HomeDiagramsDatabaseMapsForum
     

Go Back   SkyscraperPage Forum > Global Projects & Construction > Proposals

    1000M in the SkyscraperPage Database

Building Data Page   • Comparison Diagram   • Chicago Skyscraper Diagram

Map Location
Chicago Projects & Construction Forum

Reply

 
Thread Tools Display Modes
     
     
  #1061  
Old Posted Feb 5, 2019, 2:39 AM
jsbrook jsbrook is offline
Registered User
 
Join Date: Aug 2014
Location: Bala Cynwyd
Posts: 3,435
I don't think these numbers are so ridiculous. They work for someone who is well-off and who maybe spends a week a month in Chicago for work. I do something similar in DC. Also, some companies I've worked at will do this for executives who travel to a location that's not their primary home with some frequency. The purchase price is not that much for a company, whether mortgaged or paid outright, and condo fees are a lot less than 7 days a month in a hotel. And it's an asset that can eventually be sold as needed or desired. The question is how many such people exist that there is a market for this in Chicago? In New York or DC, there is a market for this.

Last edited by jsbrook; Feb 5, 2019 at 2:52 AM.
Reply With Quote
     
     
  #1062  
Old Posted Feb 5, 2019, 2:47 PM
NYguy's Avatar
NYguy NYguy is offline
New Yorker for life
 
Join Date: Jul 2001
Location: Borough of Jersey
Posts: 40,639
https://www.apnews.com/b4a14193475540acaf3c031ee31355ee

Helmut Jahn-Designed, Luxury Condominium Tower 1000M Introduces New Selection of Residences Dubbed the “International Collection”


Feb 4, 2019


Quote:
Responding to a segment of buyer demand for highly efficient condominium plans similar to those found in luxury towers throughout Europe, Asia and Canada, the International Collection will occupy the 41 st through 47 th floors of the 74-story, Helmut Jahn-designed tower located at 1000 S. Michigan Ave across from Grant Park.

The new floor plans will offer studio, one, two and three-bedroom layouts ranging in size from 325 to 850 square feet, along with breathtaking views of Lake Michigan and Grant Park. Introductory pricing for the 133 International Collection homes starts at $313,000, and 20 of the condominiums have already been sold during an exclusive preview offering, showcasing the high level of interest in the new series. 1000M will feature a total of 421 luxury residences.
__________________
NEW YORK. World's capital.

“Office buildings are our factories – whether for tech, creative or traditional industries we must continue to grow our modern factories to create new jobs,” said United States Senator Chuck Schumer.
Reply With Quote
     
     
  #1063  
Old Posted Feb 5, 2019, 4:28 PM
the urban politician the urban politician is offline
The City
 
Join Date: Jul 2004
Location: Chicago region
Posts: 17,492
^ Nice, article says that 20 of the 133 "International collection" homes are already sold.

I found this noteworthy:

Quote:
International Collection homeowners will have full access to 1000M’s 40,000 square feet of world-class amenities, including: an 11 th floor library lounge with an outdoor terrace; a spa featuring hot and cold plunge pools, steam room, sauna and Himalayan salt therapy room; an outdoor pool and sundeck; fitness center; golf simulator; coworking space; a 72 nd floor winter garden, observation deck and Club 1000 lounge; music conservatory; demonstration kitchen and private dining room; lobby with 24-hour staff; and a concierge.
^ Even I would consider buying a condo in this building as a rental investment, but after reading the above, all I can think of is "high assessment, high assessment, high assessment"
__________________
Eat less
Reply With Quote
     
     
  #1064  
Old Posted Feb 6, 2019, 4:30 AM
BonoboZill4's Avatar
BonoboZill4 BonoboZill4 is online now
Registered User
 
Join Date: Aug 2018
Location: PingPong
Posts: 1,523
Exactly, they basically want to do what the Legacy does, but without the option of opting out of said program. I know that residents of that building can obtain University Club memberships fairly easily, but for 1000M, it would be like you were forced to buy into said program... Those HOA fees are going to be more than most people's rent
__________________
I'm here for a long time, not a good time
Reply With Quote
     
     
  #1065  
Old Posted Feb 6, 2019, 10:27 PM
jsbrook jsbrook is offline
Registered User
 
Join Date: Aug 2014
Location: Bala Cynwyd
Posts: 3,435
Quote:
Originally Posted by BonoboZill4 View Post
Exactly, they basically want to do what the Legacy does, but without the option of opting out of said program. I know that residents of that building can obtain University Club memberships fairly easily, but for 1000M, it would be like you were forced to buy into said program... Those HOA fees are going to be more than most people's rent
It said $1 per sq foot as I recall. That's in line with what other luxury condos charge for HOA. You always pay a lot for amenities you don't use in these kind of buildings. Except the part-time residents in the International Collection probably actually will USE them because they won't establish as much of life in Chicago as fulltime residents. They also aren't paying that much as a result of the small size of their condos. It adds up for fulltime residents in larger places, for sure.
Reply With Quote
     
     
  #1066  
Old Posted Feb 7, 2019, 1:12 AM
Ricochet48 Ricochet48 is offline
Registered User
 
Join Date: Oct 2017
Posts: 69
$1/sqft is a lot in a new building, even luxury. Older ones with shit elevators and inefficient heating cost a lot, but even my 15yo building it's ~75c with what I would consider top notch 'core' amenities (pool, gym, etc.) That includes cable TV & fast internet (like a separate $70 line item)--I just pay electricity.
Reply With Quote
     
     
  #1067  
Old Posted Feb 7, 2019, 1:21 AM
marothisu marothisu is offline
Registered User
 
Join Date: Dec 2012
Location: Manhattan
Posts: 4,839
Remember a few weeks ago when this thing was canceled?
Reply With Quote
     
     
  #1068  
Old Posted Feb 7, 2019, 1:22 AM
Hourstrooper's Avatar
Hourstrooper Hourstrooper is offline
Registered User
 
Join Date: Apr 2013
Location: Chicago
Posts: 156
Quote:
Originally Posted by marothisu View Post
Remember a few weeks ago when this thing was canceled?
Reply With Quote
     
     
  #1069  
Old Posted Feb 7, 2019, 1:29 AM
BonoboZill4's Avatar
BonoboZill4 BonoboZill4 is online now
Registered User
 
Join Date: Aug 2018
Location: PingPong
Posts: 1,523
Quote:
Originally Posted by jsbrook View Post
It said $1 per sq foot as I recall. That's in line with what other luxury condos charge for HOA. You always pay a lot for amenities you don't use in these kind of buildings. Except the part-time residents in the International Collection probably actually will USE them because they won't establish as much of life in Chicago as fulltime residents. They also aren't paying that much as a result of the small size of their condos. It adds up for fulltime residents in larger places, for sure.
I find that to be hard to believe unless they have difficulty maintaining the quality of everything they provide, or if they are overrating what they are providing with fancy words but minimal input (such as the music and kitchen spaces). Also, that is super high, your average person would be paying 1000 or more just on that. Basically have two mortgages at that point
__________________
I'm here for a long time, not a good time
Reply With Quote
     
     
  #1070  
Old Posted Feb 7, 2019, 1:33 AM
BonoboZill4's Avatar
BonoboZill4 BonoboZill4 is online now
Registered User
 
Join Date: Aug 2018
Location: PingPong
Posts: 1,523
Quote:
Originally Posted by marothisu View Post
Remember a few weeks ago when this thing was canceled?
I don't want us jinxing anything ... before caissons are in the ground I'm not believing anything coming from their team. It's not "dead" like had been said a couple pages back, but they are definitely lying about their numbers and what they've sold(which nothing is sold at this point, just on contract), because we know they weren't the best sellers. If the project was doing well, this International Collection wouldn't even exist. It actually makes me more worried as a Hail Mary. If this fails then I've lost hope. The fact they could use the entirety of floors 42-49 for this is concerning in its own right. 8 floors with no sales? Oof

Fingers crossed we get this bad boy though, big ole gap in the skyline down there!
__________________
I'm here for a long time, not a good time
Reply With Quote
     
     
  #1071  
Old Posted Feb 7, 2019, 1:55 AM
bnk's Avatar
bnk bnk is online now
પટેલ. કે ન
 
Join Date: Mar 2006
Location: chicagoland
Posts: 10,184
Exclamation

If this one is eventually completed as stated it is going to make the skyline south loop not step down in height.

It's 832 FT | 76 FLOORS although not as good as its first iteration this building could actually lift the elevations on the 78. BTW if 832 feet is too short for you the Twin Cites are calling and wanting this one.



Quote:

https://en.wikipedia.org/wiki/List_o...in_Minneapolis

The tallest building in Minneapolis is the 57-story IDS Tower, which rises 792 feet (241 m) and was designed by architect Philip Johnson. The tower has been the tallest building in the state of Minnesota since its completion in 1973,



Too me this is an important building in an important place that may have more effect on the scale and overall transitions of height in the 78 perhaps being taller on the north end and going lower the further south.

The West Loop and the South Loop buildings in the last 20 years, would make most of the rest of the other cities dream about buildings like this, except NYC and a few others.


This 78 could be the most important part of the newer Chicago in the next 20 years if done right.



The total skyline is impressive coming in on the Kennedy or the Metra from the lake shore buildings from Rodgers park to the McCormack place.


Eventually if the south lake front could be converted to modern similar apartments from the south loop all the way to Hyde park some day would be awesome.


But...

It will never be Lincoln Park...

If the said area were developed the people living there would have to go north to the loop and a long Redline north to the kool places in the city, or venture once in a while in Hyde Park that would be closer. The commute times would be shorter from the same difference in miles from the core downtown from the south and would even be less expensive on rent vs the north Chicago shore towers. It makes a hell of a lot of more sense building organically as needed along the south lakefront vs the mega Spanish development plan for the gigantic USS steel plant land on the boarder of Indiana that eventually the backers backed out on.




In the long term, measured in Decades perhaps capping some of the tracks and having people new to the area could create and extended their community further west like the north did.
__________________
facebook

Last edited by bnk; Feb 7, 2019 at 2:07 AM.
Reply With Quote
     
     
  #1072  
Old Posted Feb 8, 2019, 2:30 AM
jsbrook jsbrook is offline
Registered User
 
Join Date: Aug 2014
Location: Bala Cynwyd
Posts: 3,435
Quote:
Originally Posted by BonoboZill4 View Post
I find that to be hard to believe unless they have difficulty maintaining the quality of everything they provide, or if they are overrating what they are providing with fancy words but minimal input (such as the music and kitchen spaces). Also, that is super high, your average person would be paying 1000 or more just on that. Basically have two mortgages at that point
Well, I don't live in Chicago anymore. But in Philly, condo fees run around $1 per square foot in the top luxury buildings with similar amenities. Like these ones: https://www.thelaurelrittenhouse.com/gallery/ http://500walnut.net/ And Chicago generally has higher real estate prices. I get that this is not quite the upper echelon of the city's buildings, but I'd think condo fees would have to run at least that in the most expensive condo buildings in Chicago.
Reply With Quote
     
     
  #1073  
Old Posted Feb 8, 2019, 3:50 AM
marothisu marothisu is offline
Registered User
 
Join Date: Dec 2012
Location: Manhattan
Posts: 4,839
Quote:
Originally Posted by jsbrook View Post
I don't think these numbers are so ridiculous. They work for someone who is well-off and who maybe spends a week a month in Chicago for work. I do something similar in DC. Also, some companies I've worked at will do this for executives who travel to a location that's not their primary home with some frequency. The purchase price is not that much for a company, whether mortgaged or paid outright, and condo fees are a lot less than 7 days a month in a hotel. And it's an asset that can eventually be sold as needed or desired. The question is how many such people exist that there is a market for this in Chicago? In New York or DC, there is a market for this.
There is a market in Chicago for this. Whether it's suburbanites who want a crash pad or like you mention. I know multiple people from the suburbs of Chicago who have crashpads downtown. Even other situations - I have a semi distant cousin who went to SAIC and her father (also my cousin - who is pretty well off) bought her a condo downtown to stay in. He still owns it and I think he just uses it as investment property and probably uses it as an option to stay when visiting town (though he usually stays at Four Seasons, Waldorf, etc). He lives on the west coast.


Also the business travel thing isn't even only for executives. They can also use it for consultants on long term travel assignments and probably re-use. There are some companies who do this, and honestly it's more cost effective. I traveled on business to NYC for 2.5 years (before moving here) pretty much every week. My hotel bills alone were at least $80,000 per year, no joke. I think one year I racked up close to or over $100,000 in hotel costs for myself. My company used to get apartments for people like me, but a few years prior they stopped it and just did the hotel thing. Other firms I worked with had consultants like me do the apartment thing.

Guarantee there's a market for things like this.
Reply With Quote
     
     
  #1074  
Old Posted Feb 9, 2019, 4:00 AM
SIGSEGV's Avatar
SIGSEGV SIGSEGV is online now
>~< , QED!
 
Join Date: Jun 2018
Location: South Loop, Chicago
Posts: 1,349
Nice fluff piece in the Tribune today:
https://www.chicagotribune.com/class...217-story.html
__________________
And here the air that I breathe isn't dead. Trump delenda est.
Reply With Quote
     
     
  #1075  
Old Posted Feb 9, 2019, 5:21 AM
EspionNoir's Avatar
EspionNoir EspionNoir is offline
Winnipeg
 
Join Date: Sep 2018
Location: Winnipeg
Posts: 392
Amazing project.

P.S. For a second I thought it was actually 1000m

Last edited by EspionNoir; Feb 9, 2019 at 5:33 AM.
Reply With Quote
     
     
  #1076  
Old Posted Apr 4, 2019, 10:29 PM
Fvn Fvn is offline
Registered User
 
Join Date: Nov 2017
Posts: 616
I hate to bump this thread but I think some more new info has shown up... on the website, it looks like McHugh and John Buck Company have been brought on to the team... that's news to me and also seems like even more clues towards a nearing groundbreaking. Also, on their (1000m) Instagram, they said ground will break later this year. But we already knew that and we also know what they've said in the past regarding groundbreaking. That being said things are definitely lining up more and more to suggest that this time they may actually be ready. Since its McHugh now, maybe after NEMA or Vista reach substantial completion?

https://1000southmichigan.com/vision/ (scroll down a bit)
Reply With Quote
     
     
  #1077  
Old Posted Apr 4, 2019, 10:58 PM
Hourstrooper's Avatar
Hourstrooper Hourstrooper is offline
Registered User
 
Join Date: Apr 2013
Location: Chicago
Posts: 156
Quote:
Originally Posted by Fvn View Post
I hate to bump this thread but I think some more new info has shown up... on the website, it looks like McHugh and John Buck Company have been brought on to the team... that's news to me and also seems like even more clues towards a nearing groundbreaking. Also, on their (1000m) Instagram, they said ground will break later this year. But we already knew that and we also know what they've said in the past regarding groundbreaking. That being said things are definitely lining up more and more to suggest that this time they may actually be ready. Since its McHugh now, maybe after NEMA or Vista reach substantial completion?

https://1000southmichigan.com/vision/ (scroll down a bit)
any contractors have insight on this???? I do not personally. But I'm pretty sure it'll go with the high end apartment and condo shortage coming due to the aro boom. usually if your gc is already selected its just a matter of grabbing the construction loan.
Reply With Quote
     
     
  #1078  
Old Posted Apr 4, 2019, 11:05 PM
BonoboZill4's Avatar
BonoboZill4 BonoboZill4 is online now
Registered User
 
Join Date: Aug 2018
Location: PingPong
Posts: 1,523
Quote:
Originally Posted by Hourstrooper View Post
any contractors have insight on this???? I do not personally. But I'm pretty sure it'll go with the high end apartment and condo shortage coming due to the aro boom. usually if your gc is already selected its just a matter of grabbing the construction loan.
Then it means very little, because last time we checked, their sales were horrid, meaning the odds of them securing financing is still up in the air. The start date went from first quarter 2019, to second quarter 2019, to "later in 2019"... I'd just like them to put forth some transparency on how their sales have gone with the addition of this "International Collection" lol
__________________
I'm here for a long time, not a good time
Reply With Quote
     
     
  #1079  
Old Posted Apr 4, 2019, 11:45 PM
Hourstrooper's Avatar
Hourstrooper Hourstrooper is offline
Registered User
 
Join Date: Apr 2013
Location: Chicago
Posts: 156
Quote:
Originally Posted by BonoboZill4 View Post
Then it means very little, because last time we checked, their sales were horrid, meaning the odds of them securing financing is still up in the air. The start date went from first quarter 2019, to second quarter 2019, to "later in 2019"... I'd just like them to put forth some transparency on how their sales have gone with the addition of this "International Collection" lol
I think once nema finishes this will get a lot more attention if it hasn't started by then.
Reply With Quote
     
     
  #1080  
Old Posted Apr 5, 2019, 2:57 AM
Mr Downtown's Avatar
Mr Downtown Mr Downtown is offline
Urbane observer
 
Join Date: Nov 2006
Posts: 4,079
NEMA is rental; this is condo. Hard to see any connection.
Reply With Quote
     
     
This discussion thread continues

Use the page links to the lower-right to go to the next page for additional posts
 
 
Reply

Go Back   SkyscraperPage Forum > Global Projects & Construction > Proposals
Forum Jump


Thread Tools
Display Modes

Forum Jump


All times are GMT. The time now is 2:28 AM.

     

Powered by vBulletin® Version 3.8.7
Copyright ©2000 - 2019, vBulletin Solutions, Inc.