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.

It just seems like a very ambitious project. I've never heard of Solex Planning and can't seem to find much online. This also seems to be the first development Starnes (the company) is involved with.

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.

I was simply responding to the comparison with the previous projects which also sold but didn't get built. If there is evidence the developer involved in this project is more experienced I have yet to see it.

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.

Good news, I really hope it goes forward as designed.

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.

has anyone bought into this place yet? around $650 / sqft. Seems high.

It is, but it seems to be more of the going rate these days.

The thing about 3EC is that the units are really small. The math is a bit different for small units versus larger units. I think Mark on 10th is indicative of current rates for high rises, which conveniently is currently listing 3 different types of units on MLS.

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.

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.

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.

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.

Perhaps there are a couple of changes!

Seems like this is finally getting underway, although our unusually awful December weather seems to be slowing down the start of piling and excavation...

^^ No "Chinooks" this year! ^^