Nobu tower is cancelled

Housing Bulletin: The Upside of 13 Canceled Condo Projects

http://www.chicagomag.com/Radar/Deal-Estate/January-2009/Housing-Bulletin-The-Upside-of-13-Canceled-Condo-Projects/

In 2008, according to Appraisal Research Counselors, developers called off 13 downtown condo projects, pulling a total of 2,078 housing units out of an already log-jammed condo market. (Only one of those buildings—Burnham Pointe, at 720 South Clark Street—was already under construction; it was sold to an apartment developer.) While the cancellations aren’t necessarily happy news for the approximately 645 buyers who had put money down on units in those projects, they do relieve some of the inventory pressure that had built up in the downtown neighborhoods. “It means we’ll have less product to work through,” says Gail Lissner, Appraisal Research’s doyenne of development.

The canceled projects had little in common other than coming late to the party, Lissner says. “They all started [pre-construction marketing] in late 2006 through 2007,” she says, “so definitely they were all victims of timing. You don’t see anything in any of them that doomed them from the beginning. Some of them were very desirable projects.”

Canceled projects varied in both size and price points. The biggest was Park 1000, a 40-story tower with 346 condos that had been proposed for 1000 South Michigan Avenue. Smaller projects included James Place, a 42-unit building that was to have been built at 100 West Huron Street; and two phases totaling 44 units at Westhaven Park, replacement housing for the CHA’s old Henry Horner Homes near the United Center. (I know what you’re thinking: that doesn’t seem like downtown. Appraisal Research draws its limits pretty far west.) Prices ranged from $221 per square foot for one of the Westhaven phases up to $900 per square foot at Canyon Ranch, which was to be housed in a striking round tower 67 stories high at 680 North Rush Street.

But better than that is a reply to it:

"Insightful post! FYI Shangri-La’s Waterview Tower at 121 W. Wacker Drive is another building on that was partially built, and then construction stopped in early 2008 due to financing issues. It was a supposed to be the 5th tallest building in the city offering a combination of hotel rooms and condominiums (like Trump Tower). It now stands approximately 26 stories high and apparently abandoned."

Trump Chicago has been cancelled and will stand as a shell only. IT's a shame how many high rise condo projects have been cancelled in Chicago.

Chicago's skyline will continue to only rival Des Moines, Iowa.

It's a shame how hard the financial crisis has destroyed Chicago.

The vast majority of wealthy people are leaving Chicago for destinations like New York, Brooklyn, Connecticut and Boston.

Illinois has stopped production of Illinois license plates as there is no longer a demand. People are leaving Chicago and Illinois in droves.

"Chicago's skyline will continue to only rival Des Moines, Iowa."

!!!!!!!!!!

True true fact: Chicago has a pair of buildings (residential condos) that precisely resemble corncobs standing on end.

All of the new construction condos in chicago are only considered low rise as Mayor Daley wants nothing but low rise low density buildings in his city. Chicago has fallen behind architectually the rest of the world. And due to chicago's liberal mentality, former residents of cabrini green, rockwell gardens and robert taylor housing projects will occupy 40% of all high rise condos in chicago.

chicago could learn something from NYC and gentrify.