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  #1541  
Old Posted Mar 29, 2020, 2:56 PM
pianowizard pianowizard is offline
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Even if 1000M does get a "haircut", at ~700 ft it would still look quite impactful in this neighborhood. But getting reduced to 500 - 600 ft would be rather disappointing indeed.

More than a few forum members find 1000M's condo prices to be a bit inflated, perhaps even unrealistic. A recession might force 1000M to reduce the prices to a more reasonable range, which would be a good thing for home buyers. I would love to get a condo in this building, but not at the current prices.
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  #1542  
Old Posted Mar 29, 2020, 8:11 PM
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But this virus thing is concerning. How many people have lost enough of their nest egg to reconsider buying the unit now. This lockdown could go on for months.

Buildings in this low degree of building are the most vulnerable.

See Chicago spire due to the housing bubble and the Great Recession of late 07-08 and it took like 5 years to recover enough to go into another building boom. Even Waterview tower from Tang got a massive haircut.


I fear this could even be worse than the last Great Recession.
I just hope not.
Yea, probably for the best though (the lockdown I mean). I'm most worried about One Chicago since it's my favorite, I'm still not fully convinced that 1000M will ever ascend skyward to its full height.
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  #1543  
Old Posted Apr 3, 2020, 10:38 PM
Bombardier Bombardier is offline
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^I think you are right. I heard from a very reliable source that this project was put on hold. The contractor was supposed to set the tower crane this weekend and they have been directed not to install the crane and thereby stop the project. Maybe it will get back on track after the dust settles on this pandemic... who knows.
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  #1544  
Old Posted Apr 3, 2020, 10:42 PM
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^I think you are right. I heard from a very reliable source that this project was put on hold. The contractor was supposed to set the tower crane this weekend and they have been directed not to install the crane and thereby stop the project. Maybe it will get back on track after the dust settles on this pandemic... who knows.

That's unfortunate, but not really surprising. If it was put on hold because of the pandemic that seems normal, and hopefully they plan on starting up again, however, if it was put hold hold for other reasons, I'd worry more. Did they mention why per chance?
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  #1545  
Old Posted Apr 4, 2020, 3:26 AM
RedCorsair87 RedCorsair87 is offline
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We need to get a therapist on here to treat Waterview PTSD. Good lord...

Let's wait until we read an official report before we jump to conclusions with this tower.
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  #1546  
Old Posted Apr 4, 2020, 3:35 AM
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We need to get a therapist on here to treat Waterview PTSD. Good lord...

Let's wait until we read an official report before we jump to conclusions with this tower.
Yea, agreed. This is worse though, I never liked Waterview that much tbh.
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  #1547  
Old Posted Apr 4, 2020, 4:45 AM
gandalf612 gandalf612 is offline
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If this is the only project that dies I will be happy. Never liked it.
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  #1548  
Old Posted Apr 5, 2020, 10:12 PM
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Originally Posted by Bombardier View Post
^I think you are right. I heard from a very reliable source that this project was put on hold. The contractor was supposed to set the tower crane this weekend and they have been directed not to install the crane and thereby stop the project. Maybe it will get back on track after the dust settles on this pandemic... who knows.
We'll see if there is work on Monday
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  #1549  
Old Posted Apr 7, 2020, 7:01 PM
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Originally Posted by Bombardier View Post
^I think you are right. I heard from a very reliable source that this project was put on hold. The contractor was supposed to set the tower crane this weekend and they have been directed not to install the crane and thereby stop the project. Maybe it will get back on track after the dust settles on this pandemic... who knows.
Oh boy :/ thanks for the update bombardier
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  #1550  
Old Posted Apr 7, 2020, 8:57 PM
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It is now tuesday
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  #1551  
Old Posted Apr 8, 2020, 5:04 AM
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The headless statues mixed with fog..creepy
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  #1552  
Old Posted Apr 9, 2020, 9:58 PM
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So it's pretty much on hold now right?
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  #1553  
Old Posted Apr 10, 2020, 3:10 PM
skysoar skysoar is offline
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Obviously no one on the forum knows. Also its eerily silent on the media front with no source reporting inside information. But not surprising because this project has been shrouded in mystery from its inception. Hopefully we hear some updated news on 1000M soon.
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  #1554  
Old Posted Apr 10, 2020, 3:54 PM
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Complimenting the rusted pants art installation across the street.
Chicago | 1000 S Michigan by Harry Carmichael, on Flickr

Ready and waiting
Chicago | 1000 S Michigan by Harry Carmichael, on Flickr

The proverbial one man with a wheelbarrow - w/o the one man.
Chicago | 1000 S Michigan by Harry Carmichael, on Flickr
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  #1555  
Old Posted Apr 10, 2020, 4:13 PM
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Originally Posted by skysoar View Post
Obviously no one on the forum knows. Also its eerily silent on the media front with no source reporting inside information. But not surprising because this project has been shrouded in mystery from its inception. Hopefully we hear some updated news on 1000M soon.
Yea, it's a little hard to wrap your head around, obviously for the site and for the construction done so far they've spent a huge amount of money, if they know deep down the project will never be finished why on earth did they start it in the first place?

Who is the main developer behind this anyway? Their website says South Michigan Equities but the groundbreaking article posted a while back mentioned it was a joint venture, I think JK Equities is, but from their website it looks like this is their first big project.

Quote:
Although co-developers Time Equities, JK Equities, and Oak Capitals hosted a groundbreaking ceremony in October, work at 1000 S. Michigan Avenue didn’t start in earnest until the last weekend of November—after the project landed its first building permit.
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  #1556  
Old Posted Apr 10, 2020, 4:18 PM
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Originally Posted by Zapatan View Post
Yea, it's a little hard to wrap your head around, obviously for the site and for the construction done so far they've spent a huge amount of money, if they know deep down the project will never be finished why on earth did they start it in the first place?

Who is the main developer behind this anyway? Their website says South Michigan Equities but the groundbreaking article posted a while back mentioned it was a joint venture, I think JK Equities is, but from their website it looks like this is their first big project.


The term you are looking for is sunk costs.
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  #1557  
Old Posted Apr 10, 2020, 5:52 PM
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The term you are looking for is sunk costs.
Not Again...
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  #1558  
Old Posted Apr 11, 2020, 12:08 AM
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Kumdogmillionaire Kumdogmillionaire is offline
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Originally Posted by Zapatan View Post
Yea, it's a little hard to wrap your head around, obviously for the site and for the construction done so far they've spent a huge amount of money, if they know deep down the project will never be finished why on earth did they start it in the first place?

Who is the main developer behind this anyway? Their website says South Michigan Equities but the groundbreaking article posted a while back mentioned it was a joint venture, I think JK Equities is, but from their website it looks like this is their first big project.
They were probably praying starting construction would spur consumer confidence, but any possibility of that went out the window with COVID.
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  #1559  
Old Posted Apr 11, 2020, 10:15 PM
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They are still offering virtual tours of the building and the sales gallery is still open so maybe they're waiting for something like equipment to show up or maybe one of there workers got sick and there waiting to see if he/she has the virus?
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  #1560  
Old Posted Apr 12, 2020, 12:06 AM
Bombardier Bombardier is offline
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I'm hearing the project has been put on hold by the client for 30 days (minimum).
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