Chicago's next supertall? (Phoenix, Atlanta, Hudson: real estate market, apartment, rental)

[uknortheast]

The Chicago Spire seems to be dead and the Walford Astoria tower that they were going to build also seems to be cancelled so...

When do you think Chicago will get it's next supertall?

NY is getting the WTC complex and maybe the Hudson Towers which are about 3 1000+ ft buildings!

Will Chicago get anythin like this?


Discuss

[Alacran]

It won't get any for a long time.

That one tower by the lake (Waterview I think?) could have been next but it was stopped at mid construction.

so now you have an abandoned halfway built skyscraper in the middle of downtown.

If someone can get that one up it could be the next one.

[Lookout Kid]

When will Chicago get its booming real estate market back? That's the first step. And then the next "Supertalls" will be completed about two years in to the next crash.

[DADASGIRL]

I think the bigger question - is WHAT the skyscraper/super tall would be for. We've already got major skyscrapers with less than 100% occupancy & that includes the new TRUMP tower. We'd need more than a few major players with 8 figure $$$$ to pay the kind of rent a new supertall would require. The jobs created from building it would be great - but once its completed, then what? I think a new skyscraper would be overkill - we're already losing conventions and we have a wide assortment of venues & hoteliers that are banking on tourism monies to sustain them.

[jdiddy]

Convention business is returning, but we're probably at least 10-15 years away from being legitimitely able to justify a new 'supertall'.

[i_am_hydrogen]

The condo market is so overbuilt, and a lot of people don't want to touch condos right now, so a new supertall is a long way off. Most of the new construction will be in the rental market, which is heating up considerably.

[SJaye]

I don't think Chicago needs another super-tall building. I really don't feel like we are falling behind anyone at this moment in time. We recently got the Trump Tower, and NYC is basically just replacing a super-tall building it lost in a tragedy ten years ago.

People will still know Chicago for having great architecture. To improve Chicago, I'd like to see something done about the traffic, the RAMPANT political corruption, and Chicago Public Schools. Of the things that we can do something about (nothing can really be done about the weather, lack of mountains/scenery, etc.) , these are the things that harm Chicago's image most. I feel like I would rather have one of these three issues addressed in a meaningful manner than another super-tall building built.

[uknortheast]

Waldorf-Astoria Hotel and Residence Tower - Wikipedia, the free encyclopedia

Click on the link and see if you think it will get build? It currently says it has been approved so :s

[NYrules]

Won't happen for quite a while especially now that the taxes have went up on businesses as well as residents. What's the advantage to open up a huge business which would need a skyscaper over other parts of the US?

[DANNYY]

It wont be happening for the first half of this decade, I can assure you that much. Chicago has a few things to work on and that is getting its economy back on track and getting its office vacancy rate down & its condo market vacancies down too.

But right now the condo market is done, due to fear of another housing slump, most developers in areas hit hard by housing crashes, which Chicago wasn't hit exponentially as hard as Los Angeles, Miami, Phoenix, Las Vegas, & other areas but was still hit hard, wont be seeing much of those being proposed and constructed.

Right now the apartment market is hot, nationally the apartment market saw a 14% increase and that's the new trend for now. When condos get back into demand, Chicago will see more chances of a supertall. Or when big companies want new ambitious towers as their signature outlook, thats when, but for that Chicago needs to get competitive and start attracting more jobs and companies to take its vacancy rate down a notch.

Earlier this week, Chicago just lost a Fortune 500 Company, Smurfit Stone (or something like that), which was bought out from some Atlanta based company. Atlanta wont be gaining any Fortune 500's (because it was a buy out, not a relocation) but Chicago will be losing one.