Everything mentioned as a contributor factor has contributed to its current situation. This development was in a precarious position right from day one. The debt and time to build an 80 storey tower on one of the busiest corners in the city outshadows Covid, the complex design, permitting issues and everything else mentioned combined.

Wishful thinking that a development in receivership will continue to completion will minimal disruption and before it has been sold to another developer. The multi-billion pricetag will reduce the number of potential buyers
 
I could swear that there's a condo tower in Chicago that was roughly 80% structurally completed when the plug got pulled on it a dozen years ago and it's been a hulking concrete shell ever since...

EDIT: I was wrong. It was called the Waterview Tower, and 26 stories were completed before it sat abandoned for 5 years before being completed as something totally different.
 
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Blovertis said:
For me the only question right now is how many additional storeys $315 million is going to buy
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I see several comments on additional storeys being a great strategy. The land value here is maybe $300 PSF, and the risk is enormous to add more density when you still haven't sold nearly $1.4 billion of inventory. I'm not sure throwing good money after bad is the right move. Increasing height also increases time, which increases financing drag, which is already enormous.
 
Towered said:
I could swear that there's a condo tower in Chicago that was roughly 80% structurally completed when the plug got pulled on it a dozen years ago and it's been a hulking concrete shell ever since...

EDIT: I was wrong. It was called the Waterview Tower, and 26 stories were completed before it sat abandoned for 5 years before being completed as something totally different.
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The Chicago Spire (wikipedia) remains as a hole in the ground.
 
SonyPayStation said:
I see several comments on additional storeys being a great strategy. The land value here is maybe $300 PSF, and the risk is enormous to add more density when you still haven't sold nearly $1.4 billion of inventory. I'm not sure throwing good money after bad is the right move. Increasing height also increases time, which increases financing drag, which is already enormous.
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Not talking about adding storeys to the 91 already approved. That's settled. I'm talking about the number of floors above the 31 or so already completed that are likely to get built before interim financing runs out.
 
C-mac said:
I don't think architecture is an issue at all here.
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Compare how fast One Saint Thomas went up in 2007, which was at a similar price point, compared to this Foster project. The engineering is undoubtedly more complex as another posted pointed out.
 
To the comments suggesting adding height to make more money - at this scale construction becomes proportionately more expensive the taller you go. Not just in absolute terms but on a PSF basis vs. shorter towers, midrise or lowrise due to the complexity, materials, more advanced HVAC and building systems, etc. Add to that the complexity of this design, assuming even it's structurally possible to add a significant number of increased floors at this point, and it's not really a viable solution.

I suppose they can try to extract NYC billionaire row values for these theoretical units, but that market doesn't exist here to the same degree. Honestly nor should we want it to; are there any of these supertall residential projects that aren't mired in controversy, cost overruns or calamities otherwise? I like The One architecturally but it's just another vanity project for the superrich that won't do anything to address housing insecurity.
 
ProjectEnd said:
I snuck down to the bottom of that pit one early morning back in spring 2008. The sound of the water pumps was deafening.

Latest is Related is claiming they will "mobilize in 45 days": https://chicago.urbanize.city/post/400-lake-shore-drive-will-begin-construction-45-days
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Oh right...the big hole. It looked like a small collapsed star was occupying that area from above... 🙀

...the current project looks no where near as spectacular or tall what they where proposing to put there. I suppose the silver lining here is it's less likely to run into expenditure issues this way....cleaning up an embarrassing eyesore. Hopefully.
 
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