The Ritz-Carlton Residences To Start Construction in February
The Sun-Times is reporting that the developer of The Ritz-Carlton Residences at 664 N. Michigan is going to start construction in February.
The building has been only 40% sold for months now. Maybe they see something in the market going forward that the rest of us don’t see.
From the David Roeder’s column in the Sun-Times:
Despite the woe in the condo market, the Ritz-Carlton-branded project at 664 N. Michigan is still a go, said Jon Rodgers, principal of Prism Development Co. Rodgers said Germany’s Helaba Bank has promised a construction loan. Work should start in a few weeks once there’s a final agreement with the city over the construction, Rodgers said.
The developers plan a 40-story tower next to the landmark Farwell Building. The Farwell would keep its facade but be grafted onto the new, high-end project. Rodgers said he has contracts for more than 40 percent of the 86 units. That number hasn’t changed much lately, but Rodgers said traffic at the sales site is steady.
Hanig’s Shoestore in the bottom of the building now has signs on its windows saying it will shortly be moving to the John Hancock.
What are they charging here? I’m sure a lot, but just curious how much out of my price range.