I wouldn't compare this to Gateway Midtown or Rockford's project, those other two projects had real issues and were companies in over their heads. These guys have had delays, but with permits, and changing GCs.
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I'd be pretty amazed if this went forward as designed with no changes. |
Finding information on foreign developers from countries that do not use the Roman alphabet is difficult unless you are familiar with their alphabet.
I really don't see any need to worry unless you prefer it not being built. |
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I am more worried this project doesn't get built (as is), I think it is a very cool looking tower and would be a great addition to the skyline. |
To be honest, I don't know much about the developing group behind it either, but I have heard that the construction tenders were for the building you see in the renderings.
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I did some digging on Solex (korean name: 솔렉스플랜닝) and it looks like they were mostly involved with low/mid rise commerical/mall development. They may have been also connected to the Galleria Palace project (http://skyscraperpage.com/cities/?buildingID=12403). Generally well renowned developers will have a good web presence regardless if they are Roman alphabet or not, as it's in their best interest to advertise and get the word out about their developments. Here are some links to some other Solex projects if you are interested: http://economy.hankooki.com/lpage/es...6264369550.htm http://news.mk.co.kr/newsRead.php?year=2010&no=350027 http://news.kukinews.com/article/vie...21199113&cp=nv So not bad - but 3EC still does seem like a relatively ambitious project for them. |
IIRC, there were a couple of other companies (also from Korea) that are involved with this project. I'd have to go back and look into it, but even better if that's the case.
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has anyone bought into this place yet? around $650 / sqft. Seems high.
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Comparing to something like Mark on 10th, which has a one bedroom 578 sqft going for $368,340, that's about $637 per sqft. The similarly sized 3EC unit actually has two bedrooms so I'd estimate it a bit higher. A two bedroom at Mark is going for about $533,190, but that's over 966 sq ft, putting it at around $551/sqft - but this unit is nearly twice as big as the biggest 3EC unit. I think 3EC has the right strategy for getting a condo built quickly in this market. Price units lower to make them accessible to a wider amount of people who are doing the math in the rent versus buy equation. As far as I know the smallest unit at 3EC was priced at a very reasonable $229,000 (unless it's gone up since then) - about $500/sqft - a compelling low figure for anyone who spends about $1000/month on rent. |
There is an excavator on site. I didn't notice if it was moving or not though.
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I went past there yesterday and there didn't seem to be any action, but mind you it was friggin cold. Interesting to see if they are back at it again today.
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On the way home last night, I passed by to check it out, and take a pic. Definitely getting ready for some action with construction fencing and hoarding now there.
http://farm4.staticflickr.com/3754/1...44d9a5b2_b.jpg 3EC by Construction Mafia, on Flickr |
Still not much happening but as Surrealplaces mentioned hoarding is up on all sides. Hoping to see a pile driver soon! "Eau Claire Tower" crane in background.
http://farm8.staticflickr.com/7426/1...8bab684c_c.jpg |
Shouldn't be long now.
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Today they scraped the surface around the edges again, I think it might be for the surveyors to mark out the pilings. I think we might see a piledriver soon.
http://farm4.staticflickr.com/3834/1...345bc3e7_c.jpg |
Is it still not approved? I'm surprised how much site prep is going on while the project is still considered a proposal.
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Perhaps there are a couple of changes!
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Seems like this is finally getting underway, although our unusually awful December weather seems to be slowing down the start of piling and excavation...
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^^ No "Chinooks" this year! ^^
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