Quote:
Originally Posted by r18tdi
I guess, but would you really want to move into the first and only apartment tower at The 78, isolated with nothing around but brownfields and a single road? It would be like the residential equivalent to that one sad and empty office building at Lincoln Yards.
Related sees value in holding out for a single big anchor to kick-start the rest.
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It's a valid point. But we have a model for this. It's called Lakeshore East. Yes, they're different sites and always challenging to make direct comparisons. But I think if they do a nice park component and riverwalk at the front end, they'll be successful doing a couple resi towers at a time.
Guys, the moonshot is not necessary here. They don't need this spectacular anchor. It just needs to be planned and sequenced right, with the upfront investment in the form of very pleasant, high design public spaces. But they need to start building. I can't even tell if they're serious at this point.
If you're waiting for some sort of stadium savior, #1 it's not necessary, and #2 you might very well be waiting for 20+ years.
Also, not only was office very dubious from the beginning as Kngkyle points out, but particularly so when it comes to Related Midwest. Quick, tell me when was the last major office project in Chicago that they built? I could be blanking, but I literally can not think of one. It's not their jam in these parts. Was never in the cards. By the way, this makes their recent decision to switch from mostly resi to mostly office at thier expressway-adjacent site in the West Loop even more perplexing.