Quote:
Originally Posted by the urban politician
Interesting that they are converting away from office despite River North’s ultra tight office market right now.
I sort of wonder if this project fulfills some sort of affordable housing set aside for their other projects
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It's possible this is (partly) affordable housing for One Chicago Square. If JDL got a good price on the Division St building, it could be a lot cheaper on a cost/SF basis to add onto that building than to allocate precious SF from One Chicago Square itself.
This only works if the building was already designed for vertical expansion, or (in the case of old industrial buildings) if it was designed for much heavier loads. Otherwise any possible savings get eaten up in fussy, time-consuming foundation work.