Quote:
Originally Posted by cbotnyse
economical standpoint? bullshit. who said this building will be populated with lower middle class? This will house condos, a hotel and offices for CBS, all of which will not be "lower middle class." And the CTA hub will be express to the airports, meaning it will be full of tourists and business travelers. Forgive me for thinking we can do better than throwing low end fast food joints in the place.
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You're digging your own grave here. Who do you think the vast majority of that hotel's workers will be made up of? Maids, bellhops, desk people, maintenance workers. I don't care if they dump the most expensive hotel on the planet in there, those people will be paid no more than their position warrants.
Offices for CBS? So all of the secretaries and (possibly unpaid) interns and mid level accounting people are going to be carrying the fine dining establishments you would somehow prefer to see in this place? The money flows both ways. A high end restaurant going in there needs to know it's going into a place where it can draw the money crowd it needs all the time. If I'm a money guy, I'm sorry but I'm going to Italian Village or the Grillroom or Rhapsody or Russian Tea Time or Lloyds, specifically because it's NOT in a big megaplex like Block 37. I'm trying to get away from a hord of people. Can a higher end restaurant work in there? Of course. But you're not going to be carrying the day with all high end stuff in a place where you're moving that many people through there on a daily basis. Aside from the majority of people not affording it monetarily, the people who can afford the cost, your business travelers for instance, more than likely won't be able to afford the time. When I've had to travel for work, I've barely stopped moving from the time I leave to the time I get home, let alone sit down for a meal that takes over an hour.
From a developer's standpoint, there is no better to be done than putting a McDonald's or a Subway or a Burger King or one of the Yum brands in there, because those are the tenants that are going to carry the strongest national credit possible, meaning they are all but guaranteed to be in their 15 year lease for every one of those 15 years. Similarly, those chains are going to be attracted to the spot because of the sheer mass of people moving through therem, so they're going to be willing to pay the per square foot premium the developer needs/wants out of the food service areas.
To take it a step further, higher end restaurants are typically Dinner destinations. Save for weekends, the Loop basically shuts down completely after 6:00. The aforementioned higher end restaurants are the exception, along with Berghoff and the places up and down Wabash that have bars in them, and really don't draw great business for dinner time save for the weekend anyway.
So yes, it is economics, every step of the way.