Quote:
Originally Posted by ardecila
8'6" ceiling heights. The design is basically a slab that fills the lot, but set back 120' from Columbus.
The facade has kind of a two-face design that makes it look like Seagram Building and Citicorp Center are spooning... long continuous balconies like Coast are prominent on certain portions.
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You had me at Seagram.
But seriously, what is Magellan's deal with going with substandard/sub-market ceiling heights still? This isn't 1998 anymore. (news flash - higher ceilings actually make a large difference in the perception of how spacious an apartment is - and the market - everyone except for Magellan - has picked up on that in a big way over the last decade-plus). Sure, you cheap out and save on construction costs upfront, but Magellan being a longer-term player/operator as well surely must realize the inherant risk here with going lower than market (and making apartments 'feel' more cramped, thus missing out on a definite degree of NOI upside).........or, do they just feel that their location is so good here - which objectively it is - it is quite fantastic - that they can 'afford' this substandard/market aspect??