Quote:
Originally Posted by lawfin
I am very aware of the market effects, so please tone down the indignant chastisement. Given the economic downturn retail / commercial development is hardly a safe call either, there are undoubtly economic pressures to get this parcel generating income for the owner asap.....I just think this use is short sighted and perhaps incorrect, given that retail may be in for a very hard landing over the next 12 - 18 month and perhaps longer.
On a corner such as this despite, I think it is honore???, not being a "major" corner, corners to me command a special treatment that this design simply does not meet. I believe the zoning here is b3-2, which allows for close to a 50ft building max I think, enough for 5 stories certainly 4 stories
The best treatment may be to wait out this downturn....off course as I noted above there are undoubtly pressures that we are unaware off that may be forcing the owner's hand.....what ever this design is...it is unfortunate
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What is being done programmatically was the only economically viable option. Condos, even in the inflated market would have been a less valuable option to sell, due to the aforementioned train. Creatively placing stairs/elevators at the back would have helped, but not a lot. The CTA is tremendously loud. My office is right next to the tracks. I could jump off the fire escape and make it to them. Nobody will pay good money for the pleasure of falling asleep to a rumbling train every ten minutes. Recall the trials and tribulations of one Mr. Elwood Blues, if you will. Waiting out the downturn would only have incurred the developer a great amount in carrying costs for the pleasure of a proforma that definitely wouldn't have worked when considering said carrying costs.
There is a reason the tower at North & Milwaukee is empty. Bucktown is not an office-space kind of area, and does not ever project to be, as it has become the artsy boutique shopping and good restaurant area, similar to Armitage/Halsted. Office space was not an option. Even with the inflated retail rates in Bucktown covering the losses of the upper floors of the building, the proforma didn't play.
Debateably unfortunately for the aesthetic, single story retail was the way to go, and remains the way to go for newer development for the fact that it's the best way to get the loans for construction. If you get the leases done, you get the money. Leases can get done with relatively little design legwork (read: money spent). Expect to see more of it in places you'd rather not.