Quote:
Originally Posted by Steely Dan
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Here I can see Condo, Rentals, and Boutique hotels in the Middle of the Loop. And still retain some small firms that like their location and do not need to be class A offices and like to pay less per sq foot. Think old small lawyer firms that have been in the area for a long time or some other start up that does not require
6 K internet in the next quarter.
The retail of the first levels in the central loop would have to follow to meet the needs of thousands of more residences but cities are always adapting and changing to meet the needs placed in front of it.
Both buildings look like they can have nice penthouses built at 1/8 of NYC or San Fran, just on costs of labor and mostly price of property.
Its been done many times over already.
And would be cheaper renovating the buildings in the same location than a tear down and redoing from scratch. Plus who would ever advocate for something like that, those are irreplaceable and cannot be made today for any cost. The units might be odd but people can be accommodating at a proper price point.
Those buildings cannot be torn town. Its the fabric of the city and its reuse will find value.
A decade ago the Old Post office was declared a building too huge to occupy.
Millions of sq feet. Most thought to make it work half of the building would have to be taken down. Now in retrospect it could have been even larger building with a similar sucess story.
Some of the loop business buildings that took the top spaces condo faced the lake by Grant Park so the views were great and I'm Sure the Monroe make money doing so.
There is no reason these old classic skyscrapers cannot adapt too. They will not be taken down and replaced with something else. Trust me.
Now its full and other buildings are being taken over in the same area expanding even further west into the Fulton Market boomtown.
BTW the original post was very Chicago loop centric, and I don't see other metros that would not be going through the same cycle. IMO this reuse could be a boon to not only the central city but the classic buildings themselves Irregardless if some think of them as obsolete in this day in age.