Quote:
Originally Posted by chi-arch
I think that the discussion of Condo vs. Apartment is relevant to this 111 property as it was originally designed as a tall condo development that has now shrunk to a very generic apartment tower. The developer had made the decision(or perhaps the buyers made that decision for them) to not proceed with a Condo development for financial reasons. Apartment developments in general are downscaled when it comes to amenities as apartment dwellers will find other outlets for their needs and having all of them on the property is not worth additional rent costs. This original tower was designed with extraordinary finishes and amenities to compete with the best at the time and the hotel would have been a bright star for Chicago. I believe that because of this shift in use it had it's top knocked off and scaled back to be just another apartment 'complex'. It is the location that is driving the rent rates and that is about it. There is nothing extraordinary here.
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So, it's actually definitely not as true as it used to be that the amenities at larger new construction rental buildings have fewer/downscaled amenities as condo towers (actually, to be completely fair I suppose, will have to wait until large new luxury condo towers begin to be delivered this cycle - to see what if any changes there!). But, certainly, at the brand new downtown apartment towers, the number/level of amenties is much greater than was the case previously in post-mid twentieth century/even into first decade of 21st century. What is true I think is that apartment unit sizes are shifting downward, at the same time that common areas and amenities are being emphasized much more. Presently for many rental buildings they are similar to - or even better than - what you would have found at most larger downtown condo towers in the 2000-2010 period.
Now, with that stated, of course you will have some condo buildings last decade - and presumably and prospectively some in the 2017-2020 period at the top of the market that are truly 'luxurious' and have more/better quality etc amenities than the prime apartment towers. Those could potentially be the exception however.
Perhaps those with the most outstanding common area amenity level will be in condo towers that share space with luxury hotels - that only makes sense, to piggy-back off of some of the services or even facilities that such a hotel would offer.
And, back specifically to 111 W Wacker. I'm sorry, but the old Waterview tower was just tall. The design was almost a little 'hokey'......it just never really cut it. the Handel-designed Related building - while by no means a stunning architectural addition (and I too would prefer it 10-15 stories taller), is definitely a more competent oeverall design than Waterview ever was.....
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