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Old Posted Mar 24, 2017, 11:46 AM
chris08876's Avatar
chris08876 chris08876 is offline
NYC/NJ/Miami-Dade
 
Join Date: Jul 2013
Location: Riverview Estates Fairway (PA)
Posts: 45,696
Maybe that Aramco IPO could be used for good tower investment. Could a mega tall in theory work thats residential. Sure! But it would require an investor who would rather wait for profit and fund the whole thing while it fills up. Similar to the Kingdom Tower, which will take a loss at first. Actually, I remember reading about how the developer expects a loss for the first couple of years until it fills up. More of the case where its a status symbol and profit can wait for a couple of years.

Unless they do it Miami style where they have pre-development sales 2 or 3 years prior until they reach a certain % of sales. A tower that is seen as an investment opportunity would greatly increase the chance of it happening. Unfortunately, it will probally go the way of One57 where it sits empty most of the time. Unless they can find a way to reduce construction costs but I think the cost of anything 500m+ will be the boon to this. But quality comes with costs plus the extra height requires good engineering. Just look at the concrete used in 432 Park. Might seem like a slender Virginia slim cigarette tower, but there quite some engineering in that tower. Expensive unfortunately.

Kinda why a mixed used with a hotel portion would make more sense. It would add more to the city rather than just being a pretty tall symbol.
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