Discuss items in the urban core outside of Downtown as described above. Everything in the core including the east side (18th & Vine area), Northeast, Plaza, Westport, Brookside, Valentine, Waldo, 39th street, & the entire midtown area.
GRID wrote: ↑Wed Dec 09, 2020 1:17 am
This project died right? So why would any of these others have legs? Also it sounds like 3 Light will end up being smaller than2 Light if it ever goes up. Just wondering the chances of these actually happening.
47 Madison isn’t dead but just paused. The large redevelopment project at the Holiday Inn has legs because it’s owner, Americo, is a financial institution. Americo and B&M can use their retirement and insurance funds to develop real estate. Northwestern Mutual has done the same in Milwaukee.
The development plan was set to expire June 2021. The extension last year gives the developers until June 2022 to get building permits approved.
Here is another sign that this project may still have legs: a new posting on Dodge's construction bidding site just showed up for this project (I know some zombie projects seem to get re-posted on this site, so it may not be the best metric to judge by).
The posting is for Planning Schematics valued at $71.5M. The previous articles I can find on this development listed it at $90M, so perhaps it is being downscaled, or less of a luxury build.
PS - it seems like the search function for the forum isn't currently working. I thought there might have been a specific thread for this project, but I'm unable to search.
47 Madison isn’t dead but just paused. The large redevelopment project at the Holiday Inn has legs because it’s owner, Americo, is a financial institution. Americo and B&M can use their retirement and insurance funds to develop real estate. Northwestern Mutual has done the same in Milwaukee.
The development plan was set to expire June 2021. The extension last year gives the developers until June 2022 to get building permits approved.
Planning Schematics valued at $71.5M. 47 Madison isn’t dead but just paused.
normalthings wrote: ↑Fri Oct 08, 2021 12:16 am
Plaza area housing stock is really starting to get old. Kirkwood is 16, Alameda is 32, Sulgrave 54,
Mill Creek Flats - 2008?
But yeah, just market rate and those senior rentals. Perhaps some older office buildings could be renovated if that market remains soft? Would be cool if the second floor of the official Plaza buildings were converted to residential (but unlikely they would be condo).
normalthings wrote: ↑Fri Oct 08, 2021 12:16 am
Plaza area housing stock is really starting to get old. Kirkwood is 16, Alameda is 32, Sulgrave 54,
Mill Creek Flats - 2008?
But yeah, just market rate and those senior rentals. Perhaps some older office buildings could be renovated if that market remains soft? Would be cool if the second floor of the official Plaza buildings were converted to residential (but unlikely they would be condo).
Over 400 rental units were added in the last six years (since 46 Penn opened). Another 2 dozen rental townhomes are being renovated right now. There is also 20+ new single family homes and 21 for sale quadplexes/townhomes.
The new inventory has just moved to the north side where land and product was more affordable.
Would expect the small run down apt buildings to N of Aloft/Tribute hotels under construction will be next to be torn down and redeveloped into mid or hi-rise residential.
I don't think the aging stock matters though as long as the older buildings are well taken care of and units upgraded as needed. For condo buyers, it's actually an opportunity to buy a dated unit and upgrade the way they want. I did that years ago, specifically wanted an outdated unit and gutted it out.
Was thinking more ownership residential. Everything I’ve toured is dated/tired. Amenities are close to non-existent in the big condo towers. There is a pretty big whole in the market.
normalthings wrote: ↑Sun Oct 10, 2021 9:21 pm
Was thinking more ownership residential. Everything I’ve toured is dated/tired. Amenities are close to non-existent in the big condo towers. There is a pretty big whole in the market.
Got it. I should have picked up on that based on the buildings you cited.
Condos don't really sell. Especially high end ones. The Plaza Heights SFH residential development is trying to add some new construction to the mix.
Tudors still have mutilple units for sale. 4646 Broadway unit has been for sale for 200 days. As discussed here, financing for a new construction condo building is apparently difficult compared to rental.
alejandro46 wrote: ↑Mon Oct 11, 2021 1:39 pm
Condos don't really sell. Especially high end ones. The Plaza Heights SFH residential development is trying to add some new construction to the mix.
Tudors still have mutilple units for sale. 4646 Broadway unit has been for sale for 200 days. As discussed here, financing for a new construction condo building is apparently difficult compared to rental.
Yea why live in 4646 when I can live in Two Light for less and get more (amenities, programming, etc.)
I've been living downtown since 2005 and it has become part of my identity. I love my neighborhood, Columbus Park. I walk or bike almost everywhere.
I spent the weekend at a house in the S. Plaza and was really amazed at the amount of pedestrian activity. It was lively and clean and there are an unbelievable amount of amenities within easy walking distance. I never once considered venturing into the Plaza. There might be a place or two that would entice me there but I can't think of one (but I did hear that the Rafael has a great happy hour). That was not the case 30 years ago when I lived in W. Plaza but now so many of the local bars, restaurants and shops have become chains and/or lost their soul. I wonder if it will ever change and I doubt it under current ownership.
47 Madison isn’t dead but just paused. The large redevelopment project at the Holiday Inn has legs because it’s owner, Americo, is a financial institution. Americo and B&M can use their retirement and insurance funds to develop real estate. Northwestern Mutual has done the same in Milwaukee.
The development plan was set to expire June 2021. The extension last year gives the developers until June 2022 to get building permits approved.
Here is another sign that this project may still have legs: a new posting on Dodge's construction bidding site just showed up for this project (I know some zombie projects seem to get re-posted on this site, so it may not be the best metric to judge by).
The posting is for Planning Schematics valued at $71.5M. The previous articles I can find on this development listed it at $90M, so perhaps it is being downscaled, or less of a luxury build.
PS - it seems like the search function for the forum isn't currently working. I thought there might have been a specific thread for this project, but I'm unable to search.
New development plan was filed today. Not uploaded yet but should show soon
I'm glad to see movement on this project. It would be a must more interesting-looking project if they built the structure into the "V" of the intersection -- even if it was just the ground floor.
I'm glad to see movement on this project. It would be a must more interesting-looking project if they built the structure into the "V" of the intersection -- even if it was just the ground floor.
Totally agree with this. Happy to see progress here but it seems like a missed opportunity to take advantage of the shape of the lot for a high-end project at a very high-profile intersection. A little disappointing actually.
