The Biggest Story To Watch in 2008: The Chicago Spire
As we head into 2008, I thought I would post about what the “big” real estate stories will be in Chicago in 2008.
THE story, in my opinion, will be the opening of the sales center for the Chicago Spire. Slated to open next month with a full unit model- we will finally be able to get a handle on sales in the building.
Basically- how many will sell and at what prices?
Will units be purchased by Europeans looking for an investment? Or will some Chicagoans plop down the mega-dollars to say they’re one of the few living in the world’s tallest residential tower?
They are already heavily advertising the building, including taking out full page ads in national magazines like Vanity Fair.
Stay tuned…
In the meantime, check out the website. The opening video is pretty stunning (with the video showing the building from day into night.)
Chicago Spire at 400 N. Lake Shore Drive [website]
If a pint of Guinness says that the financing falls apart (though the developer is moving forward with the prep work) and the plans are shelved indefinitely in 08 which will mark the true bottom of the property market. Just a layman’s guess.
Besides, don’t really like this current version of the Spire….preferred one of the earlier drafts and the proposed Chicago Waldorf. The current version looks too much like a dildo. lol.
If it looks too much like a dildo, that is probably because you’ll have to come down Ohio St. to get there – past the sperm sculpture. 😉
Me: They don’t need financing for the first $400 or $500 million (from what I understand) because the developer is financing it himself. That’s why it has started construction already (or otherwise, they would have to wait until they got some sales to convince some banks to cover them.)
My greatest fear is that they don’t sell many units and run out of money about 50 stories up and then there will just be this stump right there.
Even at 50 stories it would be quite striking. Also not as… phallic. 🙂
What should be torn down is that red box eyesore next door to it. I’ve been in it and the views are amazing, but the construction is junk. It’s already settling, and a friend who rents an apartment inside told me she regularly got “stuck” inside her apartment until the management finally came and sanded her door down. The walls are paper thin, too.
Kenworthey: Are you talking about 474 N. Lake Shore Drive?
http://www.474lsdcondo.com/474northlakeshoredrive.html
That was formerly an apartment building that was just converted to condos. It was built in 1990.
Yep, that’s the one. I’m amazed that something like that was built on such an amazing piece of real estate.
Construction was different in the 1990s. You didn’t have that much new construction then (as the housing market turned sour early in the decade.) There wasn’t the condo mania then (like you see today.)
I’m sure it wasn’t that bad of an apartment building when first built, actually. It’s nearly 20 years old. Lots of buildings show their age by that point (especially if it was built as an apartment building originally.)
Sabrina, Check out this website…
Pretty cool, huh…
http://skyscraperpage.com/diagrams/?b39392
Sabrina, Check this site out as well..
http://skyscraperpage.com/diagrams/?
Some recommended viewing…
Santiago Calatrava actually already did a twisting building in Malmo, Sweden , “Turning Torso” completed in 2005. (See link below)
An excellent doumentary was made on the whole design process called, “The Architect, The Socialist and the Twisted Tower”.
Aside from it being a unique glimpe at the whole building process, it depicts a monumental clash of design inspiration vs economic reality.
Architectural vision is one thing. Going over twice the budget and delivering a project 3 year late is another.
If you are looking for a “cautionary tale” this is it.
http://www.civicdesigncenter.org/Events-filmvideo-twisted.html
Will the “biggest story of 2008” become the “saddest story of 2009”? Is the spire DOA?
A big loss for Chicago, as it was a rare chance to add a new icon to our city… and would have really shown off our skyline, waterfront and history of amazing architecture.
Sabrina, any updates on this (likely to be sad) tale?
I for one am relieved to not have our skyline ruined by a giant dildo. I really hope the idea of this building is dead and buried in that huge hole they dug. Modern architecture does NOT have to be totally tasteless and gaudy.
Pete,
While I agree it would also be nice to see a super super tall built here in Chicago. I’ve never seen a building taller than the Sears Tower so it would’ve been cool.
I think this project was canned because the developers really limited the market to just residential units. Maybe if the tower had some commercial/office space as well as an observation deck open to tourists ($$$) it might have taken off.
Its certainly the most high profile victim of the RE downturn here, if not the most visible (Waterview tower takes that).