now"

This is a big burp. We'll be fine.

maru2501 · #**1573** Posted **Apr 25, 2020, 3:54 PM**

something will rise eventually

Kumdogmillionaire · #**1574** Posted **Apr 26, 2020, 6:48 PM**

Quote:

Originally Posted by bhawk66

You lost me at "like the one we're in now"

This is a big burp. We'll be fine.

25 million unemployed sure sounds like a burp... smh

Zapatan · #**1575** Posted **Apr 26, 2020, 7:11 PM**

Quote:

Originally Posted by Kumdogmillionaire

25 million unemployed sure sounds like a burp... smh

I'd note the type of people buying condos in a building like this are less likely to be affected by an economic downturn (although they potentially still could be). The people hit hardest are poorer people.

Kumdogmillionaire · #**1576** Posted **Apr 28, 2020, 4:06 AM**

Quote:

Originally Posted by Zapatan

I'd note the type of people buying condos in a building like this are less likely to be affected by an economic downturn (although they potentially still could be). The people hit hardest are poorer people.

Small businesses have been hit hard and many millionaires are small business owners.

Zapatan · #**1577** Posted **Apr 28, 2020, 4:29 PM**

Quote:

Originally Posted by Kumdogmillionaire

Small businesses have been hit hard and many millionaires are small business owners.

Yea, a good chunk of them may be, but hopefully most of the buyers are wealthy by other means and unaffected.

Other luxury high rises like One Chicago and Cirrus seem unfazed

Kumdogmillionaire · #**1578** Posted **Apr 29, 2020, 2:14 AM**

Quote:

Originally Posted by Zapatan

Yea, a good chunk of them may be, but hopefully most of the buyers are wealthy by other means and unaffected.

Other luxury high rises like One Chicago and Cirrus seem unfazed

Both of those projects were effectively funded completely in advance of shovels in the ground. They didn't have the same conditions of needing to hit a certain number of sails before digging/construction started, so comparing them doesn't work. Plus, both can be buoyed by their massive rental components.

pianowizard · #**1579** Posted **Apr 29, 2020, 5:39 PM**

Quote:

Originally Posted by Zapatan

Yea, a good chunk of them may be, but hopefully most of the buyers are wealthy by other means

...such as the stock market, which has suffered great losses as well.

Quote:

Originally Posted by Kumdogmillionaire

Plus, both can be buoyed by their massive rental components.

I suppose 1000M could convert some condos to rental apartments, if financially necessary. That would be better than abandoning the project altogether.

CrazyCres · #**1580** Posted **May 4, 2020, 6:12 PM**

Any activity on-site?