HomeDiagramsDatabaseMapsForum About
     

Go Back   SkyscraperPage Forum > Global Projects & Construction > Skyscraper & Highrise Construction


1000M in the SkyscraperPage Database

Building Data Page   • Comparison Diagram   • Chicago Skyscraper Diagram

Map Location
Chicago Projects & Construction Forum

Reply

 
Thread Tools Display Modes
     
     
  #1741  
Old Posted Yesterday, 11:56 AM
The Pimp's Avatar
The Pimp The Pimp is offline
Registered User
 
Join Date: Jul 2007
Location: Chicago/Hamilton Lake
Posts: 351
I knew it! Waterview all over again. The boom is over!
Reply With Quote
     
     
  #1742  
Old Posted Yesterday, 1:51 PM
Mr Downtown's Avatar
Mr Downtown Mr Downtown is offline
Urbane observer
 
Join Date: Nov 2006
Posts: 4,153
Quote:
Originally Posted by bcp View Post
from Trib - kind of a dick move to put it all on Jahn....um....neighborhood? developer>? alderman? historical someone or other talking about design integrity?
Developer, as far as I can tell.

Those damn kids downstairs with their spreadsheets, calculating what's most profitable instead of what's manliest.
Reply With Quote
     
     
  #1743  
Old Posted Yesterday, 2:22 PM
pianowizard pianowizard is offline
Registered User
 
Join Date: Jun 2005
Location: Michigan, US
Posts: 393
I still think that had the condos' price tags been 30% or even 20% lower, many more units would have been sold, which would have made it much easier to secure funding. The 1000M folks are victims of their own greed. They wanted unrealistically huge profit margins.
Reply With Quote
     
     
  #1744  
Old Posted Yesterday, 3:58 PM
the urban politician the urban politician is online now
The City
 
Join Date: Jul 2004
Location: Chicago region
Posts: 18,151
Quote:
Originally Posted by pianowizard View Post
I still think that had the condos' price tags been 30% or even 20% lower, many more units would have been sold, which would have made it much easier to secure funding. The 1000M folks are victims of their own greed. They wanted unrealistically huge profit margins.


Clueless
Reply With Quote
     
     
  #1745  
Old Posted Yesterday, 5:23 PM
pianowizard pianowizard is offline
Registered User
 
Join Date: Jun 2005
Location: Michigan, US
Posts: 393
Quote:
Originally Posted by the urban politician View Post


Clueless
Why do you say that?

I happen to have been shopping for a Chicago condo for a while, so I wrote my previous post from the perspective of a potential buyer. 1000M's prices are just not competitive. For instance I mentioned recently that Cirrus has significantly better prices, despite being just as "luxurious". Had 1000M's units been more reasonably priced, I might have signed a contract already. The Chicago Tribune article linked to yesterday mentioned that only 101 of 421 units had been sold, or 24%. If I remember correctly, the percentage of sold units was already around 20% a year or so earlier, suggesting that the announcement of construction (official groundbreaking was in late Oct 2019) didn't stimulate sales very much. If the condos had been selling like hotcakes, I doubt that Goldman Sachs would be concerned about the viability of this project.
Reply With Quote
     
     
  #1746  
Old Posted Yesterday, 5:51 PM
the urban politician the urban politician is online now
The City
 
Join Date: Jul 2004
Location: Chicago region
Posts: 18,151
Quote:
Originally Posted by pianowizard View Post
Why do you say that?
Because you lost me at "greed" and "unrealistically huge profit margins".

This kind of mindless villainizing of the many good people who take risks to create livable real estate in our cities just gets old.
Reply With Quote
     
     
  #1747  
Old Posted Yesterday, 6:38 PM
Darude_Sandstorm Darude_Sandstorm is offline
Registered User
 
Join Date: Feb 2020
Location: Chicago
Posts: 38
Quote:
Originally Posted by the urban politician View Post
Because you lost me at "greed" and "unrealistically huge profit margins".

This kind of mindless villainizing of the many good people who take risks to create livable real estate in our cities just gets old.
My god what a naive position.
Reply With Quote
     
     
  #1748  
Old Posted Yesterday, 7:00 PM
chicubs111 chicubs111 is offline
Registered User
 
Join Date: Jun 2005
Posts: 1,093
Quote:
Originally Posted by bcp View Post
I get your point...truly...but "safe"? hard to call it safe with what they are doing and the 438 setbacks on the buildings
Well considering the site had two proposals each having a 2000ft building on it... then a 850ft plus and 750ft plus dual tower in comparison is "safe"...despite them being very nice looking buildings architecturally regardless. Just my opinion though
Reply With Quote
     
     
  #1749  
Old Posted Yesterday, 9:44 PM
Steely Dan's Avatar
Steely Dan Steely Dan is online now
devout Pizzatarian
 
Join Date: Jul 2001
Location: Lincoln Square, Chicago
Posts: 22,235
Quote:
Originally Posted by the urban politician View Post

This kind of mindless villainizing of the many good people who take risks to create livable real estate in our cities just gets old.
i'm sorry, but i didn't see any "mindless villainizing" in pianowizard's post.

he merely expressed his opinion that the developers over-reached on this project, trying to charge ultra-luxury condo prices in a non-ultra-luxury location.

if they had aimed lower, they might've sold more units, and thus gotten the project funded.

but here we are........
__________________
The world that we used to know, People tell me it don't turn no more
The places we used to go, Familiar faces that ain't smilin' like before
The time of our time has come and gone, I fear we been waiting too long
Reply With Quote
     
     
  #1750  
Old Posted Yesterday, 9:52 PM
Steely Dan's Avatar
Steely Dan Steely Dan is online now
devout Pizzatarian
 
Join Date: Jul 2001
Location: Lincoln Square, Chicago
Posts: 22,235
* MODERATOR EDIT *

NEMA II discussion moved to the chicago highrise thread: https://skyscraperpage.com/forum/sho...d.php?t=218289
__________________
The world that we used to know, People tell me it don't turn no more
The places we used to go, Familiar faces that ain't smilin' like before
The time of our time has come and gone, I fear we been waiting too long
Reply With Quote
     
     
  #1751  
Old Posted Yesterday, 10:09 PM
SamInTheLoop SamInTheLoop is offline
you know where I'll be
 
Join Date: Sep 2006
Posts: 5,140
Quote:
Originally Posted by Steely Dan View Post
i'm sorry, but i didn't see any "mindless villainizing" in pianowizard's post.

he merely expressed his opinion that the developers over-reached on this project, trying to charge ultra-luxury condo prices in a non-ultra-luxury location.

if they had aimed lower, they might've sold more units, and thus gotten the project funded.

but here we are........


Agreed. Very well could have been a programmatic/target market miscalculation which was indeed mainly or partially greed-driven. It's at least a legitimate possibility. Not exceedingly difficult to think of various product compositions of a similar FAR project at this site which may have produced a lower return on paper but were more likely to actually be.....built (at a profit).


At any rate, it was always a weird - and dumb - decision to drop the rental section. If this tower had a composition (in percentage terms) like One Bennett Park rental/condo (at a submarket-appropriate price point), this very well may have been topped-off - or open - by now. Or frankly possibly all-rental as well, for that matter.


So, who here actually buys the developer's media claim that they had halted construction due to physical distancing concerns at this particular job? Anybody?
__________________
It's simple, really - try not to design or build trash.
Reply With Quote
     
     
  #1752  
Old Posted Yesterday, 10:21 PM
TK2001's Avatar
TK2001 TK2001 is online now
Registered User
 
Join Date: Mar 2016
Location: Not your business
Posts: 1,147
One word: bruh
__________________
Buy our 3d models here: https://www.etsy.com/shop/micropolitan
Reply With Quote
     
     
  #1753  
Old Posted Yesterday, 10:44 PM
the urban politician the urban politician is online now
The City
 
Join Date: Jul 2004
Location: Chicago region
Posts: 18,151
Quote:
Originally Posted by Steely Dan View Post
i'm sorry, but i didn't see any "mindless villainizing" in pianowizard's post.

he merely expressed his opinion that the developers over-reached on this project, trying to charge ultra-luxury condo prices in a non-ultra-luxury location.

if they had aimed lower, they might've sold more units, and thus gotten the project funded.

but here we are........
You, me, Pianowizard, and "I always knew it" Mr. SamintheLoop don't know how excessively greedy or how "unrealistically high" the profit margins of this project were, and we probably never will.

Again, I don't disagree that they shot for too high a price and failed--the market didn't support it--this venture was a costly failure for the development team.

But questioning the developer's motives, insinuating that they had more than acceptable levels of greed, or shooting for "higher than typical" profit margins, as Pianowizard did, was not necessary. Unless somebody can pull out a calculator and run the numbers, and determine that once construction costs, debt service, permits fees, marketing fees, etc etc are accounted for, the developer was aiming for a profit margin far in excess of his peers. If that can be demonstrated, then I will be the first to agree that "excess greed" was the case.
Reply With Quote
     
     
  #1754  
Old Posted Yesterday, 11:13 PM
Northwest Northwest is offline
Registered User
 
Join Date: Oct 2007
Location: Chicago
Posts: 410
Moving on, this property is likely to sit idle for years.
The state of the site looks unsuitable to walk away from just now. They were just preparing to weave the rebar for a huge mat pour. The caisson tops are exposed in a pit that is continually flooded, with exposed rebar more than ten feet tall.
How are they going to "safe" this site so it can at least retain the value of the foundation that is done? Just bury it all and hope its okay?
Reply With Quote
     
     
  #1755  
Old Posted Today, 1:54 AM
Mr Downtown's Avatar
Mr Downtown Mr Downtown is offline
Urbane observer
 
Join Date: Nov 2006
Posts: 4,153
Quote:
Originally Posted by SamInTheLoop View Post
who here actually buys the developer's media claim that they had halted construction due to physical distancing concerns at this particular job?
I was pretty dubious . . . but I did hear from someone (whom I thought was probably in a position to know) that one of the developer principals had lost two close family members to COVID-19.
Reply With Quote
     
     
  #1756  
Old Posted Today, 2:25 AM
Steely Dan's Avatar
Steely Dan Steely Dan is online now
devout Pizzatarian
 
Join Date: Jul 2001
Location: Lincoln Square, Chicago
Posts: 22,235
Quote:
Originally Posted by the urban politician View Post
But questioning the developer's motives, insinuating that they had more than acceptable levels of greed, or shooting for "higher than typical" profit margins, as Pianowizard did, was not necessary.
It wasn't necessary or unnecessary.

He was simply offering HIS opinion.

As people often do on internet discussion forums.

The fact that it so clearly triggered you actually says volumes more.
__________________
The world that we used to know, People tell me it don't turn no more
The places we used to go, Familiar faces that ain't smilin' like before
The time of our time has come and gone, I fear we been waiting too long
Reply With Quote
     
     
  #1757  
Old Posted Today, 11:54 AM
The Pimp's Avatar
The Pimp The Pimp is offline
Registered User
 
Join Date: Jul 2007
Location: Chicago/Hamilton Lake
Posts: 351
The financing on this project must have been very soft. Banks do not pull financing once the deal has closed unless certain milestones were not achieved.
Reply With Quote
     
     
  #1758  
Old Posted Today, 1:05 PM
the urban politician the urban politician is online now
The City
 
Join Date: Jul 2004
Location: Chicago region
Posts: 18,151
Quote:
Originally Posted by Steely Dan View Post
It wasn't necessary or unnecessary.

He was simply offering HIS opinion.
.
I’m waiting on the math from you, PianoWizard, or anybody else that the developers expected “unrealistically huge profit margins”, in PianoWizard’s exact words. He expressed an opinion, so let’s see him back it up.

If he does, nothing further to discuss, I will agree with his kindly worded “opinion” about this developer.
Reply With Quote
     
     
  #1759  
Old Posted Today, 4:19 PM
Steely Dan's Avatar
Steely Dan Steely Dan is online now
devout Pizzatarian
 
Join Date: Jul 2001
Location: Lincoln Square, Chicago
Posts: 22,235
Quote:
Originally Posted by the urban politician View Post
I’m waiting on the math from you, PianoWizard, or anybody else that the developers expected “unrealistically huge profit margins”, in PianoWizard’s exact words. He expressed an opinion, so let’s see him back it up.
Enjoy your wait.

Probably gonna be awhile
__________________
The world that we used to know, People tell me it don't turn no more
The places we used to go, Familiar faces that ain't smilin' like before
The time of our time has come and gone, I fear we been waiting too long
Reply With Quote
     
     
End
 
 
Reply

Go Back   SkyscraperPage Forum > Global Projects & Construction > Skyscraper & Highrise Construction
Forum Jump


Thread Tools
Display Modes

Forum Jump


All times are GMT. The time now is 7:19 PM.

     

Powered by vBulletin® Version 3.8.7
Copyright ©2000 - 2020, vBulletin Solutions, Inc.