Quote:
Originally Posted by 10023
Unfortunately, I don't want to be a wet blanket, but I think we're looking at a market reckoning before this one can possibly hit its pre-sale numbers and secure financing, especially with so much else in the pipeline.  |
I agree with this. Even with the tower being mostly apartments, the economy is going to start cooling down in a few years after so many years of growth, especially with the last several years being red hot.
It seems the developers have already acknowledged this, hence why it wouldn't start until after 2020 when the Tribune Tower conversion is complete. There's a lot on the pipeline now, and rents are slowing downtown since renters have a lot more choice. Add in the fact that we may be nearing a recession in the next 24 months, planning for delivery in 2022 or after makes sense.
Its getting built, just not in this real estate cycle.