:D I believe that schmuck was the architect?
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Encouraging, hopefully this project still pencils out as approved. The capital markets and construction costs are quite shit at the moment, and supertalls are especially tricky.
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Thanks Tom. I think this whole saga of this tower qualifies as weird wild stuff. Plus, you know, Dana Carvey.
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^yep. . .
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I don't see this being constructed anytime soon - rising interest rates, risk of recession, Chicago's current challenges. I do see it maybe being built in the next real estate upswing, perhaps in the 2030s...of course, just my conjecture, but I think many banks and developers would consider this a risk right now...
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If construction of this 1,442 footer does not start by the end of 2024, then Chicago might have nothing >500 ft under construction after 1000M's completion. I think that would be the first time since the 1990s that Chicago isn't building something taller than 500 ft.
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Proposed or approved towers with planned heights above 500 ft that received relevant updates in the last 6 months:
Tribune East Tower - 1,442 ft 725 W Randolph - 664 ft 655 W Madison - 604 ft 1200 W Fulton - ~600 ft 420 N May - 600 ft 1300 W Lake - 530 ft 1300 W Carroll - 514 ft 330 N Green - 503 ft 375 N Morgan - ~500 ft I think it’s pretty cynical not to think at least one of these will be under construction by the end of 2024. |
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Spire schmire. Am I the only one that's perfectly okay with that 2000 foot Russian pied a terre filled grotesque unicorn horn never coming to fruition? I never liked that kind of shear height sitting right on top of LSD like that anyways. Towers look better to me completing a crescindo in a skyline. I'm perfectly fine being alone on this btw. I do wish the first taller iteration of the 400 N LSD replacement was happening though.
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I guess you are dude ^
That design was freaking amazing, and the height was just *mwah* |
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IF this new movement for Tribune East is legit (I really don't want to get my hopes up), and it actually gets built to the same height and relatively same design, I'll be ecstatic. |
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I don't think either building would fill with foreign oligarch buyers, because nobody overseas thinks Chicago real estate is a slam-dunk investment. Developers have tried to court this type of buyer with little success (it didn't work at St Regis IIRC). Instead of those top-dollar buyers, this type of tower ends up getting medium-dollar buyers - Americans looking for a pied-a-terre with their suburban/country house in St Charles or Saugatuck or w/e. |
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But having spoken to them recently, theirs is not an isolated situation, many of their new neighbors in the St. Regis basically done the same thing: mid & upper middle income empty-nesters selling their suburban houses, all from different burbs and moving downtown full-time. Maybe it's just anecdotal, maybe it's an actual trend. But to your point, it's gonna be more Americans than foreign investors buying prime downtown condos, townhouses, etc. |
^ Also, only 125 of the units are condos. The remaining 439 units are rentals.
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