[SamInTheLoop]

One thing I'll add here was that (and this wasn't a surprise to me, and shouldn't be a surprise to anyone who understands who the developer is here, ie this is an urban residential developer that is hq'd in Miami of all places) it was definitely my impression from listening to the Crescent Heights exec speak that what they really desire to do is condos. (that's their main business model)
If their assessment was that the market was now supportive, this would be an all-condo building. If the market changes very favorably, this building could definitely switch to partial or all condos over the next couple years, undoubtedly. If not, it should certainly be viewed as a candidate for condo conversion at some point after completion. Something tells me that Crescent Heights might not be that comfortable with doing buildings that are partially rental, and partially condo, otherwise I don't see why they wouldn't test the new condo development waters here by maybe making 15%-25% of the units condo here - something to the tune that Related Midwest is doing with its Stern ShitBomb. Of course it's a bit more complicated to do both condos and apartments, as opposed to only one or the other, but with a building of this size, it's easily workable (uhh - Aqua). The exec mentioned that they see the future building at the corner of Michigan and Roosevelt as condo (of course, they would see everything at some point in the future as condo, as that's their real business model)......to me, I might actually prefer the opposite, with the rental building being the Michigan corner, and the condo on the Indiana corner....but oh well - again, they may very well both end-up being condo, at least at some point. Also, although it certainly seems that Crescent Heights right now has every intention of developing all phases themselves - who knows, maybe a scenario might arise at some point in which they accept an offer for the Michigan corner parcel from another developer, or go JV or something, and that phase might turn out different and more architecturally/programmatically ambitious from today's placeholder??......