Quote:
Originally Posted by Kngkyle
This thread. Every time sales figures our released they get posted here. It appears it's more like 60% not 50%, oops my bad. This is after 7+ years of sales.
I'd expect Site I to be swapped from condos to apartments and maybe land in the ~700ft range for height, assuming the development moves forward at all in the next ~5 years. Construction and financing costs have skyrocketed since this was originally proposed and the real estate market (and entire economy) is teetering on the brink. Tamper your expectations.
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Some rough sales numbers
https://therealdeal.com/chicago/2021...hicago-towers/
Quote:
The management team for the St. Regis has been cagey in releasing details about the tower’s sales. Crain’s contacted the team and was told that sales have exceeded expectations and that the tower is “approximately 60 percent sold or under contract.” According to the paper’s research, however, the building’s developer, Magellan, has closed sales for 151 units out of the 353 in the St. Regis tower, putting it at 42 percent sold.
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Ballpark of 40% sold vs 60% sold or under contract. Not too far off, but that was from a year ago. But I agree with the point, those just aren't great numbers after that amount of time.
A major problem was that Alinea Group canceled their restaurant plans which affected the build out and opening of St Regis hotel and so that was delayed as well. Plus the pandemic of course. I think these uncertainties have all hurt sales quite a bit. Things seem to have picked up more recently. St Regis is supposed to finally open February and Lettuce Entertainment is taking over and announcement the opening of two new restaurants. One is Sushi restaurant which I think could work really well.
https://blockclubchicago.org/2022/10...g-next-spring/
Additionally this recent high profile sale of $20.5 millioin should help confidence I think as well.
https://headtopics.com/us/st-regis-t...story-30111565
I think once St Regis opens the sales could pick up substantially. I'm excited to see it when completed.