Quote:
Originally Posted by Zapatan
I agree, obviously 1,400+ foot buildings are ambitious but I remain cautiously optimistic. Part of the reason is the legitimacy of who's behind it.
If the height hasn't changed (i.e. they're still planning on 1,422') then they should definitely just add on a small bit of height for Chicago's new tallest. Even just extend the fins... ?
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Its certainly not a bad location for the proposal. I think it will all be clearer after they progress with the Tribune renovation project. The key is that filling all the vertical space of a supertall is a challenge. They couldnt make it 900 condos. But in this case, a hotel should do really well given the location, while also being attractive as a luxury rental and luxury condo market (luxury condo is slightly more uncertain).
The big signals / questions answered:
1. Do they successfully sell out their Tribune Tower condos quickly?
2. How well does the bigger ~50k sf retail concept do? To me the renovation project and in particular the retail will have a big impact on that whole area. If its popular and successful it'll create more interest in the supertall.
3. How long until OBP, Vista, etc start to sell out or get constrained on units remaining. Still targeting a small sub-set of the market
4. Maybe most important or simple, when do Golub and CIM really go for approvals and commit to the $14 million NOF payment