Ritz-Carlton Residences Still Not Under Construction
Every day I walk north down Michigan Avenue, I am reminded that the Ritz-Carlton project at 664 N. Michigan is struggling.
Over a year ago, they put a big sign up on the sign of the old Farwell Building that said 30% sold. Then, they replaced that last summer with 40% sold.
It’s been at 40% sold ever since.
More telling about the state of this project is that the Hanig’s Footwear store is still in the building. If you recall, Hanig’s was to lose their lease and was looking for alternative space.
This was LAST summer. From the Tribune:
SHOE STORE GETS BOOT: Hanig’s Footwear, one of the last local merchants on the Mag Mile, plans to close its store at 660 N. Michigan Ave. on Aug. 31. The upscale shoe store has been operating on the boulevard since 1978.
The store lost its lease in the landmark Farwell Building, where construction of Ritz-Carlton luxury condos is scheduled to begin in September. Owner Peter Hanig said he is looking to open a temporary location nearby before the holidays.
They had a “moving sale” last summer where they sold off their inventory. And then, surprise, surprise, they never moved.
Hanig’s was operating normally this entire holiday season. And even today they still don’t look like they’re going anywhere.
Yet, the website says “Construction to Begin in February 2008”.
Stay tuned.
The Ritz Carlton Residences [website]
I would so completely love to live there. The finishes look as amazing as that high-end developer you wrote about with that beautiful (parkingless) building in Old Town–but this one is in a much better location. Costs a few mill. more. But hey, parking!
I for one would be thrilled to see this building die on the vine.
Kenworthey: Yes, the finishes are very similar to those at 334 W. Menomonee (that’s the building you’re referring to in Old Town).
This is a great article for all of you “naysayers” that think Chicago is going into a housing crisis. If you want to see the interviews go to http://www.chicagobusiness.com/cgi-bin/mag/article.pl?article_id=29080
CHICAGO’S PLACE IN THE WORLD
“Thirty years ago, a city could thrive as a mere manufacturer of goods. You made your widgets and rooted for your local football team. But as Detroit, Cleveland, St. Louis and other struggling cities have learned, that’s no longer enough.
The rise of the global economy has changed the business, economics, politics and obligations of a city. Money is mobile. So, too, are workers, goods, services and ideas. But that doesn’t make cities less important. As Columbia University professor Saskia Sassen says, “All this mobility needs to be managed, serviced and coordinated. As corporations spread across the globe, there is a need for highly concentrated command points.”
These command points — the places where all the economic action happens — are today’s global cities. Think London, New York, Tokyo, Paris and, yes, Chicago. The city that for decades defined the manufacturing era has clawed its way into this elite group.
“outsiders peg it as unattractive and dirty, with mediocre public services and unfriendly people. Chicago also is, according to his research, considered “not very safe, with not much to do.”
I lived in London for 6 months. Our city is much cleaner, our people are much nicer, and much safer.
Basically I’m saying that Chicago is a major player in this world. Can anyone tell me when they began to see the trolley services and double decker buses roaming every which direction around this city. If you look at any other big city you realize that once these things begin they never go away! They only get bigger! The world might rank us at 27th but 1 day it will be recognized and it will be too late.
If we get the 2016 Olympics and don’t get me wrong this is an “ENORMOUS IF” we will be able to show off this incredible city. If we don’t get these World Games than I still have confidence in my Mayor (Mayor Daley), the 25 Fortune 500 companies (and many more to come) and the people of Chicago to make this city even better!
Everyone that lives in this City better realize that we live in one of the most amazing cities in the world. If you don’t think the Heart of the City which can be recognized many ways but to some experts is considered to be the Lake(on the east), Ashland (on the west) North Avenue(to the North) and Cermak (to the South) is undervalued compared to the Major Players in the other sides of world than call me crazy.
I’ve visited a lot of cities around the Globe and it’s skyline is by far one of the most striking skylines and rivals any city even New Yorks. It’s Nightlife, Theater District, Museums, Stadiums, Hotels, Convention Centers, Music & MOST OF ALL LAKE/BEACHES are starting to rival the Major Players around the World!
City Agent: I agree with you that Chicago is a “value” compared to other major cities in the United States (and even compared to some around the world.) Many on the coasts don’t give Chicago the respect they should- and it’s their loss. They could live here at nearly half the cost (maybe even less) than it costs in NY and San Francisco with most of the same amenities (shopping, theater, museums etc.)
But we’re also building far more condo units than there is demand for here (much like Miami- but on a lesser scale.) In my opinion, until that inventory is absorbed, prices aren’t going to go anywhere in the Chicago market.
Prices have definitely already begun to go somewhere in the overbuilt Chicago condo market. And they will continue to go down.
The Ritz needs to fail… it is tearing down a historic landmark by “convincing” the city that the Farewell Bldg (the one with Hanigs on the first floor) is un-inhabitable!
Hope this project goes away!