Quote:
Originally Posted by Briguy
Neither the opo or gateway towers were ever more than concepts, like the present day tribune addition.
Until Chicago can get $2,000/sq ft on new condo construction it doesn’t really make sense to build that tall. And Chicago can barely sell condos at all.
Already no office is built that tall outside of Manhattan, period. And even then it’s typically single tenant vanity driven.
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I assume you are talking about high rises in the downtown area. Otherwise this is such a blanket statement - Chicago doesn't have a problem selling condos of all kinds especially outside of downtown. Luxury, expensive ones downtown are hit and miss. Some sell better than others. There are many other wealthy buyers recently who skip downtown anyway. For example, there is the CEO of a semi well known capital firm (whose chairman is a billionaire - not among the biggest but still tens of billions in AUM. More than Citadel) in NYC who moved from Manhattan to Chicago and bought a mansion in Lincoln Park recently. Skipped downtown all together. Lived in a high rise in Manhattan.